We quantify the informational content of statements issued by the interest-rate setting com-mittee of the Central Bank of Brazil (COPOM), building on the methodology developed by Luccaand Trebbi (2011). Using Google search queries, we measure the extent to which each COPOM statement is perceived...

Social demand functions result from the budget constrained maximization of “social preferences” or “other regarding preferences.” These preferences are non-selfishin the sense that they also depend on other consumers’ wealth. This paper addresse sthe robustness to wealth externalities...

We report two results. First, we evaluate the impact of a nationwide anti-firearm legislation passedby the Brazilian Congress in December 2003 (Estatuto do Desarmamento, henceforth ED). Our identificationstrategy hinges on the hypothesis that the law had stronger impact in places where gun...

We analyze the impact of the controls and restrictions on capital inflows that Brazil has adopted since late 2009. We document that these measures had some success in segmenting the Brazilian and global financial markets, as measured by wedges between onshore and offshore prices of similar fixed...

It is widely believed that the presence of a large informal sector increases the ef?ciency costs of social programs in developing countries. We develop a simple theoretical model of optimal unemployment insurance (UI) that speci?es the ef?ciency–insurance tradeoff in the presence of informal...

The long run PPP hypothesis was tested considering real effective exchange rate dataset for twenty countries which it was provided by the International Monetary Fund (IMF). By focusing on a nonlinear approach, the study tests IMF monthly dataset for general and specific nonlinearities....

As descobertas dos campos do Pré-sal intensificou o debate em torno da distribuição e gestão dos recursos dos royalties do petróleo e gás natural no Brasil. Diante deste fato e da abundante literatura em torno da gestão de recursos desta natureza, este artigo busca averiguar os impactos...

A atual forma contratual de repasse dos recursos dos royalties do petróleo e gás não induz a uma gestão eficiente, devido à inexistência de mecanismos de incentivo. Visto que, os gestores municipais (prefeitos) possuem mais informações que a Agencia Nacional de Petróleo (ANP) e...

This study examines how social circumstances influence the educational performance of students who provide the National Secondary Education Examination (ENEM). Initially, we adopt an approach nonparametric taking Roemer Identification Axiom assuming independence between circumstance and effort....