Identificando as preferências do Banco Central do Brasil (2002-2013)
DOI:
https://doi.org/10.1590/S0101-41612014000300001Keywords:
Interest rate rules, Inflation targeting, Central Bank preferencesAbstract
This paper estimates Central Bank’s preferences for the period between 2002 and 2013.
Therefore, we analyze a Central Bank optimization problem within an open economy.
The Euler equation that solves this problem allows to apply the generalized method of
moments (GMM) to efficiently estimate the parameters. Such an approach dissociates
the preference’s parameters from those related to the structural conditions of Brazilian
economy, unlike what occurs on direct estimations of a monetary policy rule. The results
indicate a high degree of flexibility in Brazil’s inflation targeting regime, suggesting that output stabilization around its potential is a significant goal in monetary policy decisions,
over a strict inflation control. This flexible nature of the monetary policy management
seems to have been deepened over the administration of President Alexandre Tombini.
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Copyright (c) 2014 Thiago Luiz Curado, Marcelo Luiz Curado
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