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Análise Das Condições De Estabilidade De Um Modelo Macrodinâmico Walrasiano Sob Diferentes Regras De Política Monetária

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Breno Pascualote Lemos
Rodrigo Ayres Padilha
José Luís Oreiro

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Abstract

In this paper we perform an analysis of the stability conditions of a macrodynamic model with Walrasian adjustment under three different rules of monetary policy: the maintenance of a constant supply of real money balances, a fixed rule of monetary growth (or Friedman's rule) and the inflation targeting rule. The analysis of the model's stability conditions under study allows us to reach the conclusion that inflation targeting has the greater propensity towards stability than the other rules. This result shows that the wider flexibility in the use of instruments of monetary policy in comparison with the Friedman's rule, in parallels with the non-passivity of the inflation targeting regime in comparison with the constant supply rule, are important characteristics for the obtention of macroeconomic stability.

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Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] with number 039.

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Date of creation: 2005
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Handle: RePEc:anp:en2005:039

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Find related papers by JEL classification:
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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