O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORAraújo, Eurilton2023-07-142023-07-142008https://repositorio.insper.edu.br/handle/11224/5770This paper studies optimal discretionary monetary policy when the basic new Keynesian model is extended to incorporate interest income taxation. The elasticities of ináation and the output gap to supply and demand shocks are increasing functions of the tax rate. Moreover, numerical simulations show that high levels of taxation increase ináation volatility, the output gap volatility and the unconditional expectation of the central bankís loss function.17 p.DigitalInglêsOptimal Monetary Policy and Interest Income Taxationworking papermonetary policyinterest income taxationdiscretionBEWP 037/2008