Based on three versions of a small macroeconomic model for Brazil, this paper presents empirical evidence on the effects of parameter uncertainty on monetary policy rules and on the robustness of optimal and simple rules ...

This paper presents optimal rules for monetary policy in Brazil derived from a backward looking expectation model consisting of a Keynesian IS function and an Augmented Phillips Curve (ISAS). The IS function displays'a ...

The thesis introduces a system dynamics Taylor rule model of new Keynesian nature for monetary policy feedback in Brazil. The nonlinear Taylor rule for interest rate changes con-siders gaps and dynamics of GDP growth and ...

The choice of a control variable for monetary policy characterizes the welfare (loss) function that a central bank will want to maximize (minimize). Even, it gives rise to the proposal of following a rule versus applying ...

Using microdata from the IBRE-FGV Consumer Survey we investigate if Brazilianconsumers form expectations consistent with the Taylor rule and if the consistencychanges according to the monetary policy conducted by the Central ...

Based on the hypothesis that the rules of monetary and fiscal policy in Brazil may have been subject to different regimes, the present study applies the Leeper model (1991 and 2005) to identify the chronology of policy ...