Juros, câmbio e o sistema de metas de inflação no Brasil

Bibliographic Data

ID4368844
AuthorsFranklin Serrano (0000-0002-9981-9029, Universidade Federal do Rio de Janeiro, corresponding author)
Year2010
Volume30
Issue1
Pages63-72
Publication date2010-03-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueBrazilian Journal of Political Economy (JOURNAL)
Journal identifiersISSN: 0101-3157 • E-ISSN: 1809-4538
PublisherFapUNIFESP (SciELO) (PUBLISHER)
DOI10.1590/s0101-31572010000100004
OpenAlexW1973753996
SCIELO_PIDS0101-31572010000100004
LanguagePT
Citations received5
References cited4

Interest rate, exchange rate and the system of inflation target in Brazil. In the consensus view of the Brazilian system of inflation targeting, the core of inflation is due to demand shocks; the rate of interest is set to control demand; and some variation in the exchange rate happens as "collateral damage". In this note we argue that in reality core inflation comes from cost push; the interest rate affects the exchange rate; changes in the exchange rate affect costs and prices; it is the effect of interest rates on demand that is the "collateral damage" and that the long run anchor of the system is low average real wage rigidity

Collateral · Core inflation · Economics · Exchange rate · Inflation (cosmology · Inflation targeting · Interest rate · International Fisher effect · Monetary economics · Monetary policy · Nominal interest rate · Real interest rate · Economic Theory and Policy · Finance · Global Financial Crisis and Policies · Monetary Policy and Economic Impact

Tools

Open DOISci-HubOpen Access