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Fifteen years of monetary rigidity in Brazil after the Real Plan: a research agenda

Author

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  • André de Melo Modenesi
  • Rui Lyrio Modenesi

Abstract

Fifteen years of monetary inflexibility in Brazil after the Real Plan: a research agenda.The paper makes a review of literature and a research agenda on the anomaly of Brazilian monetary policy. Following a retrospect of the first 15 years after the Real Plan, there is a review of studies aiming to explain the high real interest rate. None of the summarized theses can completely explain the phenomenon. The main research opportunities are: deepening of empirical evidence of monetary policy efficacy loss; improvement in mensuration of its inefficacy; and improvement of alternative instruments to control inflation. The field of political economy is also fertile. One should assess the relevance of oligopolies as an explaining factor of persistence of high inflation. JEL Classification: E31.

Suggested Citation

  • André de Melo Modenesi & Rui Lyrio Modenesi, 2012. "Fifteen years of monetary rigidity in Brazil after the Real Plan: a research agenda," Brazilian Journal of Political Economy, Center of Political Economy, vol. 32(3), pages 389-411.
    • Handle: RePEc:ekm:repojs:v:32:y:2012:i:3:p:389-411:id:360
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    More about this item

    Keywords

    inflation; monetary policy; Selic;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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