Metas de inflação no Brasil (1999-2012): uma análise institucional

• Autor(a) principal: Strachman, Eduardo [UNESP]
• Data de Publicação: 2013
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Repositório Institucional da UNESP
• Texto Completo: http://revistas.fee.tche.br/index.php/ensaios/article/view/2896; http://hdl.handle.net/11449/124780
• topic: Brazil; inflation targeting; monetary regimes; Brasil; Inflação; instituições; Política Monetária; Política Econômica; Macroeconomia

The paper shows the advantages and handicaps of implementing an inflation target (IT) regime, from post-keynesian and institutional stances. It is post-keynesian as long as it does not perceive any benefit in the mainstream split between monetary and fiscal policies. And it is institutional insofar as it shows there are several ways of implementing a policy, such that the chosen one is determined by historical factors, as illustrated by the Brazilian case. Thus, one could even support IT policies if their targets were seen just as “focusing devices” guiding economic policies, but also regarding with due attention other targets, as, in the short run, output growth and employment and, in the long run, technology and human development. Therefore, an IT is not necessary, although it can be admitted, mainly if the target is hidden from the public, in order to increase the flexibility of the central bank.