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


  • Bruno Freitas Boynard de Vasconcelos
  • José Angelo Divino


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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  • Bruno Freitas Boynard de Vasconcelos & José Angelo Divino, 2012. "O desempenho recente da política monetária brasileira sob a ótica da modelagem DSGE," Working Papers Series 291, Central Bank of Brazil, Research Department.
  • Handle: RePEc:bcb:wpaper:291

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    Cited by:

    1. Igor Ézio Maciel Silva & Nelson Leitão Paes & Jocildo Fernandes Bezerra, 2016. "Evidences Of Incomplete Interest Rate Pass-Through, Directed Credit And Cost Channel Of Monetary Policy In Brazil," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 036, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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