Interaction between fiscal and monetary policy in a dynamic nonlinear model

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

No mutations found in exons of TP53, H-RAS and K-RAS genes in liver of male Wistar rats submitted to a medium-term chemical carcinogenesis assay

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The Real Plan: Stabilization and destabilization

The paper analyzes Brazil's Real Plan, an exchange-rate based stabilization program, implemented in 1994, which mixed a spectacular price stabilization with some serious macroeconomic destabilization. The paper focuses on two of these imbalances: the consumption boom and the financial destabilization; showing that the former represented nothing the reverse side of a collapsed investment boom, which, in turn, led to the financial (banking) crisis. We hold that these instabilities were produced by a policy arrangement in which monetary and fiscal policies alone had to compensate for a largely appreciated, almost fixed, exchange rate anchor. (C) 2000 Elsevier Science Ltd. All rights reserved.

A crise econômica no Japão após os anos 90

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Política fiscal e restrições tributárias: aspectos práticos dos efeitos restritivos tributários sobre a atividade econômica

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Moeda e política monetária: duas visões

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Inserção econômica intermediária e vulnerabilidade externa no Brasil dos anos 1920

Pós-graduação em História - FCLAS

Sistema de Informação Geográfica e a contaminação por agrotóxicos no meio ambiente da cana-de-açúcar na bacia hidrográfica do Rio Pardo - SP/MG

Pós-graduação em Geografia - IGCE

Crise financeira: o caso japonês

This paper aims to analyze the experience of Japan after the collapse of speculative bubbles in assets and the banking crisis in the 1990s. An analysis about the effectiveness of fiscal and monetary policy is conducted and the measures taken with respect to the banking sector are also discussed in this paper. The Japanese financial crisis experience suggests that the nature, speed and order in which the government implements measures determine, in large part, the magnitude and cost of the crisis. Therefore, in hindsight, it can be said that the following tasks were necessary: 1) recapitalize the banking sector; 2) restore credit; and 3) reinvigorate the economic activity through appropriate fiscal measures.

The dynamic behavior of a cantilever beam coupled to a non-ideal unbalanced motor through numerical and experimental analysis

An excitation force that is not influenced by the system state is said to be an ideal energy source. In real situations, a direct and feedback coupling between the excitation source and the system must always exist at a certain level. This manifestation of the law of conservation of energy is known as the Sommerfeld effect. In the case of obtaining a mathematical model for such a system, additional equations are usually necessary to describe the vibration sources with limited power and its coupling with the mechanical system. In this work, a cantilever beam and a non-ideal DC motor fixed to its free end are analyzed. The motor has an unbalanced mass that provides excitation to the system which is proportional to the current applied to the motor. During the coast up operation of the motor, if the drive power is increased slowly, making the excitation frequency pass through the first natural frequency of the beam, the DC motor speed will remain the same until it suddenly jumps to a much higher value (simultaneously its amplitude jumps to a much lower value) upon exceeding a critical input power. It was found that the Sommerfeld effect depends on some system parameters and the motor operational procedures. These parameters are explored to avoid the resonance capture in the Sommerfeld effect. Numerical simulations and experimental tests are used to help gather insight of this dynamic behavior. (C) 2014 Elsevier Ltd. All rights reserved.

O regime de metas de inflação no Brasil: um exame teórico e empírico de seu funcionamento

The Inflation targeting regime is a concept of monetary policy which was adopted by several countries in the 90’s; Brazil being among these countries, having adopted it in 1999 after a currency crisis. With it theoretical structure regulated by the New – Classical theory and having as its main characteristic the prior announcement of a numerical target for the inflation, this regime was adopted by countries attempting to achieve a prices stability. The present project is going to explain the theoretical basis of the regime, as well as its implementation process in Brazil and the criticism it received. However, the main focus will be on the discussion of the employment of the IPCA (Consumer Price Index) as a measuring index for Brazil’s inflation

Métodos econométricos para a análise do índice de inflação no Brasil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

O regime de metas de inflação: fundamentação teórica e abordagem empírica para o Brasil

Pós-graduação em Economia - FCLAR

Da crise da dívida financeira à crise da dívida soberana: um debate sobre a Política Fiscal

The financial crisis of 2007 brought the discussion of fiscal policy. This was used as a way for governments to mitigate the potential social and economic impacts of the crisis, since only the monetary policy would not be effective. Historically, banking crises engender increases in public debt, not only for the relief operations, but also by the policies of government primary spending and/or, as in the recent crises, by the purchase of the “toxic” financial assets. The discretionary fiscal policy is then discussed, since it is essential, it is required well articulated and coordinated actions in order to mitigate their respective current and future crisis.

Implementing inflation targeting in Brazil: an institutional analysis

The paper shows the advantages and handicaps of implementing an inflation target (IT) regime, from a Post-Keynesian and, thus, an institutional stance. It is Post-Keynesian as long as it does not perceive any benefit in the mainstream split between monetary and fiscal policies. And it is institutional insofar as it assumes that there are several ways of implementing a policy, such that the chosen one is determined by historical factors, as it is illustrated by the Brazilian case. One could even support IT policies if their targets were seen just as “focusing devices” guiding economic policy, notwithstanding other targets, as, in the short run, output growth and employment and, in the long run, technology and human development. Nevertheless, an IT is not necessary, although it can be admitted, mainly if the target is hidden from the public, in order to increase the flexibility of the Central Bank.