A taxa de juros de equilíbrio: uma abordagem múltipla

• Autor(a) principal: Miranda, Pedro Calhman de
• Data de Publicação: 2005
• Outros Autores: Muinhos, Marcelo Kfoury
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Economia Aplicada
• Texto Completo: https://www.revistas.usp.br/ecoa/article/view/221399
• topic: taxa de juros real de equilibrio; prêmio de risco; hiato do produto

The purpose of this paper is to estimate the equilibrium real interest rate for Brazil using different approaches, in order to incorporate all the available information on the topic. The methods used are: historical interest rates, structural models, a long-run growth model, and through the exchange rate. For all these methods, the estimated equilibrium rates for Brazil were high relative to those found for the rest of the world. Also, a panel with 13 countries was estimated to examine the relationship between interest rates and the sovereign risk premium. A sub-panel of Latin-American countries was also examined.