Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)
Autor(a) principal: | |
---|---|
Data de Publicação: | 2011 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300006 |
Resumo: | This paper aims at evaluating the conduction of monetary policy after the adoption of inflation targeting. Formation of Selic rate is modeled by estimating a reaction function of the BCB. Results show an excessive degree of interest rate smoothing and a high level of equilibrium interest rate. This evidence supports the belief that Selic rate's formation is ruled by a conservative behavior. The conservative conduction of monetary policy is related to two distinct features of BCB's reaction function: i) the great weight of autoregressive components; and, chiefly, ii) a very high level of the equilibrium interest rate. The main conclusion is that, all remaining unchanged, the interest rate would hardly be reduced in a satisfactory way. Massive and chronic deflation would be needed if Selic were to reach a reasonable level, closer to that of rates in the rest of the world. This evidences the need for a debate on the adequacy of current stabilization strategy. |
id |
EDITORA_34-1_10e33fb7a7ac08870b74c92ece65b8bb |
---|---|
oai_identifier_str |
oai:scielo:S0101-31572011000300006 |
network_acronym_str |
EDITORA_34-1 |
network_name_str |
Revista de Economia Política |
repository_id_str |
|
spelling |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007)Taylor ruleSelicconservatismThis paper aims at evaluating the conduction of monetary policy after the adoption of inflation targeting. Formation of Selic rate is modeled by estimating a reaction function of the BCB. Results show an excessive degree of interest rate smoothing and a high level of equilibrium interest rate. This evidence supports the belief that Selic rate's formation is ruled by a conservative behavior. The conservative conduction of monetary policy is related to two distinct features of BCB's reaction function: i) the great weight of autoregressive components; and, chiefly, ii) a very high level of the equilibrium interest rate. The main conclusion is that, all remaining unchanged, the interest rate would hardly be reduced in a satisfactory way. Massive and chronic deflation would be needed if Selic were to reach a reasonable level, closer to that of rates in the rest of the world. This evidences the need for a debate on the adequacy of current stabilization strategy.Centro de Economia Política2011-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300006Brazilian Journal of Political Economy v.31 n.3 2011reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/S0101-31572011000300006info:eu-repo/semantics/openAccessModenesi,André de Melopor2011-09-08T00:00:00Zoai:scielo:S0101-31572011000300006Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2011-09-08T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
title |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
spellingShingle |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) Modenesi,André de Melo Taylor rule Selic conservatism |
title_short |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
title_full |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
title_fullStr |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
title_full_unstemmed |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
title_sort |
Conservadorismo e rigidez na política monetária: uma estimativa da função de reação do BCB (2000-2007) |
author |
Modenesi,André de Melo |
author_facet |
Modenesi,André de Melo |
author_role |
author |
dc.contributor.author.fl_str_mv |
Modenesi,André de Melo |
dc.subject.por.fl_str_mv |
Taylor rule Selic conservatism |
topic |
Taylor rule Selic conservatism |
description |
This paper aims at evaluating the conduction of monetary policy after the adoption of inflation targeting. Formation of Selic rate is modeled by estimating a reaction function of the BCB. Results show an excessive degree of interest rate smoothing and a high level of equilibrium interest rate. This evidence supports the belief that Selic rate's formation is ruled by a conservative behavior. The conservative conduction of monetary policy is related to two distinct features of BCB's reaction function: i) the great weight of autoregressive components; and, chiefly, ii) a very high level of the equilibrium interest rate. The main conclusion is that, all remaining unchanged, the interest rate would hardly be reduced in a satisfactory way. Massive and chronic deflation would be needed if Selic were to reach a reasonable level, closer to that of rates in the rest of the world. This evidences the need for a debate on the adequacy of current stabilization strategy. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-09-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300006 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300006 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
10.1590/S0101-31572011000300006 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.31 n.3 2011 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
_version_ |
1754122481045602304 |