Professional Documents
Culture Documents
Moeda, Ciclo e Incerteza Fundamental HAYEK
Moeda, Ciclo e Incerteza Fundamental HAYEK
"
9#$$$2%7!
&'()*+,-'./012/+(3+4/)5/16-77+
8(9/)(-+&'0312777
:;<=>?@ABACDEFGHICAJCAKLGHMCANAHOIFPGHMKLAJFAQRFASKOFHLKAKAGFCLHKASCOFGTLHKAFAJCPA
UHUVCPAJFAWXAYXAZK[F\AJFH]KAHS^V_UHGKAKAKJSHPP`CaA^CLAFPGFAKRGCLaAJKAF]HPGbOUHKAJCAGH^CA
JFAHOUFLGFcKAUVKPPHdHUKJCAUCSCAdROJKSFOGKVXAeKLKAHPPCANAdFHGKARSKADLFIFAF]^CPHf`CAJKPA
IKLHFJKJFPAJFAHOUFLGFcKAPFMROJCAUVKPPHdHUKf`CAJFAgFQRFUhAFSAKVMROPAJFAPFRPAGLKDKi
VhCPXAjSAPFMRHJKaA^KPPKiPFAkAF]^CPHf`CAJKAIHP`CAhK[F\HKOKAKUFLUKAJCA^K^FVAUFOGLKVAJKA
SCFJKAFAJCAULNJHGCAOKAJFGFLSHOKf`CAJCAUHUVCAFUCOlSHUCaAJKAF]HPGbOUHKAJCASFUKOHPSCA
JKA^CR^KOfKAdCLfKJKAFAKALFKVA^CPPHDHVHJKJFAJFAdKVPHdHUKf`CAJKAGK]KAJFAERLCPAFAJFAQRFACA
PHPGFSKAFUCOlSHUCAKGRFAdCLKAJCAFQRHV_DLHCXAYA^KLGHLAJK_APFAKDLFACAUKSHOhCA^KLKAQRFA
CAPHPGFSKAJFA^LFfCPAO`CAdCLOFfKAKPAHOdCLSKfmFPAOFUFPPTLHKPAkAUCLLFGKAdCLSKf`CAJFA
F]^FUGKGHIKPAFAkAGCSKJKAJFAJFUHP`CA^CLA^KLGFAJCPAKMFOGFPaAUKLKUGFL_PGHUKAUFOGLKVAJKA
HOUFLGFcKAdROJKSFOGKVX
nopoqro<stuoq;@AWXAYXAZK[F\XAvOUFLGFcKXAwHUVCPAFUCOlSHUCPX
xy<zrotz@A{hFAKLGHUVFAKHSPAKGAHOIFPGHMKGHOMAhC|AWXAYXAZK[F\}PASCOFGKL[AKOJADRPHOFPPA
U[UVFAGhFCL[AHS^VHUHGV[AKPPRSFPAGhFAF]HPGFOUFACdAdROJKSFOGKVAROUFLGKHOG[XAvOACLJFLAGCA
KUhHFIFAPRUhAKAMCKVaAGhFAKRGhCLPASK\FAKAPhCLGAF]^CPHGHCOACdAGhFAUCOUF^GACdAdROJKSFOi
GKVAROUFLGKHOG[AKPAJFdHOFJAD[AgFQRFUhAHOAPFIFLKVACdAhHPA|CL\PXAYdGFL|KLJPaAGhFAKRGhCLPA
F]^CPFAGhFAZK[F\HKOAHOGFL^LFGKGHCOACOAGhFAUFOGLKVALCVFACdASCOF[AKOJAULFJHGACOADRPHOFPPA
U[UVFaACOAGhFASFUhKOHPSACdAdCLUFJAPKIHOMAKOJACOAGhFA^CPPHDHVHG[ACdAdKVPHdHUKGHCOACdAHOGFLFPGA
LKGFAKOJAGhFA^CPPHDHVHG[ACdAGhFAFUCOCSHUAP[PGFSAGCADFhKIFAK|K[AdLCSAGhFAFQRHVHDLHRSXAvGA
UKOADFAPKHJaAGhFOaAGhKGAGhFA^LHUFAP[PGFSASK[AOCGAPR^^V[AGhFAKMFOGPA|HGhAGhFAHOdCLSKGHCOA
GhKGAHPAOFUFPPKL[AdCLAGhFAdCLSKGHCOACdAUCLLFUGAF]^FUGKGHCOPAKOJAJFUHPHCOPaAKA\F[AUhKLKUi
