Efeitos qualitativos da política monetária: uma análise à luz da teoria Keynesiana e evolução da base monetária

Abstract

The present work consists of describing the evolution of the Monetary Policy adopted by the Central Bank of Brazil, and its effects for the national economic growth in the period between 2009 and 2018. It aims to understand the way the Central Bank, under the control of the money supply , impact the levels of employment, production and prices of the economy. The research was developed around the IS-LM model of the Keynesian theory. The methodology used involves bibliographic and documentary research, through government documents such as the Copom Act and Letter of Conjuncture, in addition to scientific articles. In order to understand what were the moments of expansion and retraction of the monetary base, also, verify if the IS-LM model can explain the movements of the variables. Over four chapters, it was identified that the moments of expansion and contraction of the monetary base can be explained by the assumptions of the IS-LM model, and when not, the intervention of the Central Bank was identified, in addition to the influence that monetary policy has on the activity levels.