The inflation targeting regime: an approach theoretical
- Authors
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André Lúcio Neves
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José Luís Oreiro
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- Keywords:
- Macroeconomia, Inflação, Política monetária
- Abstract
- This paper enriches the debate on the inflation targeting regime in the sense of evidencing that the theoretical conception of this regime is a result of a long debate about the role of the state in the economy in terms of control of inflation and economic growth. In other words, whether the monetary policy should be active or not and how the dominant theory on this subject was incorporated in the inflation targeting regime. Therefore, it is discussed the theoretical structure of the New Macroeconomic Consensus under which the inflation targeting regime is based and the characteristics of this regime, what allows to expose its advantages over the main monetary regimes already experienced as nominal anchor. It is shown that the inflation targeting regime is not a simple rule in the sense of Friedman and how the debate on which should be the institutional arrangement of an independent central bank interacts with the discussion about the trilogy transparency-reputation-credibility of the monetary authorities on behalf of the success of the inflationary control.
- Downloads
- Issue
- Vol. 29 No. 1 (2008)
- Section
- Artigos
- License
- A remessa dos artigos à revista implica a cessão dos direitos autorais à FEE.