ETDs @PUC-Rio
| Título: | ESSAYS ON MONETARY POLICY AND BUSINESS CYCLES UNDER MARKET IMPERFECTIONS | ||||||||||||||||||||||||||||||||
| Autor: |
MARCO ANTONIO FREITAS DE HOLLANDA CAVALCANTI |
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| Colaborador(es): |
ILAN GOLDFAJN - Orientador |
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| Catalogação: | 11/JUL/2007 | Língua(s): | PORTUGUESE - BRAZIL |
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| Tipo: | TEXT | Subtipo: | THESIS | ||||||||||||||||||||||||||||||
| Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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| Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=10109&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=10109&idi=2 |
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| DOI: | https://doi.org/10.17771/PUCRio.acad.10109 | ||||||||||||||||||||||||||||||||
| Resumo: | |||||||||||||||||||||||||||||||||
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This thesis consists of three essays on economic
fluctuations and
monetary policy issues, which are investigated within New-
Keynesian
monetary general equilibrium models. The first essay
analyzes the properties
of optimal disinflation policies, seeking to identify
conditions under which:
(i) the optimal disinflationary path involves significant
output losses; (ii) a
rapid disinflation is preferable to a gradual one.
According to our results,
different degrees of monetary frictions and inertia in
output or inflation
may lead to different optimal disinflationary policies -
some of which will
be quick and painless, while others will proceed slowly
and generate deep
recessions. The second essay investigates the relationship
between credit
market imperfections and the degree of shock amplification
arising from the
so-called financial accelerator, by simulating a
macroeconomic model with
two types of financial frictions. According to our
results, the power of the
financial accelerator may either increase or decrease with
financial frictions,
depending on the source and initial level of such
frictions. The third essay
provides an empirical investigation of the relationship
between credit market
imperfections, shock amplification and macroeconomic
volatility, based on
socioeconomic data from a panel of 62 countries. According
to our results,
which are consistent with the theoretical model developed
in the second
essay, macroeconomic volatility seems to increase with
contract enforcement
costs, but varies non-monotonically with the degree of
anti-creditor bias
in the judicial and legal system
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