<div id="pf1" class="pf w0 h0" data-page-no="1"><div class="pc pc1 w0 h0"><img class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/1a5e31e7-355c-4d6a-a488-9e8ecbc88bae/bg1.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y2 ff1 fs1 fc0 sc0 ls2 ws2">Monitoria de Teorias da Dinâmica Capitalista / 2016.1 </div><div class="t m0 x0 h4 y3 ff2 fs1 fc0 sc0 ls2 ws2">Monitor: Marcos Monteiro </div><div class="t m0 x0 h4 y4 ff2 fs1 fc0 sc0 ls2 ws2">Professor: Ana Cristina Reif de Paula </div><div class="t m0 x2 h5 y5 ff1 fs2 fc0 sc0 ls2 ws2">Lista Nº 7 <span class="ff3 ls0">\u2013</span> Keyne<span class="_0 blank"></span>s (Caps. <span class="_0 blank"></span>11, 12, 13, <span class="_0 blank"></span>15, 17 e 18) </div><div class="t m0 x3 h5 y6 ff1 fs2 fc0 sc0 ls0 ws0">1)<span class="ff4 ls1 ws2"> <span class="ff1 ls2">Descre<span class="_0 blank"></span>va <span class="_1 blank"> </span>a <span class="_1 blank"> </span>Eficiência <span class="_1 blank"> </span>Mar<span class="_0 blank"></span>ginal <span class="_1 blank"> </span>do <span class="_1 blank"> </span>Capital <span class="_1 blank"> </span>e <span class="_1 blank"> </span>sua <span class="_1 blank"> </span>re<span class="_0 blank"></span>lação <span class="_1 blank"> </span>com </span></span></div><div class="t m0 x4 h5 y7 ff1 fs2 fc0 sc0 ls2 ws2">o Investimento, p<span class="_0 blank"></span>ara Keynes. </div><div class="t m0 x0 h4 y8 ff2 fs1 fc0 sc0 ls2 ws2">O objetivo de<span class="_2 blank"> </span> Ke<span class="_2 blank"> </span>y<span class="_0 blank"></span>nes <span class="_2 blank"> </span>era expli<span class="_2 blank"> </span>car a dinâmica <span class="_2 blank"> </span>capitalista, que <span class="_2 blank"> </span>é <span class="_2 blank"> </span>composta por <span class="_2 blank"> </span>ciclo e </div><div class="t m0 x0 h4 y9 ff2 fs1 fc0 sc0 ls2 ws2">tendência, onde o investi<span class="_2 blank"> </span>mento é que pode <span class="_2 blank"> </span>explicar a <span class="_2 blank"> </span>flutuação da demand<span class="_2 blank"> </span>a, prod<span class="_2 blank"> </span>uto </div><div class="t m0 x0 h4 ya ff2 fs1 fc0 sc0 ls2 ws2">e <span class="_1 blank"> </span>emprego, <span class="_3 blank"> </span>estando <span class="_1 blank"> </span>sujeito <span class="_3 blank"> </span>a <span class="_3 blank"> </span>amplas <span class="_1 blank"> </span>flutuações. <span class="_3 blank"> </span>Assim, <span class="_1 blank"> </span>o <span class="_3 blank"> </span>capitalismo <span class="_1 blank"> </span>é <span class="_3 blank"> </span>dito <span class="_3 blank"> </span>como </div><div class="t m0 x0 h4 yb ff2 fs1 fc0 sc0 ls2 ws2">potencialmente <span class="_4 blank"> </span>estável, <span class="_4 blank"> </span>pois <span class="_4 blank"> </span>o <span class="_4 blank"> </span>Investimento <span class="_4 blank"> </span>é <span class="_4 blank"> </span>o <span class="_4 blank"> </span>componente <span class="_4 blank"> </span>mais <span class="_4 blank"> </span>importante <span class="_4 blank"> </span>da<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 yc ff2 fs1 fc0 sc0 ls2 ws2">demanda agregada, sendo sujeito a <span class="ff5">revisões <span class="_2 blank"> </span>contínuas, onde para Keynes: \u201cInvestir é </span></div><div class="t m0 x0 h6 yd ff5 fs1 fc0 sc0 ls2 ws2">abrir <span class="_3 blank"> </span>mão <span class="_5 blank"> </span>de <span class="_3 blank"> </span>al<span class="_2 blank"> </span>go <span class="_3 blank"> </span>certo <span class="_5 blank"> </span>por <span class="_5 blank"> </span>uma <span class="_3 blank"> </span>conjectura\u201d, <span class="_5 blank"> </span>já <span class="_5 blank"> </span>que <span class="_3 blank"> </span>nada <span class="_5 blank"> </span>garante <span class="_3 blank"> </span>que<span class="_2 blank"> </span> <span class="_3 blank"> </span>o <span class="_5 blank"> </span>fluxo <span class="_5 blank"> </span>de </div><div class="t m0 x0 h4 ye ff2 fs1 fc0 sc0 ls2 ws2">receita investido se realizará. Logo, investir é apostar contra o futuro. </div><div class="t m0 x0 h4 yf ff2 fs1 fc0 sc0 ls2 ws2">Desta forma, <span class="_2 blank"> </span>ao <span class="_2 blank"> </span>se <span class="_2 blank"> </span>adquirir <span class="_2 blank"> </span>um <span class="_2 blank"> </span>determinado b<span class="_2 blank"> </span>em <span class="_2 blank"> </span>de capital, <span class="_2 blank"> </span>espera-<span class="ls3 ws1">se</span> <span class="_2 blank"> </span>a <span class="_2 blank"> </span>obtenção d<span class="_2 blank"> </span>e </div><div class="t m0 x0 h4 y10 ff2 fs1 fc0 sc0 ls2 ws2">retornos <span class="_6 blank"> </span>provenientes <span class="_6 blank"> </span>da <span class="_6 blank"> </span>venda <span class="_6 blank"> </span>de<span class="_2 blank"> </span> <span class="_6 blank"> </span>produção <span class="_6 blank"> </span>obtida <span class="_6 blank"> </span>com <span class="_1 blank"> </span>este <span class="_6 blank"> </span>ativo <span class="_6 blank"> </span>durante <span class="_6 blank"> </span>sua <span class="_6 blank"> </span>vid<span class="_2 blank"> </span>a </div><div class="t m0 x0 h4 y11 ff2 fs1 fc0 sc0 ls2 ws2">útil <span class="_1 blank"> </span>(deduzidas <span class="_1 blank"> </span>as <span class="_1 blank"> </span>despesas <span class="_1 blank"> </span>correntes). <span class="_1 blank"> </span>A <span class="_1 blank"> </span>e<span class="_2 blank"> </span>ficiência <span class="_1 blank"> </span>marginal <span class="_1 blank"> </span>do <span class="_1 blank"> </span>capital <span class="_1 blank"> </span>é <span class="_1 blank"> </span>a <span class="_1 blank"> </span>relação </div><div class="t m0 x0 h4 y12 ff2 fs1 fc0 sc0 ls2 ws2">entre <span class="_6 blank"> </span>a <span class="_1 blank"> </span>renda <span class="_1 blank"> </span>esperada <span class="_6 blank"> </span>e <span class="_1 blank"> </span>o <span class="_1 blank"> </span>preço <span class="_6 blank"> </span>de <span class="_1 blank"> </span>oferta <span class="_1 blank"> </span>(ou <span class="_6 blank"> </span>custo <span class="_1 blank"> </span>(preço) <span class="_1 blank"> </span>de <span class="_6 blank"> </span>reposição <span class="_1 blank"> </span>do <span class="_1 blank"> </span>ativo) </div><div class="t m0 x0 h4 y13 ff2 fs1 fc0 sc0 ls2 ws2">do <span class="_3 blank"> </span>capital, <span class="_3 blank"> </span>isto <span class="_3 blank"> </span>é, <span class="_5 blank"> </span>o <span class="_3 blank"> </span>rendimento <span class="_3 blank"> </span>atrelado <span class="_3 blank"> </span>a <span class="_3 blank"> </span>um<span class="_2 blank"> </span>a <span class="_3 blank"> </span>unidade <span class="_3 blank"> </span>adicional <span class="_3 blank"> </span>de<span class="_2 blank"> </span> <span class="_3 blank"> </span>capital <span class="_3 blank"> </span>e <span class="_3 blank"> </span>seu<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y14 ff2 fs1 fc0 sc0 ls2 ws2">custo de <span class="_2 blank"> </span>produção. <span class="_2 blank"> </span>De <span class="_2 blank"> </span>outra <span class="_2 blank"> </span>forma, pod<span class="_2 blank"> </span>e-se defin<span class="_2 blank"> </span>ir a <span class="_2 blank"> </span>Eficiência <span class="_2 blank"> </span>Marginal <span class="_2 blank"> </span>do C<span class="_2 blank"> </span>apital </div><div class="t m0 x0 h4 y15 ff2 fs1 fc0 sc0 ls2 ws2">como <span class="_6 blank"> </span>sendo <span class="_6 blank"> </span>a <span class="_6 blank"> </span>taxa <span class="_1 blank"> </span>de <span class="_2 blank"> </span>desconto <span class="_6 blank"> </span>que <span class="_6 blank"> </span>tornaria <span class="_6 blank"> </span>o <span class="_6 blank"> </span>valor <span class="_6 blank"> </span>presente <span class="_6 blank"> </span>do <span class="_1 blank"> </span>fluxo <span class="_6 blank"> </span>de <span class="_6 blank"> </span>anuidades </div><div class="t m0 x0 h4 y16 ff2 fs1 fc0 sc0 ls2 ws2">das <span class="_1 blank"> </span>rendas <span class="_1 blank"> </span>esperadas <span class="_1 blank"> </span>desse <span class="_1 blank"> </span>capital <span class="_1 blank"> </span>durante <span class="_1 blank"> </span>toda <span class="_1 blank"> </span>sua <span class="_1 blank"> </span>existência <span class="_1 blank"> </span>exatamente <span class="_1 blank"> </span>igual <span class="_1 blank"> </span>ao </div><div class="t m0 x0 h4 y17 ff2 fs1 fc0 sc0 ls2 ws2">seu preço de oferta. É a taxa de retorno esperada do investimento. </div><div class="t m0 x5 h4 y18 ff2 fs1 fc0 sc0 ls2 ws2">Segundo <span class="_5 blank"> </span>Keynes, <span class="_7 blank"> </span>a <span class="_5 blank"> </span>EMgK <span class="_5 blank"> </span>é <span class="_7 blank"> </span>decrescente, <span class="_5 blank"> </span>con<span class="_2 blank"> </span>forme <span class="_7 blank"> </span>aumenta <span class="_5 blank"> </span>o <span class="_7 blank"> </span>volume <span class="_5 blank"> </span>de </div><div class="t m0 x0 h4 y19 ff2 fs1 fc0 sc0 ls2 ws2">investimento, <span class="_8 blank"> </span>porque: <span class="_8 blank"> </span>(i) <span class="_8 blank"> </span>a <span class="_8 blank"> </span>renda <span class="_8 blank"> </span>prospectiva <span class="_8 blank"> </span>baixará <span class="_8 blank"> </span>devido <span class="_8 blank"> </span>a <span class="_8 blank"> </span>limitações <span class="_8 blank"> </span>do </div><div class="t m0 x0 h4 y1a ff2 fs1 fc0 sc0 ls2 ws2">mercado <span class="_9 blank"> </span>para <span class="_9 blank"> </span>absorver <span class="_9 blank"> </span>a <span class="_9 blank"> </span>elevação <span class="_9 blank"> </span>da <span class="_a blank"> </span>oferta <span class="_9 blank"> </span>de <span class="_9 blank"> </span>bens <span class="_a blank"> </span>finais <span class="_9 blank"> </span>produzidos <span class="_9 blank"> </span>com <span class="_a blank"> </span>a </div><div class="t m0 x0 h4 y1b ff2 fs1 fc0 sc0 ls2 ws2">expansão da <span class="_2 blank"> </span>cap<span class="_2 blank"> </span>acidade <span class="_2 blank"> </span>produtiva, <span class="_2 blank"> </span>já qu<span class="_2 blank"> </span>e d<span class="_2 blank"> </span>ado o <span class="_6 blank"> </span>tamanho do <span class="_2 blank"> </span>mercado, <span class="_2 blank"> </span>um <span class="_2 blank"> </span>aumento </div><div class="t m0 x0 h4 y1c ff2 fs1 fc0 sc0 ls2 ws2">do <span class="_b blank"> </span>investimento para<span class="_0 blank"></span> v<span class="_0 blank"></span>ender <span class="_b blank"> </span>o <span class="_b blank"> </span>seu <span class="_4 blank"> </span>valor adicional <span class="_b blank"> </span>deverá <span class="_b blank"> </span>se<span class="_0 blank"></span>r feito <span class="_b blank"> </span>à <span class="_b blank"> </span>um <span class="_b blank"> </span>preç<span class="_0 blank"></span>o </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf2" class="pf w0 h0" data-page-no="2"><div class="pc pc2 w0 h0"><img class="bi x6 y1d w2 h7" alt="" src="https://files.passeidireto.com/1a5e31e7-355c-4d6a-a488-9e8ecbc88bae/bg2.png"><div class="t m0 x0 h4 y1e ff2 fs1 fc0 sc0 ls2 ws2">menor, <span class="_2 blank"> </span>o <span class="_6 blank"> </span>que <span class="_2 blank"> </span>po<span class="_2 blank"> </span>r <span class="_2 blank"> </span>sua<span class="_2 blank"> </span> <span class="_2 blank"> </span>ve<span class="_2 blank"> </span>z <span class="_2 blank"> </span>faz <span class="_6 blank"> </span>a <span class="_6 blank"> </span>renda <span class="_2 blank"> </span>baixar <span class="_6 blank"> </span>(e <span class="_2 blank"> </span>o<span class="_2 blank"> </span> <span class="_6 blank"> </span>fluxo <span class="_6 blank"> </span>de <span class="_2 blank"> </span>receita <span class="_6 blank"> </span>esperada <span class="_2 blank"> </span>baixará); </div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">(ii) <span class="_1 blank"> </span> <span class="_1 blank"> </span>aumenta <span class="_3 blank"> </span>a <span class="_1 blank"> </span>pressão <span class="_1 blank"> </span>temporária <span class="_1 blank"> </span>sobre <span class="_1 blank"> </span>as <span class="_3 blank"> </span>fábricas <span class="_1 blank"> </span>produtoras <span class="_1 blank"> </span>de <span