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In this paper, we extend Surico's (2007a) model to an open economy and test if the Brazilian Central Bank's loss function is asymmetric with regard to positive and negative deviations of the output gap and of the inflation rate from its target. Furthermore, we use tests for structural breaks to...
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Brazil arising from this policymaker's uncertainties about the effects of the output gap on inflation. Theoretically, we … about the slope in the Phillips curve implied nonlinearities in the Central Bank of Brazil's reaction function; (ii) we … gap in Meirelles-Tombini's administration; and (iv) the Central Bank of Brazil has also reacted to the exchange rate in …
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We examine the degree and sources of disagreement between the Federal Open Market Committee (FOMC) and the Federal Reserve's (Fed's) staff about the appropriate policy rate for the period 1987-2011. For that purpose, we compute a counterfactual interest rate for the Fed's staff , based on its...
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The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a stylized macro model of Howitt (1992) to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous...
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