A inflação e a moeda indexada

Abstract

In this paper we examine the proposal of monetary reform made by Arida and Resende, who suggest the adoption of an indexed money (ORTN) that would circulate simultaneously with the cruzeiro. Prices and wages would be converted to the new money based on average real values of the past six months. There are two systems for correction of nominal wage: the traditional system, that establishes a semestral recomposition of the past peak of the real wage; and the proposed system, that passes on daily the OR TN's variation of the month before to the nominal wage. In this work the new money's inflation is related with the variation of the cruzeiro's inflation that would occur with the same system of wage adjustments (daily pass-on of monthly variations), We also discuss the restauration of indexation mechanisms under an inflationary shock.