El Régimen de Metas de Inflación en Brasil: Breve Descripción y Evaluación de su Desempeño
[Brazil's Inflation Targeting Regime: Brief Description and Evaluation of its Performance]
AbstractThis paper presents a brief description of the operation of Brazil's Inflation Targeting regime, and an evaluation of its performance since its introduction in June 1999 until 2006.The performance of the regime is evaluated comparing the observed inflation values with the officially announced targets and estimating Taylor and McCallum rules. The regime exhibits large and persistent deviations of the inflation rate with respect to the targets;the Taylor and McCallum rules indicate a weak response of the monetary authorities to deviations of the inflation rate from the target values.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41405.
Date of creation: 07 Apr 2007
Date of revision:
Monetary policy; inflation targeting; interest rate; Taylor rule; McCallum rule;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Mario I. Blejer & Alfredo M. Leone & Pau Rabanal & Gerd Schwartz, 2001.
"Inflation Targeting in the Context of IMF-Supported Adjustment Programs,"
Working Papers Central Bank of Chile, Central Bank of Chile
116, Central Bank of Chile.
- Mario Blejer & Alfredo Leone & Pau Rabanal & Gerd Schwartz, 2002. "Inflation Targeting in the Context of IMF-Supported Adjustment Programs," Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 10, pages 439-464 Central Bank of Chile.
- Mario I. Blejer & Alfredo M. Leone & Pau Rabanal & Gerd Schwartz, 2002. "Inflation Targeting in the Context of IMF-Supported Adjustment Programs," IMF Staff Papers, Palgrave Macmillan, vol. 49(3), pages 2.
- Gerd Schwartz & Pau Rabanal & Mario I. BlÃ©jer & Alfredo Mario Leone, 2001. "Inflation Targeting in the Context of IMF-Supported Adjustment Programs," IMF Working Papers, International Monetary Fund 01/31, International Monetary Fund.
- Scott Roger & Mark R. Stone, 2005. "On Target? the International Experience with Achieving Inflation Targets," IMF Working Papers, International Monetary Fund 05/163, International Monetary Fund.
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