Modelos novo-keynesianos de rigidez de preços e de inflação: evidência empírica para o Brasil

Abstract

This paper tests the empirical validity of New Keynesian staggered prices models for Brazil, in the nineties.The key concern is to explain inflation and prices stickiness and output dynamics assuming that the inflation rate is rigid, which makes it difficult to reduce inflation without a negative impact on output. It is found some evidence supporting the inflation and prices stickiness hypothesis for Brazil, by estimating a model that embodies staggered wage contracts and rational expectations. However, the variables are not cointegrated and, in this manner, we apply Hsiao methodology to conclude that conventional 2SLS inference procedures are valid to solve this problem.