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A Post Keynesian Proposal for a Flexible Institutional Arrangement of Inflation Targeting Regime in Emerging Economies

Author

Listed:
  • José Luis Oreiro

    (Departamento de Economia (Department of Economics) Faculdade de Economia, Administração, Contabilidade e Ciência da Informação e Documentação (FACE) (Faculty of Economics, Administration, Accounting and Information Science) Universidade de Brasília)

  • Luiz Fernando de Paula

    (University of the State of Rio de Janeiro (UERJ))

  • Gabriel Coelho Squeff

    (Graduate student of Economics at UERJ, Brazil, and Economist at IPEA/DF.)

Abstract

The paper aims at discussing whether inflation target regime (ITR) is compatible with Post Keynesian Approach (and in what conditions it can be), and mainly defining an institutional arrangement of ITR more appropriate for emerging economies with long-term history of high inflation. In this sense the paper held that ITR can be compatible with Post Keynesian approach if a flexible institutional arrangement is adopted. In particular, a flexible ITR arrangement can be required for emerging economies that had recent high inflation history in order to conciliate the objectives of price stabilization and sustainable economic growth.

Suggested Citation

  • José Luis Oreiro & Luiz Fernando de Paula & Gabriel Coelho Squeff, 2010. "A Post Keynesian Proposal for a Flexible Institutional Arrangement of Inflation Targeting Regime in Emerging Economies," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 336, Departamento de Economia da Universidade de Brasilia.
    • Handle: RePEc:brs:wpaper:336
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    File URL: http://e-groups.unb.br/face/eco/textos/didaticos/WP%20336.pdf
    File Function: First version, 2010
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    More about this item

    Keywords

    Inflation Targeting; Post Keynesian Economics; Emerging Economies;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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