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Inertial inflation: theory, practice and transformation (1980 - 1994)

Grant number: 17/05173-1
Support Opportunities:Scholarships in Brazil - Scientific Initiation
Effective date (Start): July 01, 2017
Effective date (End): June 30, 2018
Field of knowledge:Applied Social Sciences - Economics - Economic Theory
Principal Investigator:Fernando Monteiro Rugitsky
Grantee:Lucas Bertola Herzog
Host Institution: Faculdade de Economia, Administração e Contabilidade (FEA). Universidade de São Paulo (USP). São Paulo , SP, Brazil
Associated research grant:14/11611-3 - Public sphere and reconstruction: on the constitution of a reconstructive paradigm within Critical Theory, AP.TEM


This project aims to perform a review about the theoretical formulations that preceded the Cruzado Plan, focusing on the main arguments and on the structure of the inertialist thesis. The project will also compare publications from the authors associated with the inertial inflation paradigm before and after the realization of the Plan. Economists that have not only participated in the administration of Cruzado, but also made important theoretical contributions before and after 1986, will be prioritized. Within these criteria, we should mention Persio Arida, André Lara Resende and Edmar Bacha. The first part of the project will be focused on analyzing the inertialist publications made before the Cruzado Plan, from the perspective of the history of economic thinking. The second part will perform a historical analysis of the Cruzado Plan. Finally, in the third part, an analysis of the publications about inertial inflation after the Plan, focusing on the work from the economists mentioned above, will be made. The hypothesis to be tested in the project understands that a significant change in the theory about inertial inflation occurred after the Cruzado Plan. This transformation would be mainly associated with a change in the global macroeconomic paradigm, with the consolidation of the new-keynesian consensus. (AU)

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