Financial market reaction to central bank monetary policy communications under an inflation- targeting regime: the case of Brazil

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cepal.callNumberLC/G.2536-P
cepal.docTypeRevistas
cepal.physicalDescriptiongráficos., tablas.
cepal.topicEngINFLATION
cepal.topicSpaINFLACIÓN
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorCaldas M., Gabriel
dc.coverage.spatialEngBRAZIL
dc.coverage.spatialSpaBRASIL
dc.date.accessioned2014-01-02T18:46:07Z
dc.date.available2014-01-02T18:46:07Z
dc.date.issued2012-08
dc.descriptionIncludes bibliography
dc.description.abstractCentral bank communications are important for guiding expectations. For emerging countries, however, research on this issue is scarce. Because Brazil represents an important emerging country under inflation targeting, this paper studies the influence of monetary policy and central bank communications on the term structure of interest rates in Brazil. The study uses ordinary least squares (ols), generalized method of moments (gmm) and vector autoregresion (var) to examine the direction taken by interest rates when affected by central bank communications and monetary policy. The study finds evidence that because economic agents analyse the minutes of the Monetary Policy Committee meetings, monetary policy and central bank communications significantly influence the process of expectations formation for interest rates with different maturities in Brazil.
dc.formatTexto
dc.format.extentpáginas. 165-181
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/G.2536-P
dc.identifier.urihttps://hdl.handle.net/11362/11599
dc.language.isoeng
dc.physicalDescriptiongrafs., tabls.
dc.physicalDescriptionp. 165-181
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo107
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.translationLanguagespa
dc.relation.translationRecordBrasil: ¿cómo reaccionan los mercados financieros ante los anuncios de política monetaria del banco central en un esquema de metas de inflación?
dc.relation.translationUrihttps://hdl.handle.net/11362/11555
dc.rights.coarDisponible
dc.subject.unbisEngCENTRAL BANKS
dc.subject.unbisEngCOMMUNICATIONS
dc.subject.unbisEngCAPITAL MARKETS
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngINTEREST RATES
dc.subject.unbisEngINFLATION
dc.subject.unbisSpaBANCOS CENTRALES
dc.subject.unbisSpaCOMUNICACIONES
dc.subject.unbisSpaMERCADOS DE CAPITAL
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaTASAS DE INTERES
dc.subject.unbisSpaINFLACION
dc.titleFinancial market reaction to central bank monetary policy communications under an inflation- targeting regime: the case of Brazil
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublication92c6339d-d80a-4907-b486-2be2dfc3da36
relation.isAuthorOfPublication.latestForDiscovery92c6339d-d80a-4907-b486-2be2dfc3da36
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