SciELO - Scientific Electronic Library Online

 
vol.31 número3Bancos públicos em sistemas financeiros maduros: perspectivas teóricas e desafios para os países em desenvolvimentoSurpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro índice de autoresíndice de assuntospesquisa de artigos
Home Pagelista alfabética de periódicos  

Serviços Personalizados

Journal

Artigo

Indicadores

Links relacionados

Compartilhar


Revista de Economia Política

versão impressa ISSN 0101-3157

Resumo

MODENESI, André de Melo. Conservatism and rigidity in monetary policy. Rev. Econ. Polit. [online]. 2011, vol.31, n.3, pp.415-434. ISSN 0101-3157.  http://dx.doi.org/10.1590/S0101-31572011000300006.

This paper aims at evaluating the conduction of monetary policy after the adoption of inflation targeting. Formation of Selic rate is modeled by estimating a reaction function of the BCB. Results show an excessive degree of interest rate smoothing and a high level of equilibrium interest rate. This evidence supports the belief that Selic rate's formation is ruled by a conservative behavior. The conservative conduction of monetary policy is related to two distinct features of BCB's reaction function: i) the great weight of autoregressive components; and, chiefly, ii) a very high level of the equilibrium interest rate. The main conclusion is that, all remaining unchanged, the interest rate would hardly be reduced in a satisfactory way. Massive and chronic deflation would be needed if Selic were to reach a reasonable level, closer to that of rates in the rest of the world. This evidences the need for a debate on the adequacy of current stabilization strategy.

Palavras-chave : Taylor rule; Selic; conservatism.

        · texto em Português     · Português ( pdf epdf )

 

Creative Commons License Todo o conteúdo deste periódico, exceto onde está identificado, está licenciado sob uma Licença Creative Commons