In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

Fixed Capital has a major role in economic growth literature and on the estimation of potential output using a production function - which is essential to design macroeconomic policy. One of the main contributions of this work, differently from the previous works, is to estimate the capital...

This paper analyzes the personnel expenditures in the Brazilian federal civil public service using administrative records from the Executive Branch. There are two contributions which are noteworthy because they may improve the understanding of policy makers regarding the evolution of those...

The international financial crises of the 1990s rose doubts on the usefulness of sovereign ratings. The present paper has two aims: identify whether sovereign ratings can be predicted using a small set of macroeconomic fundamentals; and test whether sovereign spreads can be predicted by...