Preços rígidos e ciclos reais brasileiros

Abstract

We calibrate an artificial monetary economy, similar to the one proposed by Chari, Kehoe and McGrattan (2000), to the post-Real Plan Brazilian economy. We use simulations to evaluate the effects of price rigidity over the business cycles. Economies with little rigidities perform better than totally flexible economies, supporting the usual models hypothesis of the Brazilian Central Bank. Results suggest a promising future for the use of microfounded models as an auxiliary tool for monetary policy decision taking.