In the 1990s the idea that capital account liberalization represented a mechanism for disciplining the conduction of the monetary policy in the search for price stability was developed. Based on this argument a new version of Gruben e McLeod's (2001) model and an empirical analysis were made for...

This paper evaluates, as proposed by Laxton and N’Diaye (2002), if the consideration of a measure of monetary policy credibility in the forecast of the Brazilian Phillips Curve, after the introduction of inflation targeting, implies an improvement. The findings denote that the use of a measure...