A specification for the demand for money in economies where inflation is high and stochastic is presented. It uses a … generalized functional form and includes the variance of the inflation rate as an explanatory variable, and is estimated for … Brazil in the period 1974/94 under the assumption that the monetary policy is passive and that expectations are adaptive. The …

. -- Great inflation ; passive policy ; break tests ; vector autoregressions …

inflation, so that there is no more the direct relationship between marginal cost and output gap that characterizes the closed …

key features of the Brazilian economy. I first calibrate and then I use Bayesian methods to estimate the model for Brazil …-cyclicality of the fiscal policy in Brazil. Moreover, the results suggest that tax rate changes have been used to counter changes in …

We estimate a DSGE model for Brazil that includes both anticipated and unanticipated fiscal shocks. The model contains …, we find that anticipated shocks are less relevant in Brazil when compared to other countries, and that the degree of …