A Review of Theory and Evidence on Central Bank Autonomy: Are There Efficiency Gains for Monetary Policy?
Name: GUSTAVO DE CARVALHO MACHADO
Publication date: 13/12/2023
Examining board:
Name |
Role |
|---|---|
| ALEXANDRE OTTONI TEATINI SALLES | Examinador Interno |
| PEDRO CELSO RODRIGUES FONSECA | Examinador Externo |
| RICARDO RAMALHETE MOREIRA | Presidente |
Summary: The autonomy of central banks is a matter of great relevance, both in theoretical and practical aspects of monetary policy. This study focuses on the analysis of theories addressing the autonomy of central banks and its implications for monetary policies,
with an emphasis on price stability. The theory of central bank autonomy gained prominence in the 1990s as a means to reduce state intervention in the economy and seek greater price stability. However, subsequent studies, especially following the
subprime crisis, revealed a more complex and heterogeneous picture, challenging the original assumptions. In this research, we will examine the topic of central bank autonomy, analyzing both theoretical and empirical works, both internationally and in
the Brazilian context. We will explore the academic debate and how autonomy sought institutionalization in Brazil. The aim is to understand the intricate interactions between central bank autonomy and price stability in the economy.