GFLHPGHUACdAdROJKSFOGKVAROUFLGKHOG[X
~;?r<@AWXAYXAZK[F\XAOUFLGKHOG[XARPHOFPPAU[UVFPX
po<<toz?@AgAjAjX
" FLP`CAKOGFLHCLAJFPGFAKLGHMCAFPGTAOCPAKOKHPAJCAvvAjOUCOGLCAJFAjUCOCSHKAJKAFMH̀CARVAKLHOMTaA
XABPAKRGCLFPAKMLKJFUFSAKAWKDHCAKLDHFLHAFAKCPA^KLFUFLHPGKPAKOlOHSCPAJKA&'123+8.-'2./A
^FVKPAUL_GHUKPAFAPRMFPGmFPaAHPFOGKOJCiCPaAUCOGRJCaAJCPAFLLCPAFACSHPPmFPALFSKOFPUFOGFPX
""AA gCRGCLKOJCAFSAjUCOCSHKAJCAgFPFOICVIHSFOGCA^FVKAWjYieXAFPGLFAFSAjUCOCSHKAeCV_GHUKA
^FVKAewieXAeLCdFPPCLAJKAWROJKf`CAjPUCVKAJFAwCSNLUHCAVIKLFPAeFOGFKJCAWFUK^XAjiSKHV¡AUKLi
IKVhC¢KOJLF£hCGSKHVXUCS
"""AA eLCdFPPCLAJKAOHIFLPHJKJFAWFJFLKVAJCAeKS^KXABAKRGCLAKMLKJFUFAkAwK^FPAFAKCAw¤eQA^FVCAK^CHCA
dHOKOUFHLCAJRLKOGFAPFRA^FL_CJCAJFAJCRGCLKSFOGCAOKAOHUKS^aAQRKOJCACA^LFPFOGFAKLGHMCAdCHAFVKi
DCLKJCXAjiSKHV¡AFJRKLJCKOMFVH£ROH^KS^KXFJRXDL
9" q$44-"L9PPRS"(!=0%("%"*(+$!")"0%"'*$!;$")$'"()4$'")$"4(!()&=%("(0'!1(#$"!0%$"("
0%("%(&$!"&=!(;<$"#$%"'#$-('")"4'(%$"L&#-0'&+"$%&(-%"("45'267'&((S"
@0"-"#3(%(")"r$+("$!$)$,&("%!=s/"%(!#()("4$!"#(!(#!1'&#('"#$%$/"4$!",%4-$/"
("(#&(;<$")"&)&+1)0$'"4$''0&)$!'")"!(#&$(-&)()"-&%&()(8
i" k'"!%$'"&#!A("4!$#)&%(-""&#!A("'0?'(&+("'<$"(.-$=$'"K"!(#&$(-&)()"4!$#)&2
%(-""K"!(#&$(-&)()"'0?'(&+(")"t&%$"LBCuvCwE/"9PPRS8
Oc) J).1,-/7&+$jk1)7&0$6$7$)71-)i$01+&-)23&)4&+h/0&h)&-0$n&6&.&+)&--$)6/z$jk1)417&)-&+)&,.1,0+$b
7$)&h)u$+8$61)IyRRS(
O) &z3,71)#$%&'N)r*&)h$/,)7/ii/.360%)1i)0&)0+$7/0/1,$6)$44+1$.)/-)/0-).1h46&0&)$n-0+$.0/1,)i+1h)
0/h&()J).1,.&40)1i)&23/6/n+/3h)/.)&--&,0/$66%)$-)$446/.$n6&)1,6%)01)$,)&.1,1h/.)-%-0&h).1,b
.&/8&7)$-)0/h&6&--).1367),10)n&)1i)z+&$0)8$63&s()I#JKLMN)OPQRN)4()O`PS()*17$8/$N)1+.)IOP`N)4()
cyS)$41,0$)23&)$)/7&/$)7&)3h$)r_(((a)-/h&0+/$)&,0+&)0&h41)&)/,.&+0&|$s)4&+-/-0&),$)&-.16$)$3-0+5$.$N)
$4&-$+)7&),3,.$)0&+)-/71).6$+$h&,0&)7&h1,-0+$71).1h1)&--$)-/h&0+/$)417&+/$)-&+)&f461+$7$)4&6$)
$,t6/-&)&.1,gh/.$(