05243oam 22011294 450 991078823190332120230721045638.01-4623-7597-91-4527-7834-597866128414221-282-84142-41-4518-7049-3(CKB)3170000000055090(EBL)1607974(SSID)ssj0000944173(PQKBManifestationID)11559078(PQKBTitleCode)TC0000944173(PQKBWorkID)10984062(PQKB)11372081(OCoLC)763096226(MiAaPQ)EBC1607974(IMF)WPIEE2008191(EXLCZ)99317000000005509020020129d2008 uf 0engur|n|---|||||txtccrMonetary Transmission in an Emerging Targeter : The Case of Brazil /A. R. Pagan, Douglas Laxton, Luis CatãoWashington, D.C. :International Monetary Fund,2008.1 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 grown stronger and the output-inflation tradeoff improved since the introduction of inflation targeting.IMF Working Papers; Working Paper ;No. 2008/191Inflation (Finance)BrazilEconometric modelsTransmission mechanism (Monetary policy)BrazilEconometric modelsMonetary policyBrazilEconometric modelsForeign ExchangeimfInflationimfMoney and Monetary PolicyimfProduction and Operations ManagementimfPrice LevelimfDeflationimfMacroeconomics: ProductionimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMacroeconomicsimfCurrencyimfForeign exchangeimfMonetary economicsimfExchange ratesimfOutput gapimfReal exchange ratesimfBank creditimfPricesimfProductionimfEconomic theoryimfCreditimfBrazilimfInflation (Finance)Econometric models.Transmission mechanism (Monetary policy)Econometric models.Monetary policyEconometric models.Foreign ExchangeInflationMoney and Monetary PolicyProduction and Operations ManagementPrice LevelDeflationMacroeconomics: ProductionMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMacroeconomicsCurrencyForeign exchangeMonetary economicsExchange ratesOutput gapReal exchange ratesBank creditPricesProductionEconomic theoryCredit332.410981Pagan A. R265700Laxton Douglas1462103Catão Luis1462122DcWaIMFBOOK9910788231903321Monetary Transmission in an Emerging Targeter3704148UNINA