MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX

Detalhes bibliográficos
Autor(a) principal: Schio, Thyago Americo
Data de Publicação: 2020
Outros Autores: Sato, Vinicius Hiroshi, Hasegawa, Marcos Minoru
Tipo de documento: Artigo
Idioma: por
Título da fonte: Análise Econômica (Online)
Texto Completo: https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/76868
Resumo: This paper investigates the conduction of monetary policy by the BrazilianCentral Bank during the Tripé Macro (TM) and the New Economic Matrix (NME). Specifically, we aim to identify if there were any significant differences in the managementof monetary policy. In order to do so, through a Vector Auto Regressive, we detectthe responses of monetary policy to shocks in macroeconomic variables, considering amodified Taylor model. The study consider the Inflation Targeting Regime period, observing the Tripé Macro (2000 to 2011) and the New Economic Matrix (2012 to 2014).As a result, we show that significant differences prevailed during the two systems.
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spelling MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIXA GESTÃO DA POLÍTICA MONETÁRIA NO REGIME DE METAS DE INFLAÇÃO E NA NOVA MATRIZ ECONÔMICAPolítica monetáriaTaxas de jurosRegra de TaylorE52E58Monetary policyInterest ratesTaylor ruleE52E58This paper investigates the conduction of monetary policy by the BrazilianCentral Bank during the Tripé Macro (TM) and the New Economic Matrix (NME). Specifically, we aim to identify if there were any significant differences in the managementof monetary policy. In order to do so, through a Vector Auto Regressive, we detectthe responses of monetary policy to shocks in macroeconomic variables, considering amodified Taylor model. The study consider the Inflation Targeting Regime period, observing the Tripé Macro (2000 to 2011) and the New Economic Matrix (2012 to 2014).As a result, we show that significant differences prevailed during the two systems.Este artigo investiga empiricamente a condução da política monetária porparte do Banco Central do Brasil no regime de metas de inflação, considerando os períodos de vigência do tripé macroeconômico (2000-2011) e da nova matriz econômica(2012-2014), identificando se existiram diferenças significativas na gestão da políticamonetária. Para tanto, identificam-se, através de vetores autorregressivos, as respostas da política monetária a choques em variáveis macroeconômicas derivadas de ummodelo de Taylor modificado, contemplando o período do tripé macroeconômico eda nova matriz econômica. Como resultado, constata-se que prevaleceram diferençassignificativas na gestão da política monetária entre os dois sistemas.UFRGS2020-09-27info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/7686810.22456/2176-5456.76868Análise Econômica; Vol. 38 No. 77 (2020): Setembro/2020Análise Econômica; v. 38 n. 77 (2020): Setembro/20202176-54560102-9924reponame:Análise Econômica (Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/76868/58563Copyright (c) 2020 Análise Econômicainfo:eu-repo/semantics/openAccessSchio, Thyago AmericoSato, Vinicius HiroshiHasegawa, Marcos Minoru2020-09-29T21:47:30Zoai:seer.ufrgs.br:article/76868Revistahttps://seer.ufrgs.br/index.php/AnaliseEconomicaPUBhttps://seer.ufrgs.br/index.php/AnaliseEconomica/oai||rae@ufrgs.br2176-54560102-9924opendoar:2020-09-29T21:47:30Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
A GESTÃO DA POLÍTICA MONETÁRIA NO REGIME DE METAS DE INFLAÇÃO E NA NOVA MATRIZ ECONÔMICA
title MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
spellingShingle MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
Schio, Thyago Americo
Política monetária
Taxas de juros
Regra de Taylor
E52
E58
Monetary policy
Interest rates
Taylor rule
E52
E58
title_short MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
title_full MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
title_fullStr MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
title_full_unstemmed MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
title_sort MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
author Schio, Thyago Americo
author_facet Schio, Thyago Americo
Sato, Vinicius Hiroshi
Hasegawa, Marcos Minoru
author_role author
author2 Sato, Vinicius Hiroshi
Hasegawa, Marcos Minoru
author2_role author
author
dc.contributor.author.fl_str_mv Schio, Thyago Americo
Sato, Vinicius Hiroshi
Hasegawa, Marcos Minoru
dc.subject.por.fl_str_mv Política monetária
Taxas de juros
Regra de Taylor
E52
E58
Monetary policy
Interest rates
Taylor rule
E52
E58
topic Política monetária
Taxas de juros
Regra de Taylor
E52
E58
Monetary policy
Interest rates
Taylor rule
E52
E58
description This paper investigates the conduction of monetary policy by the BrazilianCentral Bank during the Tripé Macro (TM) and the New Economic Matrix (NME). Specifically, we aim to identify if there were any significant differences in the managementof monetary policy. In order to do so, through a Vector Auto Regressive, we detectthe responses of monetary policy to shocks in macroeconomic variables, considering amodified Taylor model. The study consider the Inflation Targeting Regime period, observing the Tripé Macro (2000 to 2011) and the New Economic Matrix (2012 to 2014).As a result, we show that significant differences prevailed during the two systems.
publishDate 2020
dc.date.none.fl_str_mv 2020-09-27
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/76868
10.22456/2176-5456.76868
url https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/76868
identifier_str_mv 10.22456/2176-5456.76868
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/76868/58563
dc.rights.driver.fl_str_mv Copyright (c) 2020 Análise Econômica
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2020 Análise Econômica
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFRGS
publisher.none.fl_str_mv UFRGS
dc.source.none.fl_str_mv Análise Econômica; Vol. 38 No. 77 (2020): Setembro/2020
Análise Econômica; v. 38 n. 77 (2020): Setembro/2020
2176-5456
0102-9924
reponame:Análise Econômica (Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str Análise Econômica (Online)
collection Análise Econômica (Online)
repository.name.fl_str_mv Análise Econômica (Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ||rae@ufrgs.br
_version_ 1799766268103884800

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