What drives inflation expectations in Brazil? An empirical analysis

References

• Alessina , A and Summers , L . 1993 . Central bank independence and macroeconomic performance: some comparative evidence . Journal of Money, Credit and Banking , 25 : 151 – 62 .
   Web of Science ®Google Scholar
• Andolfatto , D , Hendry , S and Moran , K . 2005 . Are inflation expectations Rational? , Université Laval . (unpublished)
   Google Scholar
• Bernanke , BS and Woodford , M . 1997 . Inflation forecasts and monetary policy . Journal of Money, Credit and Banking , 29 : 653 – 84 .
   Web of Science ®Google Scholar
• Blanchard , O . “ Fiscal Dominance and Inflation Targeting: Lessons from Brazil ” . In National Bureau of Economic Research (NBER) Working Paper No. 10389 Cambridge, Massachusetts
   Google Scholar
• Bogdanski , J , de Freitas , PS , Goldfajn , I and Tombini , A . 2001 . “ Inflation targeting in Brazil: shocks ” . In backward looking prices, and IMF conditionality , Working Paper Series No. 110 Santiago : Central Bank of Chile .
   Google Scholar
• Calvo , G . 1983 . Staggered prices in a utility maximizing framework . Journal of Monetary Economics , 3 : 383 – 98 .
   Web of Science ®Google Scholar
• Campêlo , AK and Cribari-Neto , F . 2003 . Inflation inertia and inliers: the case of Brazil . Revista Brasileira de Economia, Fundaçao Getulio Vargas , 57 : 713 – 19 .
   Google Scholar
• Cardoso , E . 1991 . From Inertia to Megainflation: Brazil in the 1980s in Lessons of Economic Stabilization and Its Aftermath , Edited by: Bruno , M , Fischer , S , Helpman , E , Liviatan , N and Meridor , L . 143 – 77 . Cambridge, MA : MIT Press .
   Google Scholar
• Cati , RC , Garcia , M and Perron , P . 1999 . Unit roots in the presence of abrupt governmental interventions with an application to Brazilian data . Journal of Applied Econometrics , 14 : 27 – 56 .
   Web of Science ®Google Scholar
• Celasun , O , Gelos , RG and Prati , A . 2004a . Obstacles to disinflation: what is the role of fiscal expectations? . Economic Policy , 19 : 441 – 81 .
   Google Scholar
• Celasun , O , Gelos , RG and Prati , A . 2004b . Would ‘cold Turkey’ work in Turkey? . IMF Staff Papers , 51 : 493 – 509 .
   Google Scholar
• Charemza , W , Hrsitova , D and Burridge , P . 2005 . Is inflation stationary? . Applied Economics , 37 : 901 – 03 .
   Web of Science ®Google Scholar
• Corbo , V , Landerretche , O and Schmidt-Hebbel , K . 2001 . Assessing inflation targeting after a decade of world experience . International Journal of Finance and Economics , 6 : 343 – 68 .
   Web of Science ®Google Scholar
• Cukierman , A . 1992 . Central Bank Strategy, Credibility, and Independence: Theory and Evidence , Cambridge, Massachusetts : MIT Press .
   Google Scholar
• Drudi , F and Prati , A . 2000 . Signaling fiscal regime sustainability . European Economic Review , 44 : 1897 – 930 .
   Web of Science ®Google Scholar
• Dornbusch , RW and Simonsen , MH . 1987 . “ Inflation Stabilization with Incomes Policy Support: A Review of the Experience in Argentina, Brazil and Israel ” . In National Bureau of Economics Research (NBER) Working Paper No. 2153 Cambridge, Massachusetts
   Google Scholar
• Fraga , A , Goldfajn , I and Minella , A . 2003 . “ Inflation targeting in emerging market economies ” . In National Bureau of Economic Research (NBER), Working Paper No. 10019 Cambridge, Massachusetts
   Google Scholar
• Gali , J and Gerter , M . 1999 . Inflation dynamics: a structural econometric analysis . Journal of Monetary Economics , 44 : 195 – 222 .
   Web of Science ®Google Scholar
• Goldfajn , I and Guardia , ER . 2003 . Fiscal rules and debt sustainability in Brazil , Banco Central do Brasil Technical Notes No. 39 Brasilia
   Google Scholar
• Jácome , L and Vázquez , F . 2005 . Any link between legal central bank independence and inflation? Evidence from Latin America and the Caribbean , IMF Working Paper No. 05/75 Washington : International Monetary Fund .
   Google Scholar
• Johansen , S . 1988 . Statistical analysis of cointegration vectors . Journal of Economic Dynamics and Control , 12 : 231 – 54 .
   Web of Science ®Google Scholar
• Johansen , S . 1992 . Cointegration in partial systems and the efficiency of single-equation analysis . Journal of Econometrics , 52 : 389 – 402 .
   Web of Science ®Google Scholar
• Johansen , S and Juselius , K . 1990 . Maximum likelihood estimation and inference on cointegration–with applications to the demand for money . Oxford Bulletin of Economics and Statistics , 52 : 169 – 210 .
   Web of Science ®Google Scholar
• Mikek , P . 2004 . Inflation targeting and switch of fiscal regime in New Zealand . Applied Economics , 36 : 165 – 72 .
   Web of Science ®Google Scholar
• Minella , A , de Freitas , PS , Goldfajn , I and Muinhos , MK . 2003 . Inflation targeting in Brazil: constructing credibility under exchange rate volatility . Journal of International Money and Finance , 22 : 1015 – 40 .
   Web of Science ®Google Scholar
• Mishkin , FS . 2004 . Can inflation targeting work in emerging market countries? Festschrift in Honor of Guillermo Calvo
   Google Scholar
• Novaes , A . 1993 . Revisiting the inertial inflation hypothesis for Brazil . Journal of Development , 42 : 89 – 100 .
   Google Scholar
• Ouliaris , S and Corbae , PD . 2005 . Extracting Cycles from Nonstationary Data, forthcoming, Frontiers of Analysis and Applied Research: Essays in honor of Peter C. B. Phillips , Cambridge University Press .
   Google Scholar
• Reisen , V , Cribari-Neto , F and Jensen , M . 2003 . Long memory inflationary dynamics: the case of Brazil . Studies in Nonlinear Dynamics & Econometrics , 7 : 89 – 110 .
   Web of Science ®Google Scholar
• Rogoff , K . 2003 . Globalization and global disinflation Paper Prepared for the Federal Reserve Bank of Kansas conference on ‘Monetary Policy and Uncertainty: Adapting to a Changing Economy’
   Google Scholar
• Sargent , T and Wallace , N . 1986 . “ Some unpleasant monetarist arithmetic, in ” . In Rational Expectations and Inflation , New York : Harper & Row .
   Google Scholar
• Tekin-Koru , A and Özmen , E . 2003 . Budget deficits, money growth and inflation: the Turksih evidence . Applied Economics , 35 : 591 – 96 .
   Web of Science ®Google Scholar
• Yoon , G . 2003 . The time series behavior of Brazilian inflation rate: new evidence from unit root tests with good size and power . Applied Economics Letters , 10 : 627 – 31 .
   Web of Science ®Google Scholar