The market reaction to changes in the Brazilian official interest rate

Anna Buchholz, César Cupertino (), Roberto Meurer, Andre Santos () and Newton Da Costa

Applied Economics Letters, 2012, vol. 19, issue 14, 1359-1364

Abstract: This study is aimed at investigating the effects of monetary policymaking on the short-term and long-term interest rates for the Brazilian economy for the period August 1999 to March 2011. It is shown that the reversal of the current account deficit and the alleviation of political uncertainties in 2003 affect the impact of monetary policy on market interest rates. In particular, it is observed that surprises in policymaking are substantially reduced after the macroeconomic and political stability.

Date: 2012
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DOI: 10.1080/13504851.2011.629975

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