Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/26935
Título: | The effects of monetary policy in a small open economy: the case of Portugal |
Autor(es): | Sousa, Ricardo M. |
Palavras-chave: | Monetary policy Portugal Euro area |
Data: | 2014 |
Editora: | Taylor & Francis |
Revista: | Applied Economics |
Resumo(s): | In this article, I analyse the macroeconomic effects of monetary policy on the Portuguese economy. I show that a positive interest rate shock leads to: (i) a contraction of real GDP and a substantial increase of the unemployment rate; (ii) a quick fall in the commodity price and a gradual decrease of the price level and (iii) a downward correction of the stock price index. It also produces a ‘short-lived liquidity effect’ and helps explain the negative comovement between bonds and stocks. In addition, I find evidence suggesting the existence of a money demand function characterized by small output and interest rate elasticities. By its turn, the central bank’s policy rule follows closely the dynamics of the money markets. Finally, both the real GDP and the price level in Portugal would have been higher during almost the entire sample period if there were no monetary policy surprises. |
Tipo: | Artigo |
Descrição: | Published online: 04 Oct 2013 |
URI: | https://hdl.handle.net/1822/26935 |
DOI: | 10.1080/00036846.2013.818214 |
ISSN: | 0003-6846 |
Versão da editora: | http://www.tandfonline.com/doi/abs/10.1080/00036846.2013.818214#.Umfp03Cmjg8 |
Arbitragem científica: | yes |
Acesso: | Acesso restrito UMinho |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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RMS_The effects of monetary.pdf Acesso restrito! | The effects of monetary policy in a small open economy: the case of Portugal | 5,58 MB | Adobe PDF | Ver/Abrir |