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Title: Regras de política monetária em um ambiente recessivo
Keywords: Política monetária
Monetary policy
Crise econômica - Estados Unidos
Depressions - United States
Oferta e procura
Supply and demand
Estabilização econômica
Economic stabilization
Inflation (Finance)
Produto interno bruto
Gross state product
Taxas de juros
Interest rates
Issue Date: Dec-2011
Publisher: Banco Nacional de Desenvolvimento Econômico e Social
Abstract: This paper considers challenges and consequences to monetary policy when nominal interest rates hit the zero lower bound. In this context, conventional monetary policy, conducted through open market operations, is not very effective. It also introduces the possible causes that push an economy into a situation characterized by low interest rates and inflation, as well as measures which are shown to be capable of stabilizing economic activity. The abandonment of the gold standard, announced by Franklin Delano Roosevelt in 1933, illustrates the debate about how monetary policy can shape expectations under a deep recession. The author argues that targeting nominal gross domestic product (NGDP) along a growth path, i.e., a NGDP level target, can stabilize an economy stuck in a deflationary trap.
Other Identifiers: CARDOSO, Vicente de Souza. Regras de política monetária em um ambiente recessivo. Revista do BNDES, Rio de Janeiro, n. 36 , p. 327-364, dez. 2011.
Appears in Collections:Produção BNDES - Artigos

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