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Inflation Targeting in Brazil

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

Abstract

The purpose of this paper is to examine inflation targeting (IT) in emerging countries by concentrating essentially on the case of Brazil. The IT monetary policy regime has been adopted by a significant number of countries. While the focus of this paper is on Brazil, which began inflation targeting in 1999, we also examine the experience of other countries, both for comparative purposes and for evidence of the extent of this "new" economic policy's success. In addition, we compare the experience of Brazil with that of non-IT countries, and ask the question of whether adopting IT makes a difference in the fight against inflation.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_544.

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Date of creation: Sep 2008
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Handle: RePEc:lev:wrkpap:wp_544

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Web page: http://www.levyinstitute.org

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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," WSI Discussion Papers 95, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  2. 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.
  3. 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.
  4. 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.
  5. Helder de Mendonca, 2007. "Towards credibility from inflation targeting: the Brazilian experience," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 39(20), pages 2599-2615.
  6. Philip Arestis & Malcolm Sawyer, 2010. "What Monetary Policy after the Crisis?," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 22(4), pages 499-515.
  7. 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, Asociación de Economía Crítica, vol. 15, pages 5-30.

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