Título: | INFLATION PERSISTENCE IN BRAZIL: AN ANALYSIS OF INFLATION INERTIA VARIATION IN THE LAST DECADE | ||||||||||||
Autor: |
JULIO MENDES LIBERGOTT |
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Colaborador(es): |
CARLOS VIANA DE CARVALHO - Orientador |
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Catalogação: | 15/MAI/2018 | Língua(s): | PORTUGUESE - BRAZIL |
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Tipo: | TEXT | Subtipo: | THESIS | ||||||||||
Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=33884&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=33884&idi=2 |
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DOI: | https://doi.org/10.17771/PUCRio.acad.33884 | ||||||||||||
Resumo: | |||||||||||||
Persistence is one of the main determinants of the inflation dynamics in Brazil. It is especially important because it affects the cost of bringing inflation back to its target. In this work, we analyze the variation of inflation inertia in Brazil during the past decade. We present a desegregated view of inflation with a focus on market, tradables and non-tradables prices using autoregressive models and a hybrid New Keynesian Phillips curve. We add a credibility proxy to the traditional model to reduce the omitted-variable bias problem in our estimations. Our models reveal an increase of inflation inertia in all the investigated sectors throughout the past decade. We also find a reduction of inflation persistence in the last three years, especially on the non-tradables sector.
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