class="_3 blank"> </span>bens <span class="_1 blank"> </span>de <span class="_1 blank"> </span>capital, </div><div class="t m0 x0 h4 y20 ff2 fs1 fc0 sc0 ls2 ws2">causando <span class="_4 blank"> </span>elevação <span class="_4 blank"> </span>de <span class="_b blank"> </span>seu <span class="_7 blank"> </span>preço <span class="_b blank"> </span>de <span class="_7 blank"> </span>of<span class="_2 blank"> </span>erta <span class="_4 blank"> </span>em <span class="_b blank"> </span>funçã<span class="_0 blank"></span>o <span class="_4 blank"> </span>d<span class="_2 blank"> </span>a <span class="_4 blank"> </span>produtividade <span class="_4 blank"> </span>mar<span class="_2 blank"> </span>ginal </div><div class="t m0 x0 h4 y21 ff2 fs1 fc0 sc0 ls2 ws2">decrescente. <span class="_7 blank"> </span>Lembrando <span class="_4 blank"> </span>que, <span class="_4 blank"> </span>o <span class="_4 blank"> </span>segundo <span class="_4 blank"> </span>fator <span class="_4 blank"> </span>é<span class="_2 blank"> </span> <span class="_4 blank"> </span>mais <span class="_4 blank"> </span>importante <span class="_4 blank"> </span>no <span class="_4 blank"> </span>curto <span class="_7 blank"> </span>prazo, </div><div class="t m0 x0 h4 y22 ff2 fs1 fc0 sc0 ls2 ws2">dado que no longo prazo, as fábricas alterarão sua capacidade produtiva. </div><div class="t m0 x0 h4 y23 ff2 fs1 fc0 sc0 ls2 ws2">Assim: </div><div class="t m0 x0 h8 y24 ff3 fs3 fc0 sc0 ls2 ws3">\u2191<span class="ff2 ls4 ws2">I </span>\u2192<span class="ff2 ws2"> </span>\u2193<span class="ff2 ws2">Renda esperada </span></div><div class="t m0 x0 h8 y25 ff2 fs3 fc0 sc0 ls2 ws2"> <span class="ff3 ws3">\u2191</span>Preço de o<span class="_0 blank"></span>ferta </div><div class="t m0 x0 h4 y26 ff2 fs1 fc0 sc0 ls2 ws2">A <span class="_6 blank"> </span>curva <span class="_2 blank"> </span>d<span class="_2 blank"> </span>a <span class="_c blank"> </span>Eficiência <span class="_d blank"> </span>Marginal <span class="_d blank"> </span>do <span class="_d blank"> </span>Capital <span class="_d blank"> </span>é <span class="_e blank"> </span>dada <span class="_d blank"> </span>pela<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y27 ff2 fs1 fc0 sc0 ls2 ws2">seguinte <span class="_f blank"> </span>maneira: </div><div class="t m0 x0 h4 y28 ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x5 h4 y29 ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x5 h4 y2a ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x5 h4 y2b ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x5 h4 y2c ff2 fs1 fc0 sc0 ls2 ws2">Logo, <span class="_2 blank"> </span>p<span class="_2 blank"> </span>ara <span class="_6 blank"> </span>cada <span class="_2 blank"> </span>tipo <span class="_6 blank"> </span>de <span class="_6 blank"> </span>capital, <span class="_6 blank"> </span>se <span class="_6 blank"> </span>pode <span class="_2 blank"> </span>tr<span class="_2 blank"> </span>açar <span class="_6 blank"> </span>uma <span class="_6 blank"> </span>curva <span class="_2 blank"> </span>qu<span class="_2 blank"> </span>e <span class="_6 blank"> </span>representará <span class="_2 blank"> </span>a<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y2d ff2 fs1 fc0 sc0 ls2 ws2">proporção <span class="_3 blank"> </span>em <span class="_5 blank"> </span>que <span class="_5 blank"> </span>o <span class="_5 blank"> </span>nível <span class="_3 blank"> </span>de <span class="_5 blank"> </span>investimento <span class="_5 blank"> </span>deve <span class="_5 blank"> </span>aumentar <span class="_5 blank"> </span>para <span class="_3 blank"> </span>que <span class="_5 blank"> </span>sua <span class="_5 blank"> </span>eficiência </div><div class="t m0 x0 h4 y2e ff2 fs1 fc0 sc0 ls2 ws2">marginal <span class="_2 blank"> </span>acabe <span class="_2 blank"> </span>baixando. <span class="_2 blank"> </span>Além <span class="_2 blank"> </span>disso, <span class="_6 blank"> </span>as curvas <span class="_2 blank"> </span>p<span class="_2 blank"> </span>odem <span class="_2 blank"> </span>ser <span class="_2 blank"> </span>agregadas <span class="_2 blank"> </span>para <span class="_2 blank"> </span>construir </div><div class="t m0 x0 h4 y2f ff2 fs1 fc0 sc0 ls2 ws2">a <span class="_2 blank"> </span>escala <span class="_6 blank"> </span>de <span class="_2 blank"> </span>eficiência <span class="_6 blank"> </span>marginal <span class="_2 blank"> </span>da <span class="_6 blank"> </span>economia <span class="_2 blank"> </span>com<span class="_2 blank"> </span>o <span class="_2 blank"> </span>um <span class="_6 blank"> </span>todo, <span class="_6 blank"> </span>que <span class="_2 blank"> </span>apresenta <span class="_6 blank"> </span>a <span class="_2 blank"> </span>relação </div><div class="t m0 x0 h4 y30 ff2 fs1 fc0 sc0 ls2 ws2">entre <span class="_5 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_7 blank"> </span>de <span class="_7 blank"> </span>investimento <span class="_7 blank"> </span>agregado <span class="_5 blank"> </span>com <span class="_7 blank"> </span>a <span class="_7 blank"> </span>sua <span class="_7 blank"> </span>eficiência <span class="_7 blank"> </span>marginal <span class="_7 blank"> </span>de <span class="_4 blank"> </span>capital. <span class="_7 blank"> </span>O </div><div class="t m0 x0 h4 y31 ff2 fs1 fc0 sc0 ls2 ws2">nível <span class="_7 blank"> </span>de <span class="_7 blank"> </span>investimento <span class="_7 blank"> </span>irá <span class="_7 blank"> </span>variar <span class="_7 blank"> </span>até <span class="_7 blank"> </span>o <span class="_4 blank"> </span>momento <span class="_7 blank"> </span>em <span class="_7 blank"> </span>que <span class="_7 blank"> </span>a <span class="_7 blank"> </span>e<span class="_2 blank"> </span>ficiência <span class="_7 blank"> </span>marginal <span class="_7 blank"> </span>do </div><div class="t m0 x0 h4 y32 ff2 fs1 fc0 sc0 ls2 ws2">capital <span class="_10 blank"> </span>seja <span class="_10 blank"> </span>igual <span class="_10 blank"> </span>à <span class="_10 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_10 blank"> </span>de <span class="_10 blank"> </span>juros <span class="_10 blank"> </span>do <span class="_d blank"> </span>merc<span class="_0 blank"></span>ado, <span class="_10 blank"> </span>e <span class="_d blank"> </span>a<span class="_0 blank"></span>ssim, <span class="_10 blank"> </span>para <span class="_10 blank"> </span>realização <span class="_10 blank"> </span>de </div><div class="t m0 x0 h4 y33 ff2 fs1 fc0 sc0 ls2 ws2">investimento <span class="_7 blank"> </span>numa <span class="_7 blank"> </span>economia, <span class="_7 blank"> </span>haverá <span class="_5 blank"> </span>comparaçã<span class="_2 blank"> </span>o <span class="_7 blank"> </span>entre <span class="_7 blank"> </span>a <span class="_7 blank"> </span>eficiência <span class="_7 blank"> </span>marginal <span class="_5 blank"> </span>e <span class="_7 blank"> </span>a </div><div class="t m0 x0 h4 y34 ff2 fs1 fc0 sc0 ls2 ws2">taxa de juros corrente da economia. </div><div class="t m0 x0 h4 y35 ff2 fs1 fc0 sc0 ls2 ws2">Como <span class="_2 blank"> </span>a EMgK <span class="_2 blank"> </span>é d<span class="_2 blank"> </span>ada pela <span class="_2 blank"> </span>relação <span class="_2 blank"> </span>entre flux<span class="_2 blank"> </span>o <span class="_2 blank"> </span>de receita <span class="_2 blank"> </span>esperada <span class="_2 blank"> </span>e preço <span class="_2 blank"> </span>de <span class="_2 blank"> </span>oferta, </div><div class="t m0 x0 h4 y36 ff2 fs1 fc0 sc0 ls2 ws2">depende, <span class="_a blank"> </span>assim, <span class="_a blank"> </span>de <span class="_8 blank"> </span>e<span class="_0 blank"></span>xpectativas <span class="_8 blank"> </span>de<span class="_0 blank"></span> <span class="_a blank"> </span>lon<span class="_2 blank"> </span>go <span class="_a blank"> </span>prazo. <span class="_8 blank"> </span>A <span class="_9 blank"> </span>incerteza <span class="_a blank"> </span>associad<span class="_2 blank"> </span>a <span class="_a blank"> </span>a <span class="_a blank"> </span>tais </div><div class="t m0 x0 h4 y37 ff2 fs1 fc0 sc0 ls2 ws2">expectativas é reforçada pela possibilidade de mudanças nos event<span class="_2 blank"> </span>os econômi<span class="_2 blank"> </span>cos, os </div><div class="t m0 x0 h4 y38 ff2 fs1 fc0 sc0 ls2 ws2">quais <span class="_7 blank"> </span>afetariam <span class="_4 blank"> </span>o <span class="_7 blank"> </span>fluxo <span class="_4 blank"> </span>de <span class="_7 blank"> </span>receita <span class="_7 blank"> </span>esperada, <span class="_4 blank"> </span>como: <span class="_4 blank"> </span>i) <span class="_4 blank"> </span>mudanças <span class="_7 blank"> </span>tecnológicas: <span class="_7 blank"> </span>S<span class="_2 blank"> </span>e </div><div class="t m0 x0 h4 y39 ff2 fs1 fc0 sc0 ls2 ws2">houver <span class="_3 blank"> </span>mudanças <span class="_3 blank"> </span>técnicas <span class="_3 blank"> </span>relevantes <span class="_3 blank"> </span>no <span class="_5 blank"> </span>período <span class="_3 blank"> </span>que <span class="_3 blank"> </span>o<span class="_2 blank"> </span> <span class="_3 blank"> </span>equipamento <span class="_3 blank"> </span>já <span class="_3 blank"> </span>e<span class="_2 blank"> </span>stiver <span class="_3 blank"> </span>em </div><div class="c x7 y3a w3 h9"><div class="t m0 x8 ha y3b ff6 fs3 fc0 sc0 ls2 ws2">EmgK (rm), </div></div><div class="c x9 y3c w4 hb"><div class="t m0 x8 ha y3d ff6 fs3 fc0 sc0 ls2 ws2">rm =r </div></div><div class="c xa y3e w5 hc"><div class="t m0 x8 ha y3f ff6 fs3 fc0 sc0 ls2 ws2">Escala de Eficiência<span class="_0 blank"></span> Marginal do Capital<span class="_0 blank"></span> (E.EMgK) ou </div><div class="t m0 x8 ha y40 ff6 fs3 fc0 sc0 ls2 ws2">Curva de Demanda p<span class="_0 blank"></span>or Investiment<span class="_0 blank"></span>o (CDI) </div></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf3" class="pf w0 h0" data-page-no="3"><div class="pc pc3 w0 h0"><div class="t m0 x0 h6 y1e ff5 fs1 fc0 sc0 ls2 ws2">operação, <span class="_10 blank"> </span>a <span class="_10 blank"> </span>produção <span class="_d blank"> </span>do <span class="_10 blank"> </span>equipamento <span class="_10 blank"> </span>\u201cvelho\u201d <span class="_10 blank"> </span>concorrerá <span class="_10 blank"> </span>com <span class="_d blank"> </span>a <span class="_10 blank"> </span>dos <span class="_10 blank"> </span>novos </div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">equipamentos <span class="_9 blank"> </span>que <span class="_9 blank"> </span>poderá <span class="_9 blank"> </span>com <span class="_9 blank"> </span>menores <span class="_9 blank"> </span>custos <span class="_9 blank"> </span>ou <span class="_9 blank"> </span>com <span class="_9 blank"> </span>produtividade <span class="_9 blank"> </span>superior, </div><div class="t m0 x0 h4 y20 ff2 fs1 fc0 sc0 ls2 ws2">pressionando a <span class="_2 blank"> </span>receita d<span class="_2 blank"> </span>as <span class="_2 blank"> </span>fábricas que <span class="_2 blank"> </span>já <span class="_2 blank"> </span>estão op<span class="_2 blank"> </span>erando; ii) <span class="_6 blank"> </span>mudanças re<span class="_2 blank"> </span>gulatórias: </div><div class="t m0 x0 h4 y21 ff2 fs1 fc0 sc0 ls2 ws2">imagine <span class="_1 blank"> </span>uma <span class="_1 blank"> </span>situação <span class="_1 blank"> </span>em <span class="_3 blank"> </span>que <span class="_1 blank"> </span>a <span class="_1 blank"> </span>Emgk <span class="_1 blank"> </span>do <span class="_3 blank"> </span>ativo <span class="_1 blank"> </span>está <span class="_1 blank"> </span>sendo <span class="_1 blank"> </span>calculada <span class="_3 blank"> </span>com <span class="_1 blank"> </span>base <span class="_1 blank"> </span>em </div><div class="t m0 x0 h4 y22 ff2 fs1 fc0 sc0 ls2 ws2">concessões <span class="_2 blank"> </span>de <span class="_2 blank"> </span>exclusividade. <span class="_6 blank"> </span>Se <span class="_2 blank"> </span>houver <span class="_2 blank"> </span>queb<span class="_2 blank"> </span>ra <span class="_2 blank"> </span>de <span class="_2 blank"> </span>contratos,<span class="_2 blank"> </span> <span class="_2 blank"> </span>haverá <span class="_2 blank"> </span>grande<span class="_2 blank"> </span> <span class="_2 blank"> </span>impacto </div><div class="t m0 