Publication: Indexation, monetary accomodation and inflation in Brazil
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Language
eng
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Brasil
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1968-1979
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BR
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dARK
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Copyright Holder
Instituto de Pesquisa Econômica Aplicada (Ipea)
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Reproduction of this text and the data it contains is allowed as long as the source is cited. Reproductions for commercial purposes are prohibited.
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Discussion Paper 7 : Indexation, monetary accomodation and inflation in Brazil, Indexação, acomodação monetária e inflação no Brasil
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Abstract
O texto apresenta um modelo de indexação para taxas de câmbio e salário e desenvolve um modelo que permite estudar o comportamento da taxa de crescimento e da inflação em uma economia onde os salários são indexados com taxa inflacionária passada.
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This paper argues that between 1968 an 1979, due to indexation of exchange rates and wages, and because of monetary accommodation, the Brazilian inflation rate followed a random walk, while the real growth rate remained constant, except for uncorrelated shocks. Develops a model that permits to study the behavior of inflation and growth rates in an economy where wages are indexed to past inflation rates, purchasing power parity is guaranteed by a crawling peg, and where monetary authorities follow an accommodation rule. Concludes with the empirical evidence.