Measuring Monetary Policy Stance In Brazil

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Measuring Monetary Policy Stance in Brazil

Author : Brisne J. V. Céspedes
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)

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Book Synopsis Measuring Monetary Policy Stance in Brazil by : Brisne J. V. Céspedes

Download or read book Measuring Monetary Policy Stance in Brazil written by Brisne J. V. Céspedes and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this article we use the theory of conditional forecasts to develop a new Monetary Conditions Index (MCI) for Brazil and compare it to the ones constructed using the methodologies suggested by Bernanke and Mihov (1998) and Batini and Turnbull (2002). We use Sims and Zha (1999) and Waggoner and Zha (1999) approaches to develop and compute Bayesian error bands for the MCIs. The new indicator we develop is called the Conditional Monetary Conditions Index (CMCI) and is constructed using, alternatively, Structural Vector Autoregressions (SVARs) and Forward-Looking (FL) models. The CMCI is the forecasted output gap, conditioned on observed values of the nominal interest rate (the Selic rate) and of the real exchange rate. We show that the CMCI, when compared to the MCI developed by Batini and Turnbull (2002), is a better measure of monetary policy stance because it takes into account the endogeneity of variables involved in the analysis. The CMCI and the Bernanke and Mihov MCI (BMCI), despite conceptual differences, show similarities in their chronology of the stance of monetary policy in Brazil. The CMCI is a smoother version of the BMCI, possibly because the impact of changes in the observed values of the Selic rate is partially compensated by changes in the value of the real exchange rate. The Brazilian monetary policy, in the 2000:9- 2005:4 period and according to the last two indicators, has been expansionary near election months.

Measuring Monetary Policy Stance in Brazil

Author : Brisne Vasquez
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Measuring Monetary Policy Stance in Brazil by : Brisne Vasquez

Download or read book Measuring Monetary Policy Stance in Brazil written by Brisne Vasquez and published by . This book was released on 2005 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this article we use the theory of conditional forecasts to develop a new Monetary Conditions Index (MCI) for Brazil and compare it to the ones constructed using the methodologies suggested by Bernanke and Mihov (1998) and Batini and Turnbull (2002). We use Sims and Zha (1999) and Waggoner and Zha (1999) approaches to develop and compute Bayesian error bands for the MCIs.The new indicator we develop is called the Conditional Monetary Conditions Index (CMCI) and is constructed using, alternatively, Structural Vector Autoregressions (SVAR) and Forward-Looking (FL) models. The CMCI is the forecasted output gap, conditioned on observed values of the nominal interest rate (the SELIC rate) and of the real exchange rate. We show that the CMCI, when compared to the MCI developed by Batini and Turnbull (2002), is a better measure of monetary policy stance because it takes into account the endogeneity of variables involved in the analysis.The CMCI and the Bernanke and Mihov MCI (BMCI), despite conceptual differences, show similarities in their chronology of the stance of monetary policy in Brazil. The CMCI is a smoother version of the BMCI, possibly because the impact of changes in the observed values of the SELIC rate are partially compensated by changes in the value of the real exchange rate. The Brazilian monetary policy, in the 2000:9 - 2005:4 period and according to the last two indicators, has been expansionary near election months.

Measuring Monetary Policy Stance in Brazil

Author :
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Measuring Monetary Policy Stance in Brazil by :

Download or read book Measuring Monetary Policy Stance in Brazil written by and published by . This book was released on 2005 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America

Author : Mr.Nicolas E. Magud
Publisher : International Monetary Fund
ISBN 13 : 1475512643
Total Pages : 49 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America by : Mr.Nicolas E. Magud

Download or read book To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America written by Mr.Nicolas E. Magud and published by International Monetary Fund. This book was released on 2012-10-09 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full-fledged inflation targeting regimes in place or have recently adopted them, using an array of methodologies commonly used in the literature. We find that NRIRs have declined in the last decade, with more economically and financially developed economies exhibiting lower NRIR levels. Based on the estimated NRIRs, we assess that the current monetary stance (measured by the interest rate gap) is appropriately neutral in most of the considered economies, in line with closing output gaps. We also observe that the interest rate gap can be a good predictor of future inflation dynamics and economic growth. In addition, looking at the recent experiences in Brazil and Peru, we suggest that macro-prudential policies could affect the monetary stance even in the absence of direct interest rate changes, through affecting the NRIR.

A Monetary and Fiscal History of Latin America, 1960–2017

Author : Timothy J. Kehoe
Publisher : U of Minnesota Press
ISBN 13 : 1452965846
Total Pages : 643 pages
Book Rating : 4.4/5 (529 download)

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Book Synopsis A Monetary and Fiscal History of Latin America, 1960–2017 by : Timothy J. Kehoe

Download or read book A Monetary and Fiscal History of Latin America, 1960–2017 written by Timothy J. Kehoe and published by U of Minnesota Press. This book was released on 2022-01-11 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research. A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries. Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.

