In recent years, Brazilian economic performance has been influenced by increasingly volatile financial flows and episodes of capital flight, which have occurred mainly due to external events, out of control or influence of the domestic monetary authorities. This paper aims to measure the...

This paper analyzes the relation between monetary policy and economic performance in Brazil during the period 1999-2006. In particular, it discusses the growth effects of the inflation targeting regime through its effects on aggregate demand. It is argued that monetary policy under IT reacts in...

Exchange rates, savings and productivity: short and long-term impacts - The objective of this paper is to analyze, from a theoretical point of view, the relation between real exchange rates and economic development. The main hypothesis is very much in line with the Dutch disease literature and...