The Banco central do Brasil’s institutional framework after ten years
نویسنده
چکیده
The Banco Central do Brazil (BACEN) adopted inflation targeting in 1999. This monetary policy regime originates in institutional design which remains crucial today for the expectations management, and is in permanent evolution. After 10 years, the BACEN institutional framework is assessed, asking if there is still room for improvement. Various institutional procedures are analysed, and lessons are drawn from the international experience of a panel of sixteen countries. Some proposals for the BACEN institutional framework are made.
منابع مشابه
Do Institutional Changes Affect Business Cycles?
1 The literature contains abundant evidence, supported by various methodologies, that economic activity shows some synchrony across the developed countries [see Del Negro and others]. There is also increasing evidence that the cyclical characteristics of real economic variables have been changing over time. Several factors lie behind these developments. Firstly , structural changes may have tak...
متن کاملA class of incomplete and ambiguity averse preferences
The Working Papers should not be reported as representing the views of the Banco Central do Brasil. The views expressed in the papers are those of the author(s) and do not necessarily reflect those of the Banco Central do Brasil. This paper characterizes ambiguity averse preferences in the absence of the completeness axiom. We axiomatize multiple selves versions of some of the most important ex...
متن کاملStructure of Production with Urban- rural income Inequalities in the Framework of Structural path Analysis: The Case of Iran
The first experimental SAM for Iran was constructed more than three decades ago under the supervision of Prof. Pyatt. Based on this work Prof Pyatt had observed that the way in which Iran was spending oil revenues was likely to exacerbate urban—rural income differentials in Iran. In his approach to SAM he did not distinguish between factorial and institutional income distributions preferring to...
متن کاملTax Avoidance and Institutional Ownership: Active vs. Passive Ownership
Income tax is one of the most important costs of companies and it is usually considered as a cost that should not be paid. One of the most noticeable and influential factors in tax avoidance is corporate ownership structure. With an emphasis on institutional ownership and its types in this paper, it is attempted to measure the effect of this ownership and its types on corporate tax avoidance. F...
متن کاملWhat Should Central Banks Do?
I the last twenty years, there has been substantial rethinking about how central banks should do their job. This rethinking has led to major changes in how central banks operate, and we are now in an era in which central banks in many countries throughout the world have had notable success—keeping inflation low, while their economies experience rapid economic growth. In this lecture, I outline ...
متن کامل