Uma nova versão para a política monetária do Plano de Ação Econômica do Governo (Paeg)

Paulo Arvate and Claudio Lucinda

No 114, Textos para discussão from FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil)

Abstract: There is divergence between Lara Resende (1982) and Cysne (1993) about what was determine to not to obey of monetary target that serve how an instruments of inflation combat on PAEG´s. To understand what happened, we rebuild the supply money from the important variables on the author’s argument. By descript, all is indicated a structural changing on PAEG, but, using Chow’s technique, was evident that the structural changing on Plano Trienal, not on PAEG. To observe this, we work with a period bigger than both implantation and execution of PAEG [1960:01 to 1968:12]. This investigation demonstrated two things: wrongs with analytical utilization (this is the case of international reserve’s behavior and structural changing) and the highly weight of argumentation on some circumstances (this is the case of the conceded credit to the Monetary Authority via Brazil Bank to private sector). Given this, what we have of concrete, is that the supply money do not result from the isolated variable, but of a whole very much articulated that, despite of these differences of influential, to produce a specific period where you have the PAEG (not by PAEG), the supply money reducing and outside of the monetary target.

Date: 2002-09-01
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Persistent link: https://EconPapers.repec.org/RePEc:fgv:eesptd:114

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