, effective revenue ceilings induce an increase in deficit, debt and inflation. Under many scenarios, including recurrent adverse …

of inflation targeting in 1992 or central bank independence in 1997), we instead take a longer perspective, which … alter the monetary base; and the adherence by policymakers in the 1960s and 1970s to nonmonetary views of the inflation …

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-in inflation period (1995 …

movements with little inflation response; yet, at some point, something snaps, and a sudden inflation takes off that is strongly …

Central Banks should meet their inflation targets to preserve fiscal space and anchor inflation expectations. …