Choques no spread de crédito bancário e suas implicações para a condução da política monetária no Brasil

Abstract

This paper seeks to analyze the transmission of shocks in the banking credit spread for the other variables of the economy and its implications for the conduct of monetary policy in Brazil. We do so by estimating a DSGE model with financial frictions. The inclusion of credit spread does not significantly changes the DSGE model responses to traditional exogenous shocks. However, in the case of shocks on the credit spread, the impact on the business cycle was significant and a monetary policy rule set by the spread can achieve a faster stabilization of the economy than a traditional rule.