The Role of Interest Rates in the Brazilian Business Cycles
Autor(a) principal: | |
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Data de Publicação: | 2011 |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Revista Brasileira de Economia (Online) |
Texto Completo: | https://periodicos.fgv.br/rbe/article/view/3064 |
Resumo: | This paper offers additional insights on the relationship between interest rates and business cycles in Brazil. First, I document that Brazilian interest rates are very volatile, counter-cyclical and positively correlated with net exports, as observed in other emerging market economies. Next, I present a dynamic stochastic general equilibrium model in which firms face working capital constraints and labor supply is independent of consumption. This parsimonious model, appropriately calibrated to the Brazilian economy, predicts that interest rate shocks can explain about one third of output fluctuations and delivers business cycle regularities consistent with the Brazilian data. |
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The Role of Interest Rates in the Brazilian Business CyclesThe Role of Interest Rates in the Brazilian Business CyclesInterest RatesBusiness CyclesCountry RiskBrazilInterest RatesBusiness CyclesCountry RiskBrazilThis paper offers additional insights on the relationship between interest rates and business cycles in Brazil. First, I document that Brazilian interest rates are very volatile, counter-cyclical and positively correlated with net exports, as observed in other emerging market economies. Next, I present a dynamic stochastic general equilibrium model in which firms face working capital constraints and labor supply is independent of consumption. This parsimonious model, appropriately calibrated to the Brazilian economy, predicts that interest rate shocks can explain about one third of output fluctuations and delivers business cycle regularities consistent with the Brazilian data.Este artigo fornece evidências adicionais sobre a relação entre taxa de juros e ciclos econômicos no Brasil. Primeiro, o artigo documenta que a taxa de juros do país é muito volátil, contracíclica e positivamente correlacionada com as exportações líquidas, conforme observado em outras economias emergentes. Em seguida, o artigo apresenta um modelo de equilíbrio geral dinâmico no qual as empresas operam com restrições de capital de giro e onde a oferta de trabalho é independente do consumo (ausência de efeito renda). Este modelo parcimonioso, devidamente calibrado para a economia brasileira, prevê que choques na taxa de juros são capazes de explicar cerca de um terço das flutuações do produto e gera regularidades ao longo do ciclo econômico que são consistentes com os dados do Brasil.EGV EPGE2011-09-27info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/3064Revista Brasileira de Economia; Vol. 65 No. 3 (2011); 315-336Revista Brasileira de Economia; v. 65 n. 3 (2011); 315-3361806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://periodicos.fgv.br/rbe/article/view/3064/2262https://periodicos.fgv.br/rbe/article/view/3064/2264Souza-Sobrinho, Nelson F.info:eu-repo/semantics/openAccess2011-09-27T15:29:17Zoai:ojs.periodicos.fgv.br:article/3064Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:29.233503Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true |
dc.title.none.fl_str_mv |
The Role of Interest Rates in the Brazilian Business Cycles The Role of Interest Rates in the Brazilian Business Cycles |
title |
The Role of Interest Rates in the Brazilian Business Cycles |
spellingShingle |
The Role of Interest Rates in the Brazilian Business Cycles Souza-Sobrinho, Nelson F. Interest Rates Business Cycles Country Risk Brazil Interest Rates Business Cycles Country Risk Brazil |
title_short |
The Role of Interest Rates in the Brazilian Business Cycles |
title_full |
The Role of Interest Rates in the Brazilian Business Cycles |
title_fullStr |
The Role of Interest Rates in the Brazilian Business Cycles |
title_full_unstemmed |
The Role of Interest Rates in the Brazilian Business Cycles |
title_sort |
The Role of Interest Rates in the Brazilian Business Cycles |
author |
Souza-Sobrinho, Nelson F. |
author_facet |
Souza-Sobrinho, Nelson F. |
author_role |
author |
dc.contributor.author.fl_str_mv |
Souza-Sobrinho, Nelson F. |
dc.subject.por.fl_str_mv |
Interest Rates Business Cycles Country Risk Brazil Interest Rates Business Cycles Country Risk Brazil |
topic |
Interest Rates Business Cycles Country Risk Brazil Interest Rates Business Cycles Country Risk Brazil |
description |
This paper offers additional insights on the relationship between interest rates and business cycles in Brazil. First, I document that Brazilian interest rates are very volatile, counter-cyclical and positively correlated with net exports, as observed in other emerging market economies. Next, I present a dynamic stochastic general equilibrium model in which firms face working capital constraints and labor supply is independent of consumption. This parsimonious model, appropriately calibrated to the Brazilian economy, predicts that interest rate shocks can explain about one third of output fluctuations and delivers business cycle regularities consistent with the Brazilian data. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-09-27 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Articles Artigos |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.fgv.br/rbe/article/view/3064 |
url |
https://periodicos.fgv.br/rbe/article/view/3064 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://periodicos.fgv.br/rbe/article/view/3064/2262 https://periodicos.fgv.br/rbe/article/view/3064/2264 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
EGV EPGE |
publisher.none.fl_str_mv |
EGV EPGE |
dc.source.none.fl_str_mv |
Revista Brasileira de Economia; Vol. 65 No. 3 (2011); 315-336 Revista Brasileira de Economia; v. 65 n. 3 (2011); 315-336 1806-9134 0034-7140 reponame:Revista Brasileira de Economia (Online) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Revista Brasileira de Economia (Online) |
collection |
Revista Brasileira de Economia (Online) |
repository.name.fl_str_mv |
Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
||rbe@fgv.br |
_version_ |
1798943114376773632 |