Credibilidade da Política Monetária e a Previsão do Trade-off entre Inflação e Desemprego: Uma Aplicação para o Brasil

Helder Ferreira de Mendonça () and Marco Antonio Loureiro dos Santos
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Marco Antonio Loureiro dos Santos: Banco BBM

Economia, 2006, vol. 7, issue 2, pages .293-306

Abstract: This paper evaluates, as proposed by Laxton and N’Diaye (2002), if the consideration of a measure of monetary policy credibility in the forecast of the Brazilian Phillips Curve, after the introduction of inflation targeting, implies an improvement. The findings denote that the use of a measure of monetary policy credibility for the Brazilian economy can provide a statistical model with a forecast quality for unemployment-inflation trade-off better than models of inflation that consider a stable relation between inflation expectations and inflation.

Keywords: Credibilidade; Trade-Off entre Inflação e Desemprego; Metas para Inflação Bank; Fear of Floating (search for similar items in EconPapers)
JEL-codes: E31 E52 (search for similar items in EconPapers)
Date: 2006

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