Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/238646 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Working Paper No. 956
Verlag: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Zusammenfassung: 
This paper empirically models the dynamics of Brazilian government bond (BGB) yields based on monthly macroeconomic data in the context of the evolution of Brazil's key macroeconomic variables. The results show that the current short-term interest rate has a decisive influence on BGBs' long-term interest rates after controlling for various key macroeconomic variables, such as inflation and industrial production or economic activity. These findings support John Maynard Keynes's claim that the central bank's actions influence the long-term interest rate on government bonds mainly through the short-term interest rate. These findings have important policy implications for Brazil. This paper relates the findings of the estimated models to ongoing debates in fiscal and monetary policies.
Schlagwörter: 
Brazilian Government Bonds
Long-Term Interest Rate
Bond Yields
Monetary Policy
Short-Term Interest Rate
Banco Central do Brasil (BCB)
JEL: 
E43
E50
E58
E60
G10
G12
Dokumentart: 
Working Paper

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