Análise do desempenho da política monetária no Brasil após o Plano Real

Abstract

The article investigates the performance of the monetary policy in Brazil after the Real Plan, emphasizing the behavior of the factors that conditioned the monetary base during the period of 1994 to 2004. The Real Plan was the best attempt to stabilize the Brazilian economy. The monetary policy implemented by the Central Bank was highly active and restrictive. The conditioning factors of the monetary base were in general effective in contracting it and in restricting the money supply and the banking multiplier. The target of the interest rate was the core of the monetary policy. This process implied the loss of the money supply control. The change of the exchange rate system in the beginning of 1999 played a predominant role in the adoption of a new monetary arrangement for the Brazilian economy based on the inflation target. Finally, the performance of the monetary policy under the new regime was not totally effective in reaching the inflation target, as well as in relation to its initial intent of promoting an economic stability that would be compatible with sustained economic growth.Key words: Monetary policy, supply and demand for money, high-powered money factors, inflation target.