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This article examines the hysteresis hypothesis in the unemployment rates of Brazil and Chile using an LM unit root test with two endogenous breaks. The phenomenon is confirmed for both countries. However, the hysteresis hypothesis is able to account for only a small part of the unemployment...
Persistent link: https://www.econbiz.de/10009277323
The argument that capital account liberalization attenuates the time inconsistence problem in the conduction of monetary policy and thus, could improve the control of inflation, was tested for Brazil, in the short run, for different exchange rate regimes. The findings denote that a decrease in...
Persistent link: https://www.econbiz.de/10005435460