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Comunicação Em Política Monetária

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  • Robson Rodrigues Pereira
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    Abstract

    Interaction between central banks and private sector occurs through communication between both parts. Accountability and influence on expectations are the two reasons because central banks communicate with markets. In fact, sometimes communicating objectives, targets and perceptions results in ex ante undesired effects. There is reason to suppose that such faillure in the communication between policymakers and markets agents can occur. Policymakers must assess if this faillures are generated by problems that can be resolved by communication itself, and if so, to adopt the correct decision. Thus, to incorporate some elements of the Communication Theory can be helpful for this evaluation, what is done in this article as a contribution to monetary policy literature.

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    File URL: http://www.anpec.org.br/encontro2004/artigos/A04A029.pdf
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    Bibliographic Info

    Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] with number 029.

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    Date of creation: 2004
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    Handle: RePEc:anp:en2004:029

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    1. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
    2. Jeffery Amato & Stephen Morris & Hyun Song Shin, 2003. "Communication and Monetary Policy," Levine's Working Paper Archive 506439000000000330, David K. Levine.
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    7. Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
    8. Edward J. Green, 2001. "Central banking and the economics of information," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 28-37.
    9. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, issue Aug, pages 9-110.
    10. Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
    11. Heiner, Ronald A, 1983. "The Origin of Predictable Behavior," American Economic Review, American Economic Association, vol. 73(4), pages 560-95, September.
    12. Marvin Goodfriend, 1985. "Monetary mystique : secrecy and central banking," Working Paper 85-07, Federal Reserve Bank of Richmond.
    13. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
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