Made available in DSpace on 2008-05-13T13:17:09Z (GMT). No. of bitstreams: 1 2283.pdf: 381935 bytes, checksum: 205e49c7b64cdc887299296e76e57446 (MD5) Previous issue date: 2006-09-22 / This dissertation shows that brazilian monetary policy had two main objectives in the last fty years: before 1994 the main goal was to - nance the public de cit and since 1994 to control the in ation rate. This dissertation also explains the main aspects of the monetary policy instru- ments and procedures of the Central Bank. In particular, it describes how day-to-day monetary policy was implemented in di¤erent environments. We estimate the La¤er Curve for Brazil and we identify the interest rate stochastic processes at di¤erent periods.