Conditionality in Evolving Monetary Policy Regimes

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498343694
Total Pages : 61 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund

Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area

Author : Nicoletta Batini
Publisher : International Monetary Fund
ISBN 13 : 1513546082
Total Pages : 75 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area by : Nicoletta Batini

Download or read book How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2020-06-05 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a model-based dynamic monetary and fiscal conditions index (DMFCI) and uses it to examine the evolution of the joint stance of monetary and fiscal policies in the euro area (EA) and in its three largest member countries over the period 2007-2018. The index is based on the relative impacts of monetary and fiscal policy on demand using actual and simulated data from rich estimated models featuring also financial intermediaries and long-term government debt. The analysis highlights a short-lived fiscal expansion in the aftermath of the Global Financial Crisis, followed by a quick tightening, with monetary policy left to be the “only game in town” after 2013. Individual countries’ DMFCIs show that national policy stances did not always mirror the evolution of the aggregate stance at the EA level, due to heterogeneity in the fiscal stance.

Access to Financial Services in Brazil

Author : Anjali Kumar
Publisher : World Bank Publications
ISBN 13 : 9780821357163
Total Pages : 698 pages
Book Rating : 4.3/5 (571 download)

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Book Synopsis Access to Financial Services in Brazil by : Anjali Kumar

Download or read book Access to Financial Services in Brazil written by Anjali Kumar and published by World Bank Publications. This book was released on 2005 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is an increasing awareness that access to financial services can contribute to economic growth and poverty reduction. This study focuses on the delivery of financial services in Brazil, one of the world's most important emerging financial markets. It examines different aspects of financial service provision, and explores approaches to address problems of financial exclusion. Topics discussed include: microfinance schemes; private banking; rural finance systems; institutional infrastructure; and the role of government policy.

Central Banking in Latin America

Author : Mr.Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 : 1484303180
Total Pages : 57 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Central Banking in Latin America by : Mr.Luis Ignacio Jácome

Download or read book Central Banking in Latin America written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2015-03-17 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.

Unconventional Central Bank Measures for Emerging Economies

Author : Mr.Etienne B. Yehoue
Publisher : International Monetary Fund
ISBN 13 : 1451873735
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Unconventional Central Bank Measures for Emerging Economies by : Mr.Etienne B. Yehoue

Download or read book Unconventional Central Bank Measures for Emerging Economies written by Mr.Etienne B. Yehoue and published by International Monetary Fund. This book was released on 2009-10-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.

Bank Leverage and Monetary Policy's Risk-Taking Channel

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 1484381130
Total Pages : 41 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Bank Leverage and Monetary Policy's Risk-Taking Channel by : Mr.Giovanni Dell'Ariccia

Download or read book Bank Leverage and Monetary Policy's Risk-Taking Channel written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2013-06-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.

Brazil

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 99 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Brazil by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Brazil written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-07-31 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a rapid recovery from the pandemic, economic activity is converging towards potential levels. Headline inflation has rapidly declined from last year’s peak, but core inflation remains elevated, and inflation expectations are above target. To address cost-of-living concerns, the new government expanded the 2023 budget envelope, while identifying measures to recover tax revenues. The authorities are also embarking on an ambitious agenda to steer a sustainable, inclusive, and green economy.

The Interaction of Monetary and Macroprudential Policies - Background Paper

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1498339514
Total Pages : 68 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Interaction of Monetary and Macroprudential Policies - Background Paper by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book The Interaction of Monetary and Macroprudential Policies - Background Paper written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-12-27 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the “side effects” of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.

Monetary Statecraft in Brazil

Author : Kurt Mettenheim
Publisher : Routledge
ISBN 13 : 131733941X
Total Pages : 219 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Monetary Statecraft in Brazil by : Kurt Mettenheim

Download or read book Monetary Statecraft in Brazil written by Kurt Mettenheim and published by Routledge. This book was released on 2015-11-19 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brazil has one of the world’s fastest growing economies and a fascinating history underpinning its evolution. This book presents an analysis of the state’s role in monetary policy, from the latter days of Portuguese rule, to the present day. Based on a variety of unknown archival sources, this study offers an alternative explanation for the rise and fall of Brazilian currencies. Monetary statecraft is a theory that accounts for the open ended, autonomous character of politics, the complex, recursive phases of public policy, and political development in the traditional sense of social inclusion. Unfortunately, there are few precedents for this type of analysis. This book fills this gap by tracing how Brazilian policy makers and observers have sought, experimented with, and reflected on a variety of forms and solutions for monetary policy since 1808. This book will be of interest to economists, financial historians and those interested in the history and economy of Brazil.

The Real Plan and the Exchange Rate

Author : Gustavo Henrique Barroso Franco
Publisher :
ISBN 13 : 9780881651249
Total Pages : 0 pages
Book Rating : 4.6/5 (512 download)

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Book Synopsis The Real Plan and the Exchange Rate by : Gustavo Henrique Barroso Franco

Download or read book The Real Plan and the Exchange Rate written by Gustavo Henrique Barroso Franco and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks

Author : Nils Mæhle
Publisher : International Monetary Fund
ISBN 13 : 1513526855
Total Pages : 57 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks by : Nils Mæhle

Download or read book Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks written by Nils Mæhle and published by International Monetary Fund. This book was released on 2020-02-07 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.