We use data on new apartment offerings in the municipality of Sao Paulo, Brazil to illustrate our main claim that the hedonic direct method using time dummies as well as the simple average method include cyclical behavior of observables and non observables in a house price index that may...

This paper presents empirical evidence supporting the view that US monetary conditions matter for firms in the global capital market. We show the effects of three risk measures, domestic bank interest rates spreads, US bank interest rates spread, and US market price of interest rate risk on the...

We present empirical evidence using daily data for stock prices for 17 real estate companies traded in the Sao Paulo, Brazil stock exchange, from August 26, 2006 to March 31, 2010. We use the U.S. house price bubble, financial crisis and risk measures to instrument for momentums and reversals in...

In this paper, we examine the stochastic structure of a consumer price index and its inflation that ultimately provides the basis for monetary policy and other contracting fulfillments. The index is the broad monthly consumer price index, IPC-A of the Brazilian Institute of Geography and...