Variables

Acronym

Description

Source

Monetary policy instrument

SELIC

Interest rate—accumulated SELIC in the month annualized base 252 (% per year)—code 4189

Banco

Central do Brasil

(2017)

Domestic inflation

Annual IPCA

Extended national consumer price index (IPCA)—accumulated in 12 months (% per year)—code 13,522

Banco

Central do Brasil

(2017)

Inflation expectation

IE

Expectation for the official inflation index (IPCA) accumulated 12 months ahead—monthly median (% per month)

Banco

Central do Brasil

(2017)