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Credibilidade da Política Monetária e a Previsão do Trade-off entre Inflação e Desemprego: Uma Aplicação para o Brasil

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Author Info
Helder Ferreira de Mendonça (UFF)
Marco Antonio Loureiro dos Santos (Banco BBM)

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Abstract

This paper evaluates, as proposed by Laxton and N’Diaye (2002), if the consideration of a measure of monetary policy credibility in the forecast of the Brazilian Phillips Curve, after the introduction of inflation targeting, implies an improvement. The findings denote that the use of a measure of monetary policy credibility for the Brazilian economy can provide a statistical model with a forecast quality for unemployment-inflation trade-off better than models of inflation that consider a stable relation between inflation expectations and inflation.

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File URL: http://www.anpec.org.br/revista/vol7/vol7n2p293_306.pdf
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Publisher Info
Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

Volume (Year): 7 (2006)
Issue (Month): 2 ()
Pages: .293-306
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Handle: RePEc:anp:econom:v:7:y:2006:i:2:p:293-306

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Postal: Secretaria da ANPEC Av. Prof. Luciano Gualberto, 908 - Prédio FEA2 São Paulo, SP 05508-900 Brazil
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Related research
Keywords: Credibilidade Trade-Off entre Inflação e Desemprego Metas para Inflação Bank Fear of Floating

Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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This page was last updated on 2008-11-25.

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