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A Governança da Política Monetária Brasileira: Análise e proposta de mudança

José Luís Oreiro () and Marcelo Passos ()

No 8, Working Papers from Universidade Federal do Paraná, Department of Economics

Abstract: The objective of this article is to do a critical evaluation of the governance of monetary policy in Brazil, arguing that the actual governance structure of monetary policy is not adequate for the operation of the inflation targeting regime. This occurs because: (i) there is not a clear separation between the institution responsible for the definition of the targets of monetary policy and the one responsible for the achievement of these targets; (ii) there is little, if any, flexibility of monetary policy to deal with supply shocks and (iii) the inflationary expectations used in the process of interest rate determination do not reflect the expectations of those agents with real market power. In this setting, we suggest some changes in the governance structure of monetary policy in Brazil in order to make it more prone for the effective working of the inflation targeting regime.

Keywords: Monetary Policy; Inflation Targeting; Independence of the Central Bank (search for similar items in EconPapers)
Pages: 13 pages
Date: 2005
Note: Creation Date corresponds to the year in which the paper was published on the Department of Economics website. The paper may have been written a small number of months before its publication date.
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