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dc.contributor.authorHsing, Yues_CL
dc.date.accessioned2014-07-31T22:05:49Z
dc.date.available2014-07-31T22:05:49Z
dc.date.issued2003es_CL
dc.identifier.citationRevista de Análisis Económico 18(2): 2003, p. 97-108es_CL
dc.identifier.issn0716-5927es_CL
dc.identifier.othereISSN 0718-8870es_CL
dc.identifier.otheres_CL
dc.identifier.urihttp://repositorio.uahurtado.cl/handle/11242/1786
dc.description.abstractThis paper uses a VAR model to quantify the relative importance of external debt, exchange rates, monetary policy and other selected variables when explaining output fluctuations in Brazil. Using the money market rate as a policy instrument, impulse response functions indicate that shocks to the interest rate, the external debt, or the inflation rate have an inverse impact on output, while currency and stock prices shocks have a positive effect on economic activity. In the medium run, the explanatory power of the external debt rises while that of the money market rate and the real exchange rate decline. When money is considered as a monetary tool, output responds positively to shocks to the real monetary base or to stock prices and reacts inversely to shocks to the external debt, currency depreciation, or inflation. Therefore, the choice of different monetary policy tools is not neutral when affecting output.en_US
dc.language.isoengen_US
dc.publisherILADES; Georgetown University; Universidad Alberto Hurtado. Facultad de Economía y Negocioses_CL
dc.rightsAttribution 3.0 Unported
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/
dc.subject.lcshModelos económicoses_CL
dc.subject.lcshDeuda externaes_CL
dc.titleImpact of External Debt and Other Macroeconomic Policies on Output in Brazil: A VAR Approaches_CL
dc.typeArtículoes_CL


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Attribution 3.0 Unported
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