Public Debt Management in Brazil



Figure 1

DEMAND SHOCK

Impulse responses for a shock to output gap equation

----_SELIC (Deviation Mean)



----_INFL (Deviation Mean)


.024


.020-


.016.


.012-

.008.

.004-

.000-1

-.004

2004  2005  2006  2007  2008  2009


----_GAP (Deviation Mean)


----_EMBI (Deviation Mean)




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