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This paper uses a DSGE model with financial frictions to analyze the consequences of the existence of a earmarked credit line similar to that practiced in Brazil for the recovery of the economy to shocks. The results indicate that the earmarked credit helps to mitigate the effects of shocks that are specifically related to the credit market, as in the case of financial shocks or macroprudential policy shocks. The responses of the main variables of the economy to these shocks become shorter and less intense. In the case of monetary policy shock, however, the presence of earmarked credit does not change significantly the responses of real variables, such as consumption and investment. Key-words: earmarked laons, macroprudential policy, DSGE

Os efeitos do crédito direcionado na suavização de choques financeiros e nas decisões de política monetária e macroprudencial