O Impacto da Comunicação do Banco Central do Brasil sobre o Mercado Financeiro

Marcio Janot and Daniel Mota

No 265, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: In inflation targeting regimes, the transparent communication of monetary policy is an important instrument to reduce uncertainties and coordinate market expectations. This paper examines how the financial market reacts to the Central Bank of Brazil communication and shows that there is significant reduction in the volatility of future interest rates after the release of the minutes of the Monetary Policy Committee (COPOM) and the Inflation Report. On the other hand, these forms of communication do not significantly affect the slope of the yield curve, the exchange rate and the stock market index (Ibovespa).

Date: 2012-01
New Economics Papers: this item is included in nep-mac
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