LEADER 05243oam 22011294 450 001 9910788231903321 005 20230721045638.0 010 $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(IMF)WPIEE2008191 035 $a(EXLCZ)993170000000055090 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMonetary Transmission in an Emerging Targeter : $eThe Case of Brazil /$fA. R. Pagan, Douglas Laxton, Luis Catão 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aThis paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the model to study the monetary transmission in Brazil. We find that interest rate changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a key role in this connection. Importantly, the response of inflation to monetary policy shocks has grown stronger and the output-inflation tradeoff improved since the introduction of inflation targeting. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/191 606 $aInflation (Finance)$zBrazil$xEconometric models 606 $aTransmission mechanism (Monetary policy)$zBrazil$xEconometric models 606 $aMonetary policy$zBrazil$xEconometric models 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aProduction and Operations Management$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMacroeconomics: Production$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMacroeconomics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMonetary economics$2imf 606 $aExchange rates$2imf 606 $aOutput gap$2imf 606 $aReal exchange rates$2imf 606 $aBank credit$2imf 606 $aPrices$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 606 $aCredit$2imf 607 $aBrazil$2imf 615 0$aInflation (Finance)$xEconometric models. 615 0$aTransmission mechanism (Monetary policy)$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 7$aForeign Exchange 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aProduction and Operations Management 615 7$aPrice Level 615 7$aDeflation 615 7$aMacroeconomics: Production 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMacroeconomics 615 7$aCurrency 615 7$aForeign exchange 615 7$aMonetary economics 615 7$aExchange rates 615 7$aOutput gap 615 7$aReal exchange rates 615 7$aBank credit 615 7$aPrices 615 7$aProduction 615 7$aEconomic theory 615 7$aCredit 676 $a332.410981 700 $aPagan$b A. R$0265700 701 $aLaxton$b Douglas$01462103 701 $aCatão$b Luis$01462122 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788231903321 996 $aMonetary Transmission in an Emerging Targeter$93704148 997 $aUNINA