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-run trade-offs between output and inflation: lower trend inflation flattens the Phillips curve and decreases steady-state output … by increasing markups. We show that the aggregator reduces both the steady-state welfare cost of higher trend inflation … and the inflation-related weight in a model-based welfare function for higher trend inflation. Consequently, optimal trend …
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show that for a group of Latin American inflation targeters the prescriptions from typical monetary policy rules are … inflation from target, suggesting this information is not accounted for in real-time policy decisions …
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show that for a group of Latin American inflation targeters the prescriptions from typical monetary policy rules are … inflation from target, suggesting this information is not accounted for in real-time policy decisions …
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A strong policy framework and improved income distribution and social outcomes have been important accomplishments in Brazil. The 2012 Article IV Consultation highlights that financial stability in Brazil has been underpinned by a strong banking system and framework for regulation and...
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