x0 h4 y41 ff2 fs1 fc0 sc0 ls2 ws2">no fluxo <span class="_2 blank"> </span>de receita; iii) <span class="_2 blank"> </span>expectativas sobre o preço <span class="_2 blank"> </span>dos produtos, <span class="_2 blank"> </span>que afeta o <span class="_2 blank"> </span>fluxo de </div><div class="t m0 x0 h4 y42 ff2 fs1 fc0 sc0 ls2 ws2">receita, <span class="_2 blank"> </span>em <span class="_2 blank"> </span>que, <span class="_2 blank"> </span>se <span class="_6 blank"> </span>o <span class="_2 blank"> </span>preço <span class="_2 blank"> </span>de <span class="_2 blank"> </span>determinado <span class="_2 blank"> </span>produ<span class="_2 blank"> </span>to <span class="_2 blank"> </span>aumenta, <span class="_2 blank"> </span>a <span class="_2 blank"> </span>receita <span class="_2 blank"> </span>esp<span class="_2 blank"> </span>erada <span class="_2 blank"> </span>será </div><div class="t m0 x0 h4 y43 ff2 fs1 fc0 sc0 ls2 ws2">maior <span class="_3 blank"> </span>e <span class="_3 blank"> </span>consequentemente <span class="_3 blank"> </span>a <span class="_3 blank"> </span>EMgk <span class="_3 blank"> </span>irá <span class="_3 blank"> </span>subir, <span class="_3 blank"> </span>e <span class="_3 blank"> </span>p<span class="_2 blank"> </span>or <span class="_3 blank"> </span>outro <span class="_3 blank"> </span>lado, <span class="_3 blank"> </span>se <span class="_3 blank"> </span>houver <span class="_5 blank"> </span>abertura </div><div class="t m0 x0 h4 y44 ff2 fs1 fc0 sc0 ls2 ws2">comercial, <span class="_5 blank"> </span><span class="ls5">e <span class="_5 blank"> </span></span>mudan<span class="_2 blank"> </span>ças <span class="_5 blank"> </span>tributárias <span class="_5 blank"> </span>aumentando <span class="_7 blank"> </span>a <span class="_5 blank"> </span>concorrência, <span class="_5 blank"> </span>certamente <span class="_7 blank"> </span>ist<span class="_2 blank"> </span>o <span class="_5 blank"> </span>irá<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y45 ff2 fs1 fc0 sc0 ls2 ws2">afetar a receita<span class="ls6">; </span>iv) mudanças tributárias, mudanças na concorrência, mudanças </div><div class="t m0 x0 h4 y46 ff2 fs1 fc0 sc0 ls2 ws2">regulatórias, mudanças no padrão de preferências, entre outros. </div><div class="t m0 x5 h4 y47 ff2 fs1 fc0 sc0 ls2 ws2">Todas <span class="_d blank"> </span>as <span class="_e blank"> </span>possibilidades <span class="_d blank"> </span>listadas <span class="_e blank"> </span>acima <span class="_d blank"> </span>são <span class="_d blank"> </span>consideradas <span class="_e blank"> </span><span class="ff7 ls5 ws4">ex<span class="ls2 ws5">-ante</span></span> <span class="_e blank"> </span>pelo </div><div class="t m0 x0 h4 y48 ff2 fs1 fc0 sc0 ls2 ws2">empresário <span class="_6 blank"> </span>que <span class="_6 blank"> </span>está <span class="_6 blank"> </span>avaliando <span class="_6 blank"> </span>sua <span class="_2 blank"> </span>d<span class="_2 blank"> </span>ecisão <span class="_6 blank"> </span>de <span class="_6 blank"> </span>investir. <span class="_6 blank"> </span>A <span class="_6 blank"> </span>incerteza <span class="_6 blank"> </span>sobre <span class="_6 blank"> </span>os <span class="_6 blank"> </span>eventos </div><div class="t m0 x0 h4 y49 ff2 fs1 fc0 sc0 ls2 ws2">futuros <span class="_4 blank"> </span>e <span class="_4 blank"> </span>sobre <span class="_4 blank"> </span>o <span class="_b blank"> </span>fluxo <span class="_7 blank"> </span>de <span class="_b blank"> </span>rec<span class="_0 blank"></span>eita <span class="_4 blank"> </span>esperada <span class="_b blank"> </span>se<span class="_0 blank"></span> <span class="_b blank"> </span>re<span class="_0 blank"></span>flete <span class="_4 blank"> </span>no <span class="_4 blank"> </span>grau <span class="_4 blank"> </span>de <span class="_b blank"> </span>confiança<span class="_0 blank"></span> <span class="_4 blank"> </span>(em </div><div class="t m0 x0 h5 y4a ff2 fs1 fc0 sc0 ls2 ws2">relação às expectativas) e influencia as expectivas dos agentes, afetando a<span class="_0 blank"></span> E<span class="_2 blank"> </span>MgK.<span class="ff1 fs2"> </span></div><div class="t m0 x5 h4 y4b ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h4 y4c ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 hd y4d ff1 fs4 fc0 sc0 ls2 ws2"> </div><div class="t m0 x4 hd y4e ff1 fs4 fc0 sc0 ls2 ws2"> </div><div class="t m0 x4 hd y4f ff1 fs4 fc0 sc0 ls2 ws2"> </div><div class="t m0 x4 hd y50 ff1 fs4 fc0 sc0 ls2 ws2"> </div><div class="t m0 x4 hd y51 ff1 fs4 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 hd y52 ff1 fs4 fc0 sc0 ls2 ws2"> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf4" class="pf w0 h0" data-page-no="4"><div class="pc pc4 w0 h0"><div class="t m0 x0 hd y53 ff1 fs4 fc0 sc0 ls0 ws6">2)<span class="ls2 ws2">Descreva <span class="_d blank"> </span>as <span class="_d blank"> </span>Expectativas <span class="_d blank"> </span>de <span class="_d blank"> </span>Longo <span class="_d blank"> </span>Prazo, <span class="_d blank"> </span>segundo <span class="_d blank"> </span>a </span></div><div class="t m0 x0 hd y54 ff1 fs4 fc0 sc0 ls2 ws2">Teoria Geral de Keynes?<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y55 ff2 fs1 fc0 sc0 ls2 ws2">As <span class="_1 blank"> </span>ex<span class="_2 blank"> </span>pectativas <span class="_1 blank"> </span>em <span class="_3 blank"> </span>relação <span class="_1 blank"> </span>ao <span class="_3 blank"> </span>fluxo <span class="_3 blank"> </span>de <span class="_3 blank"> </span>rendimento <span class="_1 blank"> </span>esperados <span class="_3 blank"> </span>do <span class="_1 blank"> </span>capital <span class="_3 blank"> </span>novo <span class="_3 blank"> </span>são </div><div class="t m0 x0 h4 y56 ff2 fs1 fc0 sc0 ls2 ws2">formadas <span class="_10 blank"> </span>po<span class="_2 blank"> </span>r <span class="_d blank"> </span>fatos <span class="_10 blank"> </span>ex<span class="_2 blank"> </span>istentes <span class="_10 blank"> </span>que <span class="_d blank"> </span>podem <span class="_d blank"> </span>ser <span class="_d blank"> </span>c<span class="_0 blank"></span>onsiderados <span class="_d blank"> </span>aproximadamente </div><div class="t m0 x0 h4 y57 ff2 fs1 fc0 sc0 ls2 ws2">conhecidos (o <span class="_6 blank"> </span>estado atu<span class="_2 blank"> </span>al <span class="_2 blank"> </span>da <span class="_2 blank"> </span>taxa <span class="_2 blank"> </span>de <span class="_2 blank"> </span>juros, <span class="_6 blank"> </span>das <span class="_2 blank"> </span>preferê<span class="_0 blank"></span>ncias, <span class="_2 blank"> </span>da <span class="_2 blank"> </span>técnica, <span class="_2 blank"> </span>do <span class="_6 blank"> </span>nível <span class="_6 blank"> </span>de </div><div class="t m0 x0 h4 y58 ff2 fs1 fc0 sc0 ls2 ws2">demanda, entre outros), e<span class="_2 blank"> </span> por eventos <span class="_2 blank"> </span>futuros que podem ser previstos <span class="_2 blank"> </span>com maior ou </div><div class="t m0 x0 h4 y59 ff2 fs1 fc0 sc0 ls2 ws2">menor <span class="_6 blank"> </span>grau <span class="_2 blank"> </span>de <span class="_6 blank"> </span>confiança. <span class="_6 blank"> </span>As <span class="_6 blank"> </span>Ex<span class="_2 blank"> </span>pectativas <span class="_2 blank"> </span>de <span class="_1 blank"> </span>L<span class="_0 blank"></span>ongo <span class="_2 blank"> </span>Prazo <span class="_6 blank"> </span>são <span class="_6 blank"> </span>fundamentais <span class="_6 blank"> </span>para <span class="_6 blank"> </span>a </div><div class="t m0 x0 h4 y5a ff2 fs1 fc0 sc0 ls2 ws2">tomada <span class="_7 blank"> </span>de <span class="_7 blank"> </span>decisão <span class="_7 blank"> </span>da <span class="_4 blank"> </span>ampliação <span class="_7 blank"> </span>de <span class="_7 blank"> </span>capacidade <span class="_4 blank"> </span>produtiva <span class="_7 blank"> </span>na <span class="_7 blank"> </span>economia.<span class="_2 blank"> </span> <span class="_7 blank"> </span>Elas <span class="_4 blank"> </span>são </div><div class="t m0 x0 h4 y5b ff2 fs1 fc0 sc0 ls2 ws2">baseadas <span class="_7 blank"> </span>em <span class="_4 blank"> </span>dois <span class="_4 blank"> </span>principais <span class="_4 blank"> </span>conceitos<span class="ls6">: <span class="_4 blank"> </span></span>o <span class="_4 blank"> </span>prognóstico <span class="_4 blank"> </span>mais <span class="_4 blank"> </span>provável <span class="_4 blank"> </span>e <span class="_7 blank"> </span>o <span class="_4 blank"> </span>grau <span class="_4 blank"> </span>de </div><div class="t m0 x0 h4 y5c ff2 fs1 fc0 sc0 ls2 ws2">confiança. </div><div class="t m0 x0 h4 y5d ff2 fs1 fc0 sc0 ls2 ws2">O prognóstico mais provável consiste basicamente em supo<span class="_2 blank"> </span>r que a situação existente </div><div class="t m0 x0 h4 y5e ff2 fs1 fc0 sc0 ls2 ws2">atualmente <span class="_8 blank"> </span>c<span class="_0 blank"></span>ontinuará <span class="_8 blank"> </span>por <span class="_8 blank"> </span>tempo <span class="_a blank"> </span>indetermina<span class="_2 blank"> </span>do<span class="ff5">, <span class="_8 blank"> </span>adotando <span class="_8 blank"> </span>assim <span class="_8 blank"> </span>\u201cexpectativas </span></div><div class="t m0 x0 h6 y5f ff5 fs1 fc0 sc0 ls2 ws2">adaptativas\u201d, <span class="_2 blank"> </span>no <span class="_2 blank"> </span>s<span class="_2 blank"> </span>entido <span class="_6 blank"> </span>de <span class="_2 blank"> </span>projetar <span class="_2 blank"> </span>o <span class="_6 blank"> </span>passado <span class="_2 blank"> </span>p<span class="_2 blank"> </span>ara <span class="_2 blank"> </span>o <span class="_6 blank"> </span>futuro, <span class="_2 blank"> </span>al<span class="_2 blank"> </span>ém <span class="_2 blank"> </span>de <span class="_6 blank"> </span>dar <span class="_2 blank"> </span>atenção <span class="_6 blank"> </span>ao </div><div class="t m0 x0 h4 y60 ff2 fs1 fc0 sc0 ls2 ws2">comportamento <span class="_6 blank"> </span>médio <span class="_1 blank"> </span>convencional <span class="_6 blank"> </span>do <span class="_6 blank"> </span>mercado, <span class="_1 blank"> </span>e <span class="_6 blank"> </span>levar-se <span class="_6 blank"> </span>em <span class="_1 blank"> </span>consideração <span class="_6 blank"> </span>que <span class="_6 blank"> </span>o<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y61 ff2 fs1 fc0 sc0 ls2 ws2">sistema é não ergódico (os acontecimentos não se repetem continua<span class="_0 blank"></span>mente). <span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y62 ff2 fs1 fc0 sc0 ls2 ws2">O <span class="_4 blank"> </span>grau <span class="_b blank"> </span>de<span class="_0 blank"></span> <span class="_b blank"> </span>c<span class="_0 blank"></span>onfiança <span class="_b blank"> </span>em <span class="_4 blank"> </span>relação <span class="_4 blank"> </span>às <span class="_b blank"> </span>expectativas <span class="_4 blank"> </span>pode <span class="_b blank"> </span>mudar <span class="_4 blank"> </span>com <span class="_b blank"> </span>o <span class="_4 blank"> </span>tempo, <span class="_4 blank"> </span>e <span class="_b blank"> </span>é </div><div class="t m0 x0 h4 y63 ff2 fs1 fc0 sc0 ls2 ws2">justamente <span class="_d blank"> </span>o <span class="_d blank"> </span>fator <span class="_d blank"> </span>mais <span class="_d blank"> </span>releva<span class="_0 blank"></span>nte <span class="_d blank"> </span>para <span class="_d blank"> </span>explicar <span class="_d blank"> </span>as <span class="_d blank"> </span>variações <span class="_d blank"> </span>observadas <span class="_d blank"> </span>na </div><div class="t m0 x0 h4 y64 ff2 fs1 fc0 sc0 ls2 ws2">Eficiência <span class="_2 blank"> </span>Marginal <span class="_2 blank"> </span>do <span class="_6 blank"> </span>Capital. <span class="_6 blank"> </span>Supondo <span class="_6 blank"> </span>um <span class="_2 blank"> </span>caso <span class="_2 blank"> </span>onde <span class="_6 blank"> </span>os <span class="_2 blank"> </span>a<span class="_2 blank"> </span>gentes <span class="_2 blank"> </span>esperam <span class="_6 blank"> </span>grandes </div><div class="t m0 x0 h4 y65 ff2 fs1 fc0 sc0 ls2 ws2">mudanças, <span class="_2 blank"> </span>mas <span class="_6 blank"> </span>não <span class="_2 blank"> </span>estão <span class="_6 blank"> </span>certos <span class="_2 blank"> </span>sobre <span class="_2 blank"> </span>a <span class="_6 blank"> </span>forma <span class="_2 blank"> </span>exata <span class="_6 blank"> </span>como <span class="_2 blank"> </span>elas <span class="_6 blank"> </span>ocorrerão, <span class="_2 blank"> </span>o <span class="_6 blank"> </span>gra<span class="_0 blank"></span>u <span class="_2 blank"> </span>de<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y66 ff2 fs1 fc0 sc0 ls2 ws2">confiança <span class="_4 blank"> </span>será <span class="_b blank"> </span>reduzido <span class="_b blank"> </span>(reflexo <span class="_4 blank"> </span>da <span class="_b blank"> </span>instabilidade <span class="_4 blank"> </span>potencial <span class="_4 blank"> </span>do<span class="_2 blank"> </span> <span class="_b blank"> </span>sistema). <span class="_b blank"> </span>L<span class="_0 blank"></span>ogo, <span class="_b blank"> </span>o </div><div class="t m0 x0 h4 y67 ff5 fs1 fc0 sc0 ls2 ws2">\u201cgrau de confiança\u201d mostra a confiança dos age<span class="_0 blank"></span>ntes em seus próprios prognósti<span class="_2 blank"> </span>cos.