Análise dos efeitos da política monetária sobre a atividade econômica no estado de Minas Gerais

Abstract

This article analyzes the impact of monetary policy shocks via transmission channels on Minas Gerais´s macroeconomic variables between March 2000 and October 2012. It is used as methodology the VECM. The results indicate that the Selic has low power on Minas Gerais’s macroeconomic variables, however, in terms of other policy instruments, such as interest rate of long-term, credit operations, the exchange rate and the money supply, the effects were significant and permanent, indicating the non neutrality of the coin. The inflation has presented evidence of the existence of price puzzle. Thus the anti-inflationary policy may have a negative effect on the real sector more than proportional effect of that on inflation.