Aspectos teoricos e empiricos sobre bancos centrais independentes: implicações para o caso brasileiro

Abstract

In the 1990s the independence of central banks has been considered as a condition for achieving durable price stability. The discussion about the independence of central banks is based on theoretical arguments and empirical evidence. The theoretical argument has been based on the hypothesis that policy-makers are subject to the "inflation bias" The main empirical argument is that there is a negative correlation between the degree of independence of central bank and inflation. In this sense, the article analyzes the recent main principal arguments on independence of central banks. Last but not least important, it analyzes the case of Brazil.