Suchergebnisse

This paper evaluates the inertial hypothesis for Brazil which posits that indexation created a feedback mechanism such that one-time supply shocks were fully transmitted into permanent changes in inflation. A theoretical model is used to show that this outcome is based on the assumption of perfect price flexibility. (DSE/DÜI)

In this article the authors attempt to show that the gradual process of indexation which results from inflationary dynamics may account for the reduction in the dispersion of relative prices. They develop a model relating the length of adjustment periods, indexation and price responses. Next they look at the evidences for constraints on the behavior of relative wages in Brazil. The paper concludes with a discussion of the efficiency of price freezes as a stabilization strategy

Em artigo publicado nesta revista em 1996 assumiu-se a tese de que o objetivo da Unidade Real de Valor era induzir a economia brasileira a sincronizar os reajustes de precos no periodo pre-estabilizacao. A URVerizacao da economia brasileira seria tao funcional quanto e a dolarizacao que normalmente ocorre em processos inflacionarios mais intensos. Contudo, mostrou-se, no referido artigo, que o processo tentado no Brasil nao cumpriu o papel que a dolarizacao espontanea tem cumprido nas economias contaminadas por processos inflacionarios agudos. Neste artigo, por outro lado, demonstra-se que o dolar, na Argentina, no periodo anterior a implementacao do Plano Cavallo, desempenhou eficientemente a funcao pretendida pela URV. (Rev Econ Polit/DÜI)

This paper argues that in controlling public prices the Brazilian government gets into a trap: The control does not reduce inflation as expected in the first term, and it activates factors that will increase it later on. The analysis is developed for government administered prices in the area of energy, and it employs an input-output model that takes into account the direct and indirect impacts of price changes. When public prices are reduced, the impact on the inflation is small. But, since this creates financial difficulties for the public companies, they will either demand government resources or price appreciation later on, to the effect to increase inflation more than proportionally in the future. (Rev Econ Polit/DÜI)

O artigo discute o problema da estabilizacao em economias de "alta inflacao", termo cunhado para caracterizar a situacao vivida especialmente por economias latino-americanas na ultima decada. Para o autor, o debate recente sobre estabilizacao, ao privilegiar o estabelecimento de uma ancora para os precos, desprezou a funcao de sinalizadores de precos que podia ser cumprida pelas politicas de rendas, utilizadas com sucesso em varios paises. (Novos Estud CEBRAP/DÜI)