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We estimate the monetary policy pass-through to lending rates in Brazil and the United States using the same methodology and obtain very different results. In the United States, the pass-through tends to be larger than 1:1. In Brazil, we find a 1:1 pass-through only in the case of non-earmarked...
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We propose a model to study non-compete agreements and evaluate their quantitative effects. We explore an exogenous policy change that removed non-compete clauses for Brazilian footballers, the Pele Act of 1998. The Act raised players' lifetime income but changed the wage profile in a...
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We estimate the response of interest rates to inflation using data for 18 developed countries since 1915, within 30-year moving windows. Until 1972, interest rates are virtually insensitive to inflation. From then on, the interest-rate response to inflation starts to rise, and monetary policy...
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Financial institutions have been issuing more complex structured retail products (SRPs) over time. Is risk-sharing the force behind this financial innovation? Is this financial innovation welfare-increasing? We propose a simple test for that. If the issuance of a given type of SRP is based on...
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