Monetary Policy, Inflation and the Level of Economic Activity in Brazil After the Real Plan: Stylized Facts from SVAR Models

Elcyon Caiado Lima, Alexis Maka and Brisne Céspedes

Revista Brasileira de Economia - RBE, 2008, vol. 62, issue 2

Abstract: This article uncovers some stylized facts about the short run fluctuations of the Brazilian economy after the Real Plan, giving special attention to the identification of the effects of monetary policy shocks. A distinctive feature of this article is the careful attention paid to monetary policy developments after the Real Plan when dividing our sample into two subsamples (1996:07-1998:08 and 1999:03-2004:12). We use directed acyclic graphs to identify the Structural Vector Autoregression (SVAR) models. In contrast with most SVAR analysis for Brazil, we found empirical evidence that supports the view that a contractionary monetary policy indeed reduces the price level.

Date: 2008
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Related works:
Working Paper: Monetary Policy, Inflation and the Level of Economic Activity in Brasil after the Real Plan: Stylized Facts from SVAR Models (2015)
Working Paper: Monetary Policy, Inflation and the Level of Economic Activity in Brasil After the Real Plan: Stylized Facts From SVAR Models (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:fgv:epgrbe:v:62:y:2008:i:2:a:1019

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