Werneck Vianna, Salvador T. Bruno, Miguel Antonio P. de Melo Modenesi, André
Year of Publication:
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1677
This article aims to suggest a research agenda that reconciles the macroeconomic policy with the development policy. It starts with the structural analysis of Brazilian economy in historical perspective and identifies the structural constraints to economic development in Brazil. The current monetary policy in the last ten years is also analyzed and identified as a constraint to the economic development, in the sense that it has been the dominant dimension in macroeconomic setting, subordinating all other goals of economic policy to price stability. Finally, search paths are pointed in the direction of macroeconomic and institutional arrangements considering the coordination of economic policies as a development strategy. This strategy should priories the full employment and high growth rates, consistently to a robust balance of payments and the stability of prices.