Communication, transparency, monetary policy index, central bank watching.

Detalhes bibliográficos
Autor(a) principal: da Costa Filho, Adonias Evaristo
Data de Publicação: 2009
Outros Autores: Rocha, Fabiana
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/1314
Resumo: The purpose of this paper is to discuss the role of communication and transparency in the conduct of monetary policy by the Brazilian Central Bank. Initially we build a glossary that translates the qualitative information contained in the minutes of COPOM into an ordered scale index, similar to the one built by Rosa and Verga (2005). We find evidence of a consistent behavior by COPOM, in the sense that its words are followed by actions in the same direction. Based on estimates of Taylor rules, we also find evidence that the index help to understand interest setting , justifying the central bank watching behavior.
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spelling Communication, transparency, monetary policy index, central bank watching.Comunicação e política monetária no BrasilThe purpose of this paper is to discuss the role of communication and transparency in the conduct of monetary policy by the Brazilian Central Bank. Initially we build a glossary that translates the qualitative information contained in the minutes of COPOM into an ordered scale index, similar to the one built by Rosa and Verga (2005). We find evidence of a consistent behavior by COPOM, in the sense that its words are followed by actions in the same direction. Based on estimates of Taylor rules, we also find evidence that the index help to understand interest setting , justifying the central bank watching behavior.O objetivo deste artigo é discutir o papel da comunicação e da transparência na condução da política monetária do Banco Central do Brasil. Constrói-se, inicialmente, um índice que traduz a informação qualitativa contida nas atas do COPOM num índice ordenado, semelhante ao construído por Rosa e Verga (2005). Encontra-se evidência que a comunicação do COPOM é consistente no sentido de que as palavras são seguidas por ações na mesma direção. Baseado em estimativas de regras de Taylor, encontra-se também evidência de que o índice ajuda a entender a fixação da taxa de juros, justificando a prática de central bank watching.EGV EPGE2009-12-09info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/1314Revista Brasileira de Economia; Vol. 63 No. 4 (2009); 271-288Revista Brasileira de Economia; v. 63 n. 4 (2009); 271-2881806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVengporhttps://periodicos.fgv.br/rbe/article/view/1314/924https://periodicos.fgv.br/rbe/article/view/1314/925da Costa Filho, Adonias EvaristoRocha, Fabianainfo:eu-repo/semantics/openAccess2010-01-11T18:12:45Zoai:ojs.periodicos.fgv.br:article/1314Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:02.796618Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Communication, transparency, monetary policy index, central bank watching.
Comunicação e política monetária no Brasil
title Communication, transparency, monetary policy index, central bank watching.
spellingShingle Communication, transparency, monetary policy index, central bank watching.
da Costa Filho, Adonias Evaristo
title_short Communication, transparency, monetary policy index, central bank watching.
title_full Communication, transparency, monetary policy index, central bank watching.
title_fullStr Communication, transparency, monetary policy index, central bank watching.
title_full_unstemmed Communication, transparency, monetary policy index, central bank watching.
title_sort Communication, transparency, monetary policy index, central bank watching.
author da Costa Filho, Adonias Evaristo
author_facet da Costa Filho, Adonias Evaristo
Rocha, Fabiana
author_role author
author2 Rocha, Fabiana
author2_role author
dc.contributor.author.fl_str_mv da Costa Filho, Adonias Evaristo
Rocha, Fabiana
description The purpose of this paper is to discuss the role of communication and transparency in the conduct of monetary policy by the Brazilian Central Bank. Initially we build a glossary that translates the qualitative information contained in the minutes of COPOM into an ordered scale index, similar to the one built by Rosa and Verga (2005). We find evidence of a consistent behavior by COPOM, in the sense that its words are followed by actions in the same direction. Based on estimates of Taylor rules, we also find evidence that the index help to understand interest setting , justifying the central bank watching behavior.
publishDate 2009
dc.date.none.fl_str_mv 2009-12-09
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/1314
url https://periodicos.fgv.br/rbe/article/view/1314
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1314/924
https://periodicos.fgv.br/rbe/article/view/1314/925
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. 63 No. 4 (2009); 271-288
Revista Brasileira de Economia; v. 63 n. 4 (2009); 271-288
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
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