Metas de inflação, regra de Taylor e neutralidade da moeda : uma crítica pós-keynesiana
By: LOPES, Mariana de Lourdes Moreira
.
Contributor(s): MOLLO, Maria de Lourdes Rollemberg | COLBANO, Fabiano Silvio.
Material type: 
ArticlePublisher: São Paulo : Editora 34, abr./jun. 2012Subject(s): Inflação | Política Monetária | Política Cambial | Teoria EconômicaRevista de Economia Política = Brazilian Journal of Political Economy 32, 2, p. 282-304Abstract: Inflation targeting, Taylor rule and money neutrality: a post-Keynesian critic. This papes critically discusses the inflation targeting regime proposedby 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, potencial output and the output gap is illustrated in some estimates using the methodology of Vector Auto-Regressive in the Brazilian case.
Inflation targeting, Taylor rule and money neutrality: a post-Keynesian critic. This papes critically discusses the inflation targeting regime proposedby 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, potencial output and the output gap is illustrated in some estimates using the methodology of Vector Auto-Regressive in the Brazilian case.
v. 32, n. 2(127)
Click on an image to view it in the image viewer
There are no comments for this item.