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Monetary policy and inflation in Brazil (1975-2000): a VAR estimation

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dc.creator Minella André
dc.date 2003
dc.date.accessioned 2013-05-30T11:01:58Z
dc.date.available 2013-05-30T11:01:58Z
dc.date.issued 2013-05-30
dc.identifier http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402003000300005
dc.identifier http://www.doaj.org/doaj?func=openurl&genre=article&issn=00347140&date=2003&volume=57&issue=3&spage=605
dc.identifier.uri http://koha.mediu.edu.my:8181/jspui/handle/123456789/4343
dc.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.
dc.publisher Fundação Getúlio Vargas
dc.source Revista Brasileira de Economia
dc.subject monetary policy
dc.subject inflation
dc.subject interest rate
dc.subject money
dc.subject Brazil
dc.title Monetary policy and inflation in Brazil (1975-2000): a VAR estimation

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