O mecanismo de transmissão da política monetária no Brasil: uma análise em VAR por setor industrial
DOI:
https://doi.org/10.1590/S1413-80502009000400002Keywords:
monetary transmission mechanism, sectoral effects, Brazil, inflation targetingAbstract
This paper aims to analyze the impact of monetary shocks on main macroeconomic and industrial disaggregated production variables, between 1999 and 2008, in Brazil. We used the VAR methodology, developed by Toda & Yamamoto (1995), and formulation of impulse-response functions. Results show robustness of the models, and effectiveness o monetary policy over the period. Industrial sectors respond negatively to exogenous monetary policy, but show difference on the effect level. Durable goods sectors show the highest response to monetary policy, industrial demand goods sectors have an intermediary reaction, and nondurable goods sector shows the less significant response.Downloads
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Published
2009-12-01
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Papers
How to Cite
Tomazzia, E. C., & Meurer, R. (2009). O mecanismo de transmissão da política monetária no Brasil: uma análise em VAR por setor industrial. Economia Aplicada, 13(4), 371-398. https://doi.org/10.1590/S1413-80502009000400002