Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121644
Authors: 
Martinez, Thiago Sevilhano
Year of Publication: 
2015
Series/Report no.: 
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 2055
Abstract (Translated): 
The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting deviation Contribution Index (ITCI), which is an enhanced version of the index presented in Martinez and Cerqueira (2013). ITCI is applied to a disaggregation by type of product of the National Consumer Price Index (IPCA), in three levels. The observed trends, particularly the recent rise in services inflation, are discussed in the light of the new-Keynesian literature on optimal monetary policy under sectorial heterogeneity in price rigidity.
Subjects: 
relative prices
optimal monetary policy
inflation targeting
inflation decomposition
IPCA
ITCI
JEL: 
E31
E52
E64
Document Type: 
Working Paper

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