This paper presents the first results of an ongoing project aimed at building and putting into operation a dynamic stochastic general equilibrium (DSGE) model for Brazil. The model is based on Smets and Wouters (2003) and Christiano ET AL.(2005), to which we add features that are typical of...

We estimate a DSGE model for Brazil that includes both anticipated and unanticipated fiscal shocks. The model contains a relatively detailed public sector, which allows us to investigate the effects of anticipation for a much wider array of fiscal instruments than previously considered in the...

In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...

This paper analyzes the Brazilian case, the transient conditions of employment levels and income distribution in the country, using micro data from the Monthly Employment Survey (PME) produced by the Brazilian Institute of Geography and Statistics (IBGE) to assess the effects of macroeconomic...