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Inflation targeting in Brazil

Listed author(s):
  • Philip Arestis
  • Fernando Ferrari-Filho
  • Luiz Fernando de Paula

The purpose of this paper is to examine the Inflation Targeting (IT) framework as it is applied in the case of Brazil since its adoption in June 1999. For this purpose we first summarize the macroeconometric model utilized by the Central Bank of Brazil (BCB) in its pursuit of the IT framework. While the focus of this paper is on Brazil, we also examine the experience of other countries with IT (in particular, the BRIC countries: Brazil, Russia, India, and China), both for comparative purposes and for evidence of the extent of success of this 'new' economic policy pursued by other IT countries. In addition, we compare the experience of Brazil with IT and with that of non-IT countries. In the context of non-IT countries, we ask the question of whether it makes a difference in the fight against inflation whether a country has adopted IT or not. Finally, we examine some features of the Brazilian experience with IT regime.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.483465
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Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 25 (2011)
Issue (Month): 2 ()
Pages: 127-148

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Handle: RePEc:taf:irapec:v:25:y:2011:i:2:p:127-148
DOI: 10.1080/02692171.2010.483465
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References listed on IDEAS
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  1. Luis Miguel Galindo & Jaime Ros, 2008. "Alternatives to inflation targeting in Mexico," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 201-214.
  2. Luiz-Fernando De Paula & Antonio J. Alves, 2003. "Banking behaviour and the Brazilian economy after the Real Plan: The post-Keynesian approch," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 337-365.
  3. Axel A. Weber & Wolfgang Lemke & Andreas Worms, 2008. "How useful is the concept of the natural real rate of interest for monetary policy?," Cambridge Journal of Economics, Oxford University Press, vol. 32(1), pages 49-63, January.
  4. Alvaro Angeriz & Philip Arestis, 2008. "Assessing inflation targeting through intervention analysis," Oxford Economic Papers, Oxford University Press, vol. 60(2), pages 293-317, April.
  5. Philip Arestis & Malcolm Sawyer, 2008. "Are the European Central Bank and Bank of England Macroeconomic Models Consistent with the New Consensus in Macroeconomics?," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 11(2), pages 51-68, Winter.
  6. Reisen, Helmut & Grandes, Martín, 2005. "Exchange rate regimes and macroeconomic performance in Argentina, Brazil and Mexico," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
  7. Luiz Fernando de Paula, 2007. "FINANCIAL LIBERALISATION, EXCHANGE RATE REGIME AND ECONOMIC PERFORMANCE IN BRICs COUNTRIES," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 016, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  8. Alvaro Angeriz & Philip Arestis, 2007. "Assessing the Performance of 'Inflation Targeting Lite' Countries," The World Economy, Wiley Blackwell, vol. 30(11), pages 1621-1645, November.
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