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Brazilian Journal of Political Economy

versão impressa ISSN 0101-3157versão On-line ISSN 1809-4538


DEOS, Simone Silva de  e  ANDRADE, Rogério P. de. Inflation targets: lessons from the Greenspan era. Rev. Econ. Polit. [online]. 2009, vol.29, n.3, pp.93-113. ISSN 1809-4538.

This paper approaches the experience of monetary policy in the Greenspan period and suggests what lessons could be learnt. The adoption of inflation targeting would denote a step backward in the policymaking process in the USA, for, since the 1980s, a distinctive feature is flexibility of response to adjust to unexpected events and changing environments. The Fed was able to exercise an informed judgement in critical situations and this opens the case for the importance of not restraining policymakers' actions through the adoption of tight rules. Furthermore, that the various experiences with inflation targeting are indisputably huge successes, and that this framework represents the state of the art (therefore nothing else can alternatively be done), remains to be seen.

Palavras-chave : inflation targeting; monetary policy; central banking.

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