Arbeitspapier

Uma análise da transmissão da política monetária e o canal da dívida pública com aplicação aos dados brasileiros

This paper deals with the role of the public debt on the transmission mechanism of monetary policy. An IS function where the Ricardian Equivalence does not prevail and Phillips curve are estimated by full information maximum likelihood (FIML), General Method of Moments (GMM) and bootstrap methods. The government constraint allows the analysis of two kinds of bonds: prefixed bonds and bonds indexed by monetary policy interest rate. Two additional relations are added to the model, one monetary rule and one fiscal rule. The impulse response functions presents cycles that depend heavily on the composition of the public debt.

Language
Portugiesisch

Bibliographic citation
Series: Texto para Discussão ; No. 1379

Classification
Wirtschaft
Subject
Geldpolitische Transmission
Öffentliche Schulden
Brasilien

Event
Geistige Schöpfung
(who)
Pires, Manoel Carlos de Castro
de Andrade, Joaquim Pinto
Event
Veröffentlichung
(who)
Instituto de Pesquisa Econômica Aplicada (IPEA)
(where)
Brasília
(when)
2009

Handle
Last update
10.03.2025, 11:44 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Pires, Manoel Carlos de Castro
  • de Andrade, Joaquim Pinto
  • Instituto de Pesquisa Econômica Aplicada (IPEA)

Time of origin

  • 2009

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