Der Autor gibt einen Literaturüberblick zur Fisher-Gleichung, wonach die nominelle Nettoverzinsung der Steuern der Inflationserwartung plus der realen Verzinsung entspricht, und testet das Modell anhand brasilianischer Daten aus den Jahren 1973-1990. Er kommt zu dem Ergebnis, daß in Zeiten...

Two elements played key roles in differentiating the Brazilian case of inflation from the classical hyperinflations: indexation and the provision of a reliable domestic currency substitute, i.e. the provision of liquidity to interest-bearing assets. This paper claims that the existence of this...

Unlike common wisdom, sterilized FX purchases under inflation targeting, i.e., those that keep the interest rate at the level targeted by the central bank, generally increase aggregate demand. We resort to a simple model with a credit channel to argue that FX purchases, by funding bank credit,...