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Chapter 2: Brazil: Taming inflation expectations
Afonso Bevilaqua, Mário Mesquita and André Minella discuss the conduct of monetary policy in Brazil. The authors assess the convergence of inflation and inflation expectations to the targets after the confidence crisis of 2002. The analysis covers the ensuing disinflation period and economic recovery, as well as the consolidation of disinflation in 2005 06. It is argued that the conduct of monetary policy and the overall improvement in macroeconomic fundamentals have contributed to creating a more stable, predictable macroeconomic environment, evidenced by a reduction in inflation uncertainty. Furthermore, the econometric analysis reported in the chapter underscores the critical role played by the inflation targets as “attractors” for expectations.
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The complete text of edition of Monetary policies and inflation targeting in emerging economies is available from:
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Additional information
Further information can be obtained from the Brazil, South America and Indonesia Desk at the OECD Economics Department at ECO.Contact@oecd.org
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