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Política econômica e credibilidade: evidências empíricas e técnicas econométricas [Economic policy and credibility: empirical evidence and econometric techniques]

Author

Listed:
  • César A. O. Tejada

    (UFAL)

  • Marcelo Savino Portugal

    () (UFRGS)

Abstract

This article presents a review of empirical literature regarding the credibility of economic policy, dedicating special attention to the econometric techniques used. The literature researched is comprised of two groups based on the type of econometric technique employed. However, within the main groups, reference is made to the four ways of conducting monetary policy currently being used in the world today: monetary aggregate targets, exchange rate peg, inflation targets, and preventive monetary policy with no explicit nominal peg. This text also refers to underlying theoretical models, when applicable. Brazilian empirical literature on this subject is reviewed in its own separate section.

Suggested Citation

  • César A. O. Tejada & Marcelo Savino Portugal, 2004. "Política econômica e credibilidade: evidências empíricas e técnicas econométricas [Economic policy and credibility: empirical evidence and econometric techniques]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 14(3), pages 97-140, September.
  • Handle: RePEc:nov:artigo:v:14:y:2004:i:3:p:97-140
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    File URL: http://www.face.ufmg.br/novaeconomia/sumarios/v14n3/140304.pdf
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    References listed on IDEAS

    as
    1. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521466004, December.
    2. Thirlwall, Anthony P & Hussain, Mohammed Nureldin, 1982. "The Balance of Payments Constraint, Capital Flows and Growth Rate Differences between Developing Countries," Oxford Economic Papers, Oxford University Press, vol. 34(3), pages 498-510, November.
    3. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
    4. Nelson H. Barbosa Filho, 2001. "International Liquidity and Growth in Brazil," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2001-04, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    5. Isard,Peter, 1995. "Exchange Rate Economics," Cambridge Books, Cambridge University Press, number 9780521460477, December.
    6. Juan Carlos Moreno-Brid, 1999. "On Capital Flows and the Balance-of-Payments-Constrained Growth Model," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(2), pages 283-298, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    credibility; monetary policy; econometric models;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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