We add to the empirical literature on growth, by addressing instrumentalized co-movements between the quarterly variation of real GDP per capita versus fiscal, monetary, and credit variables in Brazil. We use partial wavelet coherency to analyze time-frequency growth dependency on macro variables: net debt to GDP, primary balance to GDP, inflation, SELIC rate, household, and enterprise credit to GDP. We also use partial phase difference and partial gain to identify and measure the lead-lag relationship between growth and these macro variables. We provide a set of new stylized facts about the recent history of growth in Brazil over the period from 2004 and 2022, a period marked by three recessions. To summarize, in periods of expansion, primary balance cycles lead in-phase growth cycles, while inflationary and household credit cycles use to lead out-of-phase growth cycles. During recessions, we find a relevant positive role played by the enterprise credit, and a negative leadership of SELIC on economic growth cycle.
JEL classification: C02, O42, H60