FLUTUAÇÃO CAMBIAL E METAS INFLACIONARIAS EM ECONOMIAS EMERGENTES

Abstract

This article presents a synthetic model to understand the exchange rate fluctuation under inflation targeting regime, according modified Mundell-Fleming model. We highlighted the relationship between the choice of target to the inflation and the behaviour of the interest rate, as expected in optimum monetary policy. We can conclude that the inflation targeting strategy is strongly linked to floating exchange rate regimes and that it reaches success only in stabilizing price in low level, what implicate in growth of the real product, if supply shocks does not take place, but it does not necessarily implicate in a macroeconomic context of low interest rate and exchange rate little volatile.