Robust monetary policy, structural breaks, and nonlinearities in the reaction function of the Central Bank of Brazil

Robust monetary policy, structural breaks, and nonlinearities in the reaction function of the Central Bank of Brazil

In this work, we seek to investigate the existence of nonlinearities in the reaction function of the Central Bank of Brazil arising from this policymaker's uncertainties about the effects of the output gap on inflation. Theoretically, we follow Tillmann (2011) to obtain a nonlinear optimal mone...

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Bibliographic Details
Main Authors: Gabriela Bezerra de Medeiros, Marcelo Savino Portugal, Edilean Kleber da Silva Bejarano Aragón
Format: Article
Language:English
Published: Emerald Publishing 2016-01-01
Series:EconomiA
Subjects:
Robust monetary policy
Nonlinear interest rate rules
Structural breaks
Endogeneity
Brazil
Online Access:http://www.sciencedirect.com/science/article/pii/S1517758015300047

Internet

http://www.sciencedirect.com/science/article/pii/S1517758015300047

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