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Convention, interest rates and monetary policy: a post-Keynesian–French-conventions-school approach

André de Melo Modenesi, Rui Lyrio Modenesi, José Luís Oreiro () and Norberto Montani Martins
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André de Melo Modenesi: Federal University of Rio de Janeiro
Rui Lyrio Modenesi: Fluminense Federal University

European Journal of Economics and Economic Policies: Intervention, 2013, vol. 10, issue 1, 76-92

Abstract: This article aims at analysing the relationship between conventions and monetary policy using both the post-Keynesian and the French-conventions-school approaches, treated as complementary; and stressing the design of monetary policy frameworks (for example, inflation targeting) and the setting of interest rates as phenomena highly governed by conventions. The Brazilian monetary policy after the mid 1990s – marked by the highest real interest rates in the world – will be used as a case study.

Keywords: conventions; monetary policy; interest rates (search for similar items in EconPapers)
JEL-codes: B20 E40 E43 E52 P16 (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:elg:ejeepi:v:10:y:2013:i:1:p76-92