Metas de inflação, regra de Taylor e neutralidade da moeda: uma crítica pós-keynesiana

Inflation targeting, Taylor rule and money neutrality: a post-Keynesian critic. This paper critically discusses the inflation targeting regime proposed by orthodox economists, in particular the Taylor Rule. The article describes how the Taylor Rule assumes the argument of money neutrality inherited from the Quantitative Theory of Money. It discusses critically the ways of operation of the rule, and the negative impacts of the interest rate over the potential output. In this sense, the article shows the possible vicious circles of the monetary policy when money is not neutral, as is the case for post-keynesian economists. The relation of interest rates, potential output and the output gap is illustrated in some estimates using the methodology of Vector Auto-Regressive in the Brazilian case.

Teoria das finanças funcionais e o papel da política fiscal: uma crítica pós-keynesiana ao novo consenso macroeconômico

Theory of functional finance and the role of fiscal policy: A post-keynesian critique to the new consensus macroeconomics. This paper presents the critical approaches and elaborates the arguments that oppose those of the New Consensus Macroeconomics regarding the conduct of fiscal policy. Those criticisms and arguments are based in the post-Keynesian thought and the theory of Functional Finance. The theory of Functional Finance is an extension of the Keynesian approach, particularly with regard to discussions on public finances. As supports the theory of Functional Finance, the objectives to be pursued by fiscal policy should suggest the improvement of social welfare as a whole, i.e., the performance of inflation, employment and output should be taken into account by policymakers.

Mário Henrique Simonsen e a construção do conceito de inflação inercial

The paper analyzes the contributions of Mário Henrique Simonsen to the construction of the concept of inertial inflation and to its connected literature. Simonsen's curve, in which the idea of inertial inflation was implicit, is analyzed, alongside with the feedback model (modelo de realimentação) and it's shown how Simonsen built a model which considered inflationary inertia, neutralization possibilities and possible problems and costs of stabilization, anticipating many of the issued that guided the debate in the 1980s.

David Hume e as finanças de James I

RESUMOEste artigo examina a análise de David Hume realizada em seu livro História da Inglaterra, da luta entre o parlamento e o rei James I sobre as finanças da coroa durante o primeiro trimestre do século XVII. Inicialmente, são apresentados os principais elementos políticos por trás da briga no coração do poder político da Inglaterra, seguidos por comentários do escritor escocês sobre as finanças reais, com ênfase nos seus pontos de vista sobre as receitas e despesas da Coroa durante o reinado de James I. No final são recuperados os fatores de longo prazo elencados como determinantes da nova postura parlamentar.