Uma contribuição ao debate em torno da eficácia da política monetária e algumas implicações para o caso do Brasil

Abstract

A contribution to the debate on the efficacy of monetary policy and some impli-cations in the case of Brazil. The main opposition between Keynesian and Classic monetary theories is defined by the former's proposition of money non-neutrality in the long period. According to Keynes, it is not possible to describe a monetary economy's long period position without first specifying the monetary policy it is adopting. The policy is described by the choice of the short-term interest rate which exerts an important determining influence on the long term rate and, therefore, on real investment decisions. Based on this reasoning, inflation target monetary pol-icy regimes are criticized, in particular the one adopted in post-1999 balance of payments crisis Brazil because of its deleterious impact on investment and growth.