Regarding the importance of fiscal policy in smoothing the impact of shocks such as the international financial and economic crises, the paper analyzes the sustainability of the Brazilian fiscal policy by taking into consideration the possibility of multiple endogenous structural breaks on the...

We construct a dynamic general equilibrium model, calibrated to the Brazilian economy, in which a fraction of the firms set prices one quarter in advance. The artificial economy simulations generate series consistent with real data and with a typical estimation of a structural...