into four periods, which are mainly distinguished by inflation levels, the source of financing of the public-sector deficit …, and the central bank legal framework. The four main periods are 1962–1980, when inflation and the deficit were moderate … in the country's history took place and inflation levels remained moderate nonetheless; and finally, 2004–2017, the …

Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … crisis in the early 1980s. We show that the high-inflation period (1960–1994) was characterized by a combination of fiscal … deficits, passive monetary policy, and constraints on debt financing. The transition to the low-inflation period (1995 …