<span class="ff2"> </span></div><div class="t m0 x0 h4 y68 ff2 fs1 fc0 sc0 ls7 ws7">De<span class="ls2 ws2">sta <span class="_5 blank"> </span>forma, <span class="_7 blank"> </span>o <span class="_5 blank"> </span>prognóstico <span class="_7 blank"> </span>mais <span class="_7 blank"> </span>provável <span class="_5 blank"> </span>baseado <span class="_7 blank"> </span>no <span class="_7 blank"> </span>presente <span class="_5 blank"> </span>ancora <span class="_7 blank"> </span>o <span class="_7 blank"> </span>sistema, </span></div><div class="t m0 x0 h4 y69 ff2 fs1 fc0 sc0 ls2 ws2">dando <span class="_7 blank"> </span>estabilidade <span class="_7 blank"> </span>ao <span class="_7 blank"> </span>mesmo. <span class="_4 blank"> </span>No <span class="_7 blank"> </span>entanto, <span class="_7 blank"> </span>as <span class="_7 blank"> </span>b<span class="_2 blank"> </span>ases <span class="_7 blank"> </span>sob <span class="_4 blank"> </span>as <span class="_7 blank"> </span>quais <span class="_7 blank"> </span>se <span class="_7 blank"> </span>for<span class="_2 blank"> </span>mam <span class="_7 blank"> </span>tais </div><div class="t m0 x0 h4 y6a ff2 fs1 fc0 sc0 ls2 ws2">expectativas <span class="_3 blank"> </span>são <span class="_5 blank"> </span>precárias <span class="_5 blank"> </span>e <span class="_5 blank"> </span>sujeitas <span class="_5 blank"> </span>a <span class="_5 blank"> </span>mudanças <span class="_5 blank"> </span>repentinas. <span class="_5 blank"> </span>Consequentemente, <span class="_5 blank"> </span>a </div><div class="t m0 x0 h4 y6b ff2 fs1 fc0 sc0 ls2 ws2">frustação <span class="_4 blank"> </span>das <span class="_b blank"> </span>expectativas <span class="_4 blank"> </span>de <span class="_b blank"> </span>longo <span class="_4 blank"> </span>prazo <span class="_b blank"> </span>é <span class="_4 blank"> </span>pior, <span class="_b blank"> </span>dado <span class="_4 blank"> </span>que <span class="_4 blank"> </span>o <span class="_b blank"> </span>seu <span class="_4 blank"> </span>e<span class="_2 blank"> </span>feito <span class="_b blank"> </span>é <span class="_4 blank"> </span>mais </div><div class="t m0 x0 h4 y6c ff2 fs1 fc0 sc0 ls2 ws2">deletério. </div><div class="t m0 x0 h4 y6d ff2 fs1 fc0 sc0 ls2 ws2">Então, <span class="_1 blank"> </span>Ke<span class="_2 blank"> </span>y<span class="_0 blank"></span>nes <span class="_1 blank"> </span>aponta <span class="_1 blank"> </span>q<span class="_2 blank"> </span>ue <span class="_1 blank"> </span>as <span class="_1 blank"> </span>ex<span class="_2 blank"> </span>pectativas <span class="_1 blank"> </span>de <span class="_1 blank"> </span>Longo <span class="_1 blank"> </span>P<span class="_2 blank"> </span>razo, <span class="_1 blank"> </span>em <span class="_1 blank"> </span>geral, <span class="_1 blank"> </span>são<span class="_2 blank"> </span> <span class="_1 blank"> </span>estáveis, </div><div class="t m0 x0 h4 y6e ff2 fs1 fc0 sc0 ls2 ws2">mas <span class="_7 blank"> </span>sujeitas <span class="_4 blank"> </span><span class="ls5">a <span class="_4 blank"> </span></span>mudanças <span class="_4 blank"> </span>repentinas. <span class="_4 blank"> </span>O <span class="_7 blank"> </span>investimento <span class="_4 blank"> </span>(que <span class="_7 blank"> </span>n<span class="_2 blank"> </span>a <span class="_7 blank"> </span>teoria <span class="_4 blank"> </span>ke<span class="_2 blank"> </span>ynesiana <span class="_7 blank"> </span>é </div><div class="t m0 x0 h4 y6f ff2 fs1 fc0 sc0 ls2 ws2">determinado pelas <span class="_2 blank"> </span>ex<span class="_2 blank"> </span>pectativas <span class="_2 blank"> </span>de <span class="_2 blank"> </span>LP <span class="_2 blank"> </span>e <span class="_2 blank"> </span>pelo <span class="_6 blank"> </span><span class="ff7">animal <span class="_2 blank"> </span>spirit<span class="_2 blank"> </span></span> <span class="_2 blank"> </span>dos <span class="_2 blank"> </span>empresários) <span class="_2 blank"> </span>se <span class="_2 blank"> </span>torna </div><div class="t m0 x0 h4 y70 ff2 fs1 fc0 sc0 ls2 ws2">para <span class="_b blank"> </span>Keynes <span class="_b blank"> </span>o <span class="_b blank"> </span>principal c<span class="_0 blank"></span>omponente <span class="_b blank"> </span>da <span class="_b blank"> </span>demanda, <span class="_b blank"> </span>porém <span class="_b blank"> </span>sujeito <span class="_b blank"> </span>a <span class="_b blank"> </span>repentinas <span class="_b blank"> </span>e </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf5" class="pf w0 h0" data-page-no="5"><div class="pc pc5 w0 h0"><div class="t m0 x0 h4 y1e ff2 fs1 fc0 sc0 ls2 ws2">amplas <span class="_2 blank"> </span>flutuações, <span class="_6 blank"> </span>gerando <span class="_2 blank"> </span>o <span class="_6 blank"> </span>ciclo <span class="_2 blank"> </span>econômico, <span class="_6 blank"> </span>e <span class="_2 blank"> </span>expl<span class="_2 blank"> </span>icando <span class="_2 blank"> </span>assim, <span class="_6 blank"> </span>as <span class="_2 blank"> </span>flutuações <span class="_2 blank"> </span>do </div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">produto e do nível de emprego. </div><div class="t m0 x0 h3 y71 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y72 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y73 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y74 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y75 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y76 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y77 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y78 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y79 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y7a ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y7b ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y7c ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y7d ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y7e ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y7f ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y80 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y81 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h3 y82 ff1 fs1 fc0 sc0 ls2 ws2"> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf6" class="pf w0 h0" data-page-no="6"><div class="pc pc6 w0 h0"><div class="t m0 x0 h5 y83 ff1 fs1 fc0 sc0 ls2 ws2">3) <span class="_a blank"> </span><span class="fs2">Descreva a<span class="_2 blank"> </span> <span class="_a blank"> </span>teoria geral <span class="_a blank"> </span>do <span class="_a blank"> </span>juro <span class="_a blank"> </span>que <span class="_a blank"> </span>Keynes <span class="_a blank"> </span>apresenta e <span class="_8 blank"> </span>sua </span></div><div class="t m0 x0 h5 y84 ff1 fs2 fc0 sc0 ls2 ws2">relação com<span class="_0 blank"></span> o Investimento.<span class="ff2 fs1"> </span></div><div class="t m0 x0 h6 y85 ff5 fs1 fc0 sc0 ls2 ws2">A <span class="_3 blank"> </span>taxa <span class="_5 blank"> </span>de <span class="_3 blank"> </span>juros <span class="_5 blank"> </span>é <span class="_3 blank"> </span>o <span class="_5 blank"> </span>\u201cpreço\u201d <span class="_3 blank"> </span>que <span class="_3 blank"> </span>se <span class="_5 blank"> </span>estabelece <span class="_3 blank"> </span>para <span class="_3 blank"> </span>o <span class="_5 blank"> </span>equilíbrio <span class="_3 blank"> </span>entr<span class="_2 blank"> </span>e <span class="_3 blank"> </span>o <span class="_5 blank"> </span>desejo <span class="_3 blank"> </span>de<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y86 ff2 fs1 fc0 sc0 ls2 ws2">manter <span class="_3 blank"> </span>riqueza <span class="_3 blank"> </span>em <span class="_3 blank"> </span>forma <span class="_3 blank"> </span>lí<span class="_2 blank"> </span>quida <span class="_3 blank"> </span>e <span class="_3 blank"> </span>a <span class="_3 blank"> </span>quantidade <span class="_5 blank"> </span>de <span class="_3 blank"> </span>moeda <span class="_3 blank"> </span>disponível. <span class="_3 blank"> </span>S<span class="_2 blank"> </span>upondo <span class="_3 blank"> </span>o </div><div class="t m0 x0 h4 y87 ff2 fs1 fc0 sc0 ls2 ws2">caso <span class="_5 blank"> </span>onde <span class="_7 blank"> </span>a <span class="_5 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_5 blank"> </span>de <span class="_7 blank"> </span>juros <span class="_7 blank"> </span>cai, <span class="_5 blank"> </span>ou <span class="_7 blank"> </span>seja, <span class="_7 blank"> </span>se <span class="_5 blank"> </span>a <span class="_7 blank"> </span>recompensa <span class="_7 blank"> </span>por <span class="_5 blank"> </span>renunciar <span class="_7 blank"> </span>a <span class="_7 blank"> </span>liquidez </div><div class="t m0 x0 h4 y88 ff2 fs1 fc0 sc0 ls2 ws2">diminuir, <span class="_2 blank"> </span>o mont<span class="_2 blank"> </span>ante de moeda <span class="_2 blank"> </span>desejado pelo <span class="_2 blank"> </span>públi<span class="_2 blank"> </span>co iria <span class="_2 blank"> </span>acabar ex<span class="_2 blank"> </span>cedendo a <span class="_2 blank"> </span>oferta </div><div class="t m0 x0 h4 y5 ff2 fs1 fc0 sc0 ls2 ws2">disponível, e em <span class="_2 blank"> </span>caso contrário, ocorreria um excedente de moeda <span class="_2 blank"> </span>que o <span class="_2 blank"> </span>público não </div><div class="t m0 x0 h4 y89 ff2 fs1 fc0 sc0 ls2 ws2">estaria <span class="_b blank"> </span>disposto a <span class="_b blank"> </span>deter. Dado que<span class="_0 blank"></span> para <span class="_b blank"> </span>Ke<span class="_2 blank"> </span>y<span class="_0 blank"></span>nes a moeda<span class="_0 blank"></span> tem um <span class="_b blank"> </span>caráter a<span class="_0 blank"></span>tivo </div><div class="t m0 x0 h4 y8a ff2 fs1 fc0 sc0 ls2 ws2">(possui <span class="_7 blank"> </span>reserva <span class="_5 blank"> </span>de <span class="_7 blank"> </span>valor <span class="_4 blank"> </span>com <span class="_7 blank"> </span>o <span class="_7 blank"> </span>transcorrer <span class="_5 blank"> </span>do <span class="_7 blank"> </span>tempo, <span class="_4 blank"> </span>além <span class="_7 blank"> </span>de <span class="_7 blank"> </span>sua <span class="_7 blank"> </span>função <span class="_5 blank"> </span>de <span class="_7 blank"> </span>ser<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y8b ff2 fs1 fc0 sc0 ls2 ws2">unidade <span class="_2 blank"> </span>de <span class="_6 blank"> </span>conta, <span class="_2 blank"> </span>o <span class="_6 blank"> </span>que <span class="_6 blank"> </span>é <span class="_6 blank"> </span>um <span class="_2 blank"> </span>dos <span class="_6 blank"> </span>principais <span class="_2 blank"> </span>cont<span class="_2 blank"> </span>rapontos <span class="_2 blank"> </span>à <span class="_6 blank"> </span>teoria <span class="_2 blank"> </span>neoclássica, <span class="_6 blank"> </span>onde </div><div class="t m0 x0 h4 y8c ff2 fs1 fc0 sc0 ls2 ws2">a <span class="_10 blank"> </span>moeda <span class="_10 blank"> </span>funciona <span class="_11 blank"> </span>somente <span class="_10 blank"> </span>como <span class="_10 blank"> </span>meio <span class="_10 blank"> </span>d<span class="_2 blank"> </span>e <span class="_10 blank"> </span>troca), <span class="_10 blank"> </span>é <span class="_11 blank"> </span>formulada <span class="_10 blank"> </span>a <span class="_10 blank"> </span>T<span class="_2 blank"> </span>eoria <span class="_10 blank"> </span>da </div><div class="t m0 x0 h4 y8d ff2 fs1 fc0 sc0 ls2 ws2">Preferência <span class="_6 blank"> </span>pela <span class="_1 blank"> </span>Liquidez, <span class="_1 blank"> </span>para <span class="_6 blank"> </span>determinação <span class="_1 blank"> </span>da <span class="_1 blank"> </span>taxa <span class="_6 blank"> </span>de <span class="_1 blank"> </span>juros, <span class="_1 blank"> </span>onde <span class="_6 blank"> </span>a <span class="_1 blank"> </span>mesma <span class="_6 blank"> </span>seria </div><div class="t m0 x0 h4 y8e ff5 fs1 fc0 sc0 ls2 ws2">um <span class="_5 blank"> </span>\u201cprêmio\u201d<span class="ff2"> <span class="_3 blank"> </span>p<span class="_2 blank"> </span>ara <span class="_5 blank"> </span>não <span class="_3 blank"> </span>s<span class="_2 blank"> </span>e <span class="_5 blank"> </span>reter <span class="_5 blank"> </span>moeda <span class="_5 blank"> </span>(emprestando-a), <span class="_5 blank"> </span>já <span class="_5 blank"> </span>que <span class="_5 blank"> </span>a <span class="_5 blank"> </span>mesma <span class="_5 blank"> </span>funciona </span></div><div class="t m0 x0 h4 y8f ff2 fs1 fc0 sc0 ls2 ws2">como g<span class="_0 blank"></span>arantia contra <span class="_b blank"> </span>a incerte<span class="_0 blank"></span>za do sistema<span class="_0 blank"></span>, da<span class="_0 blank"></span>ndo segurança <span class="_b blank"> </span>a <span class="_b blank"> </span>seu possuidor. </div><div class="t m0 x0 h4 y90 ff2 fs1 fc0 sc0 ls2 ws2">Assim, <span class="_2 blank"> </span>a tax<span class="_2 blank"> </span>a de <span class="_2 blank"> </span>juros <span class="_2 blank"> </span>é um <span class="_6 blank"> </span>fenômeno monetário, <span class="_2 blank"> </span>isto <span class="_2 blank"> </span>é, <span class="_2 blank"> </span>é a <span class="_2 blank"> </span>variável <span class="_2 blank"> </span>que p<span class="_2 blank"> </span>romove o<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y91 ff2 fs1 fc0 sc0 ls2 ws2">equilíbrio <span class="_2 blank"> </span>entre <span class="_6 blank"> </span>oferta <span class="_2 blank"> </span>e <span class="_2 blank"> </span>demanda <span class="_2 blank"> </span>por <span class="_6 blank"> </span>moeda. <span class="_2 blank"> </span>A <span class="_6 blank"> </span>oferta <span class="_2 blank"> </span>de <span class="_2 blank"> </span>moeda <span class="_6 blank"> </span>é <span class="_2 blank"> </span>determina<span class="_2 blank"> </span>da <span class="_2 blank"> </span>pela<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y92 ff2 fs1 fc0 sc0 ls2 ws2">autoridade <span class="_a blank"> </span>monetária, <span class="_a blank"> </span>e<span class="_2 blank"> </span>nquanto <span class="_a blank"> </span>a <span class="_a blank"> </span>dem<span class="_2 blank"> </span>anda <span class="_a blank"> </span>por <span class="_a blank"> </span>moeda <span class="_12 blank"> </span>depende <span class="_a blank"> </span>justa<span class="_2 blank"> </span>mente <span class="_a blank"> </span>da </div><div class="t m0 x0 h4 y93 ff2 fs1 fc0 sc0 ls2 ws2">preferência pela liquidez (desejo de ma<span class="_0 blank"></span>nter moeda na forma líquida). </div><div class="t m0 x0 h4 y94 ff2 fs1 fc0 sc0 ls2 ws2">A <span class="_1 blank"> </span>demanda <span class="_1 blank"> </span>pela <span class="_1 blank"> </span>moeda <span class="_3 blank"> </span>(a <span class="_1 blank"> </span>preferência <span class="_1 blank"> </span>pela <span class="_1 blank"> </span>liquidez<span class="_2 blank"> </span>) <span class="_1 blank"> </span>tem <span class="_1 blank"> </span>por <span class="_3 blank"> </span>3 <span class="_1 blank"> </span>motivos: <span class="_1 blank"> </span>i) <span class="_1 blank"> </span>mot<span class="_2 blank"> </span>ivo </div><div class="t m0 x0 h4 y95 ff2 fs1 fc0 sc0 ls2 ws2">transação <span class="_2 blank"> </span>(moeda <span class="_6 blank"> </span>necessária <span class="_2 blank"> </span>pa<span class="_2 blank"> </span>ra <span class="_2 blank"> </span>realizar <span class="_6 blank"> </span>os <span class="_6 blank"> </span>gastos <span class="_2 blank"> </span>correntes); <span class="_2 blank"> </span>ii<span class="_2 blank"> </span>) <span class="_2 blank"> </span>motivo <span class="_6 blank"> </span>precaução </div><div class="t m0 x0 h4 y96 ff2 fs1 fc0 sc0 ls2 ws2">(desejo de segurança da liquidez imediata, para combater imprevistos, por exemplo); </div><div class="t m0 x0 h4 y97 ff2 fs1 fc0 sc0 ls2 ws2">iii) <span class="_4 blank"> </span>motivo <span class="_4 blank"> </span>especulação <span class="_4 blank"> </span>(obter <span class="_4 blank"> </span>lucro <span class="_4 blank"> </span>indo <span class="_4 blank"> </span>contra <span class="_4 blank"> </span>as <span class="_4 blank"> </span>expectativas <span class="_4 blank"> </span>do <span class="_4 blank"> </span>mer<span class="_2 blank"> </span>cado). <span class="_4 blank"> </span>A </div><div class="t m0 x0 h4 y98 ff2 fs1 fc0 sc0 ls2 ws2">demanda <span class="_5 blank"> </span>pelos <span class="_4 blank"> </span>motivos <span class="_7 blank"> </span>transação <span class="_7 blank"> </span>e <span class="_7 blank"> </span>precaução <span class="_7 blank"> </span>(L1) <span class="_7 blank"> </span>dependem <span class="_7 blank"> </span>da <span class="_7 blank"> </span>r<span class="_2 blank"> </span>enda <span class="_7 blank"> </span>(Y), <span class="_7 blank"> </span>não </div><div class="t m0 x0 h4 y99 ff2 fs1 fc0 sc0 ls2 ws2">variando <span class="_2 blank"> </span>com <span class="_6 blank"> </span>as <span class="_6 blank"> </span>mudanças <span class="_2 blank"> </span>na <span class="_6 blank"> </span>taxa <span class="_6 blank"> </span>de <span class="_2 blank"> </span>juros. <span class="_6 blank"> </span>Já <span class="_6 blank"> </span>a <span class="_2 blank"> </span>demanda <span class="_6 blank"> </span>pelo <span class="_2 blank"> </span>motivo <span class="_6 blank"> </span>especulação </div><div class="t m0 x0 h4 y9a ff2 fs1 fc0 sc0 ls2 ws2">(L2) depende da taxa de juros (r). </div><div class="t m0 x0 h4 y9b ff2 fs1 fc0 sc0 ls2 ws2">Em <span class="_4 blank"> </span>relação <span class="_4 blank"> </span>ao <span class="_4 blank"> </span>motivo <span class="_b blank"> </span>Espec<span class="_0 blank"></span>ulação, <span class="_4 blank"> </span>há <span class="_4 blank"> </span>ince<span class="_2 blank"> </span>rteza <span class="_4 blank"> </span>quanto <span class="_b blank"> </span>a<span class="_0 blank"></span> <span class="_4 blank"> </span>taxa <span class="_b blank"> </span>de <span class="_7 blank"> </span>juros <span class="_4 blank"> </span>que <span class="_b blank"> </span>irá </div><div class="t m0 x0 h4 y9c ff2 fs1 fc0 sc0 ls2 ws2">vigorar <span class="_6 blank"> </span>no<span class="_2 blank"> </span> <span class="_1 blank"> </span>futuro. <span class="_1 blank"> </span>Logo, <span class="_1 blank"> </span>essa <span class="_1 blank"> </span>incerteza <span class="_6 blank"> </span>ab<span class="_2 blank"> </span>re <span class="_1 blank"> </span>espaço <span class="_6 blank"> </span>pa<span class="_2 blank"> </span>ra <span class="_1 blank"> </span>agentes <span class="_1 blank"> </span>que <span class="_6 blank"> </span>disc<span class="_2 blank"> </span>ordam <span class="_1 blank"> </span>da </div><div class="t m0 x0 h4 y9d ff2 fs1 fc0 sc0 ls2 ws2">opinião do mercado (que é expressa nos valores correntes) terem ganhos no mercado </div><div class="t m0 x0 h4 y9e ff2 fs1 fc0 sc0 ls2 ws2">financeiro. <span class="_2 blank"> </span>Há <span class="_2 blank"> </span>dois <span class="_2 blank"> </span>tipos <span class="_6 blank"> </span>de <span class="_2 blank"> </span>agentes: <span class="_2 blank"> </span>i) <span class="_2 blank"> </span>baix<span class="_2 blank"> </span>istas <span class="_6 blank"> </span>(ursos): são <span class="_6 blank"> </span>aqueles <span class="_2 blank"> </span>que <span class="_2 blank"> </span>acham <span class="_2 blank"> </span>que </div><div class="t m0 x0 h4 y9f ff2 fs1 fc0 sc0 ls2 ws2">a <span class="_4 blank"> </span>taxa <span class="_4 blank"> </span>de<span class="_2 blank"> </span> <span class="_4 blank"> </span>juros <span class="_b blank"> </span>futura <span class="_7 blank"> </span>v<span class="_2 blank"> </span>ai <span class="_b blank"> </span>subir, <span class="_7 blank"> </span>e<span class="_2 blank"> </span> <span class="_4 blank"> </span>assim, <span class="_b blank"> </span>esperam <span class="_4 blank"> </span>que <span class="_4 blank"> </span>o <span class="_b blank"> </span>preço <span class="_7 blank"> </span>dos<span class="_2 blank"> </span> <span class="_4 blank"> </span>títulos <span class="_b blank"> </span>caia, </div><div class="t m0 x0 h4 ya0 ff2 fs1 fc0 sc0 ls2 ws2">demandando então, <span class="_2 blank"> </span>moeda <span class="_2 blank"> </span>no <span class="_2 blank"> </span>presente (d<span class="_2 blank"> </span>emanda especulativa <span class="_2 blank"> </span>> <span class="_2 blank"> </span>0) <span class="_2 blank"> </span>para q<span class="_2 blank"> </span>ue possam<span class="_2 blank"> </span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf7" class="pf w0 h0" data-page-no="7"><div class="pc pc7 w0 h0"><div class="t m0 x0 h4 y1e ff2 fs1 fc0 sc0 ls2 ws2">comprar <span class="_1 blank"> </span>os <span class="_1 blank"> </span>títulos <span class="_1 blank"> </span>quando <span class="_1 blank"> </span>seus <span class="_1 blank"> </span>preços <span class="_1 blank"> </span>caírem; <span class="_1 blank"> </span>ii) <span class="_1 blank"> </span>altistas <span class="_1 blank"> </span>(touros): <span class="_1 blank"> </span>são <span class="_1 blank"> </span>aqueles <span class="_1 blank"> </span>que </div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">acreditam <span class="_3 blank"> </span>que <span class="_5 blank"> </span>a <span class="_5 blank"> </span>taxa <span class="_5 blank"> </span>de <span class="_3 blank"> </span>juros <span class="_5 blank"> </span>futura <span class="_5 blank"> </span>vai <span class="_5 blank"> </span>cair, <span class="_5 blank"> </span>ou <span class="_5 blank"> </span>seja, <span class="_3 blank"> </span>os <span class="_5 blank"> </span>altistas <span class="_5 blank"> </span>acreditam <span class="_3 blank"> </span>qu<span class="_2 blank"> </span>e <span class="_5 blank"> </span>o </div><div class="t m0 x0 h4 y20 ff2 fs1 fc0 sc0 ls2 ws2">preço <span class="_6 blank"> </span>dos <span class="_6 blank"> </span>títulos <span class="_1 blank"> </span>vai <span class="_6 blank"> </span>subir, <span class="_6 blank"> </span>e <span class="_1 blank"> </span>assim <span class="_6 blank"> </span>compram <span class="_6 blank"> </span>tí<span class="_2 blank"> </span>tulos <span class="_6 blank"> </span>para <span class="_6 blank"> </span>vend<span class="_2 blank"> </span>ê-los <span class="_6 blank"> </span>quand<span class="_2 blank"> </span>o <span class="_6 blank"> </span>o <span class="_6 blank"> </span>pr<span class="_2 blank"> </span>eço </div><div class="t m0 x0 h4 y21 ff2 fs1 fc0 sc0 ls2 ws2">subir (demanda especulativa = 0). </div><div class="t m0 x0 h4 ya1 ff2 fs1 fc0 sc0 ls2 ws2">Supondo <span class="_9 blank"> </span>que <span class="_a blank"> </span>a <span class="_9 blank"> </span>preferência <span class="_a blank"> </span>pela <span class="_9 blank"> </span>liquidez <span class="_a blank"> </span>(demanda <span class="_9 blank"> </span>por <span class="_a blank"> </span>moeda) <span class="_9 blank"> </span>p<span class="_2 blank"> </span>elos <span class="_9 blank"> </span>motivos </div><div class="t m0 x0 h4 ya2 ff2 fs1 fc0 sc0 ls2 ws2">transação <span class="_6 blank"> </span>e <span class="_6 blank"> </span>precaução <span class="_6 blank"> </span>ab<span class="_2 blank"> </span>sorva <span class="_6 blank"> </span>uma <span class="_6 blank"> </span>quantidade <span class="_6 blank"> </span>de <span class="_1 blank"> </span>moeda <span