A CENTURY OF INFLATION: THE EMPIRICAL EVIDENCE

Abstract

This article aims to show that the Brazilian inflation cannot be described as a short run disfunctional element, as it is viewed in mainstream macroeconomics Through an analysis of inflation from 1891 to 1990 in Brazil and in the OECD countries, it is argued that there is a typical inflationary pattern in Latin-American countries which does not relate to industrial countries' inflation. In order to do the analysis, time is broken into periods corresponding to the different international monetary regimes which held.