The Pattern of Economic Growth of the Brazilian Economy 1970–2005: A Demand-Led Growth Perspective

The theory of output in the modern classical approach: main principles and controversial issues*

“…Although there are various subsequent analyses in the Classical-Keynesian approach that retain the full adjustment hypothesis (see for example Eatwell, 2012) 12 , we will here devote particular attention to the 'supermultiplier' models, since much work and debate has focused on them. The 'Sraffian supermultiplier' has been originally proposed by Bortis (1984Bortis ( , 1997 and Serrano (1995) 13 , subsequently followed by other authors (Dejuàn, 2005(Dejuàn, , 2013Cesaratto, Serrano and Stirati, 2003;Freitas and Dweck, 2013). It represents the relationship between the level of autonomous demand and output in the hypothesis that investment is entirely induced and such as to fully adjust capacity to output.…”

“…The irregular nature of the growth process, stressed by the flexible-utilization authors, is recognized also by the supermultiplier authors. Especially in empirical analyses, in fact, the supermultiplier is often defined as both 'flexible' during the adjustment process and liable to change from period to period (see for example Freitas and Dweck, 2013;Girardi and Pariboni, 2015). The role of historical and political factors is also recognized by both strands of analysis: these are direct determinants of growth according to flexible-utilization authors, while their essential role in supermultiplier models shows especially through their influence on the rate of growth of autonomous demand.…”

A Importância do Setor Externo para a Dinâmica da Inflação Brasileira: uma estimação para o período 2001-2013

“…Embora o este seja apenas um dos componentes da demanda agregada, ele é um importante canal pelo qual a abertura comercial e financeira pode afetar a demanda agregada e, através dela, a inflação. No entanto, como as exportações tem baixo peso relativo na demanda agregada no Brasil (Freitas e Dweck, 2013), espera-se que o impacto do saldo da balança comercial sobre a inflação seja pequeno.…”

Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014

“…This substantial fall in the growth of exports was undoubtedly relevant. However, total exports account for a small share of aggregate demand in Brazil 3 Dweck, 2013), even taking into account the possible further effects of the lower growth rate of exports on induced consumption and investment.…”