Modeling multiple regimes in financial volatility with a flexible coefficient GARCH(1,1) model
Econometric Theory, v. 25,
p. 117-161, 2009
Alvaro Veiga, Marcelo Medeiros.
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Econometric Theory, v. 25,
p. 117-161, 2009
Alvaro Veiga, Marcelo Medeiros.
Economic Theory, v. 38, TD n. 1,
p. 169-185, 2009
Leonardo Rezende.
International Journal of Forecasting, v. 25,
p. 304-327, 2009
Marcel Scharth, Marcelo Medeiros.
Journal of Public Economics, v. 93, TD n. 1-2,
p. 208-295, 2009
Javier Birchenall, Rodrigo Reis Soares.
Health Economics, v. 18, TD n. S1,
p. S37-S54, 2009
Rodrigo Reis Soares.
Brazilian Review of Econometrics, v. 29, TD n. 2,
p. 251-284, 2009
In this paper, we investigate the dynamics of labor adjustment at the rm level in
Brazilian manufacturing, using information on average hours per worker to measure
employment deviation from desired levels as in Caballero et al. (1997). We use Brazilian
manufacturing data at the establishment level and monthly frequency. The objective is
to estimate the employment adjustment function, which relates the magnitude of em-
ployment changes to the size of employment gaps. The empirical results point to the
presence of nonconvexities in employment adjustment costs in Brazilian manufacturing,
with estimated employment adjustment rates increasing with the size of employment
gaps. On average, employment adjustment rates range from 10% for small employment
gaps to 35% for large ones. The results also show that there is a large proportion of
rms in the sample that do not adjust employment over two consecutive periods. We
run several robustness tests with alternative ways of estimating the employment gaps,
using other forms of dealing with measurement error and a problem of endogeneity of the
hours change variable. Although the magnitudes of employment adjustment rates vary,
we show that: i) the variations are in line with the expected directions of the biases in
estimating the coecient of the hours change variable; and ii) the format of employment
adjustment functions does not change across speci cations, always revealing that employ-
ment adjustment rates increase with the size of employment gaps, which is compatible
with nonconvex costs of employment adjustment. We also study how the employment
adjustment function varies according to several establishment characteristics, such as
skilled-labor intensity, size, payroll expenses, and overtime payments. We show that the
employment adjustment function tends to have a higher mean and to display larger val-
ues when measured for establishments with characteristics that are arguably related to
lower costs of employment adjustment: larger proportion of low-skilled workers, smaller
size and lower overtime payments.
Gustavo Gonzaga.
Annals of Finance, v. 6,
p. 51-82, 2009
Vinicius Nascimento Carrasco, João Manoel Pinho de Mello.
B.E. Journal of Economic Analysis & Policy, v. 8, 2008
Eduardo Zilberman.
Quarterly Journal of Economics, v. 123, TD n. 2,
p. 703-745, 2008
This paper uses publicly released audit reports to study the effects of disclosing information about corruption practices on electoral accountability. In 2003, as part of an anticorruption program, Brazil's federal government began to select municipalities at random to audit their expenditures of federally transferred funds. The findings of these audits were then made publicly available and disseminated to media sources. Using a data set on corruption constructed from the audit reports, we compare the electoral outcomes of municipalities audited before versus after the 2004 elections, with the same levels of reported corruption. We show that the release of the audit outcomes had a significant impact on incumbents' electoral performance, and that these effects were more pronounced in municipalities where local radio was present to divulge the information. Our findings highlight the value of having a more informed electorate and the role played by local media in enhancing political selection.
Claudio Ferraz, Frederico Finan.
Econometric Reviews, v. 27, 2008
Michael McAller, Marcelo Medeiros.
Journal of Econometrics, v. 147,
p. 359-371, 2008
Michael McAller, Daniel Slottje, Marcelo Medeiros.
Journal of Econometrics, v. 147,
p. 104-119, 2008
Michael McAller, Marcelo Medeiros.
Journal of Econometrics, v. 147,
p. 372-383, 2008
Michael McAller, Daniel Slottje, Vicente Ramos, Javier Rey Maquieira, Marcelo Medeiros.
Economic Development and Cultural Change, v. 56, TD n. 4, 2008
Juliano Assunção.
Journal of Mathematical Economics, v. 44, TD n. 5-6, 2008
Juan Pablo Torres-Martínez, Myrian Beatriz da Silva Petrassi.
Journal of Applied Econometrics, v. 23,
p. 925-948, 2008
Leonardo Rezende.
Computation Statistics and Data Analysis, v. 52, 2008
Joel C. Rosa, Alvaro Veiga, Marcelo Medeiros.
Economic Theory, v. 36, TD n. 3, 2008
Abdelkrin Seghir, Juan Pablo Torres-Martínez.
Journal of Political Economy, v. 116, TD n. 61,
p. 1058-1104, 2008
Bruno Falcão, Rodrigo Reis Soares.
International Journal of Forecasting, v. 24,
p. 630-644, 2008
Lacir Soares, Marcelo Medeiros.