Juros, câmbio e o sistema de metas de inflação no Brasil

Revista de Economia Política

Franklin Serrano¹ 

[1] ,Universidade Federal do rio de Janeiro Instituto de Economia

关键词: interest rate;    exchange rate;    inflation target;   

DOI  :  10.1590/S0101-31572010000100004

来源: SciELO

【 摘 要 】

Interest rate, exchange rate and the system of inflation target in Brazil. In the consensus view of the Brazilian system of inflation targeting, the core of inflation is due to demand shocks; the rate of interest is set to control demand; and some variation in the exchange rate happens as "collateral damage". In this note we argue that in reality core inflation comes from cost push; the interest rate affects the exchange rate; changes in the exchange rate affect costs and prices; it is the effect of interest rates on demand that is the "collateral damage" and that the long run anchor of the system is low average real wage rigidity.

【 授权许可】

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