This paper estimates the Brazilian NAILO (Nonaccelerating Inflation Level of Output), obtains (Bayesian) probability bands for the Nailo and for its growth rate, and investigates the relationship between deviations of output with respect to the Nailo and the acceleration of inflation. As...

We estimate a VAR model of the Phillips curve with an exchange rate shock to the Brazilian economy. Several different specifications, with different time frequencies, were estimated. Overall the results were robust to these changes, and can be summed up in the following: i) the pass-through to...

The goal of this article is to estimate the New Keynesian Phillips Curve for Brazilian economy. Due to some specifications problems in regressions estimated by IV method, the GMM-HAC methodology was used in order to address them. We noted the robustness of the results performing a detailed...

This paper aims to discuss the determinants of Brazilian inflation measured by the Extended National Consumer Price Index (IPCA) from 2000 to 2009. We built 22 disaggregated series, the segments classification, crossing the classification in tradeables/non-tradeables/monitored prices with the...

We estimate the Phillips curve with an exchange rate shock to the Brazilian economy. Besides panel data, we estimate the Phillips curve by time series methodology, including Bayesian techniques and Smoothing Transition Regressions (STR) model. The econometric results show three important...

This paper presents estimates for Brazilian inflation during the 2000s. The results of a structural model with two endogenous variables - wage inflation and consumer inflation - indicate that: i) the demand indicator was not statistically significant in the consumer inflation, but it was...

The evaluation of forecasts performance of market expectations about the Brazilian inflation rate (Focus survey) is important given the prominent role of these expectations in the conduction of monetary policy in Brazil. Lima e Céspedes (2006) showed that, in the period 2000.1 2005.4, several...

In a Calvo sticky price model based on micro evidence that each period a fraction of prices is kept unchanged, we examine implications of firm-specific labor for determinacy and expectational stability (E-stability) of rational expectations equilibrium under interest rate policy. Firm-specific...