As assimetrias regionais do Pass-Through Cambial no Brasil

Abstract

This dissertation aims to investigate if the exchange rate shocks have asymmetric effects in terms of the consumer price indexes among states of the North, Northeast, Midwest, South and Southeast regions of Brazil. For that, I estimate a VAR model to obtain impulse-response functions and variance decompositions from a sample of 177 observations between 2004 and 2018. The results show that there is evidence of exchange pass-through asymmetry. Structural disparities, such as openness to foreign trade, GDP composition, and access to credit, apparently influence the effects of exchange rate shocks.