English, Article, Journal or magazine article edition: Inflation Targeting in Brazil: Constructing Credibility Under Exchange Rate Volatility André Minella; Paulo Springer de Freitas; Ilan Goldfajn; ...

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Bookmark: http://trove.nla.gov.au/version/124687
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Inflation Targeting in Brazil: Constructing Credibility Under Exchange Rate Volatility
Author
  • André Minella
  • Paulo Springer de Freitas
  • Ilan Goldfajn
  • Marcelo Kfoury Muinhos
Physical Description
  • preprint
Notes
  • This paper assesses the challenges faced by the inflation-targeting regime in Brazil. The confidence crisis in the future performance of the Brazilian economy and the increase in risk aversion in international markets were responsible for a sudden stop of capital inflows in 2002 that caused a significant depreciation of the exchange rate. The inflation-targeting framework has played a critical role in macroeconomic stabilization. We stress two important challenges: construction of credibility and exchange rate volatility. The estimations indicate the following results: i) the inflation targets have worked as an important coordinator of expectations; ii) the Central Bank has reacted strongly to inflation expectations; iii) there has been a reduction in the degree of inflation persistence; and iv) the exchange rate pass-through for "administered or monitored" prices is two times higher than for "market" prices.
  • RePEc:bcb:wpaper:77
  • RePEc:anp:en2003:b26
Language
  • English
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