Inflation Targeting in Brazil: Reviewing Two Years of Monetary Policy 1999/00
AbstractIn July 1999, Brazil implemented a formal inflation-targeting framework for monetary policy, less than six months after moving to a floating exchange rate regime. This work evaluates the initial years of the Brazilian experience with inflation targeting. During the period the inflation rate remained in the targeted range, despite the several external and domestic adverse shocks that hit the Brazilian economy. The new monetary framework proved to be fundamental to enhance transparency and to guide expectations, thus preventing transitory inflation surges to develop into permanent inflation increases.
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Bibliographic InfoPaper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 25.
Date of creation: Aug 2001
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Web page: http://www.bcb.gov.br/?english
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0511020, EconWPA, revised 26 Nov 2005.
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- Pedro H. Albuquerque, 2001. "Os Impactos Econômicos da CPMF: Teoria e Evidência," Working Papers Series 21, Central Bank of Brazil, Research Department.
- Francisco Marcos Rodrigues Figueiredo, 2001. "Evaluating Core Inflation Measures for Brazil," Working Papers Series 14, Central Bank of Brazil, Research Department.
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- Pedro H. Albuquerque, 2000. "An Information Theory Approach to the Aggregation of Log-Linear Models," Working Papers Series 4, Central Bank of Brazil, Research Department.
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