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Bailey's measure of the welfare costs of inflation as a general-equilibrium measure
(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 ...
Health Care Reform or More Affordable Health Care?
(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 ...
Fracking, China and the Global Economy
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2016-05-04)
We develop an intertemporal model of the international economy, where tradeable intermediate goods are produced with capital, labor and hydrocarbons, and used in the production of non-tradeable consumption and investment ...
Endogenous debt constraints in collateralized economies with default penalties
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2011-06-30)
In infinite horizon financial markets economies, competitive equilibria fail to exist if one does not impose restrictions on agents' trades that rule out Ponzi schemes. When there is limited commitment and collateral ...
On Ponzi schemes in infinite horizon collateralized economies with default penalties
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2011-06-30)
Araujo, Páscoa and Torres-Martínez (2002) showed that, without imposing any debt constraint, Ponzi schemes are ruled out in infinite horizon economies with limited commitment when collateral is the only mechanism that ...
Non-emptiness of the alpha-core
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2011-05-06)
We prove non-emptiness of the alpha-core for balanced games with non-ordered preferences, extending and generalizing in several aspects the results of Scarf (1971), Border (1984), Florenzano (1989), Yannelis (1991) and ...
Exogenous expectations on endogenous uncertainty: recursive equilibrium and survival
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2011-04-18)
This paper analyses general equilibrium models with finite heterogeneous agents having exogenous expectations on endogenous uncertainty. It is shown that there exists a recursive equilibrium with the state space consisting ...
Competitive equilibria in infinite-horizon collateralized economies with default penalties
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2010-03-16)
Araújo, Páscoa and Torres-Martinez (2002) have shown that, without imposing either debt constraints or transversality conditions, Ponzi schemes are ruled out in infinite horizon economies with default when collateral is ...
Avaliação dos impactos macro-econômicos e de bem-estar da reforma tributária no Brasil
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2009-05-19)
Este artigo avalia o impacto sobre a economia brasileira de uma reforma tributária que reduza distorções e cumulatividade, utilizando para tal experimento a atual proposta do Ministério da Fazenda. Utiliza-se um modelo ...
Unbounded exchange economies with satiation: how far can we go?
(Escola de Pós-Graduação em Economia da FGV, 2008-02-01)
We unify and generalize the existence results in Werner (1987), Dana, Le Van and Magnien (1999), Allouch, Le Van and Page (2006) and Allouch and Le Van (2008). We also show that, in terms of weakening the set of assumptions, ...
