Listagem Produção Intelectual em Bases Externas por autor "Araújo, Aloísio Pessoa de"
Itens para a visualização no momento 1-20 of 32
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Ambiguity aversion in the long run: "to disagree, we must also agree"
2016-09We consider an economy populated by smooth ambiguity-averse agents with complete markets of securities contingent to economic scenarios, where bankruptcy is permitted but there is a penalty for it. We show that if agents' ... -
Bancruptcy in a model of unsecured claims
2002-10We study a two periods model of incomplete markets with nominal assets unsecured by collateral, where agents can go bankrupt but there are no bankruptcy penalties entering directly in the utility function. We address two ... -
Bargained haircuts and debt policy implications
2017-12We extend the Cole and Kehoe model (J Int Econ 41:309-330, 1996) by adding a Rubinstein bargaining game between creditors and debtor country to determine the share of debt repayment in a sovereign debt crisis. Ex-post, the ... -
The Brazilian bankruptcy law experience
2012-09In early 2005, the Brazilian Congress approved a new bankruptcy law. The new legislation increased creditor protection and improved the efficiency of the bankruptcy system. This paper evaluates the empirical consequences ... -
Conventional and unconventional monetary policy with endogenous collateral constraints
2015-01We consider the effects of central bank purchases of a risky asset as an additional dimension of policy alongside 'conventional' interest rate policy in a general-equilibrium model of asset pricing with endogenous collateral ... -
Do dividend changes signal future earnings?
2011-01Signaling models contributed to the corporate finance literature by formalizing 'the informational content of dividends' hypothesis. However, these models are under criticism as the empirical literature found weak evidences ... -
Equilibria in reflexive banach lattices with a continuum of agents
2004-10We consider exchange economies with a measure space of agents and for which the commodity space is a separable and reflexive Banach lattice. Under assumptions imposing uniform bounds on marginal rates of substitution, ... -
Equilibrium with default and endogenous collateral
2000-01We study a two-period general equilibrium model with incomplete asset markets and default. We make collateral endogenous by allowing each seller of assets to fix the level of collateral. Sellers are required to provide ... -
Financial market structures revealed by pricing rules: Efficient complete markets are prevalent
2018It is well known that when an arbitrage-free financial market is incomplete or has tradable financial assets with frictions there must be multiple risk-neutral probability measures. The main motivation for the present study ... -
General equilibrium, preferences and financial institutions after the crisis
2015-02The study is a review of some recent papers in general equilibrium that can be viewed as efforts to better understand the recent financial crisis. We begin by proposing a new set of preferences inspired by the new decision ... -
General equilibrium, wariness and efficient bubbles
2011-05Wary consumers overlook gains but not losses in remote sets of dates or states. As preferences are upper but not lower Mackey semi-continuous, Bewley's (1972) [4] result on existence of equilibrium whose prices are not ... -
The general existence of extended price equilibria with infinitely many commodities
1994-08This paper deals with the existence of equilibria with infinitely many goods. Its main goal is to show that when restricted to the set of feasible allocations there exists an economically meaningful price (in the sense ... -
How much should debtors be punished in case of default?
2015-04This study investigates the relationship between debtor punishment and the development of the credit market. We empirically analyze how the level of debtor punishment relates to the credit market expansion. We find evidence ... -
Incomplete markets, continuum of states and default
1998-01We show that when bankruptcy, subject to penalties, is allowed, it is possible to prove the existence of equilibrium in a model with a continuum of states without imposing any assumptions on ex-post endowments. -
Infinite horizon incomplete markets with a continuum of states
1996In this paper we address existence of equilibria in an incomplete markets economy with countably many periods and a continuum of states at each node of the infinite tree. We consider two models: one where agents have to ... -
Inflation targeting with imperfect information
2016-02In a global games setup with imperfect commitment technology, we show that low targetsthe ones close to the optimal inflation under perfect commitmentare unattainable, leading to a trade-off between low and credible targets. ... -
Long-lived collateralized assets and bubbles
2011-05When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, price bubbles are ... -
The marginal tariff approach without single-crossing
2015-12We study a specific class of one-dimensional monopolistic nonlinear pricing models without the single-crossing condition. In this class we show that the monopolist optimally splits quantities in two groups: low and high ... -
A model of mixed signals with applications to countersignalling
2007We develop a job-market signalling model where signals convey two pieces of information. This model is employed to study countersignalling (signals nonmonotonic in ability) and the GED exam. A result of the model is that ... -
Non-monotoniticies and the all-pay auction tie-breaking rule
2008-06Discontinuous games, such as auctions, may require special tie-breaking rules to guarantee equilibrium existence. The best results available ensure equilibrium existence only in mixed strategy with endogenously defined ...
