This paper presents the first results of an ongoing project aimed at building and putting into operation a dynamic stochastic general equilibrium (DSGE) model for Brazil. The model is based on Smets and Wouters (2003) and Christiano ET AL.(2005), to which we add features that are typical of emerging economies in general and of the Brazilian economy in particular. The model`s current version still omits important characteristics of the Brazilian economy, but is already able to represent the transmission mechanisms of some shocks that seem relevant to the country.