What happens after the Central Bank of Brazil increases the target interbank rate by 1%?

Detalhes bibliográficos
Autor(a) principal: Cysne, Rubens Penha
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/10438/12136
Resumo: In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest rate by 1%. From a quantitative perspective, the best estimate from the empírical analysis, obtained with a 1994 : 2 - 2004 : 2 subsample of the data, is that GDP goes through an accumulated decline, over the next four years, around 0.08%. Innovations to interest rates explain around 9.2% of the forecast erro r of GDP.
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spelling Cysne, Rubens PenhaEscolas::EPGEFGV2014-10-17T13:50:29Z2014-10-17T13:50:29Z2005-03-10http://hdl.handle.net/10438/12136In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest rate by 1%. From a quantitative perspective, the best estimate from the empírical analysis, obtained with a 1994 : 2 - 2004 : 2 subsample of the data, is that GDP goes through an accumulated decline, over the next four years, around 0.08%. Innovations to interest rates explain around 9.2% of the forecast erro r of GDP.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/openAccessWhat happens after the Central Bank of Brazil increases the target interbank rate by 1%?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaPolítica monetária - Brasilreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000362385.pdf000362385.pdfapplication/pdf721508https://repositorio.fgv.br/bitstreams/2963425b-6565-4a5d-9ce8-a97d3b548357/download896e49e79aa5a056d229c27317d7d3c6MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/21576cfd-dd4c-4625-820f-cc18a9c36f75/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000362385.pdf.txt000362385.pdf.txtExtracted 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dc.title.eng.fl_str_mv What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
title What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
spellingShingle What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
Cysne, Rubens Penha
Economia
Política monetária - Brasil
title_short What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
title_full What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
title_fullStr What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
title_full_unstemmed What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
title_sort What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
author Cysne, Rubens Penha
author_facet Cysne, Rubens Penha
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 Cysne, Rubens Penha
dc.subject.area.por.fl_str_mv Economia
topic Economia
Política monetária - Brasil
dc.subject.bibliodata.por.fl_str_mv Política monetária - Brasil
description In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest rate by 1%. From a quantitative perspective, the best estimate from the empírical analysis, obtained with a 1994 : 2 - 2004 : 2 subsample of the data, is that GDP goes through an accumulated decline, over the next four years, around 0.08%. Innovations to interest rates explain around 9.2% of the forecast erro r of GDP.
publishDate 2005
dc.date.issued.fl_str_mv 2005-03-10
dc.date.accessioned.fl_str_mv 2014-10-17T13:50:29Z
dc.date.available.fl_str_mv 2014-10-17T13:50:29Z
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/10438/12136
url http://hdl.handle.net/10438/12136
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de pesquisa 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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reponame_str Repositório Institucional do FGV (FGV Repositório Digital)
collection Repositório Institucional do FGV (FGV Repositório Digital)
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