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Business cycles, expectations and inflation in Brazil: A New-Keynesian Phillips curve analysis / Elano Ferreira Arruda, Maria Thalita Arruda Oliveira de Olivindo and Ivan Castelar.
- Format:
- Book
- Government document
- Author/Creator:
- Ferreira Arruda, Elano, author.
- Language:
- English
- Subjects (All):
- Economic and Social Development.
- Brazil.
- Local Subjects:
- Economic and Social Development.
- Brazil.
- Physical Description:
- 1 online resource (16 pages)
- Contained In:
- CEPAL Review Vol. 2018, no. 124, p. 143-158 2018:124<143 16840348
- Place of Publication:
- New York : United Nations, 2018.
- System Details:
- data file
- Summary:
- This article analyses Brazil's recent inflation dynamic, considering different expectations environments within the New-Keynesian Phillips curve framework, to observe how the potential for discretionary behaviour by the monetary authority can interfere in economic agents' forward-looking expectations, and how that interference can affect the way inflation responds to its inertial component and to business-cycle fluctuations. To that end, the study estimates the New-Keynesian Phillips curve and its hybrid version, using the heteroscedasticity-and-autocorrelation-consistent (HAC) estimator of the generalized method of moments (GMM). The results suggest that, when economic agents possess lower degrees of foresight, inflation will be more sensitive to business-cycle fluctuations the larger is its inertial component. Keywords
- Notes:
- Title from title screen (viewed May 1, 2017).
- Access Restriction:
- Restricted for use by site license.
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