The market reaction to changes in the Brazilian official interest rate

Anna Buchholz; Cesar Cupertino; Roberto Meurer; Andre Portela Santos; Newton Da Costa Jr

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The market reaction to changes in the Brazilian official interest rate

机译：市场对巴西官方利率变动的反应

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摘要

This study is aimed at investigating the effects of monetary policymaking on the short-term and long-term interest rates for the Brazilian economy for the period August 1999 to March 2011. It is shown that the reversal of the current account deficit and the alleviation of political uncertainties in 2003 affect the impact of monetary policy on market interest rates. In particular, it is observed that surprises in policymaking are substantially reduced after the macroeconomic and political stability.

机译：这项研究旨在调查货币政策制定对1999年8月至2011年3月期间巴西经济短期和长期利率的影响。研究表明，经常账户赤字的逆转和缓解2003年的政治不确定性影响货币政策对市场利率的影响。特别是，据观察，在宏观经济和政治稳定之后，决策方面的意外事件大大减少了。

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来源
《Applied economics letters》 |2012年第15期|p.1359-1364|共6页
作者
Anna Buchholz; Cesar Cupertino; Roberto Meurer; Andre Portela Santos; Newton Da Costa Jr;
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作者单位

Faculty of Business Administration, Europa Universitaet Viadrina, Frankfurt (Oder), Germany;

Department of Business Administration, Federal University of Santa Catarina, Florianopolis, Santa Catarina, Brazil;

Department of Economics, Federal University of Santa Catarina,Florianopolis, Santa Catarina, Brazil;

Department of Economics, Federal University of Santa Catarina,Florianopolis, Santa Catarina, Brazil;

Department of Economics, Federal University of Santa Catarina,Florianopolis, Santa Catarina, Brazil;

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原文格式 PDF
正文语种 eng
中图分类
关键词
brazil; central bank; monetary policy; structural break; target rate; term structure;

机译：巴西;中央银行;货币政策;结构性破坏;目标利率期限结构;

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The market reaction to changes in the Brazilian official interest rate

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