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Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that...
Persistent link: https://www.econbiz.de/10011163120
monetary policy through the credit channel in Brazil. The study verifies if the monetary policy, the economic activity and the … this study is that, in inflation targeting emerging economies, such as that of Brazil, following a committed monetary … activity and the process of anchoring of inflation expectations affect the supply of credit in Brazil. Moreover, the paper …
Persistent link: https://www.econbiz.de/10010688400
By implementing the Copulas method, this work analyses the dependence relationship or structure between the Brazilian consumer observed inflation and the expected inflation, from January 2005 to June 2011. Its results are consistent with some works for the Brazilian case, as the dependence...
Persistent link: https://www.econbiz.de/10010816799
expectations to provide a comparison of inflation persistence in Brazil with a sample of inflation targeting (IT) countries. This … approach suggests that inflation persistence increased in Brazil through early 2013, in contrast to many of its IT peers …
Persistent link: https://www.econbiz.de/10011123875
we try to identify the main factors that contributed to it, with a focus on Brazil. We estimate an interval for Brazilâ …
Persistent link: https://www.econbiz.de/10011142065
Purpose – The purpose of this paper is to make an analysis of the Brazilian experience after the adoption of inflation targeting concerning the effects caused by the new practices of transparency and communication in the monetary policy. Design/methodology/approach – Changes in the financial...
Persistent link: https://www.econbiz.de/10010684923
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
The paper shows the advantages and handicaps of implementing an inflation target (IT) regime, from a Post-Keynesian and, thus, an institutional stance. It is Post-Keynesian as long as it does not perceive any benefit in the mainstream split between monetary and fiscal policies. And it is...
Persistent link: https://www.econbiz.de/10005014711
paper uses a friction model to estimate intervention reaction functions and the associated marginal effects for Brazil and … findings are that: i) in both countries interventions occur predominantly to reduce exchange-rate volatility, while in Brazil … contemporaneous monetary policy in Brazil, but not in the Czech Republic, where both policies appear to be interrelated …
Persistent link: https://www.econbiz.de/10005046071
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...
Persistent link: https://www.econbiz.de/10005824823