dor_id: 46254

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351.#.#.b: Investigación Económica

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856.4.0.u: https://www.revistas.unam.mx/index.php/rie/article/view/40027/36423

100.1.#.a: De Melo Modenesi, André; De Araújo, Eliane Cristina

524.#.#.a: De Melo Modenesi, André, et al. (2013). Price Stability under Inflation Targeting in Brazil: Empirical analysis of the monetary policy transmission mechanism based on a var model, 2000-2008. Investigación Económica; Vol. 72 Núm. 283, 2013: ENG. Recuperado de https://repositorio.unam.mx/contenidos/46254

245.1.0.a: Price Stability under Inflation Targeting in Brazil: Empirical analysis of the monetary policy transmission mechanism based on a var model, 2000-2008

502.#.#.c: Universidad Nacional Autónoma de México

561.1.#.a: Facultad de Economía, UNAM

264.#.0.c: 2013

264.#.1.c: 2013-06-18

506.1.#.a: La titularidad de los derechos patrimoniales de esta obra pertenece a las instituciones editoras. Su uso se rige por una licencia Creative Commons BY-NC-ND 4.0 Internacional, https://creativecommons.org/licenses/by-nc-nd/4.0/legalcode.es, para un uso diferente consultar al responsable jurídico del repositorio por medio del correo electrónico iph@unam.mx

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041.#.7.h: spa

520.3.#.a: With a view to offering a body of empirical evidence to assess the costs and benefits of Brazilian stabilization policy, we undertake an econometric analysis of the monetary policy transmission mechanism in Brazil during the period from the adoption of the inflation targeting regime (onwards ITR) to the subprime crisis (2000-2008). The exchange rate was the main channel of monetary policy transmission during that time frame. Furthermore, inflation sensitivity to the interest rate is low. Thus, a rise in the basic interest rate (Selic) generates relatively small benefits (a fall in inflation). However, an interest rate increase generates substantial costs: a slowdown in economic activity, the appreciation of the exchange rate, and an increase in public debt. Inflation’s low sensitivity to interest rates is seen as a result of problems in the transmission mechanism: a broken transmission mechanism reduces the efficiency of monetary policy. Price stability under ITR thus requires an excessively rigid monetary policy. The final outcome is, on the one hand, that inflation hardly gives in. On the other hand, the costs of high interest rates escalate. We conclude that the balance of costs and benefits of price stability under itr is unfavorable.

773.1.#.t: Investigación Económica; Vol. 72 Núm. 283 (2013): ENG

773.1.#.o: https://www.revistas.unam.mx/index.php/rie

022.#.#.a: ISSN electrónico: 2594-2360; ISSN impreso: 0185-1667

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harvesting_date: 2023-06-20 16:00:00.0

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last_modified: 2023-06-20 16:00:00

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Artículo

Price Stability under Inflation Targeting in Brazil: Empirical analysis of the monetary policy transmission mechanism based on a var model, 2000-2008

De Melo Modenesi, André; De Araújo, Eliane Cristina

Facultad de Economía, UNAM, publicado en Investigación Económica, y cosechado de Revistas UNAM

Licencia de uso

Procedencia del contenido

Entidad o dependencia
Facultad de Economía, UNAM
Revista
Investigación Económica
Repositorio
Revistas UNAM
Contacto
Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

Cita

De Melo Modenesi, André, et al. (2013). Price Stability under Inflation Targeting in Brazil: Empirical analysis of the monetary policy transmission mechanism based on a var model, 2000-2008. Investigación Económica; Vol. 72 Núm. 283, 2013: ENG. Recuperado de https://repositorio.unam.mx/contenidos/46254

Descripción del recurso

Autor(es)
De Melo Modenesi, André; De Araújo, Eliane Cristina
Tipo
Artículo de Investigación
Área del conocimiento
Ciencias Sociales y Económicas
Título
Price Stability under Inflation Targeting in Brazil: Empirical analysis of the monetary policy transmission mechanism based on a var model, 2000-2008
Fecha
2013-06-18
Resumen
With a view to offering a body of empirical evidence to assess the costs and benefits of Brazilian stabilization policy, we undertake an econometric analysis of the monetary policy transmission mechanism in Brazil during the period from the adoption of the inflation targeting regime (onwards ITR) to the subprime crisis (2000-2008). The exchange rate was the main channel of monetary policy transmission during that time frame. Furthermore, inflation sensitivity to the interest rate is low. Thus, a rise in the basic interest rate (Selic) generates relatively small benefits (a fall in inflation). However, an interest rate increase generates substantial costs: a slowdown in economic activity, the appreciation of the exchange rate, and an increase in public debt. Inflation’s low sensitivity to interest rates is seen as a result of problems in the transmission mechanism: a broken transmission mechanism reduces the efficiency of monetary policy. Price stability under ITR thus requires an excessively rigid monetary policy. The final outcome is, on the one hand, that inflation hardly gives in. On the other hand, the costs of high interest rates escalate. We conclude that the balance of costs and benefits of price stability under itr is unfavorable.
Idioma
spa
ISSN
ISSN electrónico: 2594-2360; ISSN impreso: 0185-1667

Enlaces