文章基本信息

标题：DYNAMICS OF THE SELIC INTEREST RATES-TARGET IN BRAZIL
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作者：Sidney Caetano ; Geraldo Silva Jr.
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2007
卷号：5
出版社：Economics Bulletin
摘要：The present work analyzes the discrete dynamic of the SELIC interest rates-target defined in the meetings of the Brazilian Monetary Policy Council (COPOM). The probit model methodology was applied in order to study the probability of Central Bank increase or decrease SELIC-target interest rate. We found that the inclusion of a fiscal (primary fiscal surplus/GDP) and the lagged output gap variables must be considered important ones to COPOM's decision making processes.