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1. A note on the effects of monetary policy surprises on the Brazilian term structure of interest rates

Author

Tabak, Benjamin Miranda

Subjects
*INTEREST rates, *FOREIGN exchange rates, *INTEREST rate parity theorem, *MONETARY policy, *DEMAND for money
Abstract

This paper examines the information content of COPOM decisions by estimating the responses of the term structure to changes in target short-term interest rates on COPOM meeting days. Within an event-study approach empirical evidence suggests that the introduction of the floating exchange rate and the inflation targeting (IT) regime have had a dampening effect on interest rate surprises along the term structure. [Copyright &y& Elsevier]

Published
2004
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