THE MONETARY POLICY OF THE BRAZILIAN CENTRAL BANK UNDER THE PRESIDENCY OF HENRIQUE MEIRELLES
This paper estimates a Taylor Rule for the period 2003-2010, when Henrique Meirelles was the chairman of Brazilian Central Bank. In contrast with previous research, data frequency is based on Monetary Policy Committee meetings (COPOM), better reflecting the information set available for the monetary...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2013 |
| País: | Brasil |
| Institución: | Universidade Federal do Rio Grande do Sul (UFRGS) |
| Repositorio: | Análise Econômica (Online) |
| Idioma: | portugués |
| OAI Identifier: | oai:seer.ufrgs.br:article/33079 |
| Acceso en línea: | https://seer.ufrgs.br/index.php/AnaliseEconomica/article/view/33079 |
| Access Level: | acceso abierto |
| Palabra clave: | Política monetária Taxa de juros Regra de Taylor E43 E58 E52 Monetary policy Interest rate Taylor Rule |
| Sumario: | This paper estimates a Taylor Rule for the period 2003-2010, when Henrique Meirelles was the chairman of Brazilian Central Bank. In contrast with previous research, data frequency is based on Monetary Policy Committee meetings (COPOM), better reflecting the information set available for the monetary authority. The results indicate a strict inflation target behavior, with strong response to inflation expectations, and a minor but relevant role for the output gap for monetary policy decisions. |
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