Rodolfo T. F. Nicolay Candido Mendes University and Catholic University of Petrópolis   Alameda Hellen Harboe, 226 - Araras. Petrópolis, RJ 25725-200 Brazil   r-nicolay@hotmail.com             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General E4 : Money and Interest Rates: General