De-Losso, Rodrigo - Departamento de Economia, Faculdade de Economia, … - 2012
This paper characterizes the monetary policy in Brazil through a forward-looking Taylor-rule-type reaction function … before and after the Real plan, which stabilized inflation in July 1994. The results show that the interest rate response to … inflation was greater than one-to-one before stabilization and smaller than that afterwards, hence inverting the Taylor …