Optimal rules for monetary policy in Brazil

Detalhes bibliográficos
Autor(a) principal: Andrade, Joaquim Pinto de
Data de Publicação: 2000
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12108
Resumo: This paper presents optimal rules for monetary policy in Brazil derived from a backward looking expectation model consisting of a Keynesian IS function and an Augmented Phillips Curve (ISAS). The IS function displays'a high sensitivity of aggregate demand to the real interest rate and the Phillips Curve is accelerationist. The optimal monetary rules show low interest rate volatility with reaction coefficients lower than the ones suggested by Taylor (1993a,b). Reaction functions estimated through ADL and SUR models suggest that monetary policy has not been optimal and has aimed to product rather than inflation stabilization.
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spelling Andrade, Joaquim Pinto deEscolas::EPGEFGV2014-10-14T14:55:55Z2014-10-14T14:55:55Z2000-06-01http://hdl.handle.net/10438/12108This paper presents optimal rules for monetary policy in Brazil derived from a backward looking expectation model consisting of a Keynesian IS function and an Augmented Phillips Curve (ISAS). The IS function displays'a high sensitivity of aggregate demand to the real interest rate and the Phillips Curve is accelerationist. The optimal monetary rules show low interest rate volatility with reaction coefficients lower than the ones suggested by Taylor (1993a,b). Reaction functions estimated through ADL and SUR models suggest that monetary policy has not been optimal and has aimed to product rather than inflation stabilization.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisas econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessTarget inflationMonetary policyTaylor's ruleEconomiaPolítica monetária - BrasilOptimal rules for monetary policy in Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000302739.pdf000302739.pdfapplication/pdf797543https://repositorio.fgv.br/bitstreams/3d1943d6-b0a9-4228-83e5-ad6d91548736/downloadc8386decd8059743c2fba6334fbb0af4MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/e3611a08-2079-4eb2-800e-0dc8acc20602/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000302739.pdf.txt000302739.pdf.txtExtracted 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dc.title.eng.fl_str_mv Optimal rules for monetary policy in Brazil
title Optimal rules for monetary policy in Brazil
spellingShingle Optimal rules for monetary policy in Brazil
Andrade, Joaquim Pinto de
Target inflation
Monetary policy
Taylor's rule
Economia
Política monetária - Brasil
title_short Optimal rules for monetary policy in Brazil
title_full Optimal rules for monetary policy in Brazil
title_fullStr Optimal rules for monetary policy in Brazil
title_full_unstemmed Optimal rules for monetary policy in Brazil
title_sort Optimal rules for monetary policy in Brazil
author Andrade, Joaquim Pinto de
author_facet Andrade, Joaquim Pinto de
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Andrade, Joaquim Pinto de
dc.subject.eng.fl_str_mv Target inflation
Monetary policy
Taylor's rule
topic Target inflation
Monetary policy
Taylor's rule
Economia
Política monetária - Brasil
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Política monetária - Brasil
description This paper presents optimal rules for monetary policy in Brazil derived from a backward looking expectation model consisting of a Keynesian IS function and an Augmented Phillips Curve (ISAS). The IS function displays'a high sensitivity of aggregate demand to the real interest rate and the Phillips Curve is accelerationist. The optimal monetary rules show low interest rate volatility with reaction coefficients lower than the ones suggested by Taylor (1993a,b). Reaction functions estimated through ADL and SUR models suggest that monetary policy has not been optimal and has aimed to product rather than inflation stabilization.
publishDate 2000
dc.date.issued.fl_str_mv 2000-06-01
dc.date.accessioned.fl_str_mv 2014-10-14T14:55:55Z
dc.date.available.fl_str_mv 2014-10-14T14:55:55Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12108
url http://hdl.handle.net/10438/12108
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de pesquisas econômica da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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collection Repositório Institucional do FGV (FGV Repositório Digital)
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