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Applied Economics Volume 39, 2007 - Issue 20
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Original Articles

Towards credibility from inflation targeting: the Brazilian experience

Helder de Mendonça Fluminese Federal University, Department of Economics and National Council for Scientific and Technological Development (CNPq), BrazilCorrespondence[email protected]
Pages 2599-2615 | Published online: 11 Apr 2011

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Read on this site (13)

Helder Ferreira de Mendonça & Natália Ferreira Trigo. (2024) What is the effect of imported inflation and central bank credibility on the poor and rich?. Applied Economics 56:21, pages 2520-2543.
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Helder Ferreira de Mendonça, José Simão Filho & Elder Tiago C. de Souza. (2023) Can central bank credibility promote a substitution effect in the monetary transmission mechanism?. Applied Economics 55:51, pages 5975-5990.
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Helder Ferreira de Mendonça & Eduardo Schirmer Finn. (2022) Can credibility offset electricity price effect on business confidence? An empirical investigation from a large emerging economy. Applied Economics 54:11, pages 1229-1242.
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Juan Camilo Galvis Ciro & Juan Camilo Anzoátegui Zapata. (2019) Disagreement in inflation expectations: empirical evidence for Colombia. Applied Economics 51:40, pages 4411-4424.
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Juan Camilo Galvis Ciro & Juan Camilo Anzoátegui Zapata. (2018) Announcements credibility and government securities: evidence from Colombia. Applied Economics Letters 25:4, pages 278-282.
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Nana Kwame Akosah, Ivy Acquaye & Francis White Loloh. (2017) Monetary policy credibility and macrodynamics: evidence from Ghana. Applied Economics Letters 24:21, pages 1567-1574.
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G. C. Montes & R. T. F. Nicolay. (2017) Does clarity of central bank communication affect credibility? Evidences considering governor-specific effects. Applied Economics 49:32, pages 3163-3180.
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Juan Camilo Galvis Ciro & Helder Ferreira de Mendonça. (2016) Inflation targeting credibility and sovereign risk: evidence from Colombia. Applied Economics Letters 23:14, pages 984-990.
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Helder Ferreira de Mendonça & Gabriela Elise Auel. (2016) The effect of monetary and fiscal credibility on public debt: empirical evidence from the Brazilian economy. Applied Economics Letters 23:11, pages 816-821.
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Helder Ferreira de Mendonça & Thiago Cacicedo. (2015) Size of government and economic growth in the largest Latin American country. Applied Economics Letters 22:11, pages 904-910.
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Helder Ferreira de Mendonça & Thiago Ramalho Vasco da Silva Lima. (2011) Macroeconomic Determinants of Investment under Inflation Targeting: Empirical Evidence from the Brazilian Economy. Latin American Business Review 12:1, pages 25-38.
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Philip Arestis, Fernando Ferrari‐Filho & Luiz Fernando de Paula. (2011) Inflation targeting in Brazil. International Review of Applied Economics 25:2, pages 127-148.
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Helder Ferreira de Mendonça & Rubens Teixeira da Silva. (2009) Fiscal effect from inflation targeting: the Brazilian experience. Applied Economics 41:7, pages 885-897.
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Articles from other publishers (65)

Gabriel Caldas Montes, Irineu da Silva Rodrigues Júnior, Júlio Cesar Albuquerque Bastos & Linican Monteiro Batista. (2022) Effects of monetary policy credibility and the open economy trilemma on monetary policy efficiency. International Journal of Finance & Economics 29:2, pages 1236-1258.
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Mehmet Öbekcan & Serdar Varlık. (2024) Merkez Bankası Kredibilitesi ve Makroekonomik Performans -Türkiye’den Kanıtlar-. Politik Ekonomik Kuram 8:1, pages 77-95.
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Helder Ferreira de Mendonça & Bruno Pires Tiberto. (2024) Are prudent monetary and fiscal policy drivers of FDI inflows?. Latin American Journal of Central Banking 5:1, pages 100120.
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Anuradha Patnaik. 2024. Reference Module in Social Sciences. Reference Module in Social Sciences.
Serdar VARLIK & Mehmet ÖBEKCAN. (2023) Ülke Risk Priminin Belirleyicisi Olarak Merkez Bankası Kredibilitesi: Türkiye’den KanıtlarCentral Bank Credibility as A Determinant of Sovereign Risk Premium: Evidence from Turkey. Bulletin of Economic Theory and Analysis 8:2, pages 128-155.
