As escolas macroeconómicas e a condução da política monetária

Abstract

The purpose of this work is to explain the visions of the Macroeconomic Schools of thoughts about the Monetary Policy, and to analyze if the conduct of the monetary policy of three Central Banks- ECB, FED and BNA- is according to the prescriptions of any of the announced schools of thought. The methodology used was the literature review. Chronologically we put the main Macroeconomic Schools of thought in debate: a) Keynesian; b) Monetarist; c) Neoclassical Synthesis; d) New Classical; e) New Keynesian; f) Real Business Cycle; and g) New Neoclassical Synthesis. Then, we analyze if the conduct of three Central Banks Monetary Policy is according to the prescription of the announced macroeconomic schools of thought. In the essay we conclude that there is a consensus about the neutrality of money in the long run between the analyzed schools of thought. But in the short run there is no consensus about the neutrality or effectiveness of the monetary policy. We could also observe that the theorists of the new Keynesian School and of the New Neoclassical Synthesis constructed models where the traditional LM curve, from the binomial IS-LM, does not appear. Because money is
no longer the principal monetary policy instrument. In the Central Banks analysis, besides its mission and the its level of independence, we could see that they act according to one or more of the Analyzed Schools of thought. We considered
the FED as being a follower of the New Neoclassical Synthesis/ New Keynesian Schools of thought, but it depends of who is in the power, sometimes it can be monetarist New Classic or of the Real Business Cycle. The ECB is strongly monetarist. The BNA (Angolan Central Bank) is monetarist in its objectives of cambial stability and with traces of Keynesianism or Neoclassical Synthesis in its act

Date of Award	2011
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Leonardo Costa (Supervisor)