In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating … stabilize price movements in the flexible price sector. Also, in the presence of financial frictions, stabilizing core inflation … frictions a welfare-maximizing central bank should adopt flexible headline inflation targeting – a target based on headline …

Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations. …

Brazil, Russia, India, China and South Africa (BRICS). We contribute to addressing this gap by exploring the patterns of … de-industrialization (Brazil, Russia and South Africa). China is the only country where an expanding manufacturing sector …

combining detailed school characteristics with time and geo-referenced crime information from the city of São Paulo, Brazil, we …

first piece of evidence on the causal effect of illegality on systemic violence. Brazil has historically been the main world …

identified. We apply our model to Brazil and use agricultural shocks to local economic activity (coffee and overall agricultural …