FGV's Brazilian Institute of Economics represents Brazil at UN forum on inflation

Institutional
17 May 2013

For the first time in history, Brazil, through the Brazilian Institute of Economics (IBRE) at FGV, presented studies at the Ottawa Group forum ? a United Nations academic event dedicated to improving the methodology for measuring consumer inflation. The 13th edition of the forum took place from May 1-3 in Copenhagen, Denmark, and brought together about 50 researchers in this field of research. According to Vagner Ardeo, IBRE's deputy director and one of the representatives of the Institute in the forum, the result could not have been better during the three-day meeting. We were very pleased with the results, fruit of our efforts in the research area of ??consumer inflation, Ardeo celebrates.  Ardeo presented the work at the meeting Measuring Dynamic Inflation in Brazil, co-authored by Angelo Polydoro. The study proposes a new measure of inflation, based on permanent consumption, and applies this methodology to Brazil for the first time. Professor Erwin Diewert, at British Columbia University, Canada, who is currently the most important researcher in this area, attended this meeting. We had the honor of having him as the commentator of our article, says Ardeo. The economists Salomão Quadros and Paulo Picchetti also attended the meeting. Quadros presented an article on the Inflation Monitor, which presents the experience of daily estimating the official inflation using the price collection data gathered daily by IBRE. Picchetti exposed the improvement work recently applied to the General Index of the Commercial Real Estate Market (IGMI-C), to correct the fact that part of the sample does not undergo review at every calculation period. Satisfied with the result after years of human capital investment, the deputy director emphasizes that he intends to continue actively participate in the Ottawa Group and has in mind the next meeting two years from now. This work has been built over several years, and is still not finished. We put together a team to study and refine our indicators. The next meeting will be in 2015 in Tokyo, and we expect other projects we worked at to be accepted, says Ardeo. The Group - The Ottawa Group aims to bring together, every two years, experts in the field of economics to discuss and exchange experiences on crucial issues involving price change measurement, especially in the consumer price index. The initiative began in 1994 in Canada - which is the reason why the conference has this name - and was held in countries like the United States, England, France, Australia, among others. Participants send their works one year prior to the event to undergo an evaluation, and then, they receive the results.