Taylor's Rule and Monetary Policy: evidence for Brazil after the implementation of the Inflation Targeting Regime
The basic interest rate adjustment course (SELIC) varies according to the maintenance of the technical management of the bodies conducting economic policies. Thus, this work aims to examine the changes in the SELIC as instruments of monetary policy since the beginning of the implementation of the in...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2022 |
| País: | Brasil |
| Institución: | Universidade Federal de Uberlândia (UFU) |
| Repositorio: | Economia Ensaios |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs.www.seer.ufu.br:article/61216 |
| Acceso en línea: | https://seer.ufu.br/index.php/revistaeconomiaensaios/article/view/61216 |
| Access Level: | acceso abierto |
| Palabra clave: | Regra de Taylor Política monetária Taxa de juros Taylor's Rule Monetary Policy Interest Rate |
| Sumario: | The basic interest rate adjustment course (SELIC) varies according to the maintenance of the technical management of the bodies conducting economic policies. Thus, this work aims to examine the changes in the SELIC as instruments of monetary policy since the beginning of the implementation of the inflation targeting system, observing which variables were significant for the reactions of the SELIC, having the Taylor rule as a foundation. With this, a Central Bank reaction function was estimated for the period from June 1999 to December 2019. The results show that the SELIC reacted according to the shocks in macroeconomic variables. |
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