Journal

Browse the categories to access the content of academic, scientific and opinion publications of the professors and students of the Department of Economics PUC-Rio.

Aggregation and the PPP Puzzle in a Sticky-Price Model

American Economic Review

V 101, N 6, P 2391-2424, 01/06/2011

We study the purchasing power parity (PPP) puzzle in a multisector, two-country, sticky-price model. Sectors differ in the extent of price stickiness, leading to heterogeneous sectoral real exchange rate dynamics. Deviations from PPP are more volatile and persistent than in an otherwise identical one-sector world economy with the same average frequency of price changes. Under the empirical distribution of price stickiness of the US economy, the model produces PPP deviations with a half-life of 39 months. We provide a structural interpretation of the approaches found in the empirical literature on aggregation and PPP, and reconcile its apparently conflicting findings.

Carlos Viana de Carvalho, Fernanda Feitosa Nechio.


Oferta de trabalho e ciclo econômico: os efeitos trabalhador adicional e desalento no Brasil

Revista Brasileira de Economia

V 65, N 2, P 177-205, 01/01/2011

O nível de educação dos pais está bastante associado ao desempenho dos filhos no mercado de trabalho no Brasil. Com isso, a estrutura educacional da família pode desempenhar um papel importante na determinação da elevada disparidade de rendimentos observada. Utilizando dados do suplemento sobre mobilidade social da PNAD (Pesquisa Nacional por Amostra de Domicílios) de 1996, este artigo analisa a relação entre a distribuição de rendimentos do trabalho no Brasil e a escolaridade dos pais dos trabalhadores. De acordo com os resultados, a estrutura educacional da família, através tanto da sua influência sobre o nível educacional dos trabalhadores como, em menor escala, sobre os retornos para a escolaridade, parece um importante determinante da desigualdade nos rendimentos do trabalho

Gustavo Gonzaga, Mauricio Cortez Reis.


Coordination and the provision of incentives to a common regulated firm

International Journal of Industrial Organization

V 29, P 606-627, 01/01/2011

This paper considers the problem faced by two regulators in providing incentives to a common (privately informed) regulated firm under various degrees of coordination. In the model, the firm exerts effort toward cost reduction and self-dealing, and incentives can be input-based (monitoring) and output-based (demanded cost targets). Full coordination between the regulators leads to the second best allocation. A setting in which the regulators do not fully coordinate leads to (i) higher overall monitoring (more aggressive input-based incentives) and (ii) higher demanded cost targets (i.e., more lenience in terms of output-based incentives). As a consequence of (i,0), in all possible equilibria, the effort toward cost reduction will be smaller when the agent reports to two regulators who do not coordinate. (i) and (ii) imply that the impact on the effort toward self-dealing activities is ambiguous. In our leading example, self-dealing will be larger if the regulators coordinate on monitoring levels but smaller if they choose monitoring levels independently.

Johann Caro Burnett, Vinicius Nascimento Carrasco.


Allocation of Children’s Time along Gender Lines: Work, School, and Domestic Work in Brazil

Research in Labor Economics

V 31, P 161-192, 01/10/2010

M. Berthelon, D. Krueger, Rodrigo Reis Soares.


Dry Law and Homicides: Evidence from the São Paulo Metropolitan Area

Economic Journal

V 120, P 157-182, 01/10/2010

Ciro Biderman, A. Schneider, João Manoel Pinho de Mello.


The Benefits of Bagging for Forecast Models of Realized Volatility

Econometric Reviews

V 29, N 5/6, P 571-593, 01/10/2010

Eric Hillebrand, Marcelo Medeiros.


Common agency, organizational design and the hold-up problem

Economics Letters

V 108, N 3, P 264-268, 01/10/2010

Vinicius Nascimento Carrasco.


Identifying bank lending reaction to monetary policy through data frequency

Economía, The Journal of LACEA

V 10, N 2, P 47-74, 01/10/2010

Márcio Garcia, Christiano Arrigoni Coelho, João Manoel Pinho de Mello.


Evaluating the impact of comunity-based health interventions: Evidence from Brazil´s Family Health Program.

Health Economic

V 19, P 126-158, 01/10/2010

Romero Rocha, Rodrigo Reis Soares.


