The Brazilian economy in 2015 was afflicted by a lethal combination of decelerating activity and accelerating inflation. Expectations for 2016 are equally or even more adverse, since the effects of rising unemployment emerge only after a lag. The domestic debate has pitted analysts who believe...

Goal of the text is show that although non-standard monetary policy conducted by major central banks is quite efficient in stabilizing post-crisis economy, there are few important side effects of such policy. One of the most important side effect of superexpansionary monetary policy is creating...