In this paper we perform an analysis of the stability conditions of a macrodynamic model with Walrasian adjustment under three different rules of monetary policy: the maintenance of a constant supply of real money balances, a fixed rule of monetary growth (or Friedman's rule) and the inflation...

This paper presents the first results of an ongoing project aimed at building and putting into operation a "dynamic stochastic general equilibrium" (DSGE) model for Brazil. The model is based on Smets and Wouters (2003) and Christiano ET AL.(2005), to which we add features that are typical of...

This paper analyzes the dynamic properties of a DSGE model for Brazil, under alternative model parameterizations. First, we carefully review the literature in order to identify "admissible ranges" for the model's parameters. We then calculate selected impulse response functions (IRF) under...

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 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 analyzes the dynamic properties of a DSGE model for Brazil, under alternative model parameterizations. First, we carefully review the literature in order to identify admissible ranges for the model's parameters. We then calculate selected impulse response functions (IRF) under various...

This paper presents the first results of an ongoing project aimed at building and putting into operation a dynamic stochastic general equilibrium (DSGE) model for Brazil. The model is based on Smets and Wouters (2003) and Christiano ET AL.(2005), to which we add features that are typical of...