The Brazilian municipalities show a huge disparity in income level. The GDP per capita difference between the richest and the poorest municipalities is about 190 times, according to IBGE (2000) database. Institutionalist theory provides a plausible explanation for the gap among municipalities...

Based on the hypothesis that the rulers of monetary and fiscal policy in Brazil may have been submitted to different regimes, the present study applies Leeper model (1991; 2005) in order to identify the chronology of policy regimes regarding their active and passive character. The policy rules are...

This study suggests an alternative approach, nested in exogeneity tests, to verify Ricardian Equivalence. The intuitive appeal and the sophisticated statistical method are the advantage of this new procedure. Furthermore, two others contributions are made: a) an explanation to the failure of...

This article estimates the stance of fiscal policy using the framework of conditional forecasting to evaluate the stance in Brazil since 1997. This indicator is measured as the deviation of forecast of the output gap conditional to the observed values and steady-state values of the instruments...

This study aims to estimate the system of bank credit demand and supply in Brazil. Understanding how the balance is established in this market is the key to know the importance of the credit channel. Based on the aggregated data from June 2000 to August 2012 not only for firms but also for...

This article verifies the occurrence of a real estate bubble in the Brazilian economy. Overall, our results suggest the existence of a bubble in the real estate sector of the economy. The Austrian School of economics provides a solid explanation to this phenomenon, which are reinforced by...