Please use this identifier to cite or link to this item:
Title: As implicações monetárias do BNDES: uma abordagem didática
Authors: Universidade Federal do Rio de Janeiro, Instituto de Economia
Furtado, Mauricio Busnello
Barboza, Ricardo de Menezes
Keywords: Banco Nacional de Desenvolvimento Econômico e Social
Brazilian Development Bank
Bancos de desenvolvimento
Development banks
Política monetária
Monetary policy
Taxa de juros de longo prazo
Long-term interest rates
Poupança e investimento
Savings and investments
Issue Date: 2021
Publisher: UFRJ, Instituto de Economia
Abstract: This article discusses the monetary policy consequences of the Brazilian Development Bank (BNDES). In particular, we show that BNDES loans with long-term interest rates (TJLP): i) raised the neutral interest rate (r-star or r*) of Brazilian economy; ii) increased the volatility of the monetary policy instrument. For this, we use a simple macroeconomic model, as proposed by Romer (2000), with an IS curve, a Phillips curve, and a monetary policy rule. Lastly, we show how the BNDES implications for monetary policy are weakened when we consider specific characteristics of the BNDES operational policy and/or when we assume the hypothesis that BNDES has positive effects on potential GDP by stimulating investment and accumulation of physical capital.
Other Identifiers:
Appears in Collections:BNDES em Foco - Artigos

Files in This Item:
There are no files associated with this item.

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.