In this paper we perform an analysis of the stability conditions of a macrodynamic model with Walrasian adjustment under three different rules of monetary policy: the maintenance of a constant supply of real money balances, a fixed rule of monetary growth (or Friedman's rule) and the inflation...

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...

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...

Portuguese Abstract: O estudo dos séculos XIX e XX evidencia o carácter cíclico da economia, isto é, a repetição constante de fases ascendentes seguidas de uma crise (um momento de inversão conjuntural no ciclo económico) e, finalmente, um período depressivo. Regista-se neste artigo as...

This article uses a Vector Error Correction Model (VECM) framework to study exchange rate pass-through to producer and consumer prices in Brasil. We identify two long-run and one short-run relations in data. We calculate the impulse-response function of domestic prices to exchange rate shock....

Recorremos à teoria do canal do crédito para avaliar a integração de uma pequena economia, com instabilidade nominal, numa união monetária desenhada para garantir um elevado nível de estabilidade monetária. Conclui-se que o choque estrutural da integração na união monetária pode...

This paper investigates the effect of monetary and exchange rate shocks on disaggregated prices of the Brazilian Consumer Price Index (IPCA), from 1999 to 2011. We analyze the results of a factor-augmented vector autoregressive model (Favar), which are presented by different levels of...

The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting deviation Contribution Index (ITCI), which is...