RSS 1.0FGV EPGE - Seminários de Pesquisa Econômica
Os seminários da EPGE apresentam artigos acadêmicos dos pesquisadores da Escola e de outros centros brasileiros e internacionais.
FGV EPGE - Seminários de Pesquisa Econômica
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Agenda power in Brazil's Câmara dos Deputados , 1989 to 1999
2002-08-15This paper examines the structure of agenda power in the Brazilian Câmara dos Deputados (Chamber of Deputies). Our main question concerns when consistent agenda control by a single majority coalition, as opposed to agenda ... -
Powerful CEOs and their impact on corporate performance
2002-06-13We argue in this paper that executives can only impact firm outcomes if they have influence over crucial decisions. Based on this idea we develop and test a hypothesis about how CEOs’ power to influence decisions will ... -
Affirmative action in college admission and the proficiency of high school students
2005-10-06Economic theory suggests that a¢ rmative action can either reduce or enhance incentives to invest in human capital. Empirical evidence on this matter, however, is still lacking. Using di¤erence in di¤er- ence estimates, ... -
Robust monetary policy with the consumption - wealth channel
2005-08-04Robust Monetary Policy with the Consumption - Wealth Channel -
Affine processes, arbitrage-Free Term structures of legendre polynomials,and option pricing
2005-02-03Multivariate Affine term structure models have been increasingly used for pricing derivatives in fixed income markets. In these models, uncertainty of the term structure is driven by a state vector, while the short rate ... -
Evidence on the incentive optimality of share contracts
2002-02-21Ever since Adam Smith, economists have argued that share contracts do not provide proper incentives. This paper uses tenancy data from India to assess the existence of missing incentives in this classical example of moral ... -
Dynamic hedging with stocastic differential utility
2003-05-22In this paper we study the dynamic hedging problem using three different utility specifications: stochastic differential utility, terminal wealth utility, and we propose a particular utility transformation connecting both ... -
Taylor rule with hidden states
2004-10-28This work evaluates empirically the Taylor rule for the US and Brazil using Kalman Filter and Markov-Switching Regimes. We show that the parameters of the rule change significantly with variations in both output and output ... -
The Taylor rule under inquiry: Hidden states
2005-09-22This work empirically evaluates the Taylor rule for the US and Brazil using Markov-Switching Regimes. I find that the inflation parameter of the US Taylor rule is less than one in many periods, contrasting heavily with ... -
Electoral control in the presence of gridlocks
2001-11-29This article presents a game-theoretic partisan model of voting and political bargaining. In a two-period setup, voters ¯rst elect an executive incumbent and the legislators from a pool of candidates belonging to di®erent ... -
Political budget cycles in a fiscal federation : the effect of partisan voluntary transfers
2006-04-27This article first presents an econometric study suggesting that intergovernmental transfers to Brazilian municipalities are strongly partisan motivated. In light of that stylized fact, it develops an extension to Rogoff ... -
Pricing and hedging of oil futures : a unifying approach
2001-09-04We develop and empirically test a continuous time equilibrium model for the pricing of oil futures. The model provides a link between no-arbitrage models and expectation oriented models. It highlights the role of inventories ... -
Can unobserved heterogeneity in farmer ability explain the inverse relationship between farm size and productivity?
2003-03-27The well-known inverse relationship between farm-size and productivity is usually explained in terms of diminishing returns with respect to land and other inputs coupled with various types of market frictions that prevent ... -
Estimating economic interactions of financial suppliers in Thailand
2004-05-20This paper presents a methodology to estimate and identify different kinds of economic interaction, whenever these interactions can be established in the form of spatial dependence. First, we apply the semi-parametric ... -
Multiple equilibria and protectionism
1994-01-17In a nonnative approach, I analyze trade policies when the industrial sector genentes positive extemalities in production, and there are adjustments costs to changing production from one sector to the other. Protectionist ... -
Toward a theory of international currency : a step further
1995-09-06We generalize the two-country, two-currency model of Matsuyama, Kiyotaki and Matsui to resolve two 'shortcomings' in their approach. First, we endogenize prices and excb.ange rates. Second, we introduce monetary policy. ... -
Improved combinations of parametric and nonparametric Regression estimators
1999-08-18This paper provides a systematic and unified treatment of the developments in the area of kernel estimation in econometrics and statistics. Both the estimation and hypothesis testing issues are discussed for the nonparametric ... -
A pricing model for sovereign bond
1998-07-16Similar to the modeling used to evaluate ccnporate boncls, where it is a put optioo. 011 corporate assets, we modeled sovereign bonds. Instead of company's assets as underlining assets, we used foreign excbange reserves. ...
