Description of the observable factors (Yt) used in the FAVAR model
| Variable | Source | Units | Description |
|---|---|---|---|
| Exchange rate | BCB | (R$/US$) | Nominal exchange rate |
| IPCA | IBGE | Index | National Consumer Price Index |
| GDPfgv | FGV IBRE | Index | Monthly GDP Monitor |
| M1 | BCB | THOUS.U | M1 Monetary Aggregate - Median |
| Debt | BCB | % | Government Gross Debt as a % of GDP, Pre-2008 Methodology |
| CI_BR | BCB | Index | Commodities Index - Brazil (in US Dollars) |
| SWAP180 | BCB | % p.a | Swaps180 – DI x fixed-rate – 180 days – period average |
| SELIC | BCB | % p.a | Selic Interest Rate |
| Variable | Source | Units | Description |
|---|---|---|---|
| Exchange rate | BCB | (R$/US$) | Nominal exchange rate |
| IPCA | IBGE | Index | National Consumer Price Index |
| GDPfgv | FGV IBRE | Index | Monthly GDP Monitor |
| M1 | BCB | THOUS.U | M1 Monetary Aggregate - Median |
| Debt | BCB | % | Government Gross Debt as a % of GDP, Pre-2008 Methodology |
| CI_BR | BCB | Index | Commodities Index - Brazil (in US Dollars) |
| SWAP180 | BCB | % p.a | Swaps180 – DI x fixed-rate – 180 days – period average |
| SELIC | BCB | % p.a | Selic Interest Rate |
Note(s): BCB-Central Bank of Brazil; IBRE/FGV – Brazilian Institute of Economics at the Getulio Vargas Foundation and IBGE – Brazilian Institute of Geography and Statistics
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