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Implementing Inflation Targeting in Brazil
Brazil has put in place an inflation-targeting framework for monetary policy in mid-1999, less than six months after moving to a floating exchange rate system. This paper presents the macroeconomic background that has led to the shift in monetary policy regime, and describes the general institutional arrangements and operational framework that has been adopted. The paper also discusses the basic modeling approach that has aided the decision-making process in the initial phase of inflation targeting in Brazil. We describe the family of small-scale macroeconomic models that has been used for informing and disciplining discussions about monetary policy within the Central Bank. These models contain few equations and few variables, but carry a considerable theoretical content and provide a stylized representation of the monetary policy transmission mechanism. They are easily understood, and especially suitable for simulation of a wide range of issues. We conclude with the main lessons that may be drawn from the initial Brazilian experience with inflation targeting.
Money Affairs
None
A Volatility and Persistence-Based Core Inflation
Intuitively core inflation is understood as a measure of inflation where noisy price movements are avoided. This is typically achieved by either excluding or downplaying the importance of the most volatile items. However, some of those items show high persistence, and one certainly does not want to disregard persistent price changes. The non-equivalence between volatility and (the lack of) persistence implies that when one excludes volatile items relevant information is likely to be discarded. Therefore, we propose a new type of core inflation measure, one that takes simultaneously into account both volatility and persistence. The evidence shows that such measures far outperform those based on either volatility or persistence. The latter have been advocated in the literature in recent years.
The Manufacturing of Markets
Leading scholars from law, political science and economics explore the challenges in designing efficient markets in both private and public sector.
Institutions, Macroeconomics, And The Global Economy
All managers face a business environment where international and macroeconomic phenomena matter. Understanding the genesis of financial and currency crises, stock market booms and busts, and social and labor unrest is a crucial aspect in making informed managerial decisions. Adverse macroeconomic phenomena can have a catastrophic impact on firm performance — witness the strong companies destroyed by the Mexican tequila crisis. Yet, at the same time, such episodes also create business opportunities — and not just for the hedge funds and speculators that profit from them. Managers that have and use a coherent framework for analyzing these phenomena will enjoy a competitive advantage.This book presents a series of case studies taught in the Harvard Business School course “Institutions, Macroeconomics, and the Global Economy.” The course addresses the opportunities created by the emergence of a global economy and proposes strategies for managing the risks that globalization entails.
Reforming Brazil
This groundbreaking work is the first volume in English to examine Brazil's historic policy reforms of the 1990s and the political, economic, and social results. For years the large and ineffective government of Brazil could neither improve the country's greatly uneven distribution of wealth nor maintain inflation at reasonable levels. In the 1990s, long overdue changes bettered the government's fiscal performance, tamed inflation, and addressed chronic social ills stemming from the imbalance of wealth. But many problems, and many questions, remain. Why is Brazil still so poor, and why is inequality so intransigent? Were some of the reforms counterproductive, or could they have been implemented in a more effective way? Collecting essays by top Brazilianist scholars from various disciplines and intellectual traditions, Reforming Brazil provides new insights for international policy makers, economists, and scholars of Brazil.
Ibss: Economics: 2001
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