This paper attempts to extend empirical investigations about the asymmetric effects of monetary shocks in the Brazilian economy. We specify and estimate a nonlinear smooth transition vector autoregressive model including output, price level, exchange rate and a monetary policy indicator (Selic...

This paper estimates the Brazilian NAILO (Nonaccelerating Inflation Level of Output), obtains (Bayesian) probability bands for the Nailo and for its growth rate, and investigates the relationship between deviations of output with respect to the Nailo and the acceleration of inflation. As...

This paper estimates the Brazilian NAILO (Nonaccelerating Inflation Level of Output), obtains (Bayesian) probability bands for the Nailo and for its growth rate, and investigates the relationship between deviations of output with respect to the Nailo and the acceleration of inflation. As...

This paper attempts to extend empirical investigations about the asymmetric effects of monetary shocks in the Brazilian economy. We specify and estimate a nonlinear smooth transition vector autoregressive model including output, price level, exchange rate and a monetary policy indicator (Selic...

This paper deals with the existence and identification of a common European growth cycle. Univariate Markov switching autoregressions (MS-AR) are used for individual countries in order to detect changes in the mean growth rate of industrial production. A Markov switching vector autoregression...

This paper aims at analyzing the relationship between economic growth and financial development on theoretical and empirical grounds. We briefly review the arguments that support the existence or not of a positive and causal relation between these two variables, as well as the arguments that...

This article intend to analyze the process of the economic growth and income distribution in an environment where technological progress and the basic rate of interest are endogenous and the money, via credit offer, has a preponderant role in the determination of economic dynamics. In this...

This paper investigates the validity of the Fisher effect hypothesis that it is the interest rate which moves to adjust to the anticipated changes in the rate of inflation. The analysis is carried out with monthly data for the period 1980-97 for three countries with recent histories of chronic...

This paper uses Brazilian monthly tax burden time series as an input for a study of its recent dynamic determinants. The estimates shows that tax burden reached 33,4% of GDP in 2014 that is lower than 33,6% of 2005 and without trend of growth. In addition, it presents an analysis of tax policy...