An analysis of the services inflation persistence puzzle in Brazil

Detalhes bibliográficos
Autor(a) principal: Borges, Gustavo Mapeli
Data de Publicação: 2019
Outros Autores: Silva, Cleomar Gomes da
Tipo de documento: Artigo
Idioma: por
Título da fonte: Nova Economia (Online)
Texto Completo: https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3633
Resumo: This article analyzes the so-called Services Inflation Persistence Puzzle in Brazil, for the period ranging from August 1999 to February 2017. As a benchmark, we also analyze the Brazilian Consumer Inflation (IPCA), non-durable, semi-durable and durable goods, as well as some items disaggregated from the basket of services. Structural break tests and ARFIMA models are used. Results show that, initially, services inflation persistence is higher than that found in goods inflation and IPCA. However, after structural breaks are accounted for, services inflation seems to be anti-persistent and stationary, indicating the existence of the Services Inflation Persistence Puzzle in Brazil. The same behavior applies to the main components of the service basket. Keywords services inflation; inflation persistence; ARFIMA models
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spelling An analysis of the services inflation persistence puzzle in BrazilUma análise do dilema da persistência da inflação de serviços no BrasilThis article analyzes the so-called Services Inflation Persistence Puzzle in Brazil, for the period ranging from August 1999 to February 2017. As a benchmark, we also analyze the Brazilian Consumer Inflation (IPCA), non-durable, semi-durable and durable goods, as well as some items disaggregated from the basket of services. Structural break tests and ARFIMA models are used. Results show that, initially, services inflation persistence is higher than that found in goods inflation and IPCA. However, after structural breaks are accounted for, services inflation seems to be anti-persistent and stationary, indicating the existence of the Services Inflation Persistence Puzzle in Brazil. The same behavior applies to the main components of the service basket. Keywords services inflation; inflation persistence; ARFIMA modelsEste artigo analisa o Dilema da Persistência da Inflação de Serviços no Brasil, para o período entre agosto de 1999 e fevereiro de 2017. Para efeitos de comparação, cálculos também são feitos para o IPCA, para a inflação desagregada de bens, além de alguns itens desagregados da própria cesta de serviços. São utilizados modelos ARFIMA, assim como testes para verificação de quebras estruturais. Os resultados mostram que, a princípio, a persistência na inflação de serviços é maior que a encontrada no IPCA e nos preços de bens. No entanto, após o tratamento das quebras estruturais, a variação dos preços dos serviços se mostra antipersistente e estacionária, indicando a existência do Dilema da Persistência da Inflação de Serviços para o caso brasileiro. O mesmo comportamento se verifica para os principais itens componentes da cesta de serviços. Palavras-chave inflação de serviços; persistência inflacionária; modelos ARFIMADepartamento de Ciências Econômicas da UFMG2019-10-11info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3633Nova Economia; Vol. 29 No. 2 (2019): v. 29 n. 2 (2019); 541-563Nova Economia; v. 29 n. 2 (2019): v. 29 n. 2 (2019); 541-5631980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3633/2932Copyright (c) 2018 Nova Economiainfo:eu-repo/semantics/openAccessBorges, Gustavo MapeliSilva, Cleomar Gomes da2020-10-04T22:23:20Zoai:ojs.pkp.sfu.ca:article/3633Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2020-10-04T22:23:20Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false
dc.title.none.fl_str_mv An analysis of the services inflation persistence puzzle in Brazil
Uma análise do dilema da persistência da inflação de serviços no Brasil
title An analysis of the services inflation persistence puzzle in Brazil
spellingShingle An analysis of the services inflation persistence puzzle in Brazil
Borges, Gustavo Mapeli
title_short An analysis of the services inflation persistence puzzle in Brazil
title_full An analysis of the services inflation persistence puzzle in Brazil
title_fullStr An analysis of the services inflation persistence puzzle in Brazil
title_full_unstemmed An analysis of the services inflation persistence puzzle in Brazil
title_sort An analysis of the services inflation persistence puzzle in Brazil
author Borges, Gustavo Mapeli
author_facet Borges, Gustavo Mapeli
Silva, Cleomar Gomes da
author_role author
author2 Silva, Cleomar Gomes da
author2_role author
dc.contributor.author.fl_str_mv Borges, Gustavo Mapeli
Silva, Cleomar Gomes da
description This article analyzes the so-called Services Inflation Persistence Puzzle in Brazil, for the period ranging from August 1999 to February 2017. As a benchmark, we also analyze the Brazilian Consumer Inflation (IPCA), non-durable, semi-durable and durable goods, as well as some items disaggregated from the basket of services. Structural break tests and ARFIMA models are used. Results show that, initially, services inflation persistence is higher than that found in goods inflation and IPCA. However, after structural breaks are accounted for, services inflation seems to be anti-persistent and stationary, indicating the existence of the Services Inflation Persistence Puzzle in Brazil. The same behavior applies to the main components of the service basket. Keywords services inflation; inflation persistence; ARFIMA models
publishDate 2019
dc.date.none.fl_str_mv 2019-10-11
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3633
url https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3633
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/3633/2932
dc.rights.driver.fl_str_mv Copyright (c) 2018 Nova Economia
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2018 Nova Economia
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
dc.source.none.fl_str_mv Nova Economia; Vol. 29 No. 2 (2019): v. 29 n. 2 (2019); 541-563
Nova Economia; v. 29 n. 2 (2019): v. 29 n. 2 (2019); 541-563
1980-5381
0103-6351
reponame:Nova Economia (Online)
instname:Universidade Federal de Minas Gerais (UFMG)
instacron:UFMG
instname_str Universidade Federal de Minas Gerais (UFMG)
instacron_str UFMG
institution UFMG
reponame_str Nova Economia (Online)
collection Nova Economia (Online)
repository.name.fl_str_mv Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)
repository.mail.fl_str_mv ||ne@face.ufmg.br
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