class="_2 blank"> </span>não <span class="_1 blank"> </span>muito <span class="_6 blank"> </span>sensível <span class="_6 blank"> </span>à <span class="_6 blank"> </span>tax<span class="_2 blank"> </span>a </div><div class="t m0 x0 h4 ya3 ff2 fs1 fc0 sc0 ls2 ws2">de <span class="_2 blank"> </span>juros, <span class="_2 blank"> </span>o <span class="_2 blank"> </span>restante <span class="_2 blank"> </span>de <span class="_6 blank"> </span>moeda <span class="_2 blank"> </span>que <span class="_2 blank"> </span>sobra <span class="_2 blank"> </span>fica <span class="_2 blank"> </span>disp<span class="_2 blank"> </span>onível <span class="_2 blank"> </span>para <span class="_2 blank"> </span>a <span class="_2 blank"> </span>demand<span class="_2 blank"> </span>a <span class="_2 blank"> </span>pelo <span class="_2 blank"> </span>motivo </div><div class="t m0 x0 h4 ya4 ff2 fs1 fc0 sc0 ls2 ws2">especulação. <span class="_6 blank"> </span>A <span class="_6 blank"> </span>taxa <span class="_6 blank"> </span>de<span class="_2 blank"> </span> <span class="_6 blank"> </span>juros <span class="_6 blank"> </span>e <span class="_6 blank"> </span>o<span class="_2 blank"> </span> <span class="_6 blank"> </span>preço <span class="_6 blank"> </span>dos <span class="_1 blank"> </span>títulos <span class="_6 blank"> </span>devem <span class="_6 blank"> </span>s<span class="_2 blank"> </span>er <span class="_6 blank"> </span>tais <span class="_6 blank"> </span>que <span class="_6 blank"> </span>os <span class="_1 blank"> </span>indivíduos </div><div class="t m0 x0 h4 ya5 ff2 fs1 fc0 sc0 ls2 ws2">que <span class="_13 blank"> </span>desejam <span class="_13 blank"> </span>reter <span class="_13 blank"> </span>moeda <span class="_13 blank"> </span>líq<span class="_2 blank"> </span>uida <span class="_13 blank"> </span>(baixist<span class="_2 blank"> </span>as; <span class="_13 blank"> </span>demanda <span class="_13 blank"> </span>especulativa>0) <span class="_13 blank"> </span>seja </div><div class="t m0 x0 h4 ya6 ff2 fs1 fc0 sc0 ls2 ws2">exatamente <span class="_6 blank"> </span>igual <span class="_6 blank"> </span>à <span class="_2 blank"> </span>quant<span class="_2 blank"> </span>idade <span class="_6 blank"> </span>de <span class="_6 blank"> </span>moeda <span class="_6 blank"> </span>disponível <span class="_6 blank"> </span>para <span class="_2 blank"> </span>o<span class="_2 blank"> </span> <span class="_6 blank"> </span>motivo <span class="_6 blank"> </span>especulação <span class="_6 blank"> </span>(M<span class="_2 blank"> </span>-</div><div class="t m0 x0 h4 ya7 ff2 fs1 fc0 sc0 ls2 ws2">M1=M2). Então: </div><div class="t m0 x0 h4 ya8 ff2 fs1 fc0 sc0 ls2 ws2">M=quantidade de moeda; L= função da preferênc<span class="_0 blank"></span>ia pela liquidez (demanda). <span class="_2 blank"> </span> </div><div class="t m0 x3 h4 ya9 ff8 fs1 fc0 sc0 ls2 ws8">\uf0b7<span class="ff9 ls8 ws2"> <span class="ff2 ls2">M = L(r,Y) </span></span></div><div class="t m0 x3 h4 yaa ff8 fs1 fc0 sc0 ls2 ws8">\uf0b7<span class="ff9 ls8 ws2"> <span class="ff2 ls2">M = <span class="ls3 ws1">M1</span> + <span class="ls3 ws1">M2</span> = L1(Y) + L2(r). </span></span></div><div class="t m0 x3 h4 yab ff8 fs1 fc0 sc0 ls2 ws8">\uf0b7<span class="ff9 ls8 ws2"> <span class="ff2 ls2">Para haver equilíbrio: M2 = M - <span class="ls3 ws1">M1</span> = L2(r). </span></span></div><div class="t m0 x0 h4 yac ff2 fs1 fc0 sc0 ls2 ws2">A <span class="_1 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_1 blank"> </span>de <span class="_3 blank"> </span>juro <span class="_3 blank"> </span>(para <span class="_3 blank"> </span>um <span class="_3 blank"> </span>determinado <span class="_1 blank"> </span>nível<span class="_2 blank"> </span> <span class="_3 blank"> </span>de <span class="_1 blank"> </span>re<span class="_2 blank"> </span>nda, <span class="_1 blank"> </span>que <span class="_3 blank"> </span>determina <span class="_3 blank"> </span>[L1(Y)]) <span class="_3 blank"> </span>será </div><div class="t m0 x0 h4 yad ff2 fs1 fc0 sc0 ls2 ws2">fixada <span class="_3 blank"> </span>no <span class="_3 blank"> </span>nível <span class="_3 blank"> </span>que <span class="_3 blank"> </span>ajuste <span class="_3 blank"> </span>a <span class="_3 blank"> </span>demanda <span class="_5 blank"> </span>especulativa <span class="_3 blank"> </span>[L2(r)] <span class="_3 blank"> </span>à <span class="_3 blank"> </span>oferta <span class="_1 blank"> </span>d<span class="_2 blank"> </span>e <span class="_3 blank"> </span>moeda <span class="_3 blank"> </span>para </div><div class="t m0 x0 h4 yae ff2 fs1 fc0 sc0 ls2 ws2">atender <span class="_3 blank"> </span>este <span class="_7 blank"> </span>fim <span class="_5 blank"> </span>(M2=M-M1). <span class="_7 blank"> </span>À <span class="_5 blank"> </span>maneira <span class="_5 blank"> </span>que <span class="_5 blank"> </span>a <span class="_5 blank"> </span>taxa <span class="_5 blank"> </span>de <span class="_7 blank"> </span>juros <span class="_5 blank"> </span>fica <span class="_5 blank"> </span>cada <span class="_5 blank"> </span>vez <span class="_5 blank"> </span>mais </div><div class="t m0 x0 h4 yaf ff2 fs1 fc0 sc0 ls2 ws2">baixa, <span class="_6 blank"> </span>progressiva<span class="_0 blank"></span>mente <span class="_6 blank"> </span>alguns <span class="_6 blank"> </span>altistas <span class="_2 blank"> </span>passam <span class="_6 blank"> </span>a <span class="_6 blank"> </span>se <span class="_6 blank"> </span>tornar <span class="_2 blank"> </span>baix<span class="_2 blank"> </span>istas, <span class="_6 blank"> </span>ou <span class="_6 blank"> </span>seja, <span class="_2 blank"> </span>haverá </div><div class="t m0 x0 h4 yb0 ff2 fs1 fc0 sc0 ls2 ws2">um <span class="_9 blank"> </span>aumento <span class="_9 blank"> </span>na Demanda <span class="_9 blank"> </span>por moeda <span class="_9 blank"> </span>(pelo <span class="_9 blank"> </span>motivo <span class="_9 blank"> </span>e especulação). <span class="_9 blank"> </span>E <span class="_9 blank"> </span>no <span class="_9 blank"> </span>ca<span class="_0 blank"></span>so </div><div class="t m0 x0 h4 yb1 ff2 fs1 fc0 sc0 ls2 ws2">contrário, ocorrerá o oposto. </div><div class="t m0 x0 h4 yb2 ff2 fs1 fc0 sc0 ls2 ws2">Como <span class="_7 blank"> </span>a <span class="_4 blank"> </span>taxa <span class="_7 blank"> </span>de <span class="_4 blank"> </span>juros, <span class="_7 blank"> </span>dentro <span class="_7 blank"> </span>do <span class="_4 blank"> </span>modelo <span class="_7 blank"> </span>ke<span class="_2 blank"> </span>ynesiano, <span class="_7 blank"> </span>não <span class="_4 blank"> </span>envolve <span class="_7 blank"> </span>um <span class="_4 blank"> </span>equilíbrio </div><div class="t m0 x0 h4 yb3 ff2 fs1 fc0 sc0 ls2 ws2">entre poupança <span class="_2 blank"> </span>e inv<span class="_2 blank"> </span>estimento <span class="_2 blank"> </span>(outro contraponto <span class="_2 blank"> </span>fundamental <span class="_2 blank"> </span>à teo<span class="_2 blank"> </span>ria <span class="_2 blank"> </span>neoclássica),<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 yb4 ff2 fs1 fc0 sc0 ls2 ws2">quando há uma política monetária<span class="_0 blank"></span> expansionista (variação na Oferta de<span class="_0 blank"></span> Moeda </div><div class="t m0 x0 h4 yb5 ff2 fs1 fc0 sc0 ls2 ws2">maior que 0), com a preferência por liquidez constante, tem-se um excesso de oferta, </div><div class="t m0 x0 h4 yb6 ff2 fs1 fc0 sc0 ls2 ws2">acabando <span class="_4 blank"> </span>por <span class="_b blank"> </span>resultar <span class="_4 blank"> </span>em <span class="_b blank"> </span>queda <span class="_4 blank"> </span>da <span class="_4 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_4 blank"> </span>de <span class="_b blank"> </span>juros. <span class="_4 blank"> </span>Sendo o <span class="_4 blank"> </span>Investimento <span class="_b blank"> </span>funç<span class="_0 blank"></span>ão </div><div class="t m0 x0 h4 yb7 ff2 fs1 fc0 sc0 ls2 ws2">inversa <span class="_3 blank"> </span>da <span class="_3 blank"> </span>taxa <span class="_3 blank"> </span>de <span class="_3 blank"> </span>juros, <span class="_3 blank"> </span>o <span class="_3 blank"> </span>resultado <span class="_3 blank"> </span>será <span class="_3 blank"> </span>um <span class="_3 blank"> </span>aumento <span class="_5 blank"> </span>no <span class="_3 blank"> </span>nível <span class="_3 blank"> </span>de <span class="_3 blank"> </span>Investimento <span class="_3 blank"> </span>e </div><div class="t m0 x0 h4 yb8 ff2 fs1 fc0 sc0 ls2 ws2">consequentemente a renda. </div><div class="t m0 x0 h4 yb9 ff2 fs1 fc0 sc0 ls2 ws2">Se a <span class="_2 blank"> </span>EMgK aum<span class="_2 blank"> </span>enta, o <span class="_2 blank"> </span>Investimento <span class="_2 blank"> </span>aumenta, <span class="_2 blank"> </span>para da<span class="_2 blank"> </span>da <span class="_2 blank"> </span>taxa de <span class="_2 blank"> </span>juros. <span class="_2 blank"> </span>Como <span class="_2 blank"> </span>temos </div><div class="t m0 x0 h4 yba ff2 fs1 fc0 sc0 ls2 ws2">a incerteza como uma variável relevante no sistema, supondo um caso onde a EMgK </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf8" class="pf w0 h0" data-page-no="8"><div class="pc pc8 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 ybb w6 he" alt="" src="https://files.passeidireto.com/1a5e31e7-355c-4d6a-a488-9e8ecbc88bae/bg8.png"><div class="t m0 x0 h4 y1e ff2 fs1 fc0 sc0 ls2 ws2">mude <span class="_1 blank"> </span>(não <span class="_1 blank"> </span>é <span class="_1 blank"> </span>estática), <span class="_1 blank"> </span>de <span class="_1 blank"> </span>nada <span class="_1 blank"> </span>adianta <span class="_1 blank"> </span>modificar <span class="_1 blank"> </span>a <span class="_1 blank"> </span>taxa <span class="_1 blank"> </span>de <span class="_1 blank"> </span>juros. <span class="_1 blank"> </span>O <span class="_3 blank"> </span>gráfico <span class="_1 blank"> </span>abaixo </div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">exemplifica esta situação: </div><div class="t m0 xb h4 ybc ff2 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h4 ybd ff2 fs1 fc0 sc0 ls2 ws2">No <span class="_4 blank"> </span>gráfico, <span class="_7 blank"> </span>a <span class="_4 blank"> </span>situação <span class="_7 blank"> </span>i<span class="_2 blank"> </span>nicial <span class="_7 blank"> </span>nos<span class="_2 blank"> </span> <span class="_7 blank"> </span>traz <span class="_4 blank"> </span>uma <span class="_4 blank"> </span>taxa <span class="_4 blank"> </span>de <span class="_7 blank"> </span>juros <span class="_4 blank"> </span>de <span class="_7 blank"> </span>10<span class="_2 blank"> </span>%, <span class="_4 blank"> </span>com <span class="_7 blank"> </span>nível <span class="_4 blank"> </span>de </div><div class="t m0 x0 h4 ya9 ff2 fs1 fc0 sc0 ls2 ws2">Investimento de <span class="_2 blank"> </span>Io, <span class="_2 blank"> </span>e <span class="_2 blank"> </span>a c<span class="_2 blank"> </span>urva de <span class="_2 blank"> </span>EMgK 0, <span class="_2 blank"> </span>d<span class="_2 blank"> </span>ado n<span class="_2 blank"> </span>o <span class="_2 blank"> </span>ponto A. <span class="_2 blank"> </span>Agora <span class="_2 blank"> </span>se sup<span class="_2 blank"> </span>ormos <span class="_2 blank"> </span>que </div><div class="t m0 x0 h4 ybe ff2 fs1 fc0 sc0 ls2 ws2">a autoridade monetária <span class="_2 blank"> </span>resolva reduzir a tax<span class="_2 blank"> </span>a de juros <span class="_2 blank"> </span>da economia, o qu<span class="_2 blank"> </span>e representa </div><div class="t m0 x0 h4 ybf ff2 fs1 fc0 sc0 ls2 ws2">uma <span class="_5 blank"> </span>política <span class="_3 blank"> </span>monetária <span class="_5 blank"> </span>expansionist<span class="_2 blank"> </span>a, <span class="_3 blank"> </span>passando<span class="_2 blank"> </span>-a <span class="_3 blank"> </span>para <span class="_5 blank"> </span>5%, <span class="_5 blank"> </span>à <span class="_5 blank"> </span>princípio <span class="_5 blank"> </span>o <span class="_5 blank"> </span>nível <span class="_5 blank"> </span>de </div><div class="t m0 x0 h4 yc0 ff2 fs1 fc0 sc0 ls2 ws2">Investimento <span class="_4 blank"> </span>passa <span class="_4 blank"> </span>a <span class="_b blank"> </span>ser <span