REGIONAL IMPACT OF MONETARY POLICY IN BRAZIL POST-INFLATION TARGETING SYSTEM
- Authors
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Marcos Wagner da Fonseca
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Marcielle Lorenzi Medeiros
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- Keywords:
- Política monetária, Mecanismos de transmissão monetária, Canal de empréstimos bancários
- Abstract
- ABSTRACT This paper aims to analyze the monetary policy impacts on production and credit in selected Brazilian states. For this, VAR models are estimated for Brazil and each selected state. Based on the impulse response function, it determined that one standard deviation (3.5 p. p.) increase in the Selic rate causes different falls in production in the Brazilian states over 24 periods, and in Brazil. The state with the largest fall was São Paulo (-1.05%) and the smallest was Minas Gerais (-0.33%). Bahia, Ceará and Santa Catarina had falls close to São Paulo and the average for Brazil was -0.574%. Regarding credit, the South states were the least affected, with average drop of 0.80%, but showed faster reaction. Minas Gerais, Ceará and Espírito Santo had a greater decline than the average for Brazil (-1.55%), with Bahia and Pernambuco presenting a smaller on. Key words: Monetary policy; monetary transmission mechanisms; bank lending channel. Classificação JEL: R51, R11, R12. Artigo recebido em maio 2009 e aceito para publicação em jun. 2011.
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- Published
- 2011-11-16
- Issue
- Vol. 32 No. 2 (2011)
- Section
- Artigos
- License
- A remessa dos artigos à revista implica a cessão dos direitos autorais à FEE.