JUROS ALTOS NO BRASIL: UMA ABORDAGEM TEÓRICA / HIGH INTEREST RATES IN BRAZIL: A THEORETICAL APPROACH

AUTOR(ES)

RICARDO FIBE GAMBIRASIO

DATA DE PUBLICAÇÃO

2006

RESUMO

This work proposes and analyses, in the context of dynamic stochastic general equilibrium models with price rigidities, possible explanations for the stylized fact that interest rates in Brazil are exceedingly high. The implications of different hypothesis applied to the model are analyzed through impulse response functions (IRFs). Whenever possible, empirical evidence available in the literature for or against each hypothesis is analyzed, and the IRFs show the dynamical behavior of the economy calibrated accordingly. The following are consistent with a higher basic interest rate for an extended period: high subjective intertemporal discount rate, high price indexation, low monetary policy power, and decreasing Central Bank s credibility caused by public debt growth (an example of fiscal dominance).

ASSUNTO(S)

indexacao dominancia fiscal neo-keynesian models modelo estocastico juros interest modelos neo-keynesianos fiscal dominance stochastic model politica monetaria indexation monetary policy

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