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100	1		_aHERMANN, Jennifer _915731
245	1	0	_aO modelo de racionamento de crédito e a política monetária novo-keynesiana : _buma análise crética
260			_aSão Paulo : _bEditora 34, _cabr./jun. 2000
520	3		_aThe paper discusses and criticizes the credit rationing model (CRM) and its use to support the new-Keynesian approach to the monetary policy. After analyzing the working of the model in the different phases of the business cycle it is concluded that: (i) in the upward phase, demand rationing equilibrium — which is a condition for recommendation of counter-cyclical monetary policy in the CRM scope — is not plau-sible as a macroeconomic phenomenon, but only at microeconomic level; (ii) in the downward phase, although the demand rationing is a plausible equilibrium, it does not occur for the reason alleged by the CRM (the rigidity of the interest rate), neither it does act in favour of the transmission mechanism of monetary policy. These con-clusions imply the rejection of the CRM as theoretical basis for monetary policy analy-sis, as well as of the new-Keynesian approach about this theme. Finally, it is argued that, at macroeconomic level, the unique theoretical contribution of the CRM is to justify “vertical” interventions of government in financial markets, through financ-ing policies to sectors or projects which risks are more difficult to estimate — nota-bly, in infra-structure, R&D and new-technology sectors
590			_aRevista de Economia Política 2000
590			_av. 20, n. 2(78)
773	0	8	_tRevista de Economia Política = Brazilian Journal of Political Economy _g20, 2 , p. 53-75 _dSão Paulo : Editora 34, abr./jun. 2000 _xISSN 01013157 _w
942			_cS
998			_a20080108 _b1207^b _cMariana
998			_a20140207 _b0954^b _ckarina
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c25404 _d25404
041			_apor