Optimal rules for monetary policy in Brazil

dc.contributorEscolas::EPGE
dc.contributorFGV
dc.creatorAndrade, Joaquim Pinto de
dc.date.accessioned2014-10-14T14:55:55Z
dc.date.accessioned2022-11-03T20:23:20Z
dc.date.available2014-10-14T14:55:55Z
dc.date.available2022-11-03T20:23:20Z
dc.date.created2014-10-14T14:55:55Z
dc.date.issued2000-06-01
dc.identifierhttp://hdl.handle.net/10438/12108
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/5037404
dc.description.abstractThis 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 high sensitivity of aggregate demand to the real interest rate and the Phillips Curve is accelerationist. The optimal monetary rules show low interest rate volatility with reaction coefficients lower than the ones suggested by Taylor (1993a,b). Reaction functions estimated through ADL and SUR models suggest that monetary policy has not been optimal and has aimed to product rather than inflation stabilization.
dc.languageeng
dc.publisherEscola de Pós-Graduação em Economia da FGV
dc.relationSeminários de pesquisas econômica da EPGE
dc.rightsTodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveis
dc.subjectTarget inflation
dc.subjectMonetary policy
dc.subjectTaylor's rule
dc.titleOptimal rules for monetary policy in Brazil
dc.typeWorking Paper


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