An analysis of the services inflation persistence puzzle in Brazil
Autor(a) principal: | |
---|---|
Data de Publicação: | 2019 |
Outros Autores: | |
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 |
id |
UFMG-4_dcc5071d47be9bb7278b812d45c3cfa6 |
---|---|
oai_identifier_str |
oai:ojs.pkp.sfu.ca:article/3633 |
network_acronym_str |
UFMG-4 |
network_name_str |
Nova Economia (Online) |
repository_id_str |
|
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 |
_version_ |
1799711059706118144 |