Uma crítica institucionalista ao regime de metas de inflação no Brasil

Abstract

Since the implementation of the inflation-targeting regime (RMI), in 1999, Brazilian monetary policy has repeatedly resorted to high interest rates to contain inflation without, however, achieving the success desired by the government’s economic policy in terms of achieving goal. This is due to the inability of the neoclassical synthesis to deal with the specificities of the transmission channels of monetary policy and the pricing process of the various sectors of the Brazilian economy. The insertion of the institutionalist theoretical framework in the debate is fundamental because this approach starts from the existence of multiple determinants for the dynamics of economic variables, such as inflation. Thus, this article aims to discuss the importance of breaking RMI’s reductionism in favor of a broader vision for the inflation issue, focused on analyzing the specificities of each sector of the economy, the institutionality of monetary policy instruments and the evolution of the relations between the determinant components of inflation.