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Money supply and capital accumulation on the transition path revisited
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2010-02-22)
Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a CRRA utility (based on a Cobb-Douglas and a ...
Rio de Janeiro e intermediação financeira
(Escola de Pós-Graduação em Economia da FGV, 1996-07)
Solving the non-convexity problem in some shopping-time and human-capital models
(Escola de Pós-Graduação em Economia da FGV, 2004-09-01)
Several works in the shopping-time and in the human-capital literature, due to the nonconcavity of the underlying Hamiltonian, use Örst-order conditions in dynamic optimization to characterize necessity, but not su¢ ciency, ...
Monetary correction and accounting with real interest
(Escola de Pós-Graduação em Economia da FGV, 1988-08-01)
Inflation and income inequality: A link through the job-search process
(Escola de Pós-Graduação em Economia da FGV, 2004-08-01)
In this paper I devise a new channel by means of which the (empirically documented) positive correlation between ináation and income inequality can be understood. Available empirical evidence reveals that ináation increases ...
Breve retrospecto da economia brasileira entre 1979 e 1984
(Escola de Pós-Graduação em Economia da FGV, 1985)
Bailey's measure of the welfare costs of infiation as a general-equilibrium measure
(Escola de Pós-Graduação em Economia da FGV, 2007-11-22)
Lucas (2000) has ShO\nl t hat Baile,\''s formula for t hc \\'elfare costs of inflatioIl caIl bc rcgardpd as an approximation to t hc gcneral-equilibriuIll IllCaSllH'S \\'hich emerge from thc Sidrauski anrl the shopping-time ...
What happens after the Central Bank of Brazil increases the target interbank rate by 1%?
(Escola de Pós-Graduação em Economia da FGV, 2005-03-10)
In this paper I use Taylor's (2001) model and Vector Auto Regressions to shed some light on the evolution of some key macroeconomic variables after the Central Bank of Brazil, through the COPOM, increases the target interest ...
WeIfare costs of inflation the case for interest-bearing money and empiricaI Estimates for Brazil
(Escola de Pós-Graduação em Economia da FGV, 1994-09-22)
We provide in this paper a closed fonn for the Welfare Cost of Inflation which we prove to be closer than Bailey's expression to the correct solution of the corresponding non-separable differential equation. Next, we extend ...
An overview of some historical Brazilian macroeconomic series and some open questions
(Escola de Pós-Graduação em Economia da FGV, 2005-06-23)
This paper presents an overview of the Brazilian macroeconomy by analyzing the evolution of some specific time series. The presentation is made through a sequence of graphs. Several remarkable historical points and open ...
Is there a price puzzle in Brazil? an application of bias- corrected bootstrap
(Escola de Pós-Graduação em Economia da FGV, 2004-12-02)
Using data from the United States, Japan, Germany , United Kingdom and France, Sims (1992) found that positive innovations to shortterm interest rates led to sharp, persistent increases in the price leveI. The result was ...
Política macroeconômica no Brasil: 1964/66 e 1980/84
(1984-10-18)
Vale a pena refletir um pouco sobre este aspecto repetitivo pertinente à história em geral e, em particular à história econômica, tentando-se averiguar o que se pode extrair de útil a partir da constatação desta aparente ...
Statistical inference for diffusion processes : a survey
(Escola de Pós-Graduação em Economia da FGV, 2003-12-18)
An overview of some historical brazilian macroeconomic series and some open questions
(Escola de Pós-Graduação em Economia da FGV, 2005-06-10)
This paper presents an overview of the Brazilian macroeconomy by analyzing the evolution of some specific time series. The presentation is made through a sequence of graphs. Several remarkable historical points and open ...
A search-theoretic explanation for the negative correlation between labor income and impatience
(Escola de Pós-Graduação em Economia da FGV, 2004-08-01)
Lawrance (1991) has shown, through the estimation of consumption Euler equations, that subjective rates of impatience (time preference) in the U.S. are three to Öve percentage points higher for households with lower average ...
O sistema financeiro oficial e a queda das transferências inflacionárias
(Escola de Pós-Graduação em Economia da FGV, 1995-01)
A note on an application of Arrow's theorem: sufficient conditions for Lucas' inflation and welfare
(Escola de Pós-Graduação em Economia da FGV, 2000-08)
Bellman's methods for dynamic optimization constitute the present mainstream in economics. However, some results associated with optimal controI can be particularly usefuI in certain problems. The purpose of this note is ...
Politica monetária: a transição do modelo atual para o modelo clássico: anais do seminário realizado na Fundação Getulio Vargas no dia 9 de dezembro de 1994
(Escola de Pós-Graduação em Economia da FGV, 1995-03)
What happens after the central bank of Brazil increases the target interbank rate by 1%?
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2005-03-15)
I start presenting an explicit solution to Taylorís (2001) model, in order to illustrate the link between the target interest rate and the overnight interest rate prevailing in the economy. Next, I use Vector Auto Regressions ...