Efeitos da política monetária e comunicação do Banco Centralevidências para Coréia do Sul

Resumo

This dissertation aims to analyze the impact of monetary policy shocks on economic variables such as inflation and unemployment in the context of South Korea economy. To construct the monetary policy shock, I use the high-frequency indicator methodology, which captures the unexpected movement in the financial interest rate by the market after the monetary policy decision. After constructing two distinct series, one containing only the interest rate decision and the other also including the official statement from the central bank, I perform a local projection to measure the effect of the shock on the real variables. The models suggest that monetary shocks reduce inflation and increase unemployment, although only one of the models indicates that communication amplifies the transmission of monetary policy through aggregate demand without reducing the trade-off between unemployment and inflation.

Ficha do documento

Tipo

Dissertação

Ano

2024

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/35802

Temas

Economia

Palavras-chave

MacroeconomiaPolítica monetáriaChoque monetárioIndicador de alta frequênciaMacroeconomyMonetary policyMonetary policy shockLocal projectionsHigh-Frequency-indicatorEconomiaPolítica monetária - Coréia (Sul)Bancos centraisInflaçãoDesemprego