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Política monetária, inflação e crescimento econômico: a influência da reputação da autoridade monetária sobre a economia

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  • Montes, Gabriel Caldas

Abstract

Monetary policy, inflation and economic growth: the influence of the monetary authority?s reputation upon the economy The following paper aims to show that, although a monetary policy, which merely seeks to control inflation through an interest rate rule (under inflation targeting), may reach such a goal, it will present a worst outcome whether compared to a monetary policy which also seeks an output target. The proposed model highlights: the role of expectations, the role of monetary policy through its reaction function in the light of non-neutrality of money hypothesis and, the influence of monetary authority reputation on the economy.

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File URL: http://www.eco.unicamp.br/docdownload/publicacoes/instituto/revistas/economia-e-sociedade/V18-F2-S37/01%20Economia%20e%20Sociedade%2036%20Artigo%201.pdf
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Bibliographic Info

Article provided by Instituto de Economia, Universidade Estadual de Campinas (UNICAMP) in its journal Revista Economia e Sociedade.

Volume (Year): 37 (2009)
Issue (Month): (August)
Pages: 23

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Handle: RePEc:euc:ancoec:v:37:y:2009:p:237-259

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Keywords: Reputation; Inflation targeting; Economic growth.;

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  1. Marvin Goodfriend & Robert G. King, 1998. "The new neoclassical synthesis and the role of monetary policy," Working Paper 98-05, Federal Reserve Bank of Richmond.
  2. Martin Cerisola & Gaston Gelos, 2009. "What drives inflation expectations in Brazil? An empirical analysis," Applied Economics, Taylor & Francis Journals, vol. 41(10), pages 1215-1227.
  3. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
  4. David Romer, 2000. "Keynesian Macroeconomics without the LM Curve," NBER Working Papers 7461, National Bureau of Economic Research, Inc.
  5. Mark Setterfield, 2006. "Is inflation targeting compatible with Post Keynesian economics?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 653-671, July.
  6. Allsop, Christopher & Vines, David, 2000. "The Assessment: Macroeconomic Policy," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 1-32, Winter.
  7. Alvaro Angeriz & Philip Arestis, 2006. "Has inflation targeting had any impact on inflation?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 559-571, July.
  8. John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
  9. Marc Lavoie, 2006. "A Post-Keynesian Amendment To The New Consensus On Monetary Policy," Metroeconomica, Wiley Blackwell, vol. 57(2), pages 165-192, 05.
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