There were plenty of policies against inflation that focus only on the people's perceptions in History. Those are an easy and cheap thing to try, so governments do try. When that's the only focus, those policies seem to fail every time.

On the other hand, policies that focus on real aspects have a non-zero rate of success. A balanced budget by itself has a higher rate of success than any policy that doesn't include a balanced budget.

Brazil was in an exceptional situation in 1994, where any policy based only on real aspects would be expected to fail. But don't think this is a general case.