Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/91375
Authors: 
Sachsida, Adolfo
Mendonça, Mario Jorge
Medrano, Luis Alberto
Year of Publication: 
2011
Series/Report no.: 
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1661
Abstract (Translated): 
We estimate the Phillips curve with an exchange rate shock to the Brazilian economy. Besides panel data, we estimate the Phillips curve by time series methodology, including Bayesian techniques and Smoothing Transition Regressions (STR) model. The econometric results show three important conclusions: a) we test and confirm the Blanchard and Gali (2007) restrictions over the sum of the coefficients associated with inflation; b) the coefficient associated to the expectation of inflation is greater than the coefficient associated with past inflation (which is in contrast with previous studies to the Brazilian economy); and c) in the short-run both the unemployment rate and the exchange rate shock are not important determinants of current inflation.
JEL: 
E31
E24
C33
Document Type: 
Working Paper

Files in This Item:
File
Size
617.23 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.