This paper studies the sources of macroeconomic fluctuations in small open economies using a structural VAR approach. The identification of the structural shocks is based primarily on long-run restrictions that are in the spirit of Blanchard and Quah (1989). The evidence from Brazil and Korea...

This paper assesses Brazil's growth performance from a long-term perspective, using crosscountry and panel estimation techniques, building on the vast empirical literature on growth. The empirical evidence presented in this paper confirms that macroeconomic stability and several reforms have...

This study examines the macroeconomic determinants of survey inflation expectations in Brazil since the adoption of inflation targeting in 1999. The results suggest that the inflation targeting framework has helped anchor expectations, with the dispersion of inflation expectations declining...

Contents -- I. INTRODUCTION -- II. BRAZIL'S LONG-TERM GROWTH PERFORMANCE IN A CROSS-COUNTRY CONTEXT -- III. ASSESSING BRAZIL'S GROWTH PERFORMANCE IN A DYNAMIC PANEL MODEL -- IV. DISSECTING BRAZIL'S GROWTH DETERMINANTS -- V. CONCLUSIONS -- APPENDICES -- I. TABLE. SALA-I-MARTIN'S LIST OF 21...

This paper assesses Brazil''s growth performance from a long-term perspective, using crosscountry and panel estimation techniques, building on the vast empirical literature on growth. The empirical evidence presented in this paper confirms that macroeconomic stability and several reforms have...

This study examines the macroeconomic determinants of survey inflation expectations in Brazil since the adoption of inflation targeting in 1999. The results suggest that the inflation targeting framework has helped anchor expectations, with the dispersion of inflation expectations declining...