THE NEUTRALITY OF MONEY AND THE ROLE OF EXPECTATIONS UNDER THE INFLATION TARGETING SCHEME IN BRAZIL: A POST-KEYNESIAN VIEW

Jose Caio Racy () and Felipe Augusto Canal da Silva ()
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Jose Caio Racy: Universidade Presbiteriana Mackenzie (UPM)
Felipe Augusto Canal da Silva: Universidade Presbiteriana Mackenzie (UPM)

Revista de Economia Mackenzie (REM), 2009, vol. 7, issue 1, 84-124

Abstract: The main objective of this paper is discussing the neutrality of money fa-cing the post-Keynesian theory with the orthodoxy theory. The formation of expectatives by the agents in an uncertain world, over the period that con-cerns the adoption of the inflation target in Brazil, is the period about this discussion. Based on in a time series econometrical model, that aims to show whether changes on inflation are used followed on adoption of contracionist monetary policies in order to evidence the non-neutral money character.

Keywords: Neutrality of money; Expectations; Monetary policy. (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:7:1:2009:jan:apr:p:84-124

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