Voltar
Artigo Acesso aberto Produção Nacional Revisado por pares
BIBTEX RIS

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

2010; Editora 34; Volume: 30; Issue: 1 Linguagem: Inglês

10.1590/s0101-31572010000100004

ISSN

1809-4538

Autores

Franklin Serrano,

Tópico(s)

Global Financial Crisis and Policies

Resumo

Juros, câmbio e o sistema de metas de inflação no BrasilFRankLin seRRano* 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.

Referência(s)