Asymmetric effects of monetary policy in Brazil


  • Edilean Kleber da Silva Bejarano Aragón Universidade Federal da Paraíba
  • Marcelo Savino Portugal Universidade Federal do Rio Grande do Sul



política monetária, assimetrias, choques negativos e positivos, ciclo de negócios, modelos Markovswitching


Neste trabalho, examinamos se os efeitos das ações de política monetária sobre o produto são assimétricos no Brasil. Para isto, estimamos modelos Markov-switching que permitem que choques positivos e negativos afetem a taxa de crescimento do produto de forma assimétrica nos estados de expansão e recessão econômica. Em geral, os resultados mostram que: i) os efeitos reais de choques monetários negativos são maiores do que os de choques positivos em uma expansão; ii) em uma recessão, os efeitos reais de choques positivos e negativos são iguais; iii) não há evidência de assimetria entre os efeitos de políticas monetárias contracíclicas; iv) não se pode afirmar que os efeitos de choques positivos (ou negativos) dependem da fase do ciclo econômico.


Não há dados estatísticos.


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Não definida