This article investigates the degree of tolerance to higher inflation rates in the short run by the presidents of the Brazilian Central Bank in the period 2001-2012. We used monthly data and various specifications of the Taylor rule were estimated via GMM. In general, the results show the...

We tested, empirically, whether the Brazilian fiscal policy for the period between 1995: I to 2008: III was active or passive. To analyze fiscal policy transmission mechanisms, we estimated functions by which the public debt/GDP ratio affects investment, primary surplus, output gap and the...