Variables

Description

Source

P

Inflation—IPCA—(%)

IBGE, System of Quarterly National Accounts (IBGE, 2021b)

G

Government social spending on health, pensions, assistance and other transfers

IBGE, System of Quarterly National Accounts (IBGE, 2021b)

Y

GDP—market prices—R$ Billion, deflated by the IPCA

IBGE, System of Quarterly National Accounts (SCN104_PIBPMG104) (IBGE, 2021b)

i

Interest rate (Selic) set by Copom (% p.a.)

Financial and Capital Market (IPEADATA, 2021)