O aperfeiçoamento do regime de metas de debate inflação no Brasil

The paper proposes a formal autonomy of Central Bank (CB) in 2011, with a stable inflation target, in a context where: a) the monetary authorities wide their horizon of reference to 24 months ahead; b) the Law of Autonomy of CB make explicit the aims of stimulating the increase of GDP and employment...

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Bibliographic Details
Published in:Economia aplicada 2006-09, Vol.10 (3), p.443-475
Main Authors: Giambiagi, Fabio, Mathias, Alexandre, Velho, Eduardo
Format: Article
Language:Portuguese
Subjects:
ECONOMICS
estabilização
Inflation
metas de inflação
Monetary policy
política monetária
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Summary:The paper proposes a formal autonomy of Central Bank (CB) in 2011, with a stable inflation target, in a context where: a) the monetary authorities wide their horizon of reference to 24 months ahead; b) the Law of Autonomy of CB make explicit the aims of stimulating the increase of GDP and employment and reducing the volatility of production; c) the CB has huge reserves in order to inhibit eventual speculative attacks; d) the National Monetary Council (CMN) incorporates a higher number of Ministers; and e) the Monetary Policy Committee (COPOM) includes external members. These elements would place Brazil within the group of countries with the best practices in inflation targeting, with a band from 2% to 4%, like in Chile.
ISSN:1413-8050
1980-5330
1980-5530
DOI:10.1590/S1413-80502006000300008