Fiscal and monetary policy rules in Brazil: empirical evidence of monetary and fiscal dominance

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cepal.articleNo4
cepal.bibLevelSección o Parte de un Documento
cepal.callNumberLC/PUB.2022/3-P
cepal.docTypeRevistas
cepal.jelCodeE31
cepal.jelCodeE52
cepal.jelCodeE62
cepal.jelCodeH60
cepal.jobNumberRVI135_Moreira
cepal.physicalDescriptiongráficos., tablas.
cepal.regionalOfficeSantiago
cepal.sdg1
cepal.topicEngECONOMIC GROWTH
cepal.topicEngFISCAL AFFAIRS
cepal.topicEngMACROECONOMICS
cepal.topicSpaASUNTOS FISCALES
cepal.topicSpaCRECIMIENTO ECONÓMICO
cepal.topicSpaMACROECONOMÍA
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorMendonça, Mario Jorge
dc.contributor.authorMoreira, Tito Belchior S.
dc.contributor.authorSachsida, Adolfo
dc.coverage.spatialEngBRAZIL
dc.coverage.spatialSpaBRASIL
dc.date.accessioned2022-03-28T13:47:25Z
dc.date.available2022-03-28T13:47:25Z
dc.date.issued2021-12
dc.description.abstractBased on the hypothesis that the rules of monetary and fiscal policy in Brazil may have been subject to different regimes, the present study applies the Leeper model (1991 and 2005) to identify the chronology of policy regimes in terms of their active and passive character. The policy rules are estimated using the Markov-switching model, with a monthly database from November 2002 to December 2015, in which the regimes are endogenously determined. The results obtained indicate that fiscal dominance occurred in 2010 and between 2013 and 2014, while monetary dominance marked much of 2003 and the period 2005–2007. The model also seeks to explain why the inflation rate continued to rise during 2015 even though Central Bank of Brazil took an active monetary policy stance that year.
dc.formatTexto
dc.format.extentpáginas. 81-10
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/PUB.2022/3-P
dc.identifier.urihttps://hdl.handle.net/11362/47818
dc.language.isoeng
dc.physicalDescriptionp. 81-104; grafs., tabls.
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.isPartOfSeriesNo135
dc.relation.translationLanguagespa
dc.relation.translationRecordReglas de política monetaria y fiscal en el Brasil: evidencia empírica de dominancia monetaria y dominancia fiscal
dc.relation.translationUrihttps://hdl.handle.net/11362/47705
dc.rights.coarDisponible
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngFISCAL POLICY
dc.subject.unbisEngINFLATION
dc.subject.unbisEngGROSS DOMESTIC PRODUCT
dc.subject.unbisEngPUBLIC DEBT
dc.subject.unbisEngMACROECONOMICS
dc.subject.unbisEngECONOMETRIC MODELS
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaPOLITICA FISCAL
dc.subject.unbisSpaINFLACION
dc.subject.unbisSpaPRODUCTO INTERNO BRUTO
dc.subject.unbisSpaDEUDA PUBLICA
dc.subject.unbisSpaMACROECONOMIA
dc.subject.unbisSpaMODELOS ECONOMETRICOS
dc.titleFiscal and monetary policy rules in Brazil: empirical evidence of monetary and fiscal dominance
dc.type.coarartículo
dc.usergroupbiblioteca
dspace.entity.typePublication
relation.isAuthorOfPublication9f5cdd19-3340-40c9-8ee3-75ab7c9e45d1
relation.isAuthorOfPublication351b70a6-b858-471e-98fb-79588f61b3ba
relation.isAuthorOfPublication3a5e0300-fd88-49a8-8bf4-706f2cad9a51
relation.isAuthorOfPublication.latestForDiscovery9f5cdd19-3340-40c9-8ee3-75ab7c9e45d1
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