This is a personal account of the definition of 'new developmentalism'- a national development strategy alternative to the Washington consensus -, and of a 'structuralist development macroeconomics': the sum of models that ...

Although there has been substantial research using long-run co-movement (cointegration) restrictions in the empirical macroeconomics literature, little or no work has been done investigating the existence of short-run ...

This paper develops a statistical model to study the Brazilian country risk using a country beta model in the spirit of Harvey and Zhou (1993), Erb et al. (1996a, b) and Gangemi et al . (2000). Specifically, the impact of ...

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime ...

We present a Model that reflects Keynes' intuition concerning nominal wage rigidity: workers like to keep their relative status on society. Several results are presented, including the analysis of the influence of risk ...

This paper aims to analyze the dynamics of inflation expectations according to macroeconomics conditions. To this end, we extract the expected inflation curve implied by indexed bonds and then estimate a dynamic factor ...

This paper introduces a new tail-risk measure based on the risk-neutral excess expected shortfall of a cross-section of stock returns. We propose a novel way to risk neutralize the returns without relying on option price ...

We develop a model of macroeconomic heterogeneity inspired by the Kiyotaki-Wright (J Polit Econ 97:924-954, 1989) formulation of commodity money, with the addition of linear utility and idiosyncratic shocks to savings. We ...