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2007. With Cleomar Gomes. The paper claimsthat inflation targeting policy was adopted in Brazil before the interest rate trap was faced and solved. This was a mistake because inflation targeting is good to manage monetary policy, not to change the monetary regime as it was in 1999 and still is necessary in Brazil. (Paper in edited book). Portuguese version available.

Francisco Lopes (2004). Bresser planned to make a second stabilization based on the "otenização" - something very similar to the mechanism that was used in the Plano Real to neutralize inertial inflation (Paper).

1993. Brazil's failure to achieve price stabilization is essentially a consequence of the incompetence of authorities (and IMF) in acknowledging the inertial character of inflation and the lack of political support for fiscal adjustment. (Lecture in London)

1992. An analysis of the disastrous IMF sponsored 1992 stabilisation plan with Marcilio Marques Moreira as finance minister. The alternative required policies. (Paper: Revista de Economia Política)*

1992. The 1991 IMF sponsored stabilisation plan (the 11th plan since 1979) with Marcilio Marques Moreira as finance minister will fail because it ignores the inertial character of inflation in Brazil. The size of the fiscal and foreign debt and the lack of support of society for a severe adjustment are additional causes. (Paper in book edite by Reis Velloso)

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