Anatomy of a regulatory race to the top: changes in delisting rules at Korea´s two stock exchanges, 1999-2002

Journal of Corporate Finance

V 16, P 456-468, 01/10/2010

One dimension of competition among stock exchanges is the quality of products they have to offer. In order to attract listings and trading volume, exchanges can affect the quality of their listed firms by altering their standards for firm disclosure and governance. We identify a competition with respect to delisting standards between Korea's two stock exchanges and show that it complies with the three components of a regulatory race to the top: external trigger, mobility among diverse regimes and meaningful changes that converge to similar rules. The race between the two Korean exchanges ended with stricter rules and better protected minority shareholders. The race also ended, however, with neither exchange gaining market share with respect to trading volume or new listings. Korea's experience, therefore, suggests a reason why these races are rare. In the absence of an external trigger, exchanges will be reluctant to enter a race if they think it will result in rule convergence and no winner

Kathrin Dewenter, Chang Soo Kim, Walter Novaes.


Linearity Testing Against a Fuzzy Rule-based Model

Fuzzy Sets and Systems

N 161, P 1836-1851, 01/10/2010

In this paper, we introduce a linearity test for fuzzy rule-based models in the framework of time series modeling. To do so, we explore a family of statistical models, the regime switching autoregressive models, and the relations that link them to the fuzzy rule-based models. From these relations, we derive a Lagrange multiplier linearity test and some properties of the maximum likelihood estimator needed for it. Finally, an empirical study of the goodness of the test is presented

José Luis Aznarte, José Manuel Benıtez Sánchez, Marcelo Medeiros.


Testing for Remaining Autocorrelation of the Residuals in the Framework of Fuzzy Rule-based Time Series Modelling

International Journal of Uncertainty, Fuzziness and Knowledge-based Systems

V 18, P 371-387, 01/10/2010

José Luis Aznarte, José Manuel Benıtez Sánchez, Marcelo Medeiros.


Escolaridade e diferencial de rendimento entre o setor privado e o setor público no Brasil

Pesquisa e Planejamento Econômico

V 39, N 3, P 431-464, 01/01/2010

Este trabalho tem como objetivo investigar os determinantes do diferencial de rendimentos público-privado para diferentes níveis de escolaridade dos trabalhadores no Brasil. Primeiramente, utilizando o rendimento do trabalho principal como variável de interesse, é estimado um hiato de rendimentos bastante favorável ao setor público para trabalhadores com baixa escolaridade. Já para trabalhadores mais qualificados, o hiato tende a desaparecer ou mesmo a tornar-se favorável ao setor privado. Adicionalmente, de maneira a considerar os diferentes regimes de aposentadoria vigentes no país, é definida a variável Valor Presente do Contrato de Trabalho (VPCT) como medida dos rendimentos dos indivíduos ao longo da vida. Diferentemente do resultado encontrado utilizando o rendimento do trabalho, é verificado que o diferencial do VPCT é favorável ao setor público mesmo para trabalhadores com elevados níveis de escolaridade

Gustavo Gonzaga, Sergio Firpo, Breno Gomide Braga.


A market game approach to differential information economies.

Economic Theory

V 38, P 321-330, 01/10/2009

Guadalupe Fugarolas, Carlos Herves Beloso, Emma Moreno Garcia, Juan Pablo Torres-Martínez.


Modeling multiple regimes in financial volatility with a flexible coefficient GARCH(1,1) model

Econometric Theory

V 25, P 117-161, 01/10/2009

Alvaro Veiga, Marcelo Medeiros.


Biased procurement auctions

Economic Theory

V 38, N 1, P 169-185, 01/09/2009

Leonardo Rezende.


Asymmetric Effects and Long Memory in the Volatility of Dow Jones Stocks

International Journal of Forecasting

V 25, P 304-327, 01/02/2009

Marcel Scharth, Marcelo Medeiros.


Altruism, fertility, and the value of children: health policy evaluation and intergenerational welfare

Journal of Public Economics

V 93, N 1-2, P 208-295, 01/02/2009

Javier Birchenall, Rodrigo Reis Soares.


Life expectancy and welfare in Latin America and the Caribbean

Health Economics

V 18, N S1, P S37-S54, 01/02/2009

Rodrigo Reis Soares.


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