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Brazilian Journal of Political Economy

versão impressa ISSN 0101-3157versão On-line ISSN 1809-4538

Resumo

BARBOZA, RICARDO DE MENEZES. Taxa de juros e mecanismos de transmissão da política monetária no Brasil. Rev. Econ. Polit. [online]. 2015, vol.35, n.1, pp.133-155. ISSN 0101-3157.  http://dx.doi.org/10.1590/0101-31572015v35n01a08.

Interest rate and monetary transmition mechanisms in Brazil. This paper develops the hypothesis that the Brazilian interest rate is high as a result of partially obstructed monetary transmission mechanisms. Transmission failures arise due to the following characteristics of the Brazilian economy: (i) segmentation of the credit market; (ii) low penetration of free credit within the income determination process; (iii) truncated term structure of interest rates; (iv) participation of LFTs in public debt; (v) participation of administered prices in the consumer price index. To achieve this result, the paper explores the BMW model and provides some preliminary evidence.

Palavras-chave : monetary transmission mechanism; interest rate; monetary policy.

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