Nonlinearities in Central Bank of Brazil's reaction function: the case of asymmetric preferences

Nonlinearities in Central Bank of Brazil's reaction function: the case of asymmetric preferences

This paper investigates the existence of possible asymmetries in the Central Bank of Brazil's objectives. By assuming that the loss function is asymmetric with regard to positive and negative deviations of the output gap and of the inflation rate from its target, we estimated a nonlinear reacti...

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Bibliographic Details
Main Authors: Edilean Kleber da Silva Bejarano Aragón, Marcelo Savino Portugal
Format: Article
Language:English
Published: Universidade de São Paulo 2010-06-01
Series:Estudos Econômicos
Subjects:
política monetária
preferências assimétricas
regras de taxa de juros não lineares
Brasil
monetary policy
asymmetric preferences
nonlinear interest rate rules
Brazil
Online Access:http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-41612010000200005

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http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-41612010000200005

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