This article estimates a forward-looking Taylor-rule-type reaction function exclusively during Greenspan's tenure and shows a considerable loss in both magnitude and significance of the inflation coefficient compared with the extended sample that otherwise includes Volcker's tenure. That fact...

In this paper we study the dynamic hedging problem using three different utility specifications: stochastic differential utility, terminal wealth utility, and we propose a particular utility transformation connecting both previous approaches. In all cases, we assume Markovian prices. Stochastic...

This paper investigates the contribution of property rights (land title ownership) to happiness in Brazil by analyzing the household response to an exogenous change in formal ownership status. It uses a quasi-experimental design to analyze a unique dataset based on Papel Passado, a Brazilian...

This paper assesses the effect of property-titling on child labor. Our main contribution is to investigate the potential impact of property rights on child labor supply by analyzing household response regarding the child labor force to exogenous changes in property ownership status. The causal...

Secure property rights are considered a key determinant of economic development. However, evaluation of the causal effects of land titling is a difficult task. Since 2004, the Brazilian government, through a program called"Papel Passado,"has issued titles to more than 85,000 families and has the...

This paper compares the market value of microcredit and personal loans to entrepreneurs. Based on primary data collected on a database of loans for entrepreneurs in Brazil, this work used the model of Blattber and Deighton (1996) – a marketing strategy model that applies financial evaluation...