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The “credibility” of the antiinflationary economic policy and its temporal consistency

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  • Arthur Barrionuevo Filho

Abstract

This article is a survey about the consequences of the credibility of governmentpolicies, one of the main developments in macroeconomic theory in the 80s. New classicaleconomists used it to explain why, in the long-run, government policies fail when they intendto increase the level of employment above the natural rate. Even in the short run, theyonly achieve their aims if it is possible to cheat the private sector. The result will be to losecredibility and inflationary pressures. Other authors developed it as a tool to understandthe relationship between government, political parties and pressure groups with economicpolicy. Finally, we comment some papers about the Brazilian inflation based on distributiveconflict and compare them with explanations from credibility of policies. JEL Classification: E31; E52.

Suggested Citation

  • Arthur Barrionuevo Filho, 1994. "The “credibility” of the antiinflationary economic policy and its temporal consistency," Brazilian Journal of Political Economy, Center of Political Economy, vol. 14(1), pages 130-143.
    • Handle: RePEc:ekm:repojs:v:14:y:1994:i:1:p:130-143:id:1267
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    More about this item

    Keywords

    Credibility; stabilization; inflation;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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