Quinze anos de rigidez monetária no Brasil pós-Plano Real: uma agenda de pesquisa

• Main Authors: Andre de Melo Modenesi, Rui Lyrio Modenesi
• Format: Article
• Language: English
• Published: Editora 34 2012-09-01
• Series: Brazilian Journal of Political Economy
• Subjects: inflation; monetary policy; Selic
• Online Access: http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572012000300003&lng=en&tlng=en

Fifteen years of monetary rigidity in Brazil after the Real Plan: a research agenda.The paper makes a review of literature and a research agenda on the anomaly of Brazilian monetary policy. Following a retrospect of the first 15 years after the Real Plan, there is a review of studies aiming to explain the high real interest rate. None of the summarized theses can completely explain the phenomenon. The main research opportunities are: deepening of empirical evidence of monetary policy efficacy loss; improvement in mensuration of its inefficacy; and improvement of alternative instruments to control inflation. The field of political economy is also fertile. One should assess the relevance of oligopolies as an explaining factor of persistence of high inflation.