We use no arbitrage models with macro variables to study the interaction between the macroeconomy and the yield curve. This interaction is a key element for monetary policy and for forecasting. The model was used to analyze the Brazilian domestic financial market using a daily dataset and two...

Regulation in the sanitation sector in Brazil is facing a great deal of debate regarding the government level in which conceding authority should reside and how private operators can fulfill social objectives. The main objective of this study is to show that these issues are not the crucial...

This paper presents a model for the long-run determinants of the Brazilian real exchange rate for the period 1947/95. This is a simple representative agent model that links the exchange rate, external debt and net exports. It is assumed that: a) the country pays an interest rate on its debt...

This paper uses VAR models to discuss two main questions: a) are the indexing mechanisms that characterised the Brazilian economy for decades a thing of the past, or could they be easily reactivated in the event of some important price shock? b) given the fiscal stance, what would be the likely...

The objective of our work is to study the term structure of interest rates and the sovereign credit spreads of emerging markets. We develop a model from term structure, credit risk and vector autoregressive models, based on the articles by Ang and Piazzesi (2003) and Ang, Dong and Piazzesi...

Based on three versions of a small macroeconomic model for Brazil, this paper presents empirical evidence on the effects of parameter uncertainty on monetary policy rules and on the robustness of optimal and simple rules over different model specifications. By comparing the optimal policy rule...

Using an empirical age-period-cohort model we analyze the effects of different Pay-As-You-Go (PAYG) public pension systems on financial imbalance, on inequality in permanent income, and on the rate of return of social security assets of heterogeneous agents in terms of gender and education....

The goal of this paper is to evaluate the results of regional economic growth estimates at multiple spatial scales using spatial panel data models. The spatial scales examined are minimum comparable areas, micro-regions, meso-regions and states over the period between 1970 and 2000. Alternative...

Education systems can be viewed as complex systems, by considering that learning, teaching, cognition and education are phenomena resulting from interactions between the heterogeneous agents that compose such systems. Given the complex nature of education systems, new approaches seem relevant,...