Monetary policy and prices in Brazil: evidence by income ranges
DOI:
https://doi.org/10.11606/1980-5330/ea203655Palavras-chave:
política monetária, nível de renda, inflaçãoResumo
Investigamos os efeitos assimétricos de um choque de política monetária sobre os preços por nível de renda no Brasil. Utilizando dados de janeiro de 2010 a fevereiro de 2020 e um modelo BVAR com restrição de sinal (controle para o price puzzle), encontramos evidências de que a política monetária pode ser socialmente desejável para reduzir as desigualdades em um curto período, principalmente dentro dos ciclos recessivos. Conclusivamente, um Banco Central ativo (às vezes classificado como Hawkish) poderia contribuir, pelo menos parcialmente, para reduzir a perda de poder aquisitivo das famílias de baixa renda antes de reajustes salariais.
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