Monetary policy in Brazil under the inflation targeting regime from a Contested Terrain Approach

The chapter aims at showing that Central Bank of Brazil (CBB), since the introduction of the Inflation Targeting Regime, in 1999, has been so conservative in operating monetary policy. Based on the Contested Terrain Approach, it argues that the main reason why the Brazilian interest rate has been so high is due to the fact that rentiers seem to dominate/capture CBB.