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A nova política monetária: uma análise do regime de metas de inflação no Brasil


  • Arestis, Philip
  • Ferrari Filho, Fernando
  • de Paula, Luiz Fernando


Assessing the inflation targeting regime in Brazil- This paper is concerned with ?new? monetary policy, essentially what has come to be known as inflation targeting (IT). While the paper aims to examine this policy in the case of emerging countries, the focus is on Brazil and the application of this monetary policy framework in the case of this country since 1999. The paper begins by discussing the theoretical foundations and operational aspects of IT, before it turns to an examination of the experience of IT in Brazil. The Brazilian experience is compared and contrasted with that of other similar countries. The paper concludes by suggesting that although IT have had the intended impact, non-IT countries have also had a similar experience. Furthermore, the Brazilian experience with IT has been one of low growth and relatively high inflation.

Suggested Citation

  • Arestis, Philip & Ferrari Filho, Fernando & de Paula, Luiz Fernando, 2009. "A nova política monetária: uma análise do regime de metas de inflação no Brasil," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 36, pages 1-31, April.
  • Handle: RePEc:euc:ancoec:v:36:y:2009:p:1-31

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    Cited by:

    1. Filho, Fernando Ferrari & Terra, Fábio Henrique Bittes, 2012. "Keynesian economic policies: reflections on the Brazilian economy, 1995-2009," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.

    More about this item


    Inflation targeting countries; Non-inflation targeting countries; Emerging country experience; Brazil;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy


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