Efeitos regionais da política monetária no Brasil: Impactos e transbordamentos espaciais

Abstract

This paper aims to estimate the impacts of monetary policy on economic activity of the Brazilian states, and to analyze the asymmetry of these effects. Based on a Spatial Structural Vector Auto-Regression (SVAR) model, and using spatial econometrics techniques, our approach makes it possible to include series of every state in just one model and still have degrees of freedom for proper estimation. Robustness of the results facing the choice of spatial weight matrix was tested, which allowed the estimation and testing for significance of contemporaneous as well as lagged spatial spillover effects of monetary policy among states.