Implications of public debt indexation for monetary policy transmission



Título del documento: Implications of public debt indexation for monetary policy transmission
Revista: Journal of applied economics
Base de datos: CLASE
Número de sistema: 000423816
ISSN: 1667-6726
Autores: 1
2
Instituciones: 1Universidade de Brasilia, Departamento de Economia, Brasilia, Distrito Federal. Brasil
2Instituto de Pesquisa Economica Aplicada, Brasilia, Distrito Federal. Brasil
Año:
Periodo: Nov
Volumen: 14
Número: 2
Paginación: 257-268
País: Argentina
Idioma: Inglés
Tipo de documento: Artículo
Enfoque: Analítico
Resumen en inglés The goal of this paper is to provide a better understanding of monetary policy effectiveness in the case of indexed bonds. When public debt management deals with bonds indexed to the interest rate set by the monetary policy, there is no wealth effect and, as a consequence, monetary policy has a weak transmission channel reducing its effectiveness. This can help to explain why monetary policy in Brazil has been so tight and interest rates so high during the Real Plan
Disciplinas: Economía
Palabras clave: Economía monetaria,
Política económica,
Política monetaria,
Deuda pública,
Bonos,
Tasas de interés,
Brasil
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