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Central Bank performance in a stable economy: is it desirable to adopt inflation targets in Brazil?

Author

Listed:
  • Francisco Rigolon
  • Fabio Giambiagi

Abstract

This article deals with the possible adoption of explicit inflation targets by monetaryauthorities in Brazil, following the example of the experiences of New Zealand, Canada,the United Kingdom, Sweden, Finland, Australia and Spain. Inflation targets wouldwork, first, as a coordination device for those involved in the price and wage setting process,and second, as a transparent aim of the monetary policy, whose performance would beevaluated by the adherence of inflation to the targets. The paper shows the motivationsthat explain the adoption of the regime, discusses its theoretical fundamentals, and analyzesthe problems and trade-offs related to its implementation in practice. Finally, based on thetheory and the international experience, some arguments in favour of the adoption of theregime of inflation targets in Brazil are developed. JEL Classification: E52; E58; E43.

Suggested Citation

  • Francisco Rigolon & Fabio Giambiagi, 1999. "Central Bank performance in a stable economy: is it desirable to adopt inflation targets in Brazil?," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(3), pages 405-425.
    • Handle: RePEc:ekm:repojs:v:19:y:1999:i:3:p:405-425:id:1061
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    More about this item

    Keywords

    Inflation targets; stabilization; central bank; monetary policy;
    All these keywords.

    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
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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