O aperfeiçoamento do regime de metas de debate inflação no Brasil

Abstract

The paper proposes a formal autonomy of Central Bank (CB) in 2011, with a stable inflation target, in a context where: a) the monetary authorities wide their horizon of reference to 24 months ahead; b) the Law of Autonomy of CB make explicit the aims of stimulating the increase of GDP and employment and reducing the volatility of production; c) the CB has huge reserves in order to inhibit eventual speculative attacks; d) the National Monetary Council (CMN) incorporates a higher number of Ministers; and e) the Monetary Policy Committee (COPOM) includes external members. These elements would place Brazil within the group of countries with the best practices in inflation targeting, with a band from 2% to 4%, like in Chile.