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Uma nova abordagem do mecanismo monetário e sua relação com a estrutura financeira

Listed author(s):
  • Modigliani, Franco

Este trabalho visa focalizar mais uma vez o chamado "mecanismo monetário". Isto é, o mecanismo através do qual a Autoridade Monetária consegue controlar com certa firmeza a renda nominal agregada. Nosso propósito é mostrar que a visão tradicional, englobando tanto formulações monetaristas como as de Keynes-Hicks, que coloca a oferta monetária em primeiro plano, longe de ser uma visão geral, focaliza na realidade um caso bastante especial. Ou seja, que existem outros agregados, além das obrigações monetárias dos sistemas bancários, cujo domínio permite o controle da renda nominal. Da mesma forma, existem outros paradigmas além daqueles baseados na oferta monetária, que julgamos úteis para uma descrição do mecanismo monetário. Finalmente, que a eficácia das metas agregadas alternativas e a utilidade dos paradigmas alternativos dependem basicamente da estrutura frnanceira da economia.

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File URL: http://bibliotecadigital.fgv.br/ojs/index.php/bre/article/view/3169
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Article provided by Sociedade Brasileira de Econometria - SBE in its journal Brazilian Review of Econometrics.

Volume (Year): 1 (1981)
Issue (Month): 1 (April)
Pages:

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Handle: RePEc:sbe:breart:v:1:y:1981:i:1:a:3169
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