Choques monetarios e tecnologicos e as flutuac?es ciclicas na economia brasileira

We investigated the relative importance of technological and monetary shocks for the business cycles in the Brazilian economy between 1980 and 2009. In this investigation, we used the model money-in-the-utility function, which considers that holding money generates utility to the economic agents. Se...

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Bibliographic Details
Published inEconomia aplicada Vol. 16; no. 3; p. 501
Main Authors Reisoli Bender Filho, da Cruz Vieira, Wilson, Divino, José Angelo, Dias de Carvalho, Luciano
Format Journal Article
LanguagePortuguese
Published Riberao Preto Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto-USP, Dept de Economia 01.07.2012
Subjects
Business cycles
Utility functions
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Summary:We investigated the relative importance of technological and monetary shocks for the business cycles in the Brazilian economy between 1980 and 2009. In this investigation, we used the model money-in-the-utility function, which considers that holding money generates utility to the economic agents. Several simulations were performed to identify how the business cycles respond to shocks. The results indicate that, in addition to technological shocks, monetary shocks are important in explaining business cycles in the Brazilian economy during the analyzed period. Their effects on the volatility of real variables, however, were small.
ISSN:1413-8050
1980-5530
DOI:10.1590/S1413-80502012000300007