New Consensus on Macroecnomics and the Inflation Targeting Regime: some implications for Brazil
Brazil implemented the inflation targeting regime (ITR) in 1999, following the end of the exchange rate anchor of the Real Plan. On the other hand, the management of the ITR by the Central Bank of Brazil – in part to be due to a long history of high inflation – remains inspired by the vision of the...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2015 |
| País: | Brasil |
| Institución: | Instituto Paranaense de Desenvolvimento Econômico e Social (IPARDES) |
| Repositorio: | Revista Paranaense de Desenvolvimento (Online) |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs.ipardes.emnuvens.com.br:article/748 |
| Acceso en línea: | https://ipardes.emnuvens.com.br/revistaparanaense/article/view/748 |
| Access Level: | acceso abierto |
| Palabra clave: | New Consensus on Macroeconomics. Inflation targeting regime. Monetary policy. Nuevo Consenso Macroeconómico. Régimen de metas de inflación. Política monetaria. Novo Consenso Macroeconômico. Regime de metas de inflação. Política monetária. |
| Sumario: | Brazil implemented the inflation targeting regime (ITR) in 1999, following the end of the exchange rate anchor of the Real Plan. On the other hand, the management of the ITR by the Central Bank of Brazil – in part to be due to a long history of high inflation – remains inspired by the vision of the “new consensus on macroeconomics” prior to the recent crisis, which has often led to a very high interest rate policy, with negative impacts on economic growth. This essay focuses on analyzing the meaning of New Macroeconomic Consensus and its implications in terms of governance of macroeconomic policy, particularly with regard to the inflation targeting regime. |
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