Inflation targeting in Brazil, by Philip Arestis, Fernando Ferrari-Filho and Luiz F. de Paula. “The purpose of this paper is to examine the Inflation Targeting (IT) framework as it is applied in the case of Brazil. The pass-through from exchange rate changes to inflation is larger and more significant in the Latin American economies than in industrial countries because the former have a substantially higher degree of openness, a history of high inflation and low central bank credibility.”
