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A Taxa de Juros de Equilíbrio: uma Abordagem Múltipla

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  • Pedro Calhman de Miranda
  • Marcelo Kfoury Muinhos

Abstract

The purpose of this paper is to estimate the equilibrium real interest rate for Brazil using different approaches, in order to incorporate all the available information on the topic. The methods used are: historical interest rates, structural models, a long-run growth model, and through the exchange rate. For all these methods, the estimated equilibrium rates for Brazil were high relative to those found for the rest of the world. Also, a panel with 13 countries was estimated to examine the relationship between interest rates and the sovereign risk premium. A sub-panel of Latin-American countries was also examined.

Suggested Citation

  • Pedro Calhman de Miranda & Marcelo Kfoury Muinhos, 2003. "A Taxa de Juros de Equilíbrio: uma Abordagem Múltipla," Working Papers Series 66, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:66
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps66.pdf
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    Cited by:

    1. Edmar Lisboa Bacha & Márcio Holland & Fernando M. Gonçalves, 2007. "Is Brazil Different? Risk, Dollarization, and Interest in Emerging Markets," Textos para Discussão 11, Instituto de Estudos de Política Econômica.
    2. Portugal, Marcelo Savino & Barcellos, Paulo, 2009. "The Natural Rate of Interested in Brazil Between 1999 and 2005," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 63(2), June.
    3. Bacha, Edmar & Holland, Marcio & Gonçalves, Fernando M., 2009. "High Interest Rates in Brazil: A Panel-Based Analysis," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 63(4), December.

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