23.4.21. Now central banks are calling the emission of money (the central banks buy new treasury bonds) "bonds purchase". It is a nice way of calling an ancient monetarist devil turned an angel. (Note in the Twitter and FB)
ECONOMICS
INFLATION - INERTIAL INFLATION
2020. Many rich countries are financing the huge Covid-19 expenditures by monetary emission. Brazil should have done the same. Portuguese version available. (Paper: Brazilian journal of Political Economy) English version available
2020. Many rich countries are financing the huge Covid-19 expenditures by monetary emission. (Paper, Forum for Social Economics) Portuguese version available
2013. Com José Marcio Rego. Este texto reproduz trabalho publicado um ano antes da morte de Ignácio Rangel (1993), com pequenas correções e a substituição da parte referente ao ciclo longo e à dualidade básica pela revisita realizada por Bresser-Pereira aos dois problemas.
2009. The history of the discovery of inertial inflation. The role played by the São Paulo (FGV) and the Rio (PUC) groups. (Paper: Revista de Economia Contemporânea)
2005. The perverse macroeconomic model of the Brazilian economy combining high interest rate and low exchange rate with growth with foreign savings and quasi-stagnation. (In edited book, Novo Desenvolvimentismo)*
2001. First economic paper since I left the Cardoso administration in June 1999. Incompetence and subordination to the North characterized Latin American economic policies since the early 1980s'. Portuguese version available with the original title of the paper, "Incompetência e confidence building por trás de 30 anos de quase-estagnação da América Latina". (Paper in book edited by Paul Davidson).
2001. My first paper after leaving the Cardoso administration in June 1999. Incompetence and subordination to the North characterized Latin American economic policies since the early 1980s'. English version available. (Paper: Revista de Economia Política) *
1996. An account of the theory of inertial inflation original definition(Paper in Revista de Economia Política). For a more complete history, see "A descoberta da inflação inercial" (Revista Contemporânea de Economia, 2010).
1992. With José Marcio Rego. Ignácio Rangel is an highly orginal anaylist of the Brazilian macroeconomy and of its development. (Paper: Revista de Economia Política)
1991. Capítulo 11 da 3a. edição de Luiz Carlos Bresser-Pereira e Yoshiaki Nakano Inflação e Recessão, Editora Brasiliense, 1991.
1991. With Yoshiaki Nakano. A successful estabilization of high and inertial inflation will depend on the size of the 'inflationary residuum' left after a price freeze is undertaken. Examples in the Collor I and II stabilization plans. (Paper in book edited by Clovis de Faro)
1990. Between high inertial inflation and hyperiflation we have the present 'indexated hyperinflation' (73%) It is an intermediary stage before full hyperinflation. (Paper in book edited by JM Rego)
1989. While monetarists emphasize expectation, the strucuturalist theory of inertial inflation privileges distributive conflict. When prices are being increased in a staggered or indexed way, economic agents cannot change their expectatives: they have to increase prices just to keep their share in income. PUC's Rio de Janeiro group, that participate in the formulation of the theory, are falling in a monetarist trap when they privilege expectations instead of distributive conflict. (Introductory paper in book edited by José Marcio Rego)
1989. Inertial inflation is accelerating in Brazil and threatening to turn into hyperinflation. An explanation of why inertial inflation is rigid is is to be reduced, but tends to increase as distributive conflict increases. (Paper in book edited by José Marcio Rego)
1987. With Yoshiaki Nakano. Collected papers on the theory of inertial or indexed inflation. Translation of Inflação e Recessão (1984) with the addition of paper on the 1985 Cruzado Plan. (Book: Lynne Rienner Publishers) Sold out. Available in pdf
1986. With Yoshikaki Nakano. Inertial inflation is consistent with the Philips that shifts continuously to the right. English version available.(Paper: Revista de Economia Política)
1984. With Yoshiaki Nakano. A book of essays on the theory of inertial inflation. English translation: The Theory of Inertial Inflation. (Complete book) Disponível em PDF.
1984 (1987). With Yoshiaki Nakano. Inertial inflation is consistent with the Philips that shifts continuously to the right. Portuguese version available. (Paper in The Theory of Inertial Inflation. Boulder: Lynne Rienner Publishers, 1987: 109-116).
1984 [1987]. With Yoshiaki Nakano. High inertial inflation can be neutralized by a heroic price freeze combined with conversion tables. The original paper, in Portuguese, was the first proposal of a 'heterodox shock' in Brazil, published in July 1984, in Revista de Economia Política before Chico Lopes' August proposal publihed in a bulletin. (Chapter 4 of Bresser-Pereira & Nakano, The Theory of Inertial Inflation. Boulder: Lynne Rienner Publishers, 1987: 83-107).