This article investigates the degree of tolerance to higher inflation rates in the short run by the presidents of the Brazilian Central Bank in the period 2001-2012. We used monthly data and various specifications and estimates of the Taylor rule via GMM. In general, the results show the following empirical evidences: i) the mandate of Henrique Meirelles was less tolerant to higher inflation rates when comparing with the mandate of Armínio Fraga and ii) the Alexandre Tombini’s administration is more tolerant to higher inflation rate in the short run than Armínio Fraga’s.