Uma Avaliação dos Recolhimentos Compulsórios
Reserve requirements are used as an additional policy instrument in many countries. The present paper examines whether the use of this instrument helps to improve macroeconomic stability. The analysis is conducted by estimating and simulating a semi structural model for the Brazilian economy. The results indicate that the use of reserve requirements – as a complement to the monetary policy interest rate – can provide stability gains both from the output and inflation perspective, as well as from a macroprudential point of view. In particular, reserve requirements showed to play an important role to accommodate shocks that arise in the financial sector.
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