Table 4 - Covariances - Structural Model - Demand Shock
|
Cov(yi)/Var(i) |
12.9 |
Cov(iπ)/Var(i) |
0.76 |
|
Cov(ye)/V ar(e) |
-10.7 |
Cov(eπ)/Var(e) |
-0.63 |
|
Cov(yπ)/V αr(π) |
113 |
Cov(eπ)/Var(π^) |
-0.70 |
|
Var (г) |
0.038 |
Cov(ie)/Var(i) |
-0.80 |
|
Var(e) |
0.054 |
Cov(ie)/Var(e) |
-0.56 |
|
Var(π) |
0.049 ~ |
Cov(iπ)/V ar(π) |
0.58 ~ |
Notes: Variances are multiplied by 1002 .
Table 5 - Debt Composition for Demand Shock
|
Risk No hedge |
Risk |
Risk |
Risk+Cost |
Risk+Cost Fix=For=0 | |
|
Selic Rate |
18.1 |
7.5 |
-3.3 |
8.3 |
-3.2 |
|
Foreign Exch |
-15.3 |
-6.2 |
0 |
-5.1 |
0 |
|
Price Index |
16.6 |
7.9 |
4.3 |
8.3 |
4.2 |
|
Fixed Rate |
-18.6 |
-8.1 |
0 ~ |
-10.5 ' |
0 ~ |
Notes: The debt composition is derived from equations (19)-(21).
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