The Political Economy of Monetary Institutions in Brazil: The Limits of the Inflation Targeting Strategy, 1999-2005
AbstractThe paper provides a critical analysis of the literature on monetary policy institutions. It presents a critique of the dominant notion of central bank independence, based on the literature on time-inconsistency of monetary policy. An alternative view that emphasizes the role of distributive conflict in establishing monetary policy regimes is developed and used to analyze the Brazilian inflation targeting regime implemented in 1999. The analysis suggests that financial or rentier’s interests benefit from the current monetary regime, while manufacturing and worker’s interests bear the costs.
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Bibliographic InfoPaper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2006_05.
Length: 20 pages
Date of creation: 2006
Date of revision:
Publication status: Published in Review of Political Economy, 20(1), January 2008, 95-110.
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More information through EDIRC
Inflation Targeting; Central Bank Behavior; Distributive Conflict;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F59 - International Economics - - International Relations and International Political Economy - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-11-18 (All new papers)
- NEP-CBA-2006-11-18 (Central Banking)
- NEP-LAM-2006-11-18 (Central & South America)
- NEP-MAC-2006-11-18 (Macroeconomics)
- NEP-MON-2006-11-18 (Monetary Economics)
- NEP-PKE-2006-11-18 (Post Keynesian Economics)
- NEP-POL-2006-11-18 (Positive Political Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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