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]
This 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.
|Date of creation:||07 Apr 2007|
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- 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,
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 01/31, International Monetary Fund.
- 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 116, Central Bank of Chile.
- Scott Roger & Mark R. Stone, 2005. "On Target? the International Experience with Achieving Inflation Targets," IMF Working Papers 05/163, International Monetary Fund.
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