03666nam 2200673 450 991046361580332120170821160723.01-4623-7597-91-4527-7834-597866128414221-282-84142-41-4518-7049-3(CKB)3170000000055090(EBL)1607974(SSID)ssj0000944173(PQKBManifestationID)11559078(PQKBTitleCode)TC0000944173(PQKBWorkID)10984062(PQKB)11372081(OCoLC)763096226(MiAaPQ)EBC1607974(EXLCZ)99317000000005509020140227h20082008 uy 0engur|n|---|||||txtccrMonetary transmission in an emerging targeter the case of Brazil /Luis Catão, Douglas Laxton, and Adrian PaganStuttgart, Germany :International Monetary Fund,2008.©20081 online resource (44 p.)IMF Working PapersIMF working paper ;WP/08/191Description based upon print version of record.1-4519-1502-0 Includes bibliographical references.Contents; I. Introduction; II. Existing Evidence on Brazil; III. The Structural Model; IV. SVAR Representation; V. Producing Gap Measures; VI. The Brazilian Data Set; VII. SVAR Estimates; VIII. Conclusion; References; Appendix: Derivation of External Liability Equation; Figures; 1. Brazil: Monetary and Price Indicators; 2. Brazil: Output Indicators; 3. Brazil: External Indicators; 4. Brazil: Financial Indicators; 5. BN- and HP-filter Gaps; 6. Impulse-Responses to 100 bp Monetary Tightening, 1999q2:2:007q (in percent); 7. Impulse-Responses to 1% Credit Growth Shock, 1999q2:2007q (in percent)8. Impulse-Responses to 100 bp Monetary Tightening with HP Gap Measures, 1999:2-2007Q (in percent)9. Impulse-Responses to 100 bp Monetary Tightening, 2001q2-2007q (in percent); 10. Impulse-Responses to 1% Credit Growth Shock, 2001q2-2007q (in percent); 11. Recursive Coefficient Estimates of Output Gap in Inflation EquationThis paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the model to study the monetary transmission in Brazil. We find that interest rate changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a key role in this connection. Importantly, the response of inflation to monetary policy shocks has groIMF Working PapersInflation (Finance)BrazilEconometric modelsTransmission mechanism (Monetary policy)BrazilEconometric modelsMonetary policyBrazilEconometric modelsElectronic books.Inflation (Finance)Econometric models.Transmission mechanism (Monetary policy)Econometric models.Monetary policyEconometric models.332.410981Catão Luis860294Laxton Douglas860295Pagan Adrian265700MiAaPQMiAaPQMiAaPQBOOK9910463615803321Monetary transmission in an emerging targeter1919618UNINA