The paper investigates the allocative efficiency of the investment policy of pension funds established within the Welfare and Social Security System of the Brazilian federal entities. For that, it develops a model of strategic asset allocation for a pension fund whose resources fund a...

The versions of 2002-2003 and 2008-2009 of the Household Budget Survey (POF) from the IBGE bring two questions on the subjective evaluation of Brazilian families about the sufficiency of their income. While the first question draws direct information on the degree of family's satisfaction with...

Understand the evolution of the size and allocation of household savings throughout the life cycle is of fundamental importance in the design of public policies. In this sense, durable goods expenditure cannot be ignored as it is an important form of savings with significant participation in...

The balance of payments' financial account aggregates a very heterogeneous set of capital flows. Among other features, these investments differ in terms of maturity, risk, liquidity and receptor. From this viewpoint, this paper analyzes comparatively the behavior of the main components of the...

We build a two-country version of the DSGE model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...

We build a two-country version of the model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain DSGE model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new...