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100	1		_ade Mello, Luiz.
245	1	0	_aDo Latin American Central Bankers Behave Non-Linearly? _h[electronic resource]: _bThe Experiences of Brazil, Chile, Colombia and Mexico / _cLuiz de Mello, Diego Moccero and Matteo Mogliani = Les banques centrales d'Amérique latine se comportent-elles d'une manière non-linéaire? : Les expériences du Brésil, du Chili, de la Colombie et du Mexique / Luiz de Mello, Diego Moccero et Matteo Mogliani
246	3	1	_aLes banques centrales d'Amérique latine se comportent-elles d'une manière non-linéaire? _bLes expériences du Brésil, du Chili, de la Colombie et du Mexique
260			_aParis : _bOECD Publishing, _c2009.
300			_a27 p. ; _c21 x 29.7cm.
490	1		_aOECD Economics Department Working Papers, _x18151973 ; _vno.679
520	3		_aThis papers estimates unrestricted monetary reaction functions for four Latin American countries (Brazil, Chile, Colombia and Mexico) and tests for the presence of non-linear effects in central bank behaviour. The analysis covers the post-1999 inflation-targeting period. We deal with the presence of unit roots in the data by estimating the policy rules in a co-integration setting. We test for linear and non-linear co-integration among the variables of interest. The results suggest that a non-linear specification is not rejected by the data for Brazil, Colombia and Mexico, but it is for Chile. Estimation of smooth-transition models by NLLS and EN-NLLS suggests that the central bank's response to the inflation gap (i.e. deviations of expected inflation from the target) is invariant across policy regimes in Colombia. It becomes stronger in Mexico as expected inflation deviates from the target. Policy responses appear to weaken in Brazil as the inflation gap widens, a finding that most probably reflects a history of adverse supply shocks and upward adjustments in targets in the early years of inflation targeting. Non-linearity is also found in the central bank's response to the exchange rate in Brazil and Colombia.
650		4	_aEconomics
651		4	_aBrazil
651		4	_aChile _92888
651		4	_aColombia _926852
651		4	_aMexico _91310
700	1		_aMoccero, Diego.
700	1		_aMogliani, Matteo.
830		0	_aOECD Economics Department Working Papers, _x18151973 ; _vno.679.
856	4	0	_aoecd-ilibrary.org _uhttps://s443-doi-org.br.lsproxy.net/10.1787/226284172842
942			_2ddc _cW-PAPER
999			_c359041 _d317603