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Gabriel Caldas Montes & Raime Rolando Rodríguez Díaz. (2023) Do monetary policy credibility and disagreements in inflation and interest rate expectations affect business confidence? Evidence from an inflation targeting developing country. Journal of Money and Business 3:2, pages 159-183.
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Mark K. Armah. (2023) The effect of central bank credibility on economic growth and output volatility in inflation targeting regime. Journal of Social and Economic Development.
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Helder Ferreira de Mendonça & Cristiane Nascimento de Lima. (2023) Does central bank credibility from professional forecasters and consumers affect the interest rate and its expectations?. Journal of Economic Studies.
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Gabriel Caldas Montes & Victor Maia. (2023) The reaction of disagreements in inflation expectations to fiscal sentiment obtained from information in official communiqués. Bulletin of Economic Research 75:4, pages 828-859.
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Gabriel Caldas Montes & Igor Mendes Marcelino. (2022) Uncertainties and disagreements in expectations of professional forecasters: Evidence from an inflation targeting developing country. Journal of Forecasting 42:4, pages 937-956.
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Gabriel Caldas Montes & João Pedro Neves Maia. (2023) Who speaks louder, financial instruments or credit rating agencies? Analyzing the effects of different sovereign risk measures on interest rates in Brazil. The North American Journal of Economics and Finance, pages 101933.
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Helder Ferreira de Mendonça & Pedro Mendes Garcia. (2023) Effects of oil shocks and central bank credibility on price diffusion. International Review of Economics & Finance 84, pages 304-317.
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Juan Anzoátegui, Mateo Correa Jiménez & Carlos Andres Cardenas Quintero. (2023) Efectos de los desacuerdos en las expectativas de la tasa de interés intradía sobre los títulos de deuda pública: evidencia empírica para Colombia (Effects of Disagreements in Intraday Interest Rate Expectations on Public Debt Securities: Empirical Evidence for Colombia). SSRN Electronic Journal.
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Motilal Bicchal. (2022) Central bank credibility and its effect on stabilization. Economic Analysis and Policy 76, pages 73-94.
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Gabriel Caldas Montes & Paulo Henrique Lourenço Luna. (2022) Do fiscal opacity, fiscal impulse, and fiscal credibility affect disagreement about economic growth forecasts? Empirical evidence from Brazil considering the period of political instability and presidential impeachment. Review of Development Economics 26:4, pages 2356-2393.
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Gabriel Caldas Montes, Rodolfo Nicolay & Flavio Pereira. (2022) Does fiscal sentiment matter for sovereign risk?. The Quarterly Review of Economics and Finance 86, pages 18-30.
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Gabriel Caldas Montes & Vítor Manuel Araújo da Fonseca. (2022) Yield curve reactions to fiscal sentiment in Brazil. Journal of Financial Economic Policy 14:5, pages 651-673.
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Gabriel Caldas Montes & Natalia Teixeira de Hollanda Lima. (2022) Discretionary fiscal policy, fiscal credibility and inflation risk premium. The Quarterly Review of Economics and Finance 85, pages 208-222.
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Gabriel Caldas Montes & Fabiana da Silva Leite Nogueira. (2021) Effects of economic policy uncertainty and political uncertainty on business confidence and investment. Journal of Economic Studies 49:4, pages 577-602.
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Motilal Bicchal. 2022. Studies in International Economics and Finance. Studies in International Economics and Finance 73 96 .
Savas Gayaker, Erkan Ağaslan, Buket Alkan & Serkan Çiçek. (2021) The deterioration in credibility, destabilization of exchange rate and the rise in exchange rate pass-through in Turkey. International Review of Economics & Finance 76, pages 571-587.
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Serdar VARLIK & Tolga DAGLAROGLU. (2021) Merkez Bankası Kredibilitesinin Ölçümüne Alternatif Bir Yöntem Arayışı –Türkiye Cumhuriyet Merkez Bankası (TCMB) Örneği–. Akdeniz Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, pages 256-270.
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Helder Ferreira de Mendonça, Pedro Mendes Garcia & José Valentim Machado Vicente. (2021) Rationality and anchoring of inflation expectations: An assessment from survey‐based and market‐based measures. Journal of Forecasting 40:6, pages 1027-1053.
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Nimet VARLIK & Serdar VARLIK. (2021) MERKEZ BANKASI KREDİBİLİTESİNİN ENFLASYON ORANI ÜZERİNDEKİ ASİMETRİK ETKİSİ –TÜRKİYE ÖRNEĞİ–ASYMMETRIC EFFECT OF CENTRAL BANK CREDIBILITY ON INFLATION RATE: THE CASE OF TURKEY. Yönetim ve Ekonomi Araştırmaları Dergisi 19:2, pages 299-319.
