Since 2014
Reviewing Taylor rules for Brazil: was there a turning-point?
Journal of Economics and Political Economy
View Archive Info| Field | Value | |
| Title |
Reviewing Taylor rules for Brazil: was there a turning-point?
|
|
| Creator |
MOREIRA, Ricardo Ramalhete; Professor of Economics at the Federal University of Espírito Santo, Brazil.
|
|
| Description |
This article finds evidences highlighting that the Brazilian monetary policy is divergent from Taylor principles, from data over January 2005 to May 2013, and using regressions estimated by OLS and GMM. Especially, the inflationary expectations do not show robust effects on the Selic rate, while the inertial degree of the latter denotes a current pro-cyclical bias. Furthermore, the article tested for the effects of the Subprime crisis and the domestic currency undervaluation on the Selic level. The empirical results suggest that the Subprime crisis monetary authorities have preferred to stabilize or expand output, against the inflation stabilization, despite the Brazilian inflation target regime since 1999.Keywords. Taylor rule; Selic rate; Brazil; OLS; GMM.JEL. E17, E52.
|
|
| Publisher |
Journal of Economics and Political Economy
Journal of Economics and Political Economy |
|
| Contributor |
—
|
|
| Date |
2015-06-18
|
|
| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — — |
|
| Format |
application/pdf
|
|
| Identifier |
http://www.kspjournals.org/index.php/JEPE/article/view/252
10.1453/jepe.v2i2.252 |
|
| Source |
Journal of Economics and Political Economy; Vol 2, No 2 (2015): June; 276-289
Journal of Economics and Political Economy; Vol 2, No 2 (2015): June; 276-289 2148-8347 |
|
| Language |
eng
|
|
| Relation |
http://www.kspjournals.org/index.php/JEPE/article/view/252/388
http://www.kspjournals.org/index.php/JEPE/article/downloadSuppFile/252/96 |
|
| Rights |
Copyright (c) 2015 Journal of Economics and Political Economy
http://creativecommons.org/licenses/by-nc/4.0 |
|