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This paper investigates the conduction of monetary policy by the Brazilian Central Bank during the Tripé Macro (TM) and the New Economic Matrix (NME). Specifically, we aim to identify if there were any significant differences in the management of monetary policy. In order to do so, through a Vector Auto Regressive, we detect the responses of monetary policy to shocks in macroeconomic variables, considering a modified Taylor model. The study consider the Inflation Targeting Regime period, observing the Tripé Macro (2000 to 2011) and the New Economic Matrix (2012 to 2014). As a result, we show that significant differences prevailed during the two systems.

A GESTÃO DA POLÍTICA MONETÁRIA NO REGIME DE METAS DE INFLAÇÃO E NA NOVA MATRIZ ECONÔMICA