This paper studies the determination of the surpluses of the Brazilian central government. For quarterly data from 1996 through 2011, the empirical strategy included: i) structural break models and nonlinear estimates on the level of public debt, to handle the inertia after 1999, for high levels...

This paper investigates the relationship between interest rate and volatility of real effective exchange rate in Brazil. Through a simultaneous multivariate GARCH model, which allows estimating equations for the mean and variance in a single stage, it was observed that: it’s not possible to...

This article presents some estimates for the Non Accelerating Inflation Rate of Unemployment (NAIRU) using Brazilian data. The NAIRU is estimated using both IBGE and DIEESE data. The results show a linear Phillips curve for Brazil, and they are in line with the acceleration of inflation during...