LEADER 03666nam 2200673 450 001 9910463615803321 005 20170821160723.0 010 $a1-4623-7597-9 010 $a1-4527-7834-5 010 $a9786612841422 010 $a1-282-84142-4 010 $a1-4518-7049-3 035 $a(CKB)3170000000055090 035 $a(EBL)1607974 035 $a(SSID)ssj0000944173 035 $a(PQKBManifestationID)11559078 035 $a(PQKBTitleCode)TC0000944173 035 $a(PQKBWorkID)10984062 035 $a(PQKB)11372081 035 $a(OCoLC)763096226 035 $a(MiAaPQ)EBC1607974 035 $a(EXLCZ)993170000000055090 100 $a20140227h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMonetary transmission in an emerging targeter $ethe case of Brazil /$fLuis Cata?o, Douglas Laxton, and Adrian Pagan 210 1$aStuttgart, Germany :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (44 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/191 300 $aDescription based upon print version of record. 311 $a1-4519-1502-0 320 $aIncludes bibliographical references. 327 $aContents; 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) 327 $a8. 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 Equation 330 $aThis paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the model to study the monetary transmission in Brazil. We find that interest rate changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a key role in this connection. Importantly, the response of inflation to monetary policy shocks has gro 410 0$aIMF Working Papers 606 $aInflation (Finance)$zBrazil$xEconometric models 606 $aTransmission mechanism (Monetary policy)$zBrazil$xEconometric models 606 $aMonetary policy$zBrazil$xEconometric models 608 $aElectronic books. 615 0$aInflation (Finance)$xEconometric models. 615 0$aTransmission mechanism (Monetary policy)$xEconometric models. 615 0$aMonetary policy$xEconometric models. 676 $a332.410981 700 $aCata?o$b Luis$0860294 701 $aLaxton$b Douglas$0860295 701 $aPagan$b Adrian$0265700 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463615803321 996 $aMonetary transmission in an emerging targeter$91919618 997 $aUNINA