Um termômetro para as macro-prudenciais

Abstract

We write model that considers both households' and firms' credit frictions. Firms' credit is modeled by the traditional financial accelerator à la Bernanke e Gilchrist (1999). Households that borrow funds face interest rates that increase with their debt, as in Curdia andWoodford (2010). We estimate the model using Brazilian data, use it to study recent crisis episodes, and validate the finance premia (distilled from non-financial data) with available credit information. We then propose that the model can be used as a termometer to evaluate how prudential credit measures affect growth and inflation.