Monetary Policy in Brazil

Transmission and monetary rules

• Almeida, Charles Lima De, et al. "Optimal monetary rules: the case of Brazil." Applied Economics Letters 10.5 (2003): 299-302.

• Andrade, J. P.; Castro Pires, M. C. (2009) "A transmissão da política monetária pelo canal do efeito riqueza no Brasil". In: Política monetária, Bancos Centrais e Metas de Inflação. Orgs: Oreiro, Paula e Sobreira: FGV Editora, pp. 209-235.

• Aragón, Edilean Kleber da Silva Bejarano, and Gabriela Bezerra de Medeiros. "Monetary policy in Brazil: evidence of a reaction function with time-varying parameters and endogenous regressors." Empirical Economics 48.2 (2015): 557-575.

• Aragón, Edilean Kleber da Silva Bejarano, and Marcelo Savino Portugal. "Asymmetric effects of monetary policy in Brazil." Estudos Econômicos (São Paulo) 39.2 (2009): 277-300.

• Banco Central do Brasil. Dez Anos de Metas para a Inflação - 1999-2009. Brasília: Banco Central do Brasil, 2011. 456 p.

• Barboza, Ricardo de Menezes. "Taxa de juros e mecanismos de transmissão da política monetária no Brasil." Brazilian Journal of Political Economy 35.1 (2015): 133-155.

• Bogdanski, Joel, Alexandre A. Tombini, and Sergio R. da C. Werlang. "Implementing inflation targeting in Brazil." Werlang, Sergio R., Implementing Inflation Targeting in Brazil (July 2000). Banco Central do Brasil Working Paper 1 (2000).

• Caldas Montes, Gabriel, and Caroline Cabral Machado. "Credibility and the credit channel transmission of monetary policy theoretical model and econometric analysis for Brazil." Journal of Economic Studies 40.4 (2013): 469-492.

• Carvalho, Carlos, Fernando Cordeiro, and Juliana Vargas. "Just words?: A quantitative analysis of the communication of the Central Bank of Brazil." Revista Brasileira de Economia 67, no. 4 (2013): 443-455.

• Céspedes, Brisne, Elcyon Lima, and Alexis Maka. "Monetary policy, inflation and the level of economic activity in Brazil after the Real Plan: stylized facts from SVAR models." Revista Brasileira de Economia 62.2 (2008): 123-160.

• De Mello, Luiz, and Mauro Pisu. "The bank lending channel of monetary transmission in Brazil: A VECM approach." The Quarterly Review of Economics and Finance 50.1 (2010): 50-60.

• Fernandes, M.; Toro, J. O mecanismo de transmissão monetária na economia brasileira pós-Plano Real. Revista Brasileira de Economia, v. 59, n. 1, p. 5-32, jan./mar. 2005.

• Fialho, Marcelo Ladeira, & Portugal, Marcelo Savino. (2005). Monetary and fiscal policy interactions in Brazil: an application of the fiscal theory of the price level. Estudos Econômicos (São Paulo), 35(4), 657-685.

• Garcia-Escribano, Mercedes. "Monetary Transmission in Brazil: Has the Credit Channel Changed?." IMF Working Papers 13/251, International Monetary Fund. 2013

• Gogas, Periklis, Ioannis Pragidis, and Benjamin M. Tabak. "Asymmetric effects of monetary policy in the US and Brazil." The Journal of Economic Asymmetries 18 (2018): e00108.

• Gonçalves, Carlos Eduardo, and Bernardo Guimarães. "Monetary policy, default risk and the exchange rate." Revista Brasileira de Economia 65.1 (2011): 33-45.

• Jawadi, Fredj, Sushanta Kumar Mallick, and Ricardo Magalhães Sousa. "Nonlinear monetary policy reaction functions in large emerging economies: the case of Brazil and China." Applied Economics 46.9 (2014): 973-984.

• Kanczuk, F. (2015). "Brazil through the eyes of CHORINHO". Brazilian Review of Econometrics, 35(2), 171-195.

• Luis A.V. Catão & Adrian Pagan, 2011. "The Credit Channel and Monetary Transmission in Brazil and Chile: A Structured VAR Approach," Central Banking, Analysis, and Economic Policies Book Series,in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.), Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 5, pages 105-144 Central Bank of Chile.

• Luporini, Viviane. "The monetary transmission mechanism in Brazil: evidence from a VAR analysis" Estudos Econômicos (São Paulo) 38.1 (2008): 7-30.

• Mallick, Sushanta K., and Ricardo M. Sousa. "Real effects of monetary policy in large emerging economies." Macroeconomic Dynamics 16.S2 (2012): 190-212.

• Minella, André. (2003). Monetary policy and inflation in Brazil (1975-2000): a VAR estimation. Revista Brasileira de Economia, 57(3), 605-635

• Minella, André, and Nelson F. Souza-Sobrinho. "Monetary policy channels in Brazil through the lens of a semi-structural model." Economic Modelling 30 (2013): 405-419.

• Moreira, Tito Belchior Silva, Geraldo Silva Souza, and Charles Lima Almeida. "Fiscal Theory of the Price Level and the Interaction of Monetary and Fiscal Policies: The Brazilian Case." Brazilian Review of Econometrics 27.1 (2007).

• Pagan, Adrian R. & Douglas Laxton & Luis Catão, 2008. "Monetary Transmission in an Emerging Targeter: The Case of Brazil", IMF Working Papers 08/191, International Monetary Fund.

• Salgado, Maria José S., Garcia, Márcio G. P., & Medeiros, Marcelo C.. (2005). Monetary policy during Brazil's Real Plan: estimating the Central Bank's reaction function. Revista Brasileira de Economia

• Sánchez-Fung, José R. "Estimating monetary policy reaction functions for emerging market economies: The case of Brazil." Economic Modelling 28.4 (2011): 1730-1738.

• Takeda, Tony, Fabiana Rocha, and Márcio I. Nakane. "The reaction of bank lending to monetary policy in Brazil." Revista Brasileira de Economia 59.1 (2005): 107-126.

• Valls Pereira, Pedro L. & da Silva Fonseca, Marcelo Gonçalves, 2012. "Credit Shocks and Monetary Policy in Brazil: A Structural Favar Approach," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 32(2), April.

Natural rate of interest

• Barbosa, Fernando de Holanda, Felipe Diogo Camêlo, and Igor Custodio João. "A Taxa de juros natural e a regra de Taylor no Brasil: 2003-2015." Revista Brasileira de Economia 70.4 (2016): 399-417.

• Barcellos Neto, Paulo Chananeco F. de, & Portugal, Marcelo Savino. (2009). The natural rate of interest in Brazil between 1999 and 2005. Revista Brasileira de Economia, 63(2), 103-118 .

• Borges, Bráulio Lima, and Maximiliano Barbosa da Silva. "Estimando a taxa de juros natural para o Brasil: uma aplicação da metodologia VAR estrutural." Estudos Econômicos (São Paulo) 36.1 (2006): 87-114.

• Ferreira, Flávio Henn, and Rogério Mori. "Estimativas Para A Taxa De Juros Neutra No Brasil." Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting]. No. 063. ANPEC-Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], 2014.

• Palma, Andreza A. "Natural interest rate in Brazil: further evidence from an AR-trendbound model." Economics Bulletin 36.3 (2016): 1306-1314.

• Ribeiro, Alessandra, and Vladimir K. Teles. "Taxa natural de juros no Brasil." EconomiA 14.1c (2013): 733-750.

• Segura-Ubiergo, Mr Alex. The puzzle of Brazil's high interest rates. No. 12-62. IMF Working Papers 12/62, International Monetary Fund, 2012.