Fiscal Policy Remains Expansionary

BRAZIL ECONOMICS - Report 09 Sep 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
The big surprise in the minutes of the last COPOM meeting was the claim that there are “conditions, over the horizon relevant to monetary policy, for the public sector balance sheet to shift to the neutral zone.” This is especially strange after the recent statements by COPOM members of concern over the expansionary character of fiscal policy, and the information contained in the budget bill recently sent to Congress, clearly indicating a further decrease in the primary surplus in 2014. The indication coming from the data is that fiscal policy remains expansionary, unlike the vision express...

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