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Gabriel Caldas Montes, José Américo Pereira Antunes & Alexei Ferreira Araújo. (2019) Effects of monetary policy and credibility on financial intermediation: evidence from the Brazilian banking sector. Empirical Economics 60:3, pages 1191-1219.
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Vinícius Medeiros MagnaniAntonio Daniel Ricardo CaluzRafael Confetti Gatsios & Fabiano Guasti Lima. (2021) The Relationship of Monetary and Fiscal Policy Credibility with the Stock Market Volatility in a Developing Country. Global Business Review, pages 097215092098251.
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Juan Camilo Anzoátegui-Zapata & Juan Camilo Galvis-Ciro. (2020) Disagreements in Consumer Inflation Expectations: Empirical Evidence for a Latin American Economy. Journal of Business Cycle Research 16:2, pages 99-122.
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Carlos Delgado, Iván Araya & Gabriel Pino. (2019) Business cycle synchronization: is it affected by inflation targeting credibility?. SERIEs 11:2, pages 157-177.
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Ruttachai Seelajaroen, Pornanong Budsaratragoon & Boonlert Jitmaneeroj. (2019) Do monetary policy transparency and central bank communication reduce interest rate disagreement?. Journal of Forecasting 39:3, pages 368-393.
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Gabriel Caldas Montes & Caio Ferrari Ferreira. (2020) Does monetary policy credibility mitigate the fear of floating?. Economic Modelling 84, pages 76-87.
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Helder Ferreira de Mendonça & André Filipe Guedes Almeida. (2018) Importance of credibility for business confidence: evidence from an emerging economy. Empirical Economics 57:6, pages 1979-1996.
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Gabriel Caldas Montes & Caio Ferrari Ferreira. (2018) Does monetary policy credibility mitigate the effects of uncertainty about exchange rate on uncertainties about both inflation and interest rate?. International Economics and Economic Policy 16:4, pages 649-678.
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Gabriel Caldas Montes & Caio Ferrari Ferreira. (2019) Effect of monetary policy credibility on the fear of floating: Evidence from Brazil. Journal of Policy Modeling 41:5, pages 981-1004.
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Gabriel Caldas Montes, Rodolfo Tomás da Fonseca Nicolay & Tatiana Acar. (2019) Do fiscal communication and clarity of fiscal announcements affect public debt uncertainty? Evidence from Brazil. Journal of Economics and Business 103, pages 38-60.
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Gabriel Montes, Ana Jordânia de Oliveira & Rodolfo Nicolay. (2019) Empirical Evidence on the Relation between Fiscal Credibility and Central Bank Credibility: The Brazilian case. Estudos Econômicos (São Paulo) 49:1, pages 105-129.
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Isabelle Salle, Marc-Alexandre Sénégas & Murat Yıldızoğlu. (2018) How transparent about its inflation target should a central bank be?. Journal of Evolutionary Economics 29:1, pages 391-427.
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Juan Camilo Galvis Ciro & Juan Camilo Anzoategui-Zapata. (2019) Efectos de los anuncios de política monetaria y la credibilidad sobre las expectativas de inflación: evidencia para Colombia. Apuntes del Cenes 38:67, pages 73-94.
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Helder Ferreira de Mendonça & Diogo Martins Esteves. (2018) Monetary authority's transparency and income inequality. Review of Development Economics 22:4.
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Helder Ferreira de Mendonça. (2018) Credibility and Inflation Expectations: What we can tell from seven emerging economies?. Journal of Policy Modeling 40:6, pages 1165-1181.
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Grégory Levieuge, Yannick Lucotte & Sébastien Ringuedé. (2018) Central bank credibility and the expectations channel: evidence based on a new credibility index. Review of World Economics 154:3, pages 493-535.
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Marcos V. N. Montes & Ricardo Ramalhete Moreira. 2018. Advances in Time Series Data Methods in Applied Economic Research. Advances in Time Series Data Methods in Applied Economic Research 25 51 .
Juan Camilo Galvis Ciro & Helder Ferreira de Mendonça. (2016) Effect of credibility and reputation on discretionary fiscal policy: empirical evidence from Colombia. Empirical Economics 53:4, pages 1529-1552.
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Gabriel Caldas Montes & Alexandre Curi. (2017) Disagreement in expectations about public debt, monetary policy credibility and inflation risk premium. Journal of Economics and Business 93, pages 46-61.
