Avaliação de Políticas Macroprudenciais em um Modelo com Fricções Financeiras Estimado para a Economia Brasileira

The international financial crisis of 2008 has made clear that the academic debate should incorporate financial frictions to investigate business cycle fluctuations and allocative efficiency. At the financial regulation side, macroprudential measures have gained a growing importance as an instrument in the search for financial stability. The aim of this work is to assess the effects of countercyclical macroprudential instruments on measures related to financial stability and macroeconomic conditions, through a theoretical model containing parameters calibrated and estimated from data of the Brazilian economy. Our results suggest a greater adequacy of countercyclical regulatory instruments as a response to movements caused by shocks originated within the financial system. In the case of productivity and demand shocks, the use of the regulatory instrument shows, in most cases, a conflicting role in relation to the goals of the monetary authority and not conclusive result regarding the benefits for financial stability