Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime

Detalhes bibliográficos
Autor(a) principal: Batista Vieira, Ednando
Data de Publicação: 2022
Outros Autores: Martins de Paula, Rafael
Tipo de documento: Artigo
Idioma: por
Título da fonte: Economia Ensaios
Texto Completo: https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/61216
Resumo: The basic interest rate adjustment course (SELIC) varies according to the maintenance of the technical management of the bodies conducting economic policies. Thus, this work aims to examine the changes in the SELIC as instruments of monetary policy since the beginning of the implementation of the inflation targeting system, observing which variables were significant for the reactions of the SELIC, having the Taylor rule as a foundation. With this, a Central Bank reaction function was estimated for the period from June 1999 to December 2019. The results show that the SELIC reacted according to the shocks in macroeconomic variables.
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spelling Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting RegimeRegra de Taylor e Política Monetária: evidências para o Brasil após a implantação do Regime de Metas de InflaçãoRegra de TaylorPolítica monetáriaTaxa de jurosTaylor's RuleMonetary PolicyInterest RateThe basic interest rate adjustment course (SELIC) varies according to the maintenance of the technical management of the bodies conducting economic policies. Thus, this work aims to examine the changes in the SELIC as instruments of monetary policy since the beginning of the implementation of the inflation targeting system, observing which variables were significant for the reactions of the SELIC, having the Taylor rule as a foundation. With this, a Central Bank reaction function was estimated for the period from June 1999 to December 2019. The results show that the SELIC reacted according to the shocks in macroeconomic variables.O curso de ajustamento da taxa básica de juros (SELIC) varia conforme a manutenção das gestões técnicas dos órgãos condutores de políticas econômicas. Desse modo, este artigo objetiva examinar as mudanças da SELIC como instrumentos da política monetária desde o início da implantação do sistema de metas de inflação, observando quais variáveis foram significativas para as reações da SELIC, tendo a regra de Taylor como fundamento. Com isso, foi estimada uma função de reação do Banco Central para o período de junho de 1999 a dezembro de 2019. Os resultados exibem a SELIC tendo reação conforme os choques nas variáveis macroeconômicas.EDUFU2022-11-11info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/6121610.14393/REE-v37n2a2022-61216Revista Economia Ensaios; Vol. 37 No. 2 (2022)Revista Economia Ensaios; v. 37 n. 2 (2022)1983-19940102-2482reponame:Economia Ensaiosinstname:Universidade Federal de Uberlândia (UFU)instacron:UFUporhttps://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/61216/34820Copyright (c) 2022 Revista Economia Ensaiosinfo:eu-repo/semantics/openAccessBatista Vieira, EdnandoMartins de Paula, Rafael2022-12-01T19:31:24Zoai:ojs.www.seer.ufu.br:article/61216Revistahttps://seer.ufu.br/index.php/revistaeconomiaensaiosPUBhttps://seer.ufu.br/index.php/revistaeconomiaensaios/oai||ecoensaios@ufu.br|| ecoensaios@ufu.br1983-19940102-2482opendoar:2022-12-01T19:31:24Economia Ensaios - Universidade Federal de Uberlândia (UFU)false
dc.title.none.fl_str_mv Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
Regra de Taylor e Política Monetária: evidências para o Brasil após a implantação do Regime de Metas de Inflação
title Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
spellingShingle Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
Batista Vieira, Ednando
Regra de Taylor
Política monetária
Taxa de juros
Taylor's Rule
Monetary Policy
Interest Rate
title_short Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
title_full Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
title_fullStr Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
title_full_unstemmed Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
title_sort Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
author Batista Vieira, Ednando
author_facet Batista Vieira, Ednando
Martins de Paula, Rafael
author_role author
author2 Martins de Paula, Rafael
author2_role author
dc.contributor.author.fl_str_mv Batista Vieira, Ednando
Martins de Paula, Rafael
dc.subject.por.fl_str_mv Regra de Taylor
Política monetária
Taxa de juros
Taylor's Rule
Monetary Policy
Interest Rate
topic Regra de Taylor
Política monetária
Taxa de juros
Taylor's Rule
Monetary Policy
Interest Rate
description The basic interest rate adjustment course (SELIC) varies according to the maintenance of the technical management of the bodies conducting economic policies. Thus, this work aims to examine the changes in the SELIC as instruments of monetary policy since the beginning of the implementation of the inflation targeting system, observing which variables were significant for the reactions of the SELIC, having the Taylor rule as a foundation. With this, a Central Bank reaction function was estimated for the period from June 1999 to December 2019. The results show that the SELIC reacted according to the shocks in macroeconomic variables.
publishDate 2022
dc.date.none.fl_str_mv 2022-11-11
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.ufu.br/index.php/revistaeconomiaensaios/article/view/61216
10.14393/REE-v37n2a2022-61216
url https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/61216
identifier_str_mv 10.14393/REE-v37n2a2022-61216
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/61216/34820
dc.rights.driver.fl_str_mv Copyright (c) 2022 Revista Economia Ensaios
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2022 Revista Economia Ensaios
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv EDUFU
publisher.none.fl_str_mv EDUFU
dc.source.none.fl_str_mv Revista Economia Ensaios; Vol. 37 No. 2 (2022)
Revista Economia Ensaios; v. 37 n. 2 (2022)
1983-1994
0102-2482
reponame:Economia Ensaios
instname:Universidade Federal de Uberlândia (UFU)
instacron:UFU
instname_str Universidade Federal de Uberlândia (UFU)
instacron_str UFU
institution UFU
reponame_str Economia Ensaios
collection Economia Ensaios
repository.name.fl_str_mv Economia Ensaios - Universidade Federal de Uberlândia (UFU)
repository.mail.fl_str_mv ||ecoensaios@ufu.br|| ecoensaios@ufu.br
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