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Inflation targeting in Brazil: shocks, backward-looking prices, and IMF conditionality
In mid-January 1990, Brazil abandoned its crawling exchange rate band. Surprisingly enough, the country's economic performance in the aftermath of this episode was much better than expected, given the performance of other emerging market economies after a move toward floating. Despite the large ...
Indexation of public debt: analytical considerations and an application to the case of Brazil
Since the implementation of the Real Plan of 1994, the Brazilian economy has been in the process of reducing its degree of indexation. For more than three decades, Brazilian wages, rents, financial securities, and other contracts were indexed to the price level. The frequency of adjustment sometimes ...