IV Annual Inflation Targeting Seminar of the Central Bank of Brazil: Three Years of Inflation Targeting in Brazil

        May 17th 2002
        Rio de Janeiro
Friday, May 17
8:30 a.m. Registration
9:00 a.m. Opening Remarks

Armínio Fraga, Central Bank of Brazil

9:30 a.m. Session 1: The Experience of Inflation Targeting in Brazil, 1999-2002

Chair: José Guilherme Reis, Ministry of Finance

Sergio Ribeiro da Costa Werlang, Banco Itaú
Três anos de Metas para Inflação: lidando com expectativas adversas (PDF - 435KB - Portuguese)

Daniel L. Gleizer, Ex-Diretor de Assuntos Internacionais - Banco Central do Brasil

Affonso Celso Pastore, EPGE-FGV

10:45 a.m. Coffee break
11:00 a.m. Session 2: Painel - Recent Development in Inflation Targeting around the World

Chair: Alfredo Leone, Internacional Monetary Fund

Kenneth Rogoff, International Monetary Fund
The Modern History of Exchange Rate Arrangements: A Reinterpretation (PDF - 685KB - English)

Edwin M. Truman, Institute for Internacional Economics
Inflation Targeting from a Global Perspective (PDF - 168KB - English)

Alejandro Werner, Banco de Mexico

1:00 p.m. Lunch
2:30 p.m. Session 3: Monetary Rules and Structural Models

Chair: Alexandre Antonio Tombini, International Monetary Fund

Comments: Eduardo Loyo, PUC-RJ

Marcelo Kfoury Muinhos, Banco Central do Brasil
A Medium Size Strutural Model for the Brazilian Economy (PDF - 506KB - Portuguese)

Sérgio A. Algo Alves

Andrew Levin, Federal Reserve Bank
The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty (PDF - 361KB - English)

Volker Wieland e John C. Willians

4:00 p.m. Coffee break
4:30 p.m. Session 4: Inflation Targeting Framework in the Next Few Years

Chair: Sergio Amaral, Ministry of Development, Industry and Foreign Trade

Fabio Giambiagi, BNDES
Presentation (PDF - 66KB - Portuguese)

Ilan Goldfajn, Banco Central do Brasil
Três anos de Metas de Inflação no Brasil: O amadurecimento do regime de metas de inflação no Brasil (PPT - 276KB - Portuguese)

Edmar Bacha, BBA Bank and Anbid

6:00 p.m. Closing Remarks

Pedro Malan, Ministry of Finance

6:30 p.m. Cocktail: Release of the Book "Inflation Targeting in Brazil: A Collection of Working Papers