Política Monetária e Pre?os dos Imóveis no Brasil: Uma análise a partir de um modelo DSGE *

摘要

This paper evaluates whether the recent behavior of the Brazilian Central Bank suggests that monetary policy has reacted to changes in housing prices. To answer this question, two strategies are implemented. Initially, we estimate central bank reaction functions using simple equations methods by Ordinary Least Squares, Generalized Methods of Moments and Full Information Maximum Likelihood. In a second step, we use Bayesian complete information method to estimate central bank reaction functions within a Dynamic Stochastic General Equilibrium model. The results suggest that housing prices have explicitly entered in the decision making process of monetary policy in Brazil.