The Trade-off between inflation and economic activity in Brazil

Maka, Alexis; Barbosa Filho, Fernando de Holanda

Publication:
The Trade-off between inflation and economic activity in Brazil

dc.contributor.author	Maka, Alexis
dc.contributor.author	Barbosa Filho, Fernando de Holanda
dc.coverage.spatial	Brasil	pt_BR
dc.coverage.temporal	1996-2015	pt_BR
dc.date.accessioned	2017-11-27T18:46:32Z
dc.date.available	2017-11-27T18:46:32Z
dc.date.issued	2017-11
dc.date.portal	2017-11
dc.description.abstract	This paper contrasts empirically four leading models of inflation dynamics – the accelerationist Phillips curve (APC), the new Keynesian Phillips curve (NKPC), the hybrid Phillips curve (HPC), and the sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve specification that allows us to derive tests for these models within a single framework. According to the generalized method of moments (GMM) estimator, the evidence suggests that the restrictions implied by the NKPC, HPC and SIPC are rejected for the period after the Real Plan in Brazil. Only the restrictions implied by the APC are not rejected. However, when we construct confidence regions that are robust to weak instruments, it is not possible to reject any of the Phillips curve specifications, including the NKPC.	pt_BR
dc.description.other	Série monográfica: Discussion Paper ; 229	pt_BR
dc.description.other	19 p. : il.	pt_BR
dc.description.other	Possui referências bibliográficas	pt_BR
dc.description.other	Possui apêndice	pt_BR
dc.identifier.uri	http://repositorio.ipea.gov.br/handle/11058/8168
dc.language.iso	por	pt_BR
dc.location.country	BR	pt_BR
dc.publisher	Instituto de Pesquisa Econômica Aplicada (Ipea)	pt_BR
dc.rights	Acesso Aberto	pt_BR
dc.rights.holder	Instituto de Pesquisa Econômica Aplicada (Ipea)	pt_BR
dc.rights.license	Reproduction of this text and the data it contains is allowed as long as the source is cited. Reproductions for commercial purposes are prohibited.	pt_BR
dc.rights.type	Licença Comum	pt_BR
dc.subject.keyword	Phillips curves	pt_BR
dc.subject.keyword	Weak instruments	pt_BR
dc.subject.keyword	Fully robust confidence regions	pt_BR
dc.subject.vcipea	Inflação	pt_BR
dc.subject.vcipea	Desenvolvimento Econômico	pt_BR
dc.title	The Trade-off between inflation and economic activity in Brazil	pt_BR
dc.title.alternative	Discussion Paper 229 : The Trade-off between inflation and economic activity in Brazil	pt_BR
dc.title.alternative	A dinâmica entre inflação e atividade econômica no Brasil	pt_BR
dc.type	Working paper	pt_BR
dspace.entity.type	Publication
ipea.classification	Economia. Desenvolvimento Econômico	pt_BR