{"id":2848,"date":"2025-07-24T10:54:03","date_gmt":"2025-07-24T13:54:03","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&#038;p=2848"},"modified":"2026-08-14T15:41:11","modified_gmt":"2026-08-14T18:41:11","slug":"a-anomalia-na-politica-monetaria-do-brasil","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publicacoes\/artigos\/a-anomalia-na-politica-monetaria-do-brasil\/","title":{"rendered":"A anomalia na pol\u00edtica monet\u00e1ria do Brasil"},"content":{"rendered":"<p class=\"p1\">Com\u00adpa\u00adran\u00addo taxas de juros reais m\u00e9di\u00adas de 28 pa\u00ed\u00adses com metas de infla\u00ad\u00e7\u00e3o em 1999\u20132023 o Bra\u00adsil emer\u00adge como outli\u00ader, com taxas que cor\u00adres\u00adpon\u00addem a 6 a 8 vezes a m\u00e9dia dos demais pa\u00ed\u00adses, des\u00advi\u00adan\u00addo-se em at\u00e9 4,0 des\u00advi\u00ados-padr\u00e3o da medi\u00ada\u00adna. O pata\u00admar anor\u00admal da taxa Selic \u00e9 expli\u00adca\u00addo pela ine\u00adfi\u00adci\u00ad\u00ean\u00adcia da pr\u00f3\u00adpria pol\u00ed\u00adti\u00adca mone\u00adt\u00e1\u00adria, devi\u00adda aos canais de trans\u00admis\u00ads\u00e3o do cr\u00e9\u00addi\u00adto livre, ao efei\u00adto ren\u00adda e ao efei\u00adto rique\u00adza. Exer\u00adc\u00ed\u00adcio para\u00adm\u00e9\u00adtri\u00adco indi\u00adca que isso expli\u00adca de 67% a 96% da ano\u00adma\u00adlia. Para cor\u00adri\u00adgi-la, pro\u00adp\u00f5e-se o uso com\u00adple\u00admen\u00adtar de ins\u00adtru\u00admen\u00adtos macro\u00adpru\u00adden\u00adci\u00adais e a eli\u00admi\u00adna\u00ad\u00e7\u00e3o da d\u00edvi\u00adda inde\u00adxa\u00adda \u00e0&nbsp;Selic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Com\u00adpa\u00adran\u00addo taxas de juros reais m\u00e9di\u00adas de 28 pa\u00ed\u00adses com metas de infla\u00ad\u00e7\u00e3o em 1999\u20132023 o Bra\u00adsil emer\u00adge como outli\u00ader, com taxas que cor\u00adres\u00adpon\u00addem a 6 a 8 vezes a m\u00e9dia dos demais pa\u00ed\u00adses, des\u00ad\u00advi\u00adan\u00ad\u00addo-se em at\u00e9 4,0 des\u00ad\u00advi\u00ados-padr\u00e3o da medi\u00ada\u00adna. O pata\u00admar anor\u00admal da taxa Selic \u00e9 expli\u00adca\u00addo pela ine\u00adfi\u00adci\u00ad\u00ean\u00adcia da pr\u00f3\u00adpria pol\u00ed\u00adti\u00adca monet\u00e1ria,&nbsp;[\u2026]<\/p>\n","protected":false},"template":"","tags":[],"made_publication_type":[78],"class_list":["post-2848","made_publication","type-made_publication","status-publish","hentry","made_publication_type-working-papers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A anomalia na pol\u00edtica monet\u00e1ria do Brasil &#8212; Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publicacoes\/artigos\/a-anomalia-na-politica-monetaria-do-brasil\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publicacoes\\\/artigos\\\/a-anomalia-na-politica-monetaria-do-brasil\\\/\",\"url\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publicacoes\\\/artigos\\\/a-anomalia-na-politica-monetaria-do-brasil\\\/\",\"name\":\"A anomalia na pol\u00edtica monet\u00e1ria do Brasil &#8212; 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