It is proposed to estimate two versions of the potential output for Brazil in the period 1992-2010, through the production function and the HP filter, and use these results to: i) assess the relevance of the output gap in the monetary policy decisions (comparing the two estimates); and ii) to...

It is proposed to estimate two versions of the potential output for Brazil in the period 1992-2010, through the production function and the HP filter, and use these results to: i) assess the relevance of the output gap in the monetary policy decisions (comparing the two estimates); and ii) to...

The objective of this article is to do a critical evaluation of the governance of monetary policy in Brazil, arguing that the actual governance structure of monetary policy is not adequate for the operation of the inflation targeting regime. This occurs because: (i) there is not a clear...