Monetary Transmission in an Emerging Targeter: The Case of Brazil
This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the mode...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/191 |
| Schlagworte: | |
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| Zusammenfassung: | This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the model to study the monetary transmission in Brazil. We find that interest rate changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a key role in this connection. Importantly, the response of inflation to monetary policy shocks has grown stronger and the output-inflation tradeoff improved since the introduction of inflation targeting |
| Beschreibung: | Includes bibliographical references |
| Beschreibung: | 1 Online-Ressource (42 p) |
| ISBN: | 1451870493 9781451870497 |
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| id | DE-604.BV048348807 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:34Z |
| institution | BVB |
| isbn | 1451870493 9781451870497 |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Pagan, A. R. Verfasser aut Monetary Transmission in an Emerging Targeter The Case of Brazil Pagan, A. R Washington, D.C International Monetary Fund 2008 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/191 Includes bibliographical references This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the model to study the monetary transmission in Brazil. We find that interest rate changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a key role in this connection. Importantly, the response of inflation to monetary policy shocks has grown stronger and the output-inflation tradeoff improved since the introduction of inflation targeting Online-Ausg Inflation (Finance) Brazil Econometric models Monetary policy Brazil Econometric models Transmission mechanism (Monetary policy) Brazil Econometric models Electronic books Catão, Luis Sonstige oth Laxton, Douglas Sonstige oth http://elibrary.imf.org/view/IMF001/09478-9781451870497/09478-9781451870497/09478-9781451870497.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Pagan, A. R. Monetary Transmission in an Emerging Targeter The Case of Brazil Inflation (Finance) Brazil Econometric models Monetary policy Brazil Econometric models Transmission mechanism (Monetary policy) Brazil Econometric models |
| title | Monetary Transmission in an Emerging Targeter The Case of Brazil |
| title_auth | Monetary Transmission in an Emerging Targeter The Case of Brazil |
| title_exact_search | Monetary Transmission in an Emerging Targeter The Case of Brazil |
| title_exact_search_txtP | Monetary Transmission in an Emerging Targeter The Case of Brazil |
| title_full | Monetary Transmission in an Emerging Targeter The Case of Brazil Pagan, A. R |
| title_fullStr | Monetary Transmission in an Emerging Targeter The Case of Brazil Pagan, A. R |
| title_full_unstemmed | Monetary Transmission in an Emerging Targeter The Case of Brazil Pagan, A. R |
| title_short | Monetary Transmission in an Emerging Targeter |
| title_sort | monetary transmission in an emerging targeter the case of brazil |
| title_sub | The Case of Brazil |
| topic | Inflation (Finance) Brazil Econometric models Monetary policy Brazil Econometric models Transmission mechanism (Monetary policy) Brazil Econometric models |
| topic_facet | Inflation (Finance) Brazil Econometric models Monetary policy Brazil Econometric models Transmission mechanism (Monetary policy) Brazil Econometric models |
| url | http://elibrary.imf.org/view/IMF001/09478-9781451870497/09478-9781451870497/09478-9781451870497.xml |
| work_keys_str_mv | AT paganar monetarytransmissioninanemergingtargeterthecaseofbrazil AT cataoluis monetarytransmissioninanemergingtargeterthecaseofbrazil AT laxtondouglas monetarytransmissioninanemergingtargeterthecaseofbrazil |