Os mecanismos de transmissão da política monetária: uma análise pós-plano Real

Abstract

The present study seeks to illustrate the theme that involves monetary policy, its instruments and the impacts generated in the Brazilian economy after the Real Plan. Most governments that succeeded the Plan adhered to the use of monetary policy on a larger scale, which highlights the important role of money in the economy. The work will make it possible to identify the main actions of the Central Bank of Brazil regarding the use of transmission channels over these years, according to the Brazilian situation and the governments in force at the time, and which empirical evidence supports the use of a particular mechanism over another. Hence the importance attributed to this research, which, along with other studies in the macroeconomic field, contributes to a better understanding of inflationary phenomena and the performance of mechanisms in the search for economic stability. With regard to the obstruction of channels, such an approach is important to understand a series of peculiarities that condition the way in which monetary policy operates in Brazil. The differential of this research consists in the presentation of the review of more current studies that refer to the subject addressed, bringing to the contemporary world new understandings about the functioning of monetary policy and the expansion of the debate regarding the failures involving the transmission instruments and the resulting obstruction of them.