NEW CONSENSUS MACROECONOMICS: SYNTHESIS ATTEMPT AND APPLICABILITY FOR THE BRAZIL ECONOMY

Abstract

This paper aims to obtain the structure synthesis of the different ideas presented by theauthors belonging to New Consensus Macroeconomics and verify the applicability of this line of thinkingprescriptions for the national empirical reality. A set of theoretical principles and a unified formal modelhave been proposed in the attempt to synthesize theoretical and formal line of the New ConsensusMacroeconomics. The Monetary Policy Conduction Rule was obtained as the reaction function of theCentral Bank to verify the appropriateness of the national monetary policy conduction to the ideas ofthe New Consensus Macroeconomics. For this, econometric instruments have been employed. Weconclude that the national monetary policy conduction in Brazil followed the main propositions of theNew Consensus Macroeconomics.