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Inflation Targeting in Brazil: Reviewing Two Years of Monetary Policy 1999/00

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  • Pedro Fachada
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    Abstract

    In 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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    File URL: http://www.bcb.gov.br/pec/wps/ingl/wps25.pdf
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    Bibliographic Info

    Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 25.

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    Date of creation: Aug 2001
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    Handle: RePEc:bcb:wpaper:25

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    Web page: http://www.bcb.gov.br/?english

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Eduardo Lundberg, 2000. "Monetary Policy and Banking Supervision Functions on the Central Bank," Working Papers Series 2, Central Bank of Brazil, Research Department.
    2. Marcelle Chauvet, 2000. "Leading Indicators of Inflation for Brazil," Working Papers Series 7, Central Bank of Brazil, Research Department.
    3. Victorio Y. T. Chu & Márcio I. Nakane, 2001. "Credit Channel without the LM Curve," Working Papers Series 20, Central Bank of Brazil, Research Department.
    4. Pedro H. Albuquerque, 2005. "Os Impactos Econômicos da CPMF: Teoria e Evidência," Public Economics 0511020, EconWPA, revised 26 Nov 2005.
    5. Francisco Marcos Rodrigues Figueiredo, 2001. "Evaluating Core Inflation Measures for Brazil," Working Papers Series 14, Central Bank of Brazil, Research Department.
    6. Emanuel-Werner Kohlscheen, 2000. "Estimating Exchange Market Pressure and Intervention Activity," Working Papers Series 9, Central Bank of Brazil, Research Department.
    7. 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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