Moeda, inércia e conflito: reflexões sobre políticas de estabilização no Brasil

Abstract

This is a selective review of recent debates on stabilization policies in Brazil, which includes topics such as: nominal vs operational deficits, expectations vs inertia, inertia vs conflict, passive vs active money. The perspectives of monetarists, inertia lists' and "conflictualists" on these topics are reviewed. The conclusions attempt to extract the lessons of the history and of these debates for future stabilization programs in the country.