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 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...

A retrospective analysis of the Portuguese business cycle synchronization with some business cycles of reference allows us to draw conclusions that support the vital need to invest in domestic production that, by its nature, being exportable and/or being substitute of imports. From this point of...

Resumo: São testadas duas formas distintas de assimetria cíclica, a deepness e a steepness, através da aplicação do teste do coeficiente de enviesamento e do teste triples. A assimetria é analisada em vinte e três países, segundo uma perspectiva secular do PIB real per capita (1820/70 a...

This study aims to analyze the evolution and characteristics of overeducation in Brazil between 2012 and 2023 using data from the Pesquisa Nacional por Amostra de Domicílios Contínua (PNADC). Overeducated workers are those who perform jobs that require less than their level of education,...

To what extent can monetary and financial crises and cycles be explained through economic theories? This paper is aimed at highlighting why a reliance on economic theories may be necessary given certain flaws which have been revealed from the recent Financial Crisis. Namely, that economic and...

This paper analyzes the dynamic properties of a DSGE model for Brazil, under alternative model parameterizations. First, we carefully review the literature in order to identify admissible ranges for the model's parameters. We then calculate selected impulse response functions (IRF) under various...

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 primary structural budget balance (eliminating the effects due to cyclical fluctuations in GDP and oil price) for the central government and public administrations from 1997 to the second quarter of 2010. Some adjustments were made on the IMF methodology to account for...

This paper presents the first results of an ongoing project aimed at building and putting into operation a dynamic stochastic general equilibrium (DSGE) model for Brazil. The model is based on Smets and Wouters (2003) and Christiano ET AL.(2005), to which we add features that are typical of...