Assessing the inflation targeting regime in Brazil- This paper is concerned with ?new? monetary policy, essentially what has come to be known as inflation targeting (IT). While the paper aims to examine this policy in the case of emerging countries, the focus is on Brazil and the application of this monetary policy framework in the case of this country since 1999. The paper begins by discussing the theoretical foundations and operational aspects of IT, before it turns to an examination of the experience of IT in Brazil. The Brazilian experience is compared and contrasted with that of other similar countries. The paper concludes by suggesting that although IT have had the intended impact, non-IT countries have also had a similar experience. Furthermore, the Brazilian experience with IT has been one of low growth and relatively high inflation.
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Article provided by Instituto de Economia, Universidade Estadual de Campinas (UNICAMP) in its journal Revista Economia e Sociedade.
Find related papers by JEL classification: E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy