Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro

Revista de Economia Política

Walter Gonçalves Junior²  William Eid Junior¹ 

[1] ,FGV EAESP

关键词: monetary policy;    Bovespa;    surprises;    event study;   

DOI  :  10.1590/S0101-31572011000300007

来源: SciELO

【 摘 要 】

This article evaluates the effects that monetary policy actions exert on Brazilian stock market. By the measures defined to estimate the surprise caused by Comitê de Política Monetária do Banco Central do Brasil (COPOM) decisions, it was verified that to a hypothetic unexpected 1% increase in the target rate is associated an 1.3% average fall of Bovespa Index. Additional tests did not show distinct reactions caused by direction decisions, neither evidences from relevant recent economic events or decision contexts having influences on the surprise responses.

【 授权许可】

CC BY   
 All the contents of this journal, except where otherwise noted, is licensed under a Creative Commons Attribution License