Please use this identifier to cite or link to this item: http://hdl.handle.net/1822/21419

TitleReal effects of monetary policy in large emerging economies
Author(s)Mallick, Sushanta K.
Sousa, Ricardo M.
KeywordsMonetary policy
Emerging markets
BVAR
Sign restrictions
Keywords: Monetary Policy
Issue date2012
PublisherCambridge University Press
JournalMacroeconomic Dynamics
Abstract(s)This paper provides evidence on monetary policy transmission for five key emerging market economies: Brazil, Russia, India, China, and South Africa. Monetary policy (interest rate) shocks are identified using modern Bayesian methods along with the more recent sign restrictions approach. We find that contractionary monetary policy has a strong and negative effect on output. We also show that such contractionary monetary policy shocks do tend to stabilize inflation in these countries in the short term, while producing a strongly persistent negative effect on real equity prices. Overall, the impulse responses are robust to the alternative identification procedures.
TypeArticle
URIhttp://hdl.handle.net/1822/21419
DOI10.1017/S1365100511000319
ISSN1365-1005
Publisher versionhttp://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=8686337&fulltextType=RA&fileId=S1365100511000319
Peer-Reviewedyes
AccessRestricted access (UMinho)
Appears in Collections:NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica

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