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Efeitos Regionais da Política Monetária no Brasil: Impactos e Transbordamentos Espaciais

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  • Bertanha, Marinho
  • Haddad, Eduardo Amaral

Abstract

This paper aims to estimate the impacts of monetary policy on economic activity of the Brazilian states, and to analyze the asymmetry of these effects. Based on a Spatial Structural Vector Auto-Regression (SVAR) model, and using spatial econometrics techniques, our approach makes it possible to include series of every state in just one model and still have degrees of freedom for proper estimation. Robustness of the results facing the choice of spatial weight matrix was tested, which allowed the estimation and testing for significance of contemporaneous as well as lagged spatial spillover effects of monetary policy among states.

Suggested Citation

  • Bertanha, Marinho & Haddad, Eduardo Amaral, 2008. "Efeitos Regionais da Política Monetária no Brasil: Impactos e Transbordamentos Espaciais," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 62(1), September.
    • Handle: RePEc:fgv:epgrbe:v:62:y:2008:i:1:a:1018
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    1. repec:fgv:epgrbe:v:65:n:4:a:6 is not listed on IDEAS
    2. Blanco, Emilio & Elosegui, Pedro & Izaguirre, Alejandro & Montes-Rojas, Gabriel, 2019. "Regional and state heterogeneity of monetary shocks in Argentina," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    3. Igor Ézio Maciel Silva, 2016. "The Differential Regional Effects Of Monetary And Fiscal Policies In Brazil," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 040, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Garber, Gabriel & Haddad, Eduardo, 2012. "Target Fitting and Robustness Analysis in CGE Models," TD NEREUS 4-2012, Núcleo de Economia Regional e Urbana da Universidade de São Paulo (NEREUS).
    5. Rocha, Roberta de Moraes & da Silva, Marcelo Eduardo Alves & Gomes, Sonia Maria Fonseca Pereira Oliveira, 2011. "Por que os estados brasileiros têm reações assimétricas a choques na política monetária?," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 65(4), November.

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    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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