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Helder Ferreira de Mendonça & Bruno Pires Tiberto. (2017) Effect of credibility and exchange rate pass-through on inflation: An assessment for developing countries. International Review of Economics & Finance 50, pages 196-244.
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Helder Ferreira de Mendonça & Igor da Silva Veiga. (2017) The open economy trilemma in Latin America: A three‐decade analysis. International Finance 20:2, pages 135-154.
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Claudio Oliveira De Moraes & Helder Ferreira de Mendonça. (2017) The bridge between macro and micro banking regulation. Journal of Economic Studies 44:2, pages 214-225.
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Gustavo José de Guimarães e Souza, Helder Ferreira de Mendonça & Joaquim Pinto de Andrade. (2016) Inflation targeting on output growth: A pulse dummy analysis of dynamic macroeconomic panel data. Economic Systems 40:1, pages 145-169.
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Gabriel Caldas Montes & Rodolfo Tomás da Fonseca Nicolay. (2015) Central bank’s perception on inflation and inflation expectations of experts. Journal of Economic Studies 42:6, pages 1142-1158.
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Helder Ferreira de Mendonça & Felipe Santos Tostes. (2014) The Effect of Monetary and Fiscal Credibility on Exchange Rate Pass-Through in an Emerging Economy. Open Economies Review 26:4, pages 787-816.
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Gabriel Caldas Montes & Julio Cesar Albuquerque Bastos. (2014) Effects of reputation and credibility on monetary policy: theory and evidence for Brazil. Journal of Economic Studies 41:3, pages 387-404.
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Gabriel Caldas Montes & Gabriel Barros Tavares Peixoto. (2014) Risk-taking channel, bank lending channel and the “paradox of credibility”. Economic Modelling 39, pages 82-94.
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Gabriel Caldas Montes & Caroline Cabral Machado. (2013) Credibility and the credit channel transmission of monetary policy theoretical model and econometric analysis for Brazil. Journal of Economic Studies 40:4, pages 469-492.
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Gabriel Caldas Montes & Júlio Cesar Albuquerque Bastos. (2013) Economic policies, macroeconomic environment and entrepreneurs' expectations. Journal of Economic Studies 40:3, pages 334-354.
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Helder Ferreira de Mendonça & Karine Alves de Siqueira Galveas. (2013) Transparency and inflation: What is the effect on the Brazilian economy?. Economic Systems 37:1, pages 69-80.
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Gabriel Caldas Montes. (2013) Credibility and monetary transmission channels under inflation targeting: An econometric analysis from a developing country. Economic Modelling 30, pages 670-684.
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Helder Ferreira de Mendonça & Marcelo Rangel Machado. (2013) Public debt management and credibility: Evidence from an emerging economy. Economic Modelling 30, pages 10-21.
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Gabriel Caldas Montes & Bruno Pires Tiberto. (2012) Macroeconomic environment, country risk and stock market performance: Evidence for Brazil. Economic Modelling 29:5, pages 1666-1678.
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Helder Ferreira de Mendonça & Gustavo José de Guimarães e Souza. (2012) Is inflation targeting a good remedy to control inflation?. Journal of Development Economics 98:2, pages 178-191.
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Helder Ferreira de Mendonça & Marcio Pereira Duarte Nunes. (2011) Public debt and risk premium. Journal of Economic Studies 38:2, pages 203-217.
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Helder Ferreira de Mendonça & Manoel Carlos de Castro Pires. (2010) Gradualism in monetary policy and fiscal equilibrium. Journal of Economic Studies 37:3, pages 327-342.
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Helder Ferreira de Mendonça & Renato Falci Villela Loures. (2009) Market discipline in the Brazilian banking industry: an analysis for the subordinated debt holders. Journal of Regulatory Economics 36:3, pages 286-307.
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Helder Ferreira de Mendonça & Gustavo José de Guimarães e Souza. (2009) Inflation targeting credibility and reputation: The consequences for the interest rate. Economic Modelling 26:6, pages 1228-1238.
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Helder Ferreira de Mendonça. (2009) Output‐inflation and unemployment‐inflation trade‐offs under inflation targeting. Journal of Economic Studies 36:1, pages 66-82.
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Grrgory Levieuge, Yannick Lucotte & SSbastien Ringuedd. (2015) Central Bank Credibility and the Expectations Channel: Evidence Based on a New Credibility Index. SSRN Electronic Journal.
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Grrgory Levieuge, Yannick Lucotte & SSbastien Ringuedd. (2015) Central Bank Credibility and the Expectations Channel: Evidence Based on a New Credibility Index. SSRN Electronic Journal.
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