Metas de inflação, regra de Taylor e neutralidade da moeda: uma crítica pós-keynesiana

Revista de Economia Política

Mariana De Lourdes Moreira Lopes¹  Maria De Lourdes Rollemberg Mollo¹  Fabiano Silvio Colbano¹ 

[1],Universidade de Brasília Departamento de Economia

关键词: quantitative theory of money;    Taylor rule;    potential output;    postkeynesian critic;    output gap;   

DOI  :  10.1590/S0101-31572012000200008

来源: SciELO

【 摘 要 】

Inflation targeting, Taylor rule and money neutrality: a post-Keynesian critic. This paper critically discusses the inflation targeting regime proposed by orthodox economists, in particular the Taylor Rule. The article describes how the Taylor Rule assumes the argument of money neutrality inherited from the Quantitative Theory of Money. It discusses critically the ways of operation of the rule, and the negative impacts of the interest rate over the potential output. In this sense, the article shows the possible vicious circles of the monetary policy when money is not neutral, as is the case for post-keynesian economists. The relation of interest rates, potential output and the output gap is illustrated in some estimates using the methodology of Vector Auto-Regressive in the Brazilian case.

【 授权许可】

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