A Simple Model for Inflation in Brazil
Based on a 6 equation model by Haldane and Battini (1999), we estimated a Phillips and anIS equations for Brazil after the Real Plan, in order to study the transmission mechanism ofthe monetary policy. The results show that interest rate affects output gap with a lag of onequarter and output is positively related to inflation with a one lag only. The devaluation ofthe nominal exchange rate has also a contemporaneous effect on inflation. We also madestochastic simulations in order to
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