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dc.creatorMinella André-
dc.descriptionThis 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.-
dc.publisherFundação Getúlio Vargas-
dc.sourceRevista Brasileira de Economia-
dc.subjectmonetary policy-
dc.subjectinterest rate-
dc.titleMonetary policy and inflation in Brazil (1975-2000): a VAR estimation-
Appears in Collections:Business and Economics

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