class="_4 blank"> </span>I1, <span class="_4 blank"> </span><span class="ff7">soment<span class="_2 blank"> </span>e <span class="_4 blank"> </span>se</span> <span class="_b blank"> </span>a <span class="_7 blank"> </span>EM<span class="_2 blank"> </span>gK <span class="_4 blank"> </span>se <span class="_4 blank"> </span>mantiver <span class="_b blank"> </span>inalterada, <span class="_4 blank"> </span>isto <span class="_4 blank"> </span>é, </div><div class="t m0 x0 h4 yc1 ff2 fs1 fc0 sc0 ls2 ws2">continuar <span class="_3 blank"> </span>sendo <span class="_5 blank"> </span>representada <span class="_5 blank"> </span>pela <span class="_3 blank"> </span>curv<span class="_2 blank"> </span>a <span class="_3 blank"> </span>EM<span class="_2 blank"> </span>gK <span class="_5 blank"> </span>0, <span class="_5 blank"> </span>fazendo <span class="_3 blank"> </span>com <span class="_5 blank"> </span>que <span class="_5 blank"> </span>passemos <span class="_5 blank"> </span>do </div><div class="t m0 x0 h4 yc2 ff2 fs1 fc0 sc0 ls2 ws2">ponto <span class="_6 blank"> </span>A <span class="_1 blank"> </span>para <span class="_6 blank"> </span>o <span class="_1 blank"> </span>ponto <span class="_6 blank"> </span>C. <span class="_1 blank"> </span>Porém, <span class="_1 blank"> </span>se <span class="_6 blank"> </span>a <span class="_6 blank"> </span>EM<span class="_2 blank"> </span>gK <span class="_6 blank"> </span>diminui, <span class="_1 blank"> </span>por <span class="_1 blank"> </span>exemplo <span class="_6 blank"> </span>por <span class="_1 blank"> </span>aumento <span class="_6 blank"> </span>da </div><div class="t m0 x0 h4 yc3 ff2 fs1 fc0 sc0 ls2 ws2">incerteza, deslocando<span class="_2 blank"> </span>-se <span class="_2 blank"> </span>à <span class="_2 blank"> </span>esquerda <span class="_2 blank"> </span>no <span class="_6 blank"> </span>gráfico (EMgK <span class="_2 blank"> </span>0 <span class="_6 blank"> </span><span class="ffa ls3">\uf0e0</span> <span class="_2 blank"> </span>EMgK 1), <span class="_6 blank"> </span>chegamos ao </div><div class="t m0 x0 h4 yc4 ff2 fs1 fc0 sc0 ls2 ws2">ponto <span class="_9 blank"> </span>B, <span class="_a blank"> </span>onde <span class="_9 blank"> </span>mesmo<span class="_2 blank"> </span> <span class="_9 blank"> </span>com <span class="_a blank"> </span>a <span class="_a blank"> </span>redução <span class="_9 blank"> </span>da <span class="_a blank"> </span>tax<span class="_2 blank"> </span>a <span class="_9 blank"> </span>de <span class="_9 blank"> </span>juros <span class="_a blank"> </span>para <span class="_a blank"> </span>5%, <span class="_9 blank"> </span>o <span class="_a blank"> </span>nível <span class="_a blank"> </span>de </div><div class="t m0 x0 h4 yc5 ff2 fs1 fc0 sc0 ls2 ws2">Investimento <span class="_3 blank"> </span>se <span class="_3 blank"> </span>manteve <span class="_3 blank"> </span>em <span class="_5 blank"> </span>Io, <span class="_3 blank"> </span>o <span class="_3 blank"> </span>qu<span class="_2 blank"> </span>e <span class="_3 blank"> </span>demonstra <span class="_3 blank"> </span>que <span class="_5 blank"> </span>uma <span class="_3 blank"> </span>diminuição <span class="_3 blank"> </span>da <span class="_3 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_3 blank"> </span>de </div><div class="t m0 x0 h4 yc6 ff2 fs1 fc0 sc0 ls2 ws2">juros não necessariamente afetará positivamente as decisões de investimento. </div><div class="t m0 x5 h4 yc7 ff2 fs1 fc0 sc0 ls2 ws2">Ainda <span class="_2 blank"> </span>em <span class="_6 blank"> </span>relação à <span class="_6 blank"> </span>política <span class="_6 blank"> </span>monetária <span class="_2 blank"> </span>expansionista, <span class="_6 blank"> </span>é <span class="_2 blank"> </span>válido <span class="_6 blank"> </span>ressaltar <span class="_2 blank"> </span>que <span class="_2 blank"> </span>a<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 yc8 ff2 fs1 fc0 sc0 ls2 ws2">mesma <span class="_2 blank"> </span>contempla <span class="_6 blank"> </span>dois <span class="_6 blank"> </span>efeitos <span class="_2 blank"> </span>e <span class="_6 blank"> </span>acaba <span class="_6 blank"> </span>gerando <span class="_2 blank"> </span>impacto <span class="_6 blank"> </span>tanto <span class="_6 blank"> </span>em <span class="_6 blank"> </span>L1 <span class="_2 blank"> </span>quanto <span class="_6 blank"> </span>em <span class="_6 blank"> </span>L2. </div><div class="t m0 x0 h4 yc9 ff2 fs1 fc0 sc0 ls2 ws2">Num <span class="_a blank"> </span>primeiro <span class="_12 blank"> </span>moment<span class="_2 blank"> </span>o, <span class="_12 blank"> </span>a <span class="_12 blank"> </span>queda <span class="_12 blank"> </span>na <span class="_12 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_a blank"> </span>de<span class="_2 blank"> </span> <span class="_12 blank"> </span>juros <span class="_12 blank"> </span>vai <span class="_12 blank"> </span>acabar <span class="_12 blank"> </span>transformando </div><div class="t m0 x0 h4 yca ff2 fs1 fc0 sc0 ls2 ws2">(paulatinamente) altistas em baix<span class="_2 blank"> </span>istas, que <span class="_2 blank"> </span>de acordo com <span class="_2 blank"> </span>seu posicionamento <span class="_2 blank"> </span>frente </div><div class="t m0 x0 h4 y9c ff2 fs1 fc0 sc0 ls2 ws2">ao <span class="_a blank"> </span>mercado, <span class="_a blank"> </span>acabam <span class="_a blank"> </span>por <span class="_12 blank"> </span>estimular <span class="_a blank"> </span>um <span class="_12 blank"> </span>aumento <span class="_9 blank"> </span>na <span class="_12 blank"> </span>demanda <span class="_a blank"> </span>especulativa <span class="_12 blank"> </span>por </div><div class="t m0 x0 h4 ycb ff2 fs1 fc0 sc0 ls2 ws2">moeda. Num segundo momento, o aumento na oferta de moeda, e a queda na taxa de </div><div class="t m0 x0 h4 y9e ff2 fs1 fc0 sc0 ls2 ws2">juros acaba por <span class="_2 blank"> </span>estimular o <span class="_2 blank"> </span>Investimento, podendo ger<span class="_2 blank"> </span>ar assim, <span class="_2 blank"> </span>estímulo ao produto,<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 ycc ff2 fs1 fc0 sc0 ls2 ws2">e <span class="_b blank"> </span>como <span class="_b blank"> </span>a <span class="_b blank"> </span>demanda <span class="_b blank"> </span>por moeda<span class="_0 blank"></span> tra<span class="_0 blank"></span>nsacional é<span class="_0 blank"></span> diretamente <span class="_b blank"> </span>afetada <span class="_b blank"> </span>pe<span class="_0 blank"></span>la renda<span class="_0 blank"></span>, a </div><div class="t m0 x0 h4 ya0 ff2 fs1 fc0 sc0 ls2 ws2">mesma acabará subindo. </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf9" class="pf w0 h0" data-page-no="9"><div class="pc pc9 w0 h0"><div class="t m0 x5 h4 y1e ff2 fs1 fc0 sc0 ls2 ws2">Há um <span class="_9 blank"> </span>caso ex<span class="_2 blank"> </span>tremo, <span class="_9 blank"> </span>conhecido como <span class="_9 blank"> </span>Armadilha da<span class="_2 blank"> </span> <span class="_9 blank"> </span>Liquidez, em <span class="_9 blank"> </span>qu<span class="ls9">e </span></div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">mesmo <span class="_12 blank"> </span>um <span class="_8 blank"> </span>acréscimo <span class="_8 blank"> </span>considerável <span class="_8 blank"> </span>da <span class="_12 blank"> </span>quantid<span class="_2 blank"> </span>ade <span class="_12 blank"> </span>de <span class="_8 blank"> </span>moeda <span class="_8 blank"> </span>irá <span class="_8 blank"> </span>exercer <span class="_8 blank"> </span>uma<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y20 ff2 fs1 fc0 sc0 ls2 ws2">influência pequena <span class="_2 blank"> </span>sobre <span class="_2 blank"> </span>a tax<span class="_2 blank"> </span>a de <span class="_2 blank"> </span>juros. <span class="_2 blank"> </span>Isto ocorre, <span class="_2 blank"> </span>pois <span class="_2 blank"> </span>a tax<span class="_2 blank"> </span>a de <span class="_2 blank"> </span>juros <span class="_2 blank"> </span>é tão <span class="_2 blank"> </span>baix<span class="_2 blank"> </span>a </div><div class="t m0 x0 h4 y21 ff2 fs1 fc0 sc0 ls2 ws2">que <span class="_7 blank"> </span>chega <span class="_4 blank"> </span>a <span class="_7 blank"> </span>um <span class="_4 blank"> </span>ponto <span class="_4 blank"> </span>em <span class="_7 blank"> </span>que <span class="_4 blank"> </span>não <span class="_4 blank"> </span>há <span class="_7 blank"> </span>altist<span class="_2 blank"> </span>a <span class="_7 blank"> </span>para <span class="_4 blank"> </span>ser <span class="_7 blank"> </span>conv<span class="_2 blank"> </span>ertida. <span class="_7 blank"> </span>Isto <span class="_4 blank"> </span>é, <span class="_4 blank"> </span>todo <span class="_4 blank"> </span>o </div><div class="t m0 x0 h4 y22 ff2 fs1 fc0 sc0 ls2 ws2">acréscimo <span class="_d blank"> </span>de <span class="_d blank"> </span>moe<span class="_2 blank"> </span>da <span class="_d blank"> </span>é <span class="_e blank"> </span>transformado <span class="_d blank"> </span>em <span class="_d blank"> </span>de<span class="_2 blank"> </span>manda <span class="_d blank"> </span>por <span class="_d blank"> </span>moeda, <span class="_e blank"> </span>pelo <span class="_d blank"> </span>mot<span class="_2 blank"> </span>ivo </div><div class="t m0 x0 h4 y41 ff2 fs1 fc0 sc0 ls2 ws2">especulativo. </div><div class="t m0 x5 h4 ycd ff2 fs1 fc0 sc0 ls2 ws2">Ademais, <span class="_7 blank"> </span>acaba <span class="_7 blank"> </span>por <span class="_7 blank"> </span>ser <span class="_4 blank"> </span>de <span class="_7 blank"> </span>fundamental <span class="_7 blank"> </span>importância <span class="_4 blank"> </span>apresentar <span class="_7 blank"> </span>o <span class="_7 blank"> </span>possível </div><div class="t m0 x0 h4 yce ff2 fs1 fc0 sc0 ls2 ws2">impacto <span class="_2 blank"> </span>de <span class="_2 blank"> </span>uma <span class="_2 blank"> </span>política <span class="_2 blank"> </span>monetária <span class="_2 blank"> </span>expansionista, <span class="_2 blank"> </span>num <span class="_2 blank"> </span>cenário <span class="_2 blank"> </span>de <span class="_2 blank"> </span>quebra <span class="_2 blank"> </span>de <span class="_2 blank"> </span>grau <span class="_2 blank"> </span>de<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 ycf ff2 fs1 fc0 sc0 ls2 ws2">confiança. <span class="_3 blank"> </span>Nesta <span class="_5 blank"> </span>situação, <span class="_5 blank"> </span>esta <span class="_5 blank"> </span>políti<span class="_2 blank"> </span>ca <span class="_3 blank"> </span>macroeconômica <span class="_5 blank"> </span>acaba <span class="_5 blank"> </span>não <span class="_5 blank"> </span>resultando <span class="_5 blank"> </span>em </div><div class="t m0 x0 h4 yd0 ff2 fs1 fc0 sc0 ls2 ws2">queda <span class="_2 blank"> </span>efetiva <span class="_2 blank"> </span>da <span class="_2 blank"> </span>taxa <span class="_6 blank"> </span>de <span class="_2 blank"> </span>juros. <span class="_2 blank"> </span>Isso <span class="_2 blank"> </span>ocorre <span class="_2 blank"> </span>porqu<span class="_2 blank"> </span>e <span class="_6 blank"> </span>os <span class="_2 blank"> </span>agentes <span class="_2 blank"> </span>presentes <span class="_2 blank"> </span>na <span class="_6 blank"> </span>economia </div><div class="t m0 x0 h4 yd1 ff2 fs1 fc0 sc0 ls2 ws2">certamente <span class="_6 blank"> </span>optarão <span class="_1 blank"> </span>pelo <span class="_1 blank"> </span>ativo <span class="_1 blank"> </span>mais <span class="_1 blank"> </span>seg<span class="_0 blank"></span>uro, <span class="_1 blank"> </span>no <span class="_1 blank"> </span>caso, <span class="_1 blank"> </span>a <span class="_6 blank"> </span>moeda <span class="_1 blank"> </span>(gerando <span class="_1 blank"> </span>aumento <span class="_1 blank"> </span>da </div><div class="t m0 x0 h4 y47 ff2 fs1 fc0 sc0 ls2 ws2">preferência <span class="_1 blank"> </span>pela <span class="_1 blank"> </span>liquidez <span class="_1 blank"> </span>que <span class="_1 blank"> </span>resulta <span class="_1 blank"> </span>em <span class="_1 blank"> </span>movimen<span class="_2 blank"> </span>to <span class="_1 blank"> </span>contrário, <span class="_1 blank"> </span>de <span class="_1 blank"> </span>elevação <span