We propose a model that reconciles microeconomic evidence of frequent and large price changes with sizable monetary non-neutrality. Firms incur separate lump-sum costs to change prices and to gather and process some information about marginal costs. Additional relevant information is...

We develop a theory of low-frequency movements in in ation expectations, and use it to interpret joint dynamics of in ation and in ation expectations for the United States and other countries over the post-war period. In our theory long-run in ation expectations are endogenous. They are driven...

We study a unique dataset with comprehensive coverage of daily prices in large multi-product retailers in Israel. Retail stores synchronize price changes around occasional "peak" days when they reprice around 10% of their products. To assess aggregate implications of partial price...

The reform process in the energy sector in Organisation for Economic Co-operation and Development (OECD) and in emerging countries started in the 1990s, aimed at reducing the role of the state as a shareholder, but not in its function as coordinator, regulator and planner. Also, it should be...

The last three decades have witnessed important changes in transportation, communication and data processing, with effects over productive processes, trade flows and the international movement of capital. From the viewpoint of developing economies this led to the recommendation of adhering to...

Except for Brazil, Latin American countries considerably expanded their bilateral investment treaties (BITs) networks during the 1990s in an attempt to expand FDI inflows. Although the theory on the subject predicts a positive relationship between the inflow of FDI and the conclusion of these...

This paper aims to investigate earnings losses of workers who become unemployed in Brazil, comparing the results for different stages of the business cycle. Estimates using longitudinal data from the continuous PNAD for the period between 2012 and 2017 show that workers who transited from...

This paper results from the project "Brazil's external agenda for Africa: evaluations and proposals", within which we analyze Brazil's performance in the international investment facilitation and protection regime, in order to take stock of the effects of the new Agreement of Cooperation and...

We characterize jump dynamics in stock market returns using a novel series of intraday prices covering over 80 years. Jump dynamics vary substantially over time. Trends in jump activity relate to secular shifts in the nature of news. Unscheduled news often involving major wars drives jump...

Between 2007 and 2018, federal agencies in Brazil confiscated around 1,300 cargoes of smuggled or counterfeit pesticides. These products are often described by industry bodies as more toxic than those legally traded or as ineffective against pests, but there is little information about this type...