Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … crisis in the early 1980s. We show that the high-inflation period (1960-1994) was characterized by a combination of fiscal … deficits, passive monetary policy, and constraints on debt financing. The transition to the low-inflation period (1995 …

whether shortages help predict inflation. Using a variety of different specifications, I find that this time-series measure of … shortages strongly predicts inflation, and contains information not captured by commodity prices, monetary aggregates, interest … rates, and other proposed predictors of inflation. This suggests that disequilibrium was an important part of the adjustment …

What accounts for inflation after 2008? We use the prominent pre-crisis Smets-Wouters (2007) model to address this … question. We find that due to price markup shocks alone inflation would have been 1% higher than observed and 0.5% higher that … responsible for the slow recovery of employment, though not for the initial drop. Monetary policy shocks predict an inflation rate …

external instruments produce responses in output and inflation consistent with both textbook theory and conventional monetary …