quarta-feira, 17 de abril de 2013

Forward Guidance Here?

Celso woke up. I don't think it was because of my post. But, in any case,  I repeat: fag!
On a less relevant topic, I wonder why Tombini is so worried about open mouth operations. During my time as the Governor, we used open market operations only. I understand that, in the case of the US, it is important to use forward guidance due to interest boundary, and thus open mouth is inevitable. But that is not true here. I wonder if our Central Bank started to use open mouth because its initial written reports were kink of blunt, and the market was getting confused and upset. Now, it is true, people in the market seem happier with CB communication, even though it is done thru vicentes, leitoes e safatles.

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