MIGUEL MARIA CHARTERS DE OLIVEIRA BANDEIRA DA SILVAAraújo, Gabriella Souza de2025-01-282025-01-282023https://repositorio.insper.edu.br/handle/11224/7305This article seeks to contribute to the still limited literature on monetary shocks in Brazil and draw comparisons with previously estimated shocks. The proposed methodology, based on Bu, Rogers, and Wu (2021), allows for estimating a series of shocks without the price puzzle, as its competitive advantage lies in the absence of informational effects. We have identified significant advantages in the response and robustness of the estimated instrument, highlighting that the BRW methodology appears to be effective not only in estimating the effects of traditional monetary policies but also in measuring forward guidance.Digital26 p.InglêsMacroeconomicsMonetary PolicyMonetary ShocksSchocks Identificationmaster thesis