|  | 
	
		| Armando  Martins | 
	
		| Fluminense Federal University and National Council for Scientific and Technological Development | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		| , | 
	
		|  | 
	
		|  | 
	
		| martinsarmando@outlook.com | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		|  | 
	
		| JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General
 E4 : Money and Interest Rates: General
 |