The Taylor rule under inquiry: Hidden states
Autor(a) principal: | |
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Data de Publicação: | 2005 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12446 |
Resumo: | This work empirically evaluates the Taylor rule for the US and Brazil using Markov-Switching Regimes. I find that the inflation parameter of the US Taylor rule is less than one in many periods, contrasting heavily with Clarida, Gal´ı and Gertler (2000), and the same happens with Brazilian data. When the inflation parameter is greater than one, it encompasses periods that these authors considered they should be less than one. Brazil is used for comparative purposes because it experienced a high level inflation until 1994 and then a major stabilization plan reduced the growth in prices to civilized levels. Thus, it is a natural laboratory to test theories designed to work in any environment. The findings point to a theoretical gap that deserves further investigation and show that monetary policy in Brazil has been ineffective, which is coherent with the general attitude of population in relation to this measure. |
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Bueno, Rodrigo de Losso da SilveiraEscolas::EPGEFGV2014-11-17T11:55:59Z2014-11-17T11:55:59Z2005-09-22http://hdl.handle.net/10438/12446This work empirically evaluates the Taylor rule for the US and Brazil using Markov-Switching Regimes. I find that the inflation parameter of the US Taylor rule is less than one in many periods, contrasting heavily with Clarida, Gal´ı and Gertler (2000), and the same happens with Brazilian data. When the inflation parameter is greater than one, it encompasses periods that these authors considered they should be less than one. Brazil is used for comparative purposes because it experienced a high level inflation until 1994 and then a major stabilization plan reduced the growth in prices to civilized levels. Thus, it is a natural laboratory to test theories designed to work in any environment. The findings point to a theoretical gap that deserves further investigation and show that monetary policy in Brazil has been ineffective, which is coherent with the general attitude of population in relation to this measure.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa 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/openAccessMarkov switching regimesHidden statesTaylor ruleEconomiaPolítica monetáriaThe Taylor rule under inquiry: Hidden statesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL1927.pdf1927.pdfapplication/pdf505275https://repositorio.fgv.br/bitstreams/040fd9da-15cd-4a23-9239-ebc2231da640/downloadee5ef4482b6f6afce74328c2452178a0MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/2add3297-9b11-4415-ac0d-826464e294c2/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT1927.pdf.txt1927.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
The Taylor rule under inquiry: Hidden states |
title |
The Taylor rule under inquiry: Hidden states |
spellingShingle |
The Taylor rule under inquiry: Hidden states Bueno, Rodrigo de Losso da Silveira Markov switching regimes Hidden states Taylor rule Economia Política monetária |
title_short |
The Taylor rule under inquiry: Hidden states |
title_full |
The Taylor rule under inquiry: Hidden states |
title_fullStr |
The Taylor rule under inquiry: Hidden states |
title_full_unstemmed |
The Taylor rule under inquiry: Hidden states |
title_sort |
The Taylor rule under inquiry: Hidden states |
author |
Bueno, Rodrigo de Losso da Silveira |
author_facet |
Bueno, Rodrigo de Losso da Silveira |
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 |
Bueno, Rodrigo de Losso da Silveira |
dc.subject.eng.fl_str_mv |
Markov switching regimes Hidden states Taylor rule |
topic |
Markov switching regimes Hidden states Taylor rule Economia Política monetária |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Política monetária |
description |
This work empirically evaluates the Taylor rule for the US and Brazil using Markov-Switching Regimes. I find that the inflation parameter of the US Taylor rule is less than one in many periods, contrasting heavily with Clarida, Gal´ı and Gertler (2000), and the same happens with Brazilian data. When the inflation parameter is greater than one, it encompasses periods that these authors considered they should be less than one. Brazil is used for comparative purposes because it experienced a high level inflation until 1994 and then a major stabilization plan reduced the growth in prices to civilized levels. Thus, it is a natural laboratory to test theories designed to work in any environment. The findings point to a theoretical gap that deserves further investigation and show that monetary policy in Brazil has been ineffective, which is coherent with the general attitude of population in relation to this measure. |
publishDate |
2005 |
dc.date.issued.fl_str_mv |
2005-09-22 |
dc.date.accessioned.fl_str_mv |
2014-11-17T11:55:59Z |
dc.date.available.fl_str_mv |
2014-11-17T11:55:59Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
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info:eu-repo/semantics/article |
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article |
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http://hdl.handle.net/10438/12446 |
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http://hdl.handle.net/10438/12446 |
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eng |
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eng |
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Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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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 |
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