This paper suggests that the time-inconsistency approach is inadequate to analyze the political economy of monetary policy in Brazil. The paper develops an alternative theory that emphasizes distributive conflict, and argues that building credibility with a fixed exchange rate and through...

This paper argues that Shackle's interpretation of 'the years of high theory' is flawed. Shackle (1967) sees Sraffa's critique of the Marshallian theory of value only as a step in the development of the theory of imperfect competition. In the same vein, Shackle reduces the message of Keynes's...