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The inflationary goal schemes and its impact on Brazilian consumption

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  1. Introduction
  2. The inflationary goal schemes
  3. Brazilian consumption
  4. Conclusions

In June 1999, after a sharp devaluation of the real and the consequent abandonment of the pegged to the dollar exchange, Brazil formally adopted a monetary policy framework based on inflation targeting. In this work we try to emphasize to what extent and in what manner the inflation target regime (IT - Inflation Targeting) affects the Brazilian consumption. Therefore, we started with a characterization of the system, examine their theoretical assumptions, methodology and the environment needed to implement. We move to a discussion of the purpose of the transmission of interest on demand; and finally, the view of the above, we do a critical analysis for the Brazilian case.

The academic discussion of inflation targeting has intensified in the early 1990s, the adoption of the sequence scheme by many industrialized countries such as New Zealand, Canada, United Kingdom, Sweden, Finland, Australia and Spain.


[...] As in the last section we present the main conclusions. CONCLUSIONS Drivers of monetary policy in many countries have made use of the inflation targeting regime for believing in their ability to neutralize the inflationary expectations of economic agents without being subject to the problems present in other schemes. The main idea consists in the fact that an explicit inflation target is an anchor for inflationary expectations and increases confidence in the conduct of monetary policy in a superior manner to the adoption of a target for the exchange rate or monetary aggregates. [...]


[...] Central Bank Interventions in a stabilized economy: it is desirable to adopt inflation targeting in Brazil BNDES Essays, Essay April 1998. SICSÚ, J., control inflation Non-Monetary Policy: A Post Keynesian proposal. Rio de Janeiro, RJ: [s.n.], [ca.200]. 25p. SICSÚ, J., Theory and Evidence of the inflation targeting regime, Political Economy Journal, V No p.23-33, January-March 2002. SILVA, Marcelo E. A PORTUGAL, Marcelo S. [...]


[...] The regime of inflation targeting: empirical evidence and the case of Brazil Available at: http://www.desempregozero.org.br/artigos/o_regime_de_metas_de_inflação.pdf Bogdanski, Tombini, A.The WERLANG, S.R.C. Implementing Inflation Targeting in Brazil. Central Bank of Brazil p. (Working paper). Fischer, Stanley, Central-Bank Independence Revisited, How Independent shouldnt the central bank be NBER, V.85 No May 1995. Mendonca, HF, Inflation Targeting: a preliminary analysis for the Brazilian case. Applied Economics. V No p.129- Rigolon, GIAMBIAGI, F. [...]

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