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Brazil's Tropical Plan

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Author Info
Eliana A. Cardoso
Rudiger Dornbusch

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Abstract

This paper highlights the institutional features of the inflation process and contrasts two stabilization efforts in 1964-66 and in 1986.The inflation process in Brazil is highly institutional. It does not resemble hyperinflations where pricing and wage setting are geared to the exchange rate by the hour, making it possible to stop inflation by simply containing money creation and fixing the exchange rate. The two stabilization programs demonstrate that an incomes policy is an essential ingredient to non-recessionary stabilization. But they also show that demand restraint is inevitable if disinflation is to be viable. The 1964 program was gradualist and two-handed, relying on the supply side on wage repression. The 1986 plan was a heterodox shock treatment centered around an uncompromising price freeze and paying insufficient attention to the need for fiscal restraint.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2142.

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Date of creation: Jan 1987
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Publication status: published as Cardoso, Eliana A. and Rudiger Dornbusch. "Brazil's Tropical Plan," American Economic Review, Vol. 77, No. 2, May 1987, pp. 288-292.
Handle: RePEc:nbr:nberwo:2142

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References listed on IDEAS
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.:
  1. Taylor, John B, 1979. "Staggered Wage Setting in a Macro Model," American Economic Review, American Economic Association, vol. 69(2), pages 108-13, May. [Downloadable!] (restricted)
  2. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February. [Downloadable!] (restricted)
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Cited by:
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  1. Eliana Cardoso, 1991. "From Inertia to Megainflation: Brazil in the 1980s," NBER Working Papers 3585, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. A. Saad-Filho, 1998. "Currency Stabilisation under Conditions of International Capital Mobility: The Case of Brazil," CIBS Research Papers in International Business 13-98, London South Bank University CIBS. [Downloadable!]
  3. Kiguel, Miguel & Liviatan, Nissan, 1990. "The inflation - stabilization cycles in Argentina and Brazil," Policy Research Working Paper Series 443, The World Bank. [Downloadable!]
  4. Kiguel, Miguel A. & Liviatan, Nissan, 1989. "The old and the new in heterodox stabilization programs : lessons from the 1960s and the 1980s," Policy Research Working Paper Series 323, The World Bank. [Downloadable!]
  5. Kiguel, Miguel A. & Liviatan, Nissan, 1991. "Lessons from the heterodox stabilization programs," Policy Research Working Paper Series 671, The World Bank. [Downloadable!]
  6. Pedro H. Albuquerque & Solange Gouvea, 2005. "Canaries and Vultures: A Quantitative History of Monetary Mismanagement in Brazil," Development and Comp Systems 0511027, EconWPA. [Downloadable!]
  7. Solimano, Andres, 1989. "Inflation and the costs of stabilization : country experiences, conceptual issues, and policy lessons," Policy Research Working Paper Series 226, The World Bank. [Downloadable!]
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