Mecanismos de transmissão das políticas monetárias: uma investigação sobre ação e efeitos

Abstract

The article aspires to understand the monetary policy transmission mechanisms and whether they result in the aimed effects of the policy. We define and detail these monetary policy transmission mechanisms, showing some recent changes in monetary economics. We emphasize that modern CBs use interests as their fundamental mechanism for monetary policies, instead of goals for some monetary aggregates. We clarify the transmission channels of monetary policies, exposing the differentiated effectiveness of the monetary policy transmission mechanisms, according to the phase of the business cycle, analyzing impacts and endogeneity of risks in relation to these phases, without leading to an optimum.