Transmission of monetary policy though the wealth channel in Brazil: Does the type of asset matter? by Jose Luiz Rossi Júnior, Marina Delmondes de Carvalho Rossi and Daniel Carvalho Cunha published by Research in International Business and Finance (2019). “…The paper finds that the wealth effect works in Brazil only through the evolution of real estate prices. Both, public debt and stock market wealth, play no role in the transmission of monetary policy in Brasil…”
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