MONETARY POLICY MANAGEMENT UNDER INFLATION TARGETING REGIME AND IN THE NEW ECONOMIC MATRIX
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , |
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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Análise Econômica (Online) |
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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 |