Dados vol. 32 n. 1 Rio de Janeiro 1989

Choque e Concerto

Amadeo, Edward J.; Camargo, José Márcio


A model in which the inflationary process is seen as being caused by a combination of distributive conflict, effective demand, and indexation is developed. This model is used to analyze the effects of two types of anti-inflationary policies: wage and price freezes (shock) and policies. Based on negotiations between different social actors (harmony). One of the main conclusion is that the success of an inflationary shock will be intimately tied in with the adoption of a substantially restrictive aggregate demand policy. ln the case of a "harmony" approach, in addition to the conditions which are prerequisite to effective negotiations, aggregate demand policies serve as an important tool for controlling the more competitive sectores of the economy. ln cases of extremely high inflation, a combination of both types of strategy may be most appropriate in assuring the program's success.

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Choque e Concerto