The Phillips curve and information rigidity in Brazil
This work aims at testing the null hypothesis of no sticky information against the alternative of sticky information using Brazilian data. The rejection of the null hypothesis allows us to derive the expected time between information updates. The median of market participants' predictions colle...
| Autores: | , |
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| Tipo de documento: | artigo |
| Estado: | Versão publicada |
| Data de publicação: | 2012 |
| País: | Brasil |
| Recursos: | Universidade de São Paulo (USP) |
| Repositório: | Economia Aplicada |
| Idioma: | inglês |
| OAI Identifier: | oai:revistas.usp.br:article/46192 |
| Acesso em linha: | https://www.revistas.usp.br/ecoa/article/view/46192 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Curva de Phillips Rigidez de Informação Expectativas de Inflação Phillips Curve Sticky Information Inflation Expectations |
| Resumo: | This work aims at testing the null hypothesis of no sticky information against the alternative of sticky information using Brazilian data. The rejection of the null hypothesis allows us to derive the expected time between information updates. The median of market participants' predictions collected by Gerin/Bacen is used as a proxy to firms' expectation contained in the sticky information version of the Phillips curve. Our estimates imply that inflation expectations in Brazil are updated about once each five quarters, which in part can be attributed to reduced uncertainty about Brazilian inflation in the period of analysis. |
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