This paper deals with the financial statements of Central Banks. The starting point is the analysis of their balance sheets, which reveal their strong connections, on the one hand, with the National Treasuries; on the other hand, with the financial firms. The balance sheets reveal, besides the...

The adoption of the Taylor rule is an essential element of the New Consensus on Monetary Policy, characterized by the recent acceptance, by the orthodoxy, of money stock endogeneity. In line with the reviewed literature, a reaction function of the Brazilian Central Bank (BCB) is estimated with a...

This paper investigates the relationship between interest rate and volatility of real effective exchange rate in Brazil. Through a simultaneous multivariate GARCH model, which allows estimating equations for the mean and variance in a single stage, it was observed that: it’s not possible to...

This paper attempts to extend empirical investigations about the asymmetric effects of monetary shocks in the Brazilian economy. We specify and estimate a nonlinear smooth transition vector autoregressive model including output, price level, exchange rate and a monetary policy indicator (Selic...

This paper aims to show that the fiscal and monetary counter-cyclical actions implemented by Brazilian government after the financial crisis were frugal: the monetary policy was late and slowly slackened and the fiscal policy sustain a primary surplus budget, in the opposite direction of much...

This article investigates the effects of monetary policy shock in the Brazilian real state market using structural VAR through the period June/2000 to August/2010. The identification is done following the agnostic procedure suggested by Uhlig (2005). The mains results are: The stock of credit to...