A série de working papers da EPGE, conhecida como Ensaios Econômicos, é composta de artigos em fase de revisão para publicação. Os autores destes artigos buscam críticas, comentários e exposição visando o aperfeiçoamento do trabalho.

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    • A time-varying fiscal reaction function for Brazil 

      Cysne, Rubens Penha; Campos, Eduardo Lima
      This paper evaluates the sustainability of public debt in Brazil using monthly data from January 2003 to June 2016, based on the estimation of fiscal reaction functions with time-varying coefficients. Three estimation ...
    • Is the new keynesian IS curve forward looking? 

      Barbosa, Fernando de Holanda
    • Correção monetária e eternização dos débitos: os casos do BNH, do BNDE e da CEF 

      Faro, Clovis de; Garcia, Fabio Lemos (Escola de Pós-Graduação em Economia da FGV, 2018-03)
      A Lei nº 4.380, de 21 de agosto de 1964, instituiu a correção monetária e, simultaneamente, o Banco Nacional de Habitação (BNH). Seu objetivo foi o de buscar preservar os valores reais dos contratos, em especial os relativos ...
    • A time-varying fiscal reaction function for Brazil 

      Campos, Eduardo Lima; Cysne, Rubens Penha
      This paper evaluates the sustainability of public debt in Brazil using monthly data from the period between January 2003 and June 2016, based on estimation of fiscal reaction functions with time-varying coefficients. Three ...
    • Growth and shared prosperity in Brazil 

      Kakwani, Nanak; Neri, Marcelo Côrtes; Vaz, Fábio Monteiro (Escola de Pós-Graduação em Economia da FGV, 2017-12)
      This paper proposes extensions of the idea of shared prosperity and inclusive development. It explores dynamic growth linkages between mean income, inequality and social welfare, on the one hand, and different labor ...
    • Returns and intergenerational mobility of education during period of falling earnings inequality in Brazil 

      Neri, Marcelo Côrtes; Bonomo, Tiago
      Education related changes are often argued as the main reasons for changes in earnings distribuctions. However, omitted variable and measurement error biases possibly affect econometric estimates of these effects. Brazil ...
    • Infrastructure investment and social progress in Brazil 

      Neri, Marcelo Côrtes (Escola de Pós-Graduação em Economia da FGV, 2017-12)
      This paper draws a broad empirical diagnosis on the evolution of infrastructure coverage in Brazil and potencial social impacts. it focuses on the sectors of sewerage, water, electricity, urban transportation and communication ...
    • On measuring social tensions: with applications to Brazil 

      Neri, Marcelo Côrtes; Kakwani, Nanak (Escola de Pós-Graduação em Economia da FGV, 2017-12)
      There are a number of different types of social tensions that can generate social unrest. Starting from standard inequality and poverty concerns to the ones related to temporal fluctuations in living standards including ...
    • Bailey's measure of the welfare costs of inflation as a general-equilibrium measure 

      Cysne, Rubens Penha (2017)
      Lucas (2000) has shown that Bailey’s formula for the welfare costs of inflation can be regarded as an approximation to the general-equilibrium measures that emerge from the Sidrauski and the shopping-time models. In this ...
    • Empirical analysis of scoring auctions for oil and gas leases 

      Sant'Anna, Marcelo Castello Branco (Escola de Pós-Graduação em Economia da FGV, 2017-10)
      I study a scoring auctions implemented in Brazil to sell oil exploration rights. Differently from most sales of this kind, bidders had to submit a multi-dimensional bid that included a bonus and an exploratory program. A ...
    • Likelihood inference and the role of initial conditions for the dynamic panel data model 

      Barbosa, José Diogo Valadares Moreira; Moreira, Marcelo J. (Escola de Pós-Graduação em Economia da FGV, 2017-10)
      Lancaster (2002) proposes an estimator for the dynamic panel data model with homoskedastic errors and zero initial conditions. In this paper, we show this estimator is invariant to orthogonal transformations, but is ine ...
    • Impossible inference in econometrics: theory and applications to regression discontinuity, bunching, and exogeneity tests 

      Bertanha, Marinho Angelo; Moreira, Marcelo J. (Escola de Pós-Graduação em Economia da FGV, 2017-10)
      This paper presents necessary and su cient conditions for tests to have trivial power. By inverting these impractical tests, we demonstrate that the bounded con dence regions have error probability equal to one. This theo- ...
    • Capital budgeting and risk taking under credit constraints 

      Iachan, Felipe Saraiva (Escola de Pós-Graduação em Economia da FGV, 2017-10)
      Credit constraints generate a hedging motive that extends beyond purely financial decisions by also distorting the selection and operation of real investment projects. We study these distortions through a dynamic model in ...
    • Múltiplos contratos: o caso do sistema americano 

      Faro, Clovis de (Escola de Pós-Graduação em Economia da FGV, 2017)
      A adoção do sistema de múltiplos contratos (SMC), tal como originalmente formulado por De-Losso, Giovannetti e Rangel (2013), que focaram atenção em contratos de financiamento com prestações constantes (Tabela Price – TP), ...
    • Using common features to investigate common growth cycles for BRICS Countries 

      Delalibera, Bruno Ricardo; Issler, João Victor; Branco, Roberto da Cunha Castello (Escola de Pós-Graduação em Economia da FGV, 2017-05-30)
      Emerging market economies have historically shown high cyclical volatility when compared to developed economies. Common factor models have been largely used in economics as economic theory suggests that there strong linkages ...
    • Múltiplos contratos: o caso do sistema de amortizações constantes 

      Faro, Clovis de (Escola de Pós-Graduação em Economia da FGV, 2017-05-04)
      Já conhecido séculos antes (cf. Vieira Sobrinho (2012)) da publicação da celebrada obra de Richard Price (1771), o sistema de amortização de dívidas por meio de prestações constantes, tem sido, universalmente, o mais ...
    • Education quality and returns to schooling: evidence from migrants in Brazil 

      Brotherhood, Luiz Mário; Ferreira, Pedro Cavalcanti; Santos, Cézar Augusto Ramos (Escola de Pós-Graduação em Economia da FGV, 2017-02-08)
      We provide a new education quality index for states within a developing country using 2010 Brazilian data. This measure is constructed based on the notion that the financial returns obtained from an additional year of ...
    • Taxation of couples: a mirrleesian approach for non-unitary households 

      Costa, Carlos Eugênio da; Lima, Lucas Alves Estevam de (Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2016-07-02)
      Optimal tax theory in the Mirrlees’ (1971) tradition implicitly relies on the assumption that all agents are single or that couples may be treated as individuals, despite accumulating evidence against this view of household ...
    • Health Care Reform or More Affordable Health Care? 

      Ferreira, Pedro Cavalcanti; Gomes, Diego Braz Pereira (Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2016-06-17)
      This article investigates the impact on the U.S. economy of making health care more affordable. We compare health care cost reductions with the Patient Protection and Affordable Care Act (PPACA) using a rich life cycle ...
    • Economic growth and complementarity between stages of human capital 

      Ferreira, Pedro Cavalcanti; Delalibera, Bruno Ricardo (Fundação Getúlio Vargas. Escola de Pós-Graduação em Economia., 2016-06-29)
      We study the impact of the different stages of human capital accumulation on the evolution of labor productivity in a model calibrated to the U.S. from 1961 to 2008. We add early childhood education to a standard continuous ...