O desempenho recente da política monetária brasileira sob a ótica da modelagem DSGE

Bruno Vasconcelos and Jose Angelo Divino

No 291, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: This paper has estimated the DSGE model proposed by Smets and Wouters (2007) for the Brazilian economy, using Bayesian techniques, aiming at analyzing the recent performance of the inflation targeting monetary policy. It was obtained estimates of barely known structural parameters and the dynamics of the economy under distinct exogenous shocks was revealed. Among the major results, one can mention the antiinflationary feature of the monetary policy in the period, the role of the inflation expectation over the interest rates and the negative relationship between technological shock and hours worked. In general, the behavior of the Brazilian monetary policy is compatible with international practices, as observed in developed economies.

Date: 2012-09
New Economics Papers: this item is included in nep-dge and nep-mac
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