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Um modelo dinâmico de macroeconomia aberta com metas de inflação, conflito distributivo e equilíbrio na conta corrente

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  • Drumond, Carlos Eduardo
  • Porcile, Gabriel

Abstract

The paper discusses the impacts of an inflation target regime on growth, distribution and stability in an open economy from a Post-Keynesian perspective. The model combines a conflicting claims theory of inflation, changes in the rate of capacity utilization and equilibrium in the external sector to show that in the long run monetary policy has a real impact on growth and employment – there exists a trade-off between the inflation rate and the growth rate. A monetary rule that takes into consideration equilibrium in current account is considered. It is shown that this rule can contribute to stability in the long run, to the extent that it hinders the possibility of an explosive growth in the stock of the external debt.
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Suggested Citation

  • Drumond, Carlos Eduardo & Porcile, Gabriel, 2013. "Um modelo dinâmico de macroeconomia aberta com metas de inflação, conflito distributivo e equilíbrio na conta corrente," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 49, pages 1-21, December.
    • Handle: RePEc:euc:ancoec:v:49:y:2013:p:675-695
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    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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