A política monetária nos governos Lula e Dilma

Abstract

This paper aims to analyze a monetary policy of the Brazilian economy during the Lula and Dilma governments, highlighting its impact on economic growth, besides its subordination to the system of inflation targets. So, to what extent does a monetary policy contribute to the growth of the Brazilian economy in the period 2003-2014? It is hypothesized that the main objective of monetary policy was to maintain inflation over control of ownership of other monetary measures to generate economic growth. The methodology consists of a descriptive analysis of the data. This analysis allowed to observe that a monetary policy in the first government. However, in the period 2007-2010 as interest rates were relaxed, especially during a crisis of 2008-2009, contributing to the growth of the economy. However, with inflation close to the target, the beginning of the Dilma government was characterized by a gradual strategy of raising interest rates and macro-prudential measures in an attempt to reduce inflation without generating any impact on growth