English, Article, Journal or magazine article edition: Metas de inflação e investimento: o caso do Brasil Marco Flavio da Cunha Resende; Fabiana Lima

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Bookmark: http://trove.nla.gov.au/version/114410
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Metas de inflação e investimento: o caso do Brasil
Author
  • Marco Flavio da Cunha Resende
  • Fabiana Lima
Physical Description
  • preprint
Notes
  • In this paper two hypotheses about the relationship between monetary policy and investment in the context of the inflation target system were tested. One of these hypotheses is based on the idea of neutrality of money, and the other hypothesis is based on the reject of that idea. An investment equation for the Brazilian economy was estimated (1848-2005), and a proxy for current expectations about monetary policy was adopted as one of the independent variables of the equation. Structural break tests for the equation were conduced by the assumption of changes on the coefficients of the equation after the inflation target system implementation. Another equation using piece-wise dummy variable was estimated. The results highlight that a negative correlation between current expectation of restrictive monetary policy and current investment rose after the inflation target system implementation.
  • inflation target; monetary policy; investment
  • RePEc:cdp:texdis:td316
Language
  • English
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