Exchange rate movements and monetary policy in Brazil: Econometric and simulation evidence

dc.creatorFurlani, LGC
dc.creatorPortugal, MS
dc.creatorLaurini, MP
dc.date2010
dc.dateJAN
dc.date2014-11-18T15:57:25Z
dc.date2015-11-26T16:56:27Z
dc.date2014-11-18T15:57:25Z
dc.date2015-11-26T16:56:27Z
dc.date.accessioned2018-03-28T23:43:52Z
dc.date.available2018-03-28T23:43:52Z
dc.identifierEconomic Modelling. Elsevier Science Bv, v. 27, n. 1, n. 284, n. 295, 2010.
dc.identifier0264-9993
dc.identifierWOS:000273705100032
dc.identifier10.1016/j.econmod.2009.09.008
dc.identifierhttp://www.repositorio.unicamp.br/jspui/handle/REPOSIP/66246
dc.identifierhttp://www.repositorio.unicamp.br/handle/REPOSIP/66246
dc.identifierhttp://repositorio.unicamp.br/jspui/handle/REPOSIP/66246
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/1277379
dc.descriptionThe literature on monetary economy has aroused growing interest in macroeconomics. Due to computational advancements, models have become increasingly more complex and accurate, allowing for an in-depth analysis of the relationships between real economic variables and nominal variables. Therefore, using a dynamic stochastic general equilibrium (DSGE) model, based on Gali and Monacelli (2005), we propose and estimate a model for the Brazilian economy by employing Bayesian methods so as to assess whether the Central Bank of Brazil takes exchange rate fluctuations into account in the conduct of monetary policy. The most striking result of the present study is that the Central Bank of Brazil does not directly change the interest rate path due to exchange rate movements. A simulation exercise is also used. Our conclusion is that the economy quickly accommodates shocks induced separately on the exchange rate, on the terms of trade, interest rate, and global inflation. (C) 2009 Elsevier B.V. All rights reserved.
dc.description27
dc.description1
dc.description284
dc.description295
dc.languageen
dc.publisherElsevier Science Bv
dc.publisherAmsterdam
dc.publisherHolanda
dc.relationEconomic Modelling
dc.relationEcon. Model.
dc.rightsfechado
dc.rightshttp://www.elsevier.com/about/open-access/open-access-policies/article-posting-policy
dc.sourceWeb of Science
dc.subjectDynamic and stochastic general equilibrium (DSGE) models
dc.subjectMonetary policy
dc.subjectExchange rate
dc.subjectBayesian methods
dc.subjectSimulation
dc.subjectTransactions Demand
dc.subjectRate Dynamics
dc.subjectGrowth
dc.subjectModel
dc.subjectWelfare
dc.subjectRules
dc.subjectMoney
dc.subjectCash
dc.titleExchange rate movements and monetary policy in Brazil: Econometric and simulation evidence
dc.typeArtículos de revistas


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