A TRANSPARÊNCIA DOS BANCOS CENTRAIS E A EFETIVIDDE DA POLÍTICA MONETÁRIA
Banco Central
Transparência
Credibilidade
Taxa de inflação
Taxa de juros
Pobreza
Transparency
Accountability
Credibility
Monetary policy
inflation rate
Interest rate
Poverty
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA
Abstract
This paper makes a theoretical analysis of the impact of
central bank transparency on the effectiveness of the
monetary policy. For this analysis, an evaluation is made to
determine if it implies a lower interest rate. Furthermore, the
consequences of transparency on accountability, central
bank credibility, inflation average, and output gap are
considered. The findings denote that central bank
transparency improves the conduction of the monetary
policy contributing to a decrease in inflation rate and
interest rate. As inflation, unemployment and interest rates
are determinants of the level of poverty, the central bank s
behavior is relevant in its reduction. In this sense, this work
reveals a connection between economic transparency and
poverty. The theoretical model and ordinary least squared
results highlighted that central banks with greater
transparency contribute to an improvement in the reduction
of income inequality and poverty. Besides, this work makes an
analysis concerning the effect of central bank of brazil
transparency on macroeconomic variables. With this
objective an analysis which takes into consideration the
effect caused by announcements and publications of the
central bank on several variables related to the inflation
targeting system (including expectations) is carried out. The
findings denote that the cbb transparency together with an
increase in the information quality (clarity) implies a
significant change in the rate of readjustment of market
expectations. Furthermore, the central bank transparency
contributes to anchor the public expectations and to affect
long run interest rates.
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[Texto sem Formatação]
Document type
TeseFormat
application/pdf
Subject(s)
Política monetáriaBanco Central
Transparência
Credibilidade
Taxa de inflação
Taxa de juros
Pobreza
Transparency
Accountability
Credibility
Monetary policy
inflation rate
Interest rate
Poverty
CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA