A construção de uma política econômica civilizada
Eduardo Matarazzo Suplicy, Francisco L. Lopes e Yoshiaki Nakano

Vol.11, n.o4(44), 1991
A medida da inflação no Brasil
Francisco Lafaiete Lopes

Vol.6, n.o2(22), 1986
Inflação inercial, hiperinflação e desinflação: notas e conjecturas
Francisco Lafaiete Lopes

Vol.5, n.o2(18), 1985
On high interest rates in Brazil
Francisco Lafaiete Lopes

This article examines the question of why interest rates are so high in Brazil as compared to the international average. It looks at theoretical arguments based on excessive government deficits, structural lack of private savings, inflation bias, excessive investment demand and fear of floating. An informal look at the evidence does not strongly corroborate any of these arguments. Hence a wise central bank should consider "testing" the market to make sure it is not dealing with an extreme equilibrium configuration or a long standing disequilibrium.  

Vol.34, n.o1(134), 2014
O mecanismo de transmissão de política monetária em uma economia em processo de estabilização: notas sobre o caso Brasil
Francisco L. Lopes

This note presents some considerations about the difficulty to understand the trans-mission mechanism of monetary policy. This difficulty becomes even more accentu-ate in case of economies experiencing a change in an environment from high to low rates of inflation, with an analysis to the Brazilian case.

Vol.17, n.o3(67), 1997
Notes on the brazilian crisis of 1997-99
Francisco L. Lopes

This paper deals with the Brazilian crisis of 1997-98 that lead to the exchange rate floating of January 1999. It starts by showing how exchange rate policy evolved since the Real Plan of 1994 and how the exchange rate regime became a critical issue when the crisis started in 1997. It discusses monetary policy during the crisis, the IMF program, the endogenous diagonal band and the decision to float as an alternative to capital controls and default. This five years drama ended surprisingly well with a benign float, but it is useful to know its details, with the usual mix of economic debate, personality clashes and historical fatality.

Vol.23, n.o3(91), 2003
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