کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5054726 | 1476538 | 2013 | 15 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Monetary policy channels in Brazil through the lens of a semi-structural model Monetary policy channels in Brazil through the lens of a semi-structural model](/preview/png/5054726.png)
We develop and estimate a medium-sized, semi-structural model for the Brazilian economy during the inflation targeting period. The model describes fairly well key features of the economy and allows us to decompose the transmission mechanism of monetary policy. In the baseline decomposition, the transmission mechanism is broken down into household interest rate, firm interest rate, and exchange rate channels. In addition, we carry out an alternative decomposition that allows us to evaluate the expectations channel as well. In both procedures, the household interest rate channel is the most important for explaining the response of output to a monetary policy shock. In the baseline decomposition of inflation, both the household interest rate and the exchange rate channels are the main transmission channels. However, in the alternative decomposition, the expectations channel accounts for the bulk of the inflation response.
⺠We develop and estimate a medium-sized, semi-structural model for Brazil's economy. ⺠The model describes fairly well key features of the economy and monetary channels. ⺠The household interest rate channel is the most important in the response of output. ⺠The expectations channel in turn is the most relevant in the response of inflation.
Journal: Economic Modelling - Volume 30, January 2013, Pages 405-419