ANÁLISE DAS CONDIÇÕES DE ESTABILIDADE DE UM MODELO MACRODINÂMICO WALRASIANO SOB DIFERENTES REGRAS DE POLÍTICA MONETÁRIA

Breno Pascualote Lemos, Rodrigo Ayres Padilha and José Luís da Costa Oreiro ()

Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: In this paper we perform an analysis of the stability conditions of a macrodynamic model with Walrasian adjustment under three different rules of monetary policy: the maintenance of a constant supply of real money balances, a fixed rule of monetary growth (or Friedman's rule) and the inflation targeting rule. The analysis of the model's stability conditions under study allows us to reach the conclusion that inflation targeting has the greater propensity towards stability than the other rules. This result shows that the wider flexibility in the use of instruments of monetary policy in comparison with the Friedman's rule, in parallels with the non-passivity of the inflation targeting regime in comparison with the constant supply rule, are important characteristics for the obtention of macroeconomic stability.

JEL-codes: E10 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-mac
Date: Written 2005

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Related works:
Working Paper: Análise das condições de estabilidade de um modelo macrodinâmico Walrasiano sob diferentes regras de política monetária (2005)
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