class="_1 blank"> </span>da <span class="_1 blank"> </span>tax<span class="_2 blank"> </span>a </div><div class="t m0 x0 h4 y48 ff2 fs1 fc0 sc0 ls2 ws2">de juros). </div><div class="t m0 x5 h4 yd2 ff2 fs1 fc0 sc0 ls2 ws2">A <span class="_a blank"> </span>política <span class="_9 blank"> </span>monetária <span class="_a blank"> </span>re<span class="_2 blank"> </span>quer <span class="_9 blank"> </span>vá<span class="_2 blank"> </span>rios <span class="_a blank"> </span>mecanismos <span class="_a blank"> </span>de <span class="_a blank"> </span>transmissão <span class="_a blank"> </span>até <span class="_a blank"> </span>que </div><div class="t m0 x0 h4 yd3 ff2 fs1 fc0 sc0 ls2 ws2">demanda <span class="_1 blank"> </span>e <span class="_1 blank"> </span>conseque<span class="_0 blank"></span>ntemente <span class="_1 blank"> </span>produto <span class="_1 blank"> </span>e <span class="_1 blank"> </span>emprego <span class="_1 blank"> </span>sejam <span class="_1 blank"> </span>afetados. <span class="_1 blank"> </span>Logo, <span class="_1 blank"> </span>se <span class="_6 blank"> </span>há<span class="_2 blank"> </span> <span class="_1 blank"> </span>uma </div><div class="t m0 x0 h4 y4b ff2 fs1 fc0 sc0 ls2 ws2">queda <span class="_2 blank"> </span>no <span class="_6 blank"> </span>grau <span class="_2 blank"> </span>de <span class="_2 blank"> </span>con<span class="_2 blank"> </span>fiança <span class="_2 blank"> </span>da <span class="_6 blank"> </span>economia, <span class="_2 blank"> </span>aumentará-se <span class="_6 blank"> </span>a <span class="_6 blank"> </span>incerteza, <span class="_2 blank"> </span>que <span class="_2 blank"> </span>p<span class="_2 blank"> </span>or <span class="_2 blank"> </span>sua <span class="_6 blank"> </span>vez </div><div class="t m0 x0 h4 yd4 ff2 fs1 fc0 sc0 ls2 ws2">diminui <span class="_5 blank"> </span>a <span class="_5 blank"> </span>EMgK, <span class="_5 blank"> </span>e <span class="_7 blank"> </span>eleva <span class="_5 blank"> </span>a <span class="_5 blank"> </span>Preferência <span class="_5 blank"> </span>pela <span class="_5 blank"> </span>Liquidez, <span class="_5 blank"> </span>e <span class="_5 blank"> </span>consigo <span class="_5 blank"> </span>a <span class="_5 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_5 blank"> </span>de <span class="_5 blank"> </span>juros, </div><div class="t m0 x0 h4 yd5 ff2 fs1 fc0 sc0 ls2 ws2">resultando <span class="_6 blank"> </span>numa <span class="_1 blank"> </span>maior <span class="_1 blank"> </span>dificuldade <span class="_1 blank"> </span>da <span class="_6 blank"> </span>política <span class="_1 blank"> </span>monetária <span class="_6 blank"> </span>em <span class="_1 blank"> </span>estimular <span class="_1 blank"> </span>a <span class="_6 blank"> </span>e<span class="_2 blank"> </span>conomia, </div><div class="t m0 x0 h4 yd6 ff2 fs1 fc0 sc0 ls2 ws2">pois <span class="_2 blank"> </span>não <span class="_2 blank"> </span>adianta <span class="_2 blank"> </span>aumentar <span class="_2 blank"> </span>a <span class="_2 blank"> </span>liquidez<span class="_2 blank"> </span> <span class="_2 blank"> </span>do <span class="_2 blank"> </span>sistema, <span class="_2 blank"> </span>pois <span class="_2 blank"> </span>se <span class="_2 blank"> </span>a <span class="_2 blank"> </span>Preferência <span class="_2 blank"> </span>pela <span class="_2 blank"> </span>L<span class="_2 blank"> </span>iquidez </div><div class="t m0 x0 h4 yd7 ff2 fs1 fc0 sc0 ls2 ws2">for <span class="_1 blank"> </span>elevada, <span class="_1 blank"> </span>uma <span class="_1 blank"> </span>vez <span class="_1 blank"> </span>que <span class="_1 blank"> </span>os <span class="_3 blank"> </span>agentes <span class="_1 blank"> </span>irão <span class="_1 blank"> </span>reter <span class="_1 blank"> </span>recursos <span class="_1 blank"> </span>sob <span class="_1 blank"> </span>a <span class="_1 blank"> </span>forma <span class="_1 blank"> </span>líqui<span class="_2 blank"> </span>da, <span class="_1 blank"> </span>o <span class="_1 blank"> </span>que </div><div class="t m0 x0 h4 yd8 ff2 fs1 fc0 sc0 ls2 ws2">não melhorará <span class="_b blank"> </span>a economia. Em prime<span class="_0 blank"></span>iro lugar, conforme acima <span class="_b blank"> </span>mencionado, a </div><div class="t m0 x0 h4 yd9 ff2 fs1 fc0 sc0 ls2 ws2">preferência <span class="_3 blank"> </span>pela <span class="_3 blank"> </span>liquidez <span class="_5 blank"> </span>pode <span class="_3 blank"> </span>ser <span class="_5 blank"> </span>extrema, <span class="_3 blank"> </span>imped<span class="_2 blank"> </span>indo <span class="_3 blank"> </span>que <span class="_5 blank"> </span>a <span class="_3 blank"> </span>taxa <span class="_5 blank"> </span>de <span class="_3 blank"> </span>juros <span class="_3 blank"> </span>caia, <span class="_3 blank"> </span>e<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 yda ff2 fs1 fc0 sc0 ls2 ws2">além <span class="_2 blank"> </span>disso: <span class="_2 blank"> </span>i) <span class="_6 blank"> </span>mesmo <span class="_2 blank"> </span>se <span class="_2 blank"> </span>a <span class="_2 blank"> </span>tax<span class="_2 blank"> </span>a <span class="_2 blank"> </span>e <span class="_2 blank"> </span>juros <span class="_2 blank"> </span>cair, <span class="_2 blank"> </span>s<span class="_2 blank"> </span>e <span class="_2 blank"> </span>a <span class="_2 blank"> </span>EmgK <span class="_2 blank"> </span>também <span class="_6 blank"> </span>cair, <span class="_2 blank"> </span>o <span class="_2 blank"> </span>investimento </div><div class="t m0 x0 h4 ydb ff2 fs1 fc0 sc0 ls2 ws2">não <span class="_3 blank"> </span>aumenta <span class="_5 blank"> </span>(exemplo <span class="_5 blank"> </span>do <span class="_5 blank"> </span>último <span class="_5 blank"> </span>grá<span class="_0 blank"></span>fico); <span class="_5 blank"> </span>ii) <span class="_5 blank"> </span>o <span class="_5 blank"> </span>Investimento <span class="_3 blank"> </span>dever <span class="_5 blank"> </span>ser <span class="_5 blank"> </span>sensível <span class="_5 blank"> </span>à </div><div class="t m0 x0 h4 ydc ff2 fs1 fc0 sc0 ls2 ws2">variações <span class="_2 blank"> </span>na <span class="_6 blank"> </span>taxa <span class="_6 blank"> </span>de <span class="_6 blank"> </span>juros; <span class="_6 blank"> </span>iii) <span class="_1 blank"> </span>e <span class="_2 blank"> </span>a <span class="_6 blank"> </span>necessidade <span class="_6 blank"> </span>da <span class="_6 blank"> </span>PMgC <span class="_6 blank"> </span>não <span class="_2 blank"> </span>es<span class="_2 blank"> </span>tar <span class="_6 blank"> </span>em <span class="_6 blank"> </span>queda, <span class="_6 blank"> </span>o <span class="_6 blank"> </span>que </div><div class="t m0 x0 h4 ydd ff2 fs1 fc0 sc0 ls2 ws2">representará menor efeito multiplicador. </div><div class="t m0 x0 h4 yde ff2 fs1 fc0 sc0 ls2 ws2"> <span class="_14 blank"> </span>Nesse se<span class="_0 blank"></span>ntido, Keynes proc<span class="_0 blank"></span>urou apresentar <span class="_b blank"> </span>que a <span class="_b blank"> </span>saída pa<span class="_0 blank"></span>ra um <span class="_b blank"> </span>cenário </div><div class="t m0 x0 h4 ydf ff2 fs1 fc0 sc0 ls2 ws2">como <span class="_4 blank"> </span>este <span class="_b blank"> </span>envolve <span class="_4 blank"> </span>a <span class="_b blank"> </span>adoção <span class="_4 blank"> </span>de <span class="_4 blank"> </span>outra <span class="_b blank"> </span>política <span class="_4 blank"> </span>macro<span class="_2 blank"> </span>econômica, <span class="_b blank"> </span>a<span class="_0 blank"></span> <span class="_b blank"> </span>política <span class="_4 blank"> </span>fiscal </div><div class="t m0 x0 h4 ye0 ff2 fs1 fc0 sc0 ls2 ws2">expansionista <span class="_3 blank"> </span>(via <span class="_5 blank"> </span>gastos <span class="_3 blank"> </span>do <span class="_5 blank"> </span>governo, <span class="_3 blank"> </span>especialmente <span class="_5 blank"> </span>em <span class="_3 blank"> </span>cenários <span class="_3 blank"> </span>de <span class="_5 blank"> </span>crise), <span class="_5 blank"> </span>pois <span class="_3 blank"> </span>a </div><div class="t m0 x0 h4 ye1 ff2 fs1 fc0 sc0 ls2 ws2">mesma <span class="_7 blank"> </span>é <span class="_4 blank"> </span>mais <span class="_7 blank"> </span>efetiva, <span class="_7 blank"> </span>pois <span class="_4 blank"> </span>irá <span class="_4 blank"> </span>garantir <span class="_7 blank"> </span>a <span class="_7 blank"> </span>receita <span class="_7 blank"> </span>de <span class="_4 blank"> </span>fluxo <span class="_4 blank"> </span>esperada. <span class="_7 blank"> </span>Além <span class="_7 blank"> </span>disso, </div><div class="t m0 x0 h4 ye2 ff2 fs1 fc0 sc0 ls2 ws2">cumpre <span class="_7 blank"> </span>observar <span class="_4 blank"> </span>que <span class="_4 blank"> </span>as <span class="_4 blank"> </span>variáveis-chave <span class="_4 blank"> </span>para <span class="_4 blank"> </span>Keynes <span class="_4 blank"> </span>são <span class="_4 blank"> </span>exatamente <span class="_4 blank"> </span>a <span class="_4 blank"> </span>EMgk, <span class="_4 blank"> </span>r </div><div class="t m0 x0 h4 ye3 ff2 fs1 fc0 sc0 ls2 ws2">(taxa <span class="_7 blank"> </span>de <span class="_4 blank"> </span>juros <span class="_7 blank"> </span>da <span class="_4 blank"> </span>economia) <span class="_4 blank"> </span>e <span class="_7 blank"> </span>PMgC. <span class="_4 blank"> </span>As <span class="_7 blank"> </span>duas<span class="_2 blank"> </span> <span class="_7 blank"> </span>primeiras <span class="_4 blank"> </span>são <span class="_4 blank"> </span>fundamentais, <span class="_7 blank"> </span>pois </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pfa" class="pf w0 h0" data-page-no="a"><div class="pc pca w0 h0"><div class="t m0 x0 h4 y1e ff2 fs1 fc0 sc0 ls2 ws2">determinam <span class="_2 blank"> </span>o <span class="_6 blank"> </span>nível <span class="_6 blank"> </span>de <span class="_6 blank"> </span>investimento <span class="_6 blank"> </span>de <span class="_6 blank"> </span>uma <span class="_2 blank"> </span>determinada <span class="_6 blank"> </span>economia, <span class="_6 blank"> </span>enquanto <span class="_6 blank"> </span>que <span class="_2 blank"> </span>a<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y1f ff2 fs1 fc0 sc0 ls2 ws2">terceira <span class="_8 blank"> </span>determinará <span class="_8 blank"> </span>o <span class="_10 blank"> </span>seu <span class="_10 blank"> </span>nível <span class="_8 blank"> </span>de <span class="_10 blank"> </span>consumo, <span class="_8 blank"> </span>sendo <span class="_10 blank"> </span>assim, <span class="_10 blank"> </span>as <span class="_8 blank"> </span>três <span class="_8 blank"> </span>variáveis<span class="_2 blank"> </span> </div><div class="t m0 x0 h4 y20 ff2 fs1 fc0 sc0 ls2 ws2">fundamentais para <span class="_2 blank"> </span>explicar <span class="_2 blank"> </span>demanda efetiva <span class="_2 blank"> </span>e, <span class="_2 blank"> </span>portanto, <span class="_2 blank"> </span>a Teoria <span class="_2 blank"> </span>Geral <span class="_2 blank"> </span>proposta <span class="_2 blank"> </span>por </div><div class="t m0 x0 h4 y21 ff2 fs1 fc0 sc0 ls2 ws2">Keynes. </div><div class="t m0 x0 h3 ye4 ff1 fs1 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 ye5 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 ye6 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 ye7 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 ye8 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 ye9 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yea ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yeb ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yec ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yed ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yee ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yef ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yf0 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yf1 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yf2 ff1 fs2 fc0 sc0 ls2 ws2"> </div><div class="t m0 x0 h5 yf3 ff1 fs2 fc0 sc0 ls2 ws2"> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div>
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