Temas de política monetária: uma perspectiva pós-keynesiana

This paper discusses central banking and the operation of monetary policy from a post-Keynesian perspective. It examines some current propositions concerning the conduct of monetary policy - such as inflation targets, contingent rules, and central bank independence - under the assumption that money is endogenous and non neutral in the long run. Therefore, the paper provides a framework to analyze current issues in monetary policy under the post-Keynesian approach. The main implications of the analysis are related to the necessity of coordination among different macroeconomic policies, to the relevance of negative long run effects from contractionary policies, and to the importance of targeting real variables such as employment and output.