Coleção Insper Business and Economics Working Papers
URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/5740
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105 resultados
Resultados da Pesquisa
- Inflation targeting did make a difference in industrial countries’ inflation and output growth(2012) Brito, Ricardo D.I reevaluate the treatment effect of inflation targeting (IT) in industrial economies that adopted this regime in the early 1990s through dynamic panel regressions to show that IT had significant enhancing effects on realized inflation and GDP growth. I also refine the propensity score matching of Lin and Ye [2007. Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries. Journal of Monetary Economics 54(8), 2521-2533] and Ball and Sheridan’s [2005. Does inflation targeting matter? In: Bernanke B, Woodford M (Eds), The inflation targeting debate, 249-276] cross-section regressions to show that their conclusion of IT irrelevance can be overturned. By analyzing other samples that extend theirs, I provide further evidence of the pioneering IT systems good performance among developed countries.
- Inflation targeting did make a difference in industrial countries’ inflation and output growth(2011) Brito, Ricardo D.I reevaluate the treatment effect of inflation targeting (IT) in industrial economies that adopted this regime in the early 1990s through dynamic panel regressions to show that IT had significant enhancing effects on realized inflation and GDP growth. I also refine the propensity score matching of Lin and Ye [2007. Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries. Journal of Monetary Economics 54(8), 2521-2533] and Ball and Sheridan’s [2005. Does inflation targeting matter? In: Bernanke B, Woodford M (Eds), The inflation targeting debate, 249-276] cross-section regressions to show that their conclusion of IT irrelevance can be overturned. By analyzing other samples that extend theirs, I provide further evidence of the pioneering IT systems good performance among developed countries.
Working Paper Currency Wars in Action: How Foreign Exchange Interventions Work in an Emerging Economy(2012) Moura, Marcelo L.; Pereira, Fátima R.; Attuy, Guilherme de MoraesThis paper investigates the impact of central bank interventions on the level and volatility of exchange rates. We explore the case of Brazil, the 7th largest economy in the world in 2012, which since 1999 has adopted a floating exchange rate. As Central Bank decisions to intervene in the exchange market are not independent of market conditions, we estimated a Central Bank reaction function using a logit model including market fundamentals and macroeconomic surprises as explanatory variables. We employed the nonparametric Propensity Score Matching (PSM) method to find counterfactual pairs of intervention and non-intervention days. This indicated that the effectiveness of foreign exchange interven tions depends on the period analyzed. For instance, from 1999 to 2003, with scarce and smaller interventions, the buying operations of U.S. Dollars depreciated the Brazilian Real whereas from 2004 to 2012, a period with larger and frequent interventions, only selling interventions were significant, and tended to increase the currency’s volatility.Working Paper How do Outsider Styles Become Legitimated? The Introduction of Bossa Nova in the Jazz Field(2012) CHARLES KIRSCHBAUMThis paper explores the emergence and enactment of new musical styles from the perspective of critics. As the field absorbs a new style, the critics assess whether it belongs or not to the established tradition. In parallel, as musicians produce art works following the new style, critics classify and rate them. This signaling activity helps us to understand how the legitimacy process takes place vis-à-vis the production of new records. For that purpose, we explore the introduction of Bossa Nova in the Jazz field. Our results show that as this process evolved, records that combined Bossa Nova elements with Jazz were more likely to penetrate the core of the community. Conversely, musicians who played pure Bossa Nova were kept in the periphery. Finally, the assessment of “what is Bossa Nova” moved back and forth from positive statements (BN “is” Brazilian Music, inter alia) to negative statements (e.g. BN “is not” Jazz, inter alia). This swing between positive and negative statements accompanied distinctive inflection points in the institutionalization of Bossa Nova.Working Paper Fields and Social Networks: Comparable Metaphors of Social Space?(2012) CHARLES KIRSCHBAUMBourdieu’s Field and the American Sociology’s Network concepts have been considered incompatible from an ontological and epistemological point of view. While the former stresses the one’s position in a social space based on volumes and types of capital and exercise of symbolic power, the latter assumes an individualistic approach, taking the number of controlled ties as a proxy of capital, and power dimension would be underscored. Harrison White is among the sociologists who harshly criticize the latter approach, for its emphasis on individuals. White recovers the idea of ‘social space’, deemphasizing the hegemonic methodological individualism in social network analysis. This article seeks to compare Bourdieu’s and Harrison White’s theories, showing the elements that are irreducible to each other, as well as some common intuitions. Rather than offering a synthesis of these theories, I propose that they are complementary in understanding the dynamics of a social space. Bourdieu’s capital-based Field construct leads us closer to explain one’s interests in connection to her actions. White’s focus on ambiguous action within social networks is relevant to understand how actors uncouple recurrent patterns of social reproduction. Finally, I recover empirical examples where it is possible to combine both approachesWorking Paper Co-Authorship Recognition Antecedents: the Brazilian research community case(2012) CHARLES KIRSCHBAUM; Mascarenhas, André; Zambaldi, Felipe; Strehlau, SuzaneThe present paper explores the antecedents of co-authorship recognition in the Brazilian community of business administration research. Confronted with schematic vignettes encompassing varying levels of ambiguous and power-asymmetric situations, respondents exposed their positioning vis-à-vis co-authorship. Respondents identified the Brazilian community as favoring extrinsic exchanges (i.e., recognition is granted independently from effort invested in the research itself) even at situations where there was neither ambiguity that low effort was invested by the benefitting parties, nor power-asymmetric relationships. In contrast, individuals’ beliefs leaned towards intrinsic exchanges, with mixed results at low-ambiguity and high power asymmetric relations.Working Paper Interregional Performance of the Public Health System of a High-Inequality Country(2012) Gramani, Maria Cristina NogueiraWorking Paper Neoclassical, semi-endogenous or endogenous growth theory? Evidence based on new structural change tests(2012) Sobreira, Nuno Ricardo Martins; Nunes, Luis C.; Rodrigues, Paulo M. M.One of the prevalent topics in the economic growth literature is the debate be tween neoclassical, semi-endogenous and endogenous growth theory for the model that best describes the data. An important part of this discussion can be summa rized in three mutually exclusive hypotheses: the “constant trend”, “level shift” and “slope shift” hypothesis. The objective of this paper is to classify countries according to each of these hypotheses and to analyze which of the growth theories seems to be favored. We approach this problem in two-steps: first, the number and the timing of trend breaks are determined using the approach in Nunes and Sobreira (2010); and second, conditional on the estimated number of breaks, break dates and coefficients identified, a statistical framework is introduced to test for general linear restrictions on the coefficients of the linear disjoint broken trend model. Here, we prove a general result that, under certain conditions, a standard F-statistic to test for additional parameter restrictions, given the first step esti mated partition, converges asymptotically in distribution to the usual chi-square distribution. We further show how the aforementioned hypotheses can be formu lated as linear restrictions on the parameters of the breaking trend model and apply the methodology to per capita output of an extensive list of countries. All of our tests are robust as to whether the data are I(0) or I(1) surpassing technical and methodological concerns on previous empirical evidence.Working Paper Tests for Multiple Breaks in the Trend with Stationary or Integrated Shocks(2012) Sobreira, Nuno Ricardo Martins; Nunes, Luis C.In this paper, we propose new tests of the presence of multiple breaks in the trend of a univariate time-series where the number and dates of the breaks are unknown and that are valid in the presence of stationary or unit root shocks. These tests can also