Exogeneity of Money Supply in Brazil from 1966 to 1985

@inproceedings{Cerqueira2006ExogeneityOM,
  title={Exogeneity of Money Supply in Brazil from 1966 to 1985},
  author={Luiz Fernando Flores Cerqueira},
  year={2006}
}
Using monthly data spanning from 1966 to 1985, we examine the extent of money supply exogeneity. The implemented tests investigated the plau- sibility of classical hypotheses. We employed GARCH processes and the bootstrap approach. The results are robust to the choice of Granger-causality tests. It was shown that the real rate of interest did cause, in the Granger sense, the bond stock and that the demand for bonds was very sensitive to interest rate varia- tions. This implies that the monetary… CONTINUE READING

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