摘要：This article evaluates whether the Brazilian fiscal policy in the 1980, 1990 and 2000 was believable to cooperate to maintain price stability. Accordingly, if the costs for program maintenance of price stability outweigh the benefits, there is no incentive for the government to keep it. Within this context, we develop a model in which the economic authority minimizes a loss function that depends on the budget deficit and seigniorage with the purpose of maintaining control of inflation. The results show that in periods where the anti-inflationary policies adopted were characterized by restrictive fiscal adjustment policies or that government approval was high , the credibility of fiscal policy was considered strong
关键词：seigniorage; budget deficit; credibility; regime of price
