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Revista Brasileira de Economia

Print version ISSN 0034-7140On-line version ISSN 1806-9134


CABRAL, Rodolfo  and  GUIMARAES, Bernardo. O Comunicado do Banco Central. Rev. Bras. Econ. [online]. 2015, vol.69, n.3, pp.287-301. ISSN 0034-7140.

This paper studies how the Brazilian Central Bank’s statements about its monetary policy decision affect asset prices. The qualitative content of each note is translated into an ordered scale. The statement contains information about future monetary policy decisions: it affects the yield curve and the stock market index, and it helps to predict the content of the minutes of the Monetary Policy Committee meeting.

Keywords : Banco Central; Comunicado; Comunicação; Política Monetária.

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