Inflation targeting, Taylor rule and money neutrality: a post-Keynesian critic. This paper critically discusses the inflation targeting regime proposed by orthodox economists, in particular the Taylor Rule. The article describes how the Taylor Rule assumes the argument of money neutrality inherited from the Quantitative Theory of Money. It discusses critically the ways of operation of the rule, and the negative impacts of the interest rate over the potential output. In this sense, the article shows the possible vicious circles of the monetary policy when money is not neutral, as is the case for post-keynesian economists. The relation of interest rates, potential output and the output gap is illustrated in some estimates using the methodology of Vector Auto-Regressive in the Brazilian case.

O artigo analisa o debate sobre a redução do déficit fiscal brasileiro com base em uma perspectiva pós-keynesiana. Após resumir as conclusões das controvérsias sobre o papel da moeda e do Estado que constituem a base dos desacordos quanto à política fiscal e à política monetária e, consequentemente, sobre as prescrições de zeragem do déficit fiscal, o artigo ilustra esse debate com estimativas de modelos de Vetores Autorregressivos (VAR), dando razão ao lado heterodoxo da controvérsia.

The article analyses the debate over fiscal deficit reduction in Brazil from a post-Keynesian perspective. After an overview of the conclusions about the role of money and of the State that are the basis of the controversies about fiscal policy, monetary policy and the consequent prescribed manner of reducing fiscal deficits, the article illustrates this debate with estimates of VAR models, and agrees with the heterodox side of the controversy.