A política monetária brasileira em 2011

Abstract

ABSTRACT This paper is about the behavior of Brazilian monetary policy in 2011, which was conditioned by the deterioration of the inflationary expectations in the first six months of the year and, in the second semester, by the probable deflationary effects of the external crisis that was part already of the balance of risks established by the monetary authority. To have a better understanding of the scenario we introduced a brief comment on the euro crisis in 2011 as well as an analysis of the inflation evolution in the period. The repercussion of this policy on credit is also discussed in the paper. Key words: monetary policy; inflation; credit. Artigo recebido em 12 jan. 2012