Repositório Digital do Mackenzie 1 Repositório Institucional da Universidade Federal do Espírito Santo (riUfes) 1 Repositório Institucional do FGV (FGV Repositório Digital) 1

Lima, André Fernandes 1 Salerno, André 1 Santos, Leonardo Bianchi dos 1

Basso, Leonardo Fernando Cruz 1 Ridolfo Neto, Arthur 1

Dissertação 2 Tese 1

Português 3

330 1 Curva de Phillips Novo Keynesiana 1 Economia - Brasil 1 Gestão do capital de giro 1 Inflation 1 Inflação 1 Mais ... Management of working capital 1 Meta capital de giro 1 Modelo de ajustamento parcial 1 New Keynesian Phillips Curve 1 Phillips, Curva de 1 Produtividade 1 Produtividade total dos fatores 1 Teoria Econômica 1 There is a reasonable understanding in economic literature of the importance of productivity in long-term growth. However, few studies analyze the relation between productivity and the inflationary dynamics in short term. The objective of this study is to fill this gap for the Brazilian economy. Firstly, this thesis studies the theoretical principles that support the correlation between productivity and inflation. Next, it lists the empirical studies of the Brazilian economy that cover these two variables. Finally, it estimates the impact of productivity in inflation through a New Keynesian Phillips Curve (NKPC), with the parameter of total factor productivity (TFP), based on data for the Brazilian economy in the period between january 2003 to december 2015. The results of the regressions by Ordinary Least Squares (OLS) and by Generalized Method of Moments (GMM) point to the presence of negative correlation between the tested measures of productivity and the monthly inflation index, in spite of the sensitivities of this correlation to the specifications of the models. The use of a vector autoregressive (VAR) as an analysis of robustness confirms the benign impact of a growth in TPF in the inflationary dynamics in short term for the Brazilian economy. 1 Total factor productivity 1 Velocidade de ajuste 1 desempenho financeiro 1 folga organizacional 1 método dos momentos generalizados (GMM) 1 risco 1 Ver todos ... menos ...

Generalized Method of Moments (GMM) 1 Partial adjustment model 1 Speed adjustment 1 Target working capital 1 financial performance 1 generalized method of moments (GMM) 1 Mais ... organizational slack 1 risk 1 Ver todos ... menos ...

ADMINISTRACAO DE EMPRESAS 1