The purpose of this paper is to evaluate the performance of the Central Bank of Brazil's Small-Scale Structural Model … (SSSM) as a supporting tool for the monetary policy decision process. The SSSM's CPI inflation projections accuracy for 1 to … benchmark for short run forecasts. A 'near VAR' model, with quarterly CPI inflation and output gap as the endogenous variables …

"Studying the recent experience of Brazil the paper explains how default risk is at the centre of the mechanism through … which an emerging market central bank that targets inflation might lose control of inflation--in other words of the … perverse effect on inflation. We show that the presence of default risk reinforces the possibility that a vicious circle might …

This article shows that income inequality and inflation in Brazil are multidimensional phenomena linked to the … unemployment rate and to the foreign sector. Consequently, the relationship between inflation and income distribution depends on … dynamics of inflation in the tradable and non-tradable goods sectors and is consistent with the Kaleckian framework. Yet, a …

transition from a currency peg to inflation targeting that took place in 1999. The estimated model exhibits quite different … higher inflation and interest rates, and slightly lower GDP. Finally, the first half of 1998 arguably provided a window of …