Freitas, Paulo Springer de; Muinhos, Marcelo Kfoury - Central Bank of Brazil, Research Department - 2001
Based on a 6 equation model by Haldane and Battini (1999), we estimated a Phillips and an IS equations for Brazil after the Real Plan, in order to study the transmission mechanism of the monetary policy. The results show that interest rate affects output gap with a lag of one quarter and output...