Agregação monetária ponderada: uma análise de causalidade

• Autor(a) principal: Divino, Jose Angelo Costa A.
• Data de Publicação: 2023
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Economia Aplicada
• Texto Completo: https://www.revistas.usp.br/ecoa/article/view/145210
• topic: política monetária; índice de Divisia; cointegração; causalidade; monetary policy; Divisia index; cointegration; causality

This paper investigates causality among money and the variables inflation rate and level of income in the period that spans from 1980 until the Real Plan edition, when Brazilian economy faced a great economic instability. It was used, as money concept, monetary aggregates weighted by the Divisia index as well as obtained by simple sum of assets. It was accomplished the causality test for cointegrated variables proposed by Engle and Granger (1987). The results indicate that the causality runs simultaneously from money, in its several definitions, to inflation and to level of income. This can be explained by the passivity that characterized the monetary policy during the period. In the relationship between money and price level, the statistically more significant result was observed in the causality prices-money and it was evidenced when money was widely defined.