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O desempenho recente da política monetária brasileira sob a ótica da modelagem DSGE

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  • Bruno Freitas Boynard de Vasconcelos
  • José Angelo Divino

Abstract

This paper has estimated the DSGE model proposed by Smets and Wouters (2007) for the Brazilian economy, using Bayesian techniques, aiming at analyzing the recent performance of the inflation targeting monetary policy. It was obtained estimates of barely known structural parameters and the dynamics of the economy under distinct exogenous shocks was revealed. Among the major results, one can mention the antiinflationary feature of the monetary policy in the period, the role of the inflation expectation over the interest rates and the negative relationship between technological shock and hours worked. In general, the behavior of the Brazilian monetary policy is compatible with international practices, as observed in developed economies.

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File URL: http://www.bcb.gov.br/pec/wps/port/TD291.pdf
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Bibliographic Info

Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 291.

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Date of creation: Sep 2012
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Handle: RePEc:bcb:wpaper:291

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Web page: http://www.bcb.gov.br/?english

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