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. …

-integration analysis to estimate simultaneously a monetary reaction function and the determinants of expected inflation for Brazil, Chile … examination, and ii) greater volatility in the monetary stance leads to higher volatility in expected inflation in Brazil …

In light of the global financial cycle (GFC), this paper investigates the effectiveness of monetary policy in Brazil … Macroeconomic Consensus perspective, emphasizing the implications of the GFC. It also contrasts central bank theory with the post …

inflation target and its exposure to political pressures. We apply our methodology to Brazil as well to highlight its advantages …