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Revista Brasileira de Economia

Print version ISSN 0034-7140

Abstract

MONTES, Gabriel Caldas  and  ASSUMPCAO, Antonio Carlos de Jesus. Uma Nota Sobre o Papel da Credibilidade da Política Monetária e Fiscal: Evidências para o Brasil. Rev. Bras. Econ. [online]. 2014, vol.68, n.4, pp.497-515. ISSN 0034-7140.  http://dx.doi.org/10.1590/S0034-71402014000400004.

This study examines (i) the influence of the reputations of the Central Bank of Brazil and the Government and the credibility of their policies on the path of the basic interest rate, and also the impact of public debt management policies and the macroeconomic scenario on the basic interest rate; (ii) the influence of monetary policy and the macroeconomic environment on the behavior of household consumption through the credit channel. The results suggest that gains of credibility and monetary and fiscal reputation were important to explain the path of the basic interest rate and the credit spread, affecting the behavior of household consumption.

Keywords : Reputação; Credibilidade; Taxa de Juros; spread; Consumo.

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