In this study, we will perform a simulation exercise to investigate whether the use of explicit fiscal rules improves the macroeconomic performance in the economic framework of the European Union (EU), where the fall in income levels occurred very asymmetrically, and this has accentuated the...

First paragraph: In a paper presented at the 8th Annual Conference of the Brazilian Society for Political Economy, in June 2003, Victoria Chick (2004: 3) wrote: »There are many pleasures attached to being in Brazil, but one of the chief intellectual pleasures is that Brazil is still a centre of...

The purpose of this paper is to examine inflation targeting (IT) in emerging countries by concentrating essentially on the case of Brazil. The IT monetary policy regime has been adopted by a significant number of countries. While the focus of this paper is on Brazil, which began inflation...