A INÉRCIA DA TAXA DE JUROS NA POLÍTICA MONETÁRIA
DOI:
https://doi.org/10.5380/re.v30i2.2016Keywords:
política monetária, regra de taxa de juros, inércia da taxa de juros, monetary policy, monetary policy rule, interest rate smoothing.Abstract
Um fato estilizado no comportamento dos bancos centrais consiste na suavização da taxa de juros, na qual o reajuste da taxa de juros depende de sua própria história recente. Este trabalho tem como objetivo analisar as condições que o parâmetro de suavização tem de satisfazer a regra de política monetária estável. A análise é feita em dois modelos, num existe inércia da taxa de inflação e no outro a taxa de inflação pode mudar instantaneamente de valor.
Abstract
A stylized fact of central bank behavior is interest rate smoothing. This paper takes this fact as given and analyses the conditions that the smoothing parameter of the monetary policy rule has to attend for the model to be stable. This analysis is done in two models, one with inflation inertia and the other one with inflation rate as a jump variable.
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