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Inflation targeting in Brazil

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Author Info

  • Philip Arestis
  • Fernando Ferrari-Filho
  • Luiz Fernando de Paula

Abstract

The purpose of this paper is to examine the Inflation Targeting (IT) framework as it is applied in the case of Brazil since its adoption in June 1999. For this purpose we first summarize the macroeconometric model utilized by the Central Bank of Brazil (BCB) in its pursuit of the IT framework. While the focus of this paper is on Brazil, we also examine the experience of other countries with IT (in particular, the BRIC countries: Brazil, Russia, India, and China), both for comparative purposes and for evidence of the extent of success of this 'new' economic policy pursued by other IT countries. In addition, we compare the experience of Brazil with IT and with that of non-IT countries. In the context of non-IT countries, we ask the question of whether it makes a difference in the fight against inflation whether a country has adopted IT or not. Finally, we examine some features of the Brazilian experience with IT regime.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 25 (2011)
Issue (Month): 2 ()
Pages: 127-148

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Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:127-148

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Related research

Keywords: inflation targeting; emerging economies; New Consensus Macroeconomic model; Brazilian economy;

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Cited by:
  1. Hein, Eckhard, 2001. "Institutions and Macroeconomic Performance: Central Bank Independence, Labour Market Institutions and the Perspectives for Inflation and Employment in the European Monetary Union," MPRA Paper 18880, University Library of Munich, Germany.
  2. Bartsch, Klaus & Hein, Eckhard & Truger, Achim, 2001. "Zur Interdependenz von Geld- und Lohnpolitik: Makroökonometrische Ex-post und Ex-ante Simulationen verschiedener Szenarien für die Bundesrepublik Deutschland," WSI Discussion Papers 100, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  3. Helder de Mendonca, 2007. "Towards credibility from inflation targeting: the Brazilian experience," Applied Economics, Taylor & Francis Journals, vol. 39(20), pages 2599-2615.
  4. Hein, Eckhard, 1999. "Zentralbank-Politik und makroökonomische Ergebnisse: eine sozio-institutionelle Interpretation
    [Central Bank Policies and Macroeconomic Results: A Socio-institutional Interpretation]
    ," MPRA Paper 18881, University Library of Munich, Germany.
  5. Naqvi, Bushra & Rizvi, Syed Kumail Abbas, 2009. "Inflation Targeting Framework: Is the story different for Asian Economies?," MPRA Paper 19546, University Library of Munich, Germany.
  6. Ivan Mendieta Muñoz, 2013. "El modelo de objetivos de inflación y el efecto pass-through en América Latina," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 15, pages 5-30.
  7. Philip Arestis & Malcolm Sawyer, 2010. "What Monetary Policy after the Crisis?," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 499-515.

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