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We estimate a VAR model of the Phillips curve with an exchange rate shock to the Brazilian economy. Several different ….p. over the annualized inflation); ii) a shock on the unemployment rate lasts for 18 months; iii) a shock on the expectations … are carried to the next month inflation (0.58 p.p. over the annualized inflation); and iv) a shock on the inflation rate …
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We estimate the Phillips curve with an exchange rate shock to the Brazilian economy. Besides panel data, we estimate … Brazilian economy); and c) in the short-run both the unemployment rate and the exchange rate shock are not important …
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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...
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