Montes, Gabriel Caldas  <br/><br/>
The importance of credibility for the conduct of monetary policy and inflation control :  theoretical model and empirical analysis for Brazil under inflation targeting 
= A importância da credibilidade para a condução da política monetária e o controle da inflação: modelo teórico e análise empírica para o Brasil sob metas para a inflação.  


 - Brasília :  IPEA,  jan./jun. 2016 
<br/><br/> This article presents a theoretical model in order to show when the monetary authority is committed to the goal of price stability, the gain of credibility produces a better result in terms of inflation, and reduces the volatility of the basic interest rate. Moreover, the article provides empirical evidence  that the gain of credibility is crucial to reduce the volatility of the basic interest as well as the,inflation rate in Brazil. The findings suggest credibility plays a key role for the conduct of monetarympolicy and inflation control