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An Evaluation of the Tolerant to Higher Inflation Rate in the Short Run by the Brazilian Central Bank in the Period 2001-2012

Tito Belchior Silva Moreira

出版	SSRN, 2013
URL	http://books.google.com.hk/books?id=mPcSzwEACAAJ&hl=&source=gbs_api

註釋

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 following empirical evidences: i) the term of Henrique Meirelles was less tolerant to higher inflation rates when comparing with the mandate of Armínio Fraga and ii) the Alexandre Tombini's administration is more tolerant to the inflation rate in the short run than Armínio Fraga's.