“…Brazil's bilateral imports reveal a large elasticity with respect to its aggregate output, indicating that the cyclical response of Brazil's regional imports is strong, also in comparison with that of total imports. 9 See Meyer et al (2002), Mooslechner andSchuerz (1999), andCanzoneri, Cumby, andDiba (2002) for surveys of economic models and experiences with international macroeconomic policy coordination.…”