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Cited by 10 publications
(10 citation statements)
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References 22 publications
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“…Undirected edges (-) mean that there is causality in one of the two directions but not on both, while double oriented edges (↔) mean causality on both directions. 34 Notice that this result stands against the assumption made by Fernandes and Toro (2005) that international reserves are an exogenous variable. 35 We estimated an alternative model with the same variables of the BM1 using a different subsample that starts at 1995:05 and ends at 1998:12.…”
Section: Impulse Response Analysismentioning
confidence: 96%
See 2 more Smart Citations
“…Undirected edges (-) mean that there is causality in one of the two directions but not on both, while double oriented edges (↔) mean causality on both directions. 34 Notice that this result stands against the assumption made by Fernandes and Toro (2005) that international reserves are an exogenous variable. 35 We estimated an alternative model with the same variables of the BM1 using a different subsample that starts at 1995:05 and ends at 1998:12.…”
Section: Impulse Response Analysismentioning
confidence: 96%
“…More recently we have the contributions of Sales and Tannuri-Pianto (2005) and Fernandes and Toro (2005). Sales and Tannuri-Pianto (2005) apply for Brazil the Bernanke and Mihov (1998) methodology that imposes contemporaneous identification restrictions on a set of variables relevant to the market for commercial bank reserves in order to identify monetary policy shocks.…”
Section: Brazilian Stylized Facts and Vars: A Brief Review Of The Litmentioning
confidence: 99%
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“…Há, ainda, evidências do price-puzzle da política monetária em estimações de modelos VAR para a economia brasileira, por exemplo, Rabanal e Schwartz (2001), Arquete e Jayme-Jr. 2003, Sales e Tannuri-Pianto (2005) e Guimarães e Monteiro (2014). É interessante destacar que, mesmo nos estudos nos quais o price-puzzle não é observado, o efeito da política monetária sobre a inflação é reduzido, defasado e temporário, como evidenciado por Fernandes e Toro (2005) e Céspedes et al (2008).…”
Section: Introductionunclassified
“…Many authors, such as Moreira et al (1998), Rabanal and Schwartz (2001), Minella (2003), Cysne Céspedes et al (2005) and Fernandes and Toro (2005) have provided empirical evidence that monetary policy actions affect the real side of the Brazilian economy. Nevertheless, none of these studies considered that such effects were likely to be asymmetric in terms of economic conditions and/or nature of the policy action.…”
Section: Asymmetric Effects Of Monetary Policy In Brazil 1 Introductionmentioning
confidence: 99%