This paper aims to examine the effects of trade openness on the output volatility in different sectors of manufacturing industry between 1996 and 2008. To do so, we use data of 18 sectors for 13 years, estimating an econometric model using a panel dataset by GMM. The results show that the...

One question associated with the business cycle agenda of research is to evaluate if the business cycle of different countries may present similar features despite the differences in institutions, industrial structures, public policies and growth rates that those countries may have. Backus and...

The Financial Crisis has hit particularly hard countries like Ireland or Spain. Procyclical fiscal policy has contributed to a boom-bust cycle that undermined fiscal positions and deepened current account deficits during the boom. We set up an RBC model of a small open economy, following Mendoza...

The purpose of this paper is to discuss the origins of a critical process in the North American economy before the subprime crisis, namely, the increasing debt of households. It is argued that causes of this indebtedness are alterations in income distribution (an increased concentration of...

In this paper we investigate the macroeconomic and welfare effects of recent proposals to reduce the tax burden on the production sector in Brazil. We evaluate two specific policy measures: a) the replacement of social security taxes with a consumption tax; and b) the provision of tax incentives...

This article investigates the effects of fiscal policy shock in the Brazilian economy using quarterly data during the period between January/1995 and December/2007. We follow the agnostic procedure suggested by Mountford and Uhlig (2005) to verify separately the impact of the unexpected positive...

This paper aims to contribute to the debate on the best way to reduce the tax burden on the production sector in Brazil, by simulating an overlapping generations model calibrated to the country's economy. Our focus is on the comparison of the macroeconomic and welfare impacts brought about by...

Recentemente, a pesquisa econômica brasileira viu seu interesse pelo produto potencial ser reacendido. Este é uma variável não observada e como tal tem que ser construída conceitualmente a partir de uma teoria, tornando-se passíivel de controvérsias. O primeiro objetivo deste artigo é...

The aim of this piece is to analyze some territorial determinants to the total amount of credit in a specific region. These determinants are derived from the economics conditions of the region and are observed through the liquidity preference of banks and public. Accordingly to the Post...