Exchange rate transmission patterns for inflation rate in Brazil

Detalhes bibliográficos
Autor(a) principal: Araújo, Eliane
Data de Publicação: 2023
Outros Autores: Caldarelli, Carlos Eduardo, Cortapasso, João Paulo
Tipo de documento: preprint
Idioma: por
Título da fonte: SciELO Preprints
Texto Completo: https://preprints.scielo.org/index.php/scielo/preprint/view/6739
Resumo: This paper analyzes the importance of the exchange rate in the inflation determination under Inflation Targeting in Brazil. Its main contribution is recognizing that the exchange rate pass-through can vary in more or less appreciated exchange rate situations. Thereby, this paper starts from a theoretical analysis of the determinants of exchange rate pass-through, followed by an investigation of the relationship between exchange rate and inflation in Brazil. Finally, the article presents the estimates of a Vector Autoregressive model (VAR) for a Brazilian economy, between 2002 and 2021. The main results of this article indicate the exacerbated dependence of the exchange rate as a mechanism of price control in Brazil, especially in moments of exchange rate with a trend to appreciate. The main implication of this result is the necessity to evaluate the role of this policy beyond price control.
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spelling Exchange rate transmission patterns for inflation rate in BrazilPadrões da transmissão cambial para taxa de inflação no Brasiltaxa de câmbioinflaçãopolítica monetáriaexchange rateinflationmonetary policyThis paper analyzes the importance of the exchange rate in the inflation determination under Inflation Targeting in Brazil. Its main contribution is recognizing that the exchange rate pass-through can vary in more or less appreciated exchange rate situations. Thereby, this paper starts from a theoretical analysis of the determinants of exchange rate pass-through, followed by an investigation of the relationship between exchange rate and inflation in Brazil. Finally, the article presents the estimates of a Vector Autoregressive model (VAR) for a Brazilian economy, between 2002 and 2021. The main results of this article indicate the exacerbated dependence of the exchange rate as a mechanism of price control in Brazil, especially in moments of exchange rate with a trend to appreciate. The main implication of this result is the necessity to evaluate the role of this policy beyond price control.Este artigo analisa a importância da taxa de câmbio na determinação da inflação no Brasil sob o regime de metas para a inflação. Sua principal contribuição é o reconhecimento de que a transmissão cambial para os preços pode variar em situações de câmbio mais ou menos apreciado. Para tanto, parte-se de uma análise teórica sobre os determinantes do repasse cambial, seguida da investigação sobre a relação entre taxa de câmbio e inflação no Brasil. Por fim, o artigo apresenta as estimativas de um modelo de Autorregressão Vetorial (VAR) para a economia brasileira, entre 2002 e 2021. Os principais resultados indicam a dependência exacerbada do câmbio como mecanismo de controle de preços no Brasil, em especial em momentos de câmbio com tendência à apreciação. A principal implicação desse resultado é a necessidade de se avaliar o papel dessa política para além do controle de preços.SciELO PreprintsSciELO PreprintsSciELO Preprints2023-09-04info:eu-repo/semantics/preprintinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://preprints.scielo.org/index.php/scielo/preprint/view/673910.1590/0103-6351/7570porhttps://preprints.scielo.org/index.php/scielo/article/view/6739/12768Copyright (c) 2023 Eliane Araújo, Carlos Eduardo Caldarelli, João Paulo Cortapassohttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessAraújo, ElianeCaldarelli, Carlos EduardoCortapasso, João Pauloreponame:SciELO Preprintsinstname:Scientific Electronic Library Online (SCIELO)instacron:SCI2023-09-04T19:36:32Zoai:ops.preprints.scielo.org:preprint/6739Servidor de preprintshttps://preprints.scielo.org/index.php/scieloONGhttps://preprints.scielo.org/index.php/scielo/oaiscielo.submission@scielo.orgopendoar:2023-09-04T19:36:32SciELO Preprints - Scientific Electronic Library Online (SCIELO)false
dc.title.none.fl_str_mv Exchange rate transmission patterns for inflation rate in Brazil
Padrões da transmissão cambial para taxa de inflação no Brasil
title Exchange rate transmission patterns for inflation rate in Brazil
spellingShingle Exchange rate transmission patterns for inflation rate in Brazil
Araújo, Eliane
taxa de câmbio
inflação
política monetária
exchange rate
inflation
monetary policy
title_short Exchange rate transmission patterns for inflation rate in Brazil
title_full Exchange rate transmission patterns for inflation rate in Brazil
title_fullStr Exchange rate transmission patterns for inflation rate in Brazil
title_full_unstemmed Exchange rate transmission patterns for inflation rate in Brazil
title_sort Exchange rate transmission patterns for inflation rate in Brazil
author Araújo, Eliane
author_facet Araújo, Eliane
Caldarelli, Carlos Eduardo
Cortapasso, João Paulo
author_role author
author2 Caldarelli, Carlos Eduardo
Cortapasso, João Paulo
author2_role author
author
dc.contributor.author.fl_str_mv Araújo, Eliane
Caldarelli, Carlos Eduardo
Cortapasso, João Paulo
dc.subject.por.fl_str_mv taxa de câmbio
inflação
política monetária
exchange rate
inflation
monetary policy
topic taxa de câmbio
inflação
política monetária
exchange rate
inflation
monetary policy
description This paper analyzes the importance of the exchange rate in the inflation determination under Inflation Targeting in Brazil. Its main contribution is recognizing that the exchange rate pass-through can vary in more or less appreciated exchange rate situations. Thereby, this paper starts from a theoretical analysis of the determinants of exchange rate pass-through, followed by an investigation of the relationship between exchange rate and inflation in Brazil. Finally, the article presents the estimates of a Vector Autoregressive model (VAR) for a Brazilian economy, between 2002 and 2021. The main results of this article indicate the exacerbated dependence of the exchange rate as a mechanism of price control in Brazil, especially in moments of exchange rate with a trend to appreciate. The main implication of this result is the necessity to evaluate the role of this policy beyond price control.
publishDate 2023
dc.date.none.fl_str_mv 2023-09-04
dc.type.driver.fl_str_mv info:eu-repo/semantics/preprint
info:eu-repo/semantics/publishedVersion
format preprint
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://preprints.scielo.org/index.php/scielo/preprint/view/6739
10.1590/0103-6351/7570
url https://preprints.scielo.org/index.php/scielo/preprint/view/6739
identifier_str_mv 10.1590/0103-6351/7570
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://preprints.scielo.org/index.php/scielo/article/view/6739/12768
dc.rights.driver.fl_str_mv Copyright (c) 2023 Eliane Araújo, Carlos Eduardo Caldarelli, João Paulo Cortapasso
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Eliane Araújo, Carlos Eduardo Caldarelli, João Paulo Cortapasso
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv SciELO Preprints
SciELO Preprints
SciELO Preprints
publisher.none.fl_str_mv SciELO Preprints
SciELO Preprints
SciELO Preprints
dc.source.none.fl_str_mv reponame:SciELO Preprints
instname:Scientific Electronic Library Online (SCIELO)
instacron:SCI
instname_str Scientific Electronic Library Online (SCIELO)
instacron_str SCI
institution SCI
reponame_str SciELO Preprints
collection SciELO Preprints
repository.name.fl_str_mv SciELO Preprints - Scientific Electronic Library Online (SCIELO)
repository.mail.fl_str_mv scielo.submission@scielo.org
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