Análise da função de reação do Banco Central do Brasil entre 2000 e 2012: inclusão de preços de ativos, não linearidade e queda da taxa de juros neutra
Data
2013-01-28
Autores
Orientador(res)
Moura, Alkimar R.
Métricas
Título da Revista
ISSN da Revista
Título de Volume
Resumo
In this paper we address empirically two issues in the monetary policy field: the estimate of an extended Taylor rule with the inclusion of a financial index containing information based on asset prices and the assumption of nonlinearity of the Taylor Rule. The main findings indicate that the Central Bank of Brazil does not follow an augmented Taylor rule when carrying out the monetary policy and there is evidence of non-linearity of its reaction function. Furthermore, we find evidence of a decline in the actual equilibrium interest rate in the Brazilian economy.