This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research

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1 This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Explorations in Economic Research, Volume 4, number 1 (Indexation, The Brazilian Experience Volume Author/Editor: M. Ishaq Nadiri and Affonso C. Pastore, editors Volume Publisher: NBER Volume URL: Publication Date: 1977 Chapter Title: Front matter to "Explorations in Economic Research, Volume 4, number 1" Chapter Author: M. Ishaq Nadiri, Affonso C. Pastore Chapter URL: Chapter pages in book: (p. -6-0)

2 EXPLORATIONS IN ECONOMIC RESEARCI-I OccasonaI NATIONAL volume 4 Papers of the BUREAU OF number ECONOMIC RESEARCH winter 1977 INDEXATION, THE BRAZILIAN EXPERIENCE

3 EXILORATIONS IN ECONOMIC RESEAR(2H Occasional NATIONAL volume 4 winter 1977 Papers of the BUREAU OF number 1 ECONOMIC RESEARCH I INDEXATION, THE BRAZIliAN EXPERIENCE INTRODUCTION M. Ishaq Nadiri 1 REFLECTION ON THE BRAZIUAN EXPERIENCE WITH I NDEXATI ON Affonso C. Pastore, Ruben D. Almonacid, José Roberto M. de Barros 8 AN ANALYSIS OF FRIEDMAN'S HYPOTHESES ON MONETARY CORRECTION Antonio Carlos Lemgruber INDEXING AND THE FIGHT AGAINST INFLATION Samuel A. Morley INDEXATION: OPTIMALITY CONDITIONS FOR REVENUE FROM INFLATION AND SOCIAL GAIN 93 Roberto Fendt, Jr. THE BASIS OF THE MINIDEVALUATION POLICY 101 Adroaldo Moura da Silva A CRITICAL REVIEW OF THE RELATION BETWEEN THE POST-1964 WAGE POLICY AND THE WORSENING OF BRAZIL'S SIZE INCOME DISTRIBUTION IN THE SIXTIES 117 Roberto B. M. Macedo

4 I D MONETARY CORRECTION AND INDEXATION THE BRAZILIAN AND ISRAELI EXPERIENCE Ephraim Kleiman 141 WHAT ADVANCED COUNTRIES CAN LEARN FROM HE EXPERIENCE WITH INDEXATION SOME CONCLUDING OBSERVATIONS Don Patinkjn 177 ASAJNBER Business Outlook Survey: First Quarter EXPLORATIONS 1976: CONTENTS AND AUTHOR'S INDEX I National Bureau of Economic Research is a private nonprofit organ!zation founded in 1920 as a center for independent the belief that such arid :mpartial research (an contribute economic research In economic probenis significantly to the Sound it has sought to treatment of conduct its activities under conditions that / safeguard the scientific nature of the findings and help make them authoritative and acceptable to persons of diterent interests and OflOfl5 The National Bureau is Supported by grants from philanthropic lounclations business associations and various government agencies for particular capital sum studies; by investment grants; and by unrestricted income on companies banks contributions and subscriptions labor organizat5 from formation regarding foundations and individuals Contributions can be Further in- Director of Finance obtained from the office and Administration of Sam Parker, Inc., 261 Madison National Bureau of Avenue New York, Economic Research, N.Y

5 7 Arthur F. Iturns, Honorary Cha,,,ri.sn Jareec I 0 Lvary (h,itriiiaii Moses Abramovitz, Vice Chairiiran Marlin S. Feldstein, Pw's,dent Victor K. Fur hs, Uci Pri iik'i,t. l)ire, tie. l'a!ii,'\!ili (Alice Thomas I). Flynn, Treasurer NATIONAL BUREAU OF ECONOMIC RESEARCH OF F ICE KS c:h,srk's F. \S Lure. Jr. to', iit,i I),rc, ii', mit R,a',ish DouyIa It. Eiitriitge (Si, 5tii,, ri'i.ir Elin Kuh, t),rei ii!. (.',iiilir,ilcm' Ri'im',in Ii (emis', Robert F. Lipsey, Director, Nets York QIlke Joel Popkin, Director, lvastsngton Offiii. Atherton Bean, International Alultifoods Corporation Andrew F. Briminer, Bnm,nec & Company, Inc. Otis F. Brubaker, United Steelworkers of America Arthur F. Burns, Boarrl of Governors of the Federal Reserve System Wallace!. Campbell, Foundation for Cooperative Housing Emilio G. Collado, Adela Investment Company. SA Solomon Fahricant, New York University Martin S. Fekistein, Harvard University Eugene P. Foley, Pan American Building, New York Edward L Ginzton, Varian Associates David 1. Grove, International Business Machines Corpora non Moses Abramovitz, Stanford Gardner Ackley, Michigan Charles H. Berry, Princeton Otto Eckstein, Harvard \'Valter D. Fisher,,Vortliwestern John H. Kareken, Minnesota I. C. LaForce, Caliioinia, Los Angeles Robert I. Lanipnian, Wisconsin DIRECTORS BY APPOINTME Richard M. Bird, Canadian Economics Association Eugene A. Birribaum,.4rmierican Managemiient Associatwns Carl F. Christ, American Ecoriontic Association Robert C. Dederick, National Association of Business Economists Thomas D. Flynn, American Institute ol Certified Public Accountants Franklin A. l.indsay, Committee for Economic Development Percival F. Brundage Frank \V. Fetter Gottlried HberIer DIRECTORS Al LAR(;E DIRECTORS BY UNIVERSITY APPOINTMENT DIRECtORS ESIFRITI Abert I. I-!ettinge' Ir. George B. Robert' \iurrav ShiekG Boris Shishtviii Walter \V. F-teller, Llnivers,tr of Ahrine.sota Walter E. Hoadley. Bank of America Roy F. \Ioor, Becker Securities Corporation GeofFrey H Moore, Nation,s! ilineai, of Econo,nk Research I. Wilsi,n Newman, Dun & llrad'strec't, Inc. Janies I. O'Leary, United States Trust Cottipany of Nen' York Rudolph A. Oswald, American Federatiomi of Labor and Congress of Industrial Organizations Peter G. Peterson, Lehrm,ai, Brothers Robert V. Rocmsa, (lrors cm Brothers harriman & Co. Eli Shapiro, The Travelers Corporation Arnold M. Soloway, jainaicaway Tower, Boston, Massachusetts l.arare Teper, International Ladies Garment Workers' Union Maurice sa/. Lee, North Carolina Daniel L. McFadden, California, Berkeley Alma rio Phil lips, Peimns ytvarmia FIord G. Reynolds, Yale Robert M. Solow. Atassachiosetts Institute of Technology Henri lheil, Chicago 5Iilliarn S. Vickrey, Columbia NT OF OTHER ORG ANIZA1 IONS Paul W. McCracken, American Statistical Association Douglass C. North, fcomto,riic History Assoc,at ion C. Edward Schu h,,ummenic.sra Agricultural Lconoimm,cs Association lanes C. Van Home, American Finance Associ,it,on W,llard I. Thorp losepli H. VVIIIiIs Theodore 0. 'm'ntema Gary S. Becker Charlotte Boschan Phillip Cagan Stanley Diller Solcinon Fabricant Martin S. Feldslein Milton Friedman Victor R. Fuchs J. Royce Ginn SENIOR RESEARCH STAFF Raymond W. Goldsmith William l. Landes Michael Gort Robert E. Lipsey Michael Grossman Sherman J. Maisel John F. Kain Benoil B. Mandelbrot John W. Kendrick John R. Meyer Irving B. Kravis Robert T,.5lichael Anne 0. Krueger Jacob Mincer David 1. Kresge Ilse Minlz Edwin Kuh Geoflrey H. Moore M. lshaq Nadiri bet Popkin Richard Posner Nancy Ruggles Richard Ruggles Anna J. Schwartz Edsvard K. Smith Robert j. Willis Victor Zarnowitz

6 Explorations in Economic Research is designed to expedite publication and increase the exposure 0 research findings generated within the program of the National Bureau of Economic Research. NB[R stall members, who work in such areas as economic growth, business cycles including studies of inflation arid inflationary expectations, industrial organization and location, transportation and regional development, corporate and public finance, human capital, housing, and natural resources and environmental concerns, are invited to submit Papers. While on occasion, all or a large portion of an issue may he focused on a particular subject area, in general the opportunity to assemble special issues will be relinquishecl in order to reduce delays between the completion and publication of research results. We hope that Explorations in Economic Research proves to be a flexible and convenient publication, responsive to the needs of both those svho participate in the National Bureau's research program and those who take an interest in or benefit from its iesearch product. Since the present volume is a record of conference proceedings, it has been exempted from the rules governing submission of manuscripts to, and critical review by, the Board of Directors of the National Bureau.

7 RELATION OF THE DIRECTORS TO THE WORK AND PUBLICATIONS OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH t. The object of the National Bureau of Economic Research is to ascertain and to Oresent to the public important economic facts and their interpretation in a scientific and impartial manner. The Board of Directors is charged with the responsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object. The President of the National Bureau shall submit to the Board of Directors, or to its Executive Committee, for their formal adoption all specific proposals for research to he instituted. No research report shall be published by the National Bureau until the President has sent each member of the Board a notice that a manuscript is recommended for publication and that n the President's opinion it is suitable for publication in accordance with the principles of the National Bureau. Such notification will include an abstract or summary of the manuscript's content and a response form for use by those Directors who desire a copy of the manuscript for review. Each manuscript shall contain a summary drawing attention to the nature and treatment of the problem studied, the character of the data and their utilization in the report, and the main conclusions reached. For each manuscript so submitted, a special committee of the Directors (including Directors Emeriti) shall be appointed by majority agreement of the President and Vice Presidents (or by the Executive Committee in case of inability to decide on the part of the President and Vice Presidents(, consisting of three Directors selected as nearly as may be one from each general division of the Board. The names of the special manuscript committee shall be stated to each Director when notice of the proposed publication is submitted to him. It shall be the duty of each member of the specia! manuscript committee to read the manuscript. If each member of the manuscript committee signifies hi approval within thirty days of the transmittal of the manuscript, the report may be published. If at the end of that period any member of the manuscript committee withholds his approval, the President shall then notily each member of the Board, requesting approval or disapproval of publication, and thirty (Jays additional shall be granted for this purpose. The manuscript shall then nol be published unless at least a majority of the entire Board who shall have voted on the proposal within the time fixed for the receipt of votes shall have approved. No manuscript may he published, though approved by each member of the special manuscript committee, until forty.five days have elapsed from the transmitta! of the report in manuscript form. The interval is allowed for the receipt of any memorandum of dissent or reservation, together with a brief statement of his reasons, that any member may wish to express; and such memorandum of dissent or reservation shall be published with the manuscript if he so desires. Publication does fbi, however, imply that each member of the Board has read the manuscript, or that either niembers of the Board in generai or the special committee have passed on its validity in every detail. Publications of the National Bureau issued for informational purposes concerning the work of the Bureau and its staff, or issued to inform the public of activities of Bureau staff, and volumes issued as a result of various conferences involving the National Bureau shall contain a specific disclaimer noting that such publication has not passed through the normal review procedures required in this resolution. The Executive Committee of the Board is charged with review of all such publications from time to time to ensure that they do not take on the character of formal research reports of the National Bureau, requiring format Board approval. l,jnless otherwise determined by the Board o' exempted by the terms of paragraph 6, a opy of this resolution shall he printed in each National Bureau publication. (Resolution adopted October 25, 1926, as revised through September )

8 I N DEXATION, THE BRAZILIAN EXPERIENCE IPE-NBER Seminar on Indexation, São Paulo, Brazfl, February 26-28, 1975