933 resultados para Inflation (finance)


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

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Elucidação dos principais mecanismos técnicos utilizados na formação de Receitas e Despesas Públicas a fim de entender substancialmente a formação de uma apuração fiscal e de que forma influencia na Dívida Pública Federal.Quais teorias dominantes acerca do sistema governamental e da manutenção da Dívida Pública existentes. Apresentação do conceito de Dívida Pública Federal. Discute os principais índices que remuneram os títulos emitidos pelo Governo Federal e como influenciam na decisão dos agentes na composição de sua carteira de títulos e ademais, como toda esta movimentação influencia na Dívida Pública Federal. Busca-se trazer maior luz ao entendimento da formação da Dívida Pública Federal, levando em conta seu período pós-Plano Real até o recente, no governo da presidente Dilma Rousseff

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Mode of access: Internet.

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Mode of access: Internet.

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Mode of access: Internet.

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Includes bibliographical references.

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Item 1005-C

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Given the discrepancy over the optimum levels of employment for Colombia, this research targets both, the national and urban, Non-Accelerating Inflation Rate of Unemployment (NAIRU) for the Colombian markets -- In doing so, there is a strong pertinence in estimating the constant NAIRU through raw and minimally altered data and providing the reader with a complete brief of the theory in which the model is founded -- The introduction of supply shocks is considered to attain improved estimations and a more reliable assessment of the NAIRU to those that have previously been attempted -- The backbone of the analysis is conducted through the relationship established by the Phillips curve from 2001 until 2015

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We examined how international food price shocks have impacted local ination processes in Brazil, Chile, Colombia, Mexico, and Peru in the past decade -- Using impulse-response analysis coming from cointegrated VARs, we wind that international food ination shocks take from one to six quarters to pass through to domestic head-line ination, depending on the country -- In addition, by calculating the elasticity of local prices to an international food price shock, we found that this pass-through is not complete -- We also take a closer look at how this type of shock affects local food and core prices separately, and asses the possibility second round effects over core ination stemming from the shock -- We wind that a transmission to headline prices does occur, and that part of the transmission is associated with rising core prices both directly and through possible second round effects, which implies a role for monetary policy when such a shock takes place -- This is especially relevant given that international food prices have recently been on an upward trend after falling considerably during the Great Recession

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This thesis is composed by three papers, each one of them corresponding to one chapter. The first and the second chapters are essays on international finance appraising default and inflation as equilibrium outcomes for crisis time, in particular, for confidence crisis time that leads to speculative attack on the external public debt issued by emerging economies. With this background in mind, welfare effects from adopting common currency (chapter 1) and welfare effects from increasing the degree of economic openness (chapter 2) are analyzed in numerical exercises, based on DSGE framework. Cross-countries results obtained are then presented to be compared with empirical evidence and to help on understanding past policy decisions. Some policy prescriptions are also suggested. In the third chapter we look to the inflation targeting regime applied to emerging economies that are subject to adverse shocks, like the external debt crisis presented in the previous chapters. Based on a more theoretical approach, we appraise how pre commitment framework should be used to coordinate expectations when policymaker announcement has no full credibility and self fulfilling inflation may be possible.

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Using data from OECD economies, we show that inflation targeters suffered smaller output losses during disinflations when compared to nontargeters. We also study why some countries choose to inflation target while others do not and find that higher average inflation and smaller debt levels render the adoption of the regime more likely. Applying Heckman`s procedure to control for selection bias does not alter the link between inflation targeting and less costly disinflations.

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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

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In contrast with the inflationary finance story, inflation acceleration in Latin America has been explained as the result of the interaction of inflation dynamics and the frequency of wage adjustments. Accordingly, small inflation disturbances are connected with a shift from moderate to high inflation (or beyond to hyperinflation) though a mechanism that makes adjustment intervals in wage contracts endogenous. Rudiger Dornbusch (1986) labeled this process the "Pazos-Simonsen mechanism". In this note we summarize the basic contribution of both Felipe Pazos (1978) and Mario Henrique Simonsen (1983) and find crucial differences between their views on wage dynamics, specifically regarding the endogeneity of the time interval between wage readjustments. A remarkable affinity with Pazos's view on wage dynamics and inflation is found in an early and almost unknown essay written by Nicholas Kaldor in 1957 (inspired in his brief experience in Latin America).