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http://dspace.mediu.edu.my:8181/xmlui/handle/123456789/4343| Title: | Monetary policy and inflation in Brazil (1975-2000): a VAR estimation |
| Keywords: | monetary policy inflation interest rate money Brazil |
| Issue Date: | 30-May-2013 |
| Publisher: | Fundação Getúlio Vargas |
| Description: | This paper investigates monetary policy and basic macroeconomic relationships involving output, inflation rate, interest rate, and money in Brazil. Based on a vector autoregressive (VAR) estimation, it compares three different periods: moderately-increasing inflation (1975-1985), high inflation (1985-1994), and low inflation (1994-2000). The main results are the following: monetary policy shocks have significant effects on output; monetary policy shocks do not induce a reduction in the inflation rate in the first two periods, but there are indications that they have gained power to affect prices after the Real Plan was launched; monetary policy does not usually respond rapidly or actively to inflation-rate and output innovations; in the recent period, the interest rate responds intensely to financial crises; positive interest-rate shocks are accompanied by a decline in money in all the three periods; the degree of inflation persistence is substantially lower in the recent period. |
| URI: | http://koha.mediu.edu.my:8181/jspui/handle/123456789/4343 |
| Other Identifiers: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402003000300005 http://www.doaj.org/doaj?func=openurl&genre=article&issn=00347140&date=2003&volume=57&issue=3&spage=605 |
| Appears in Collections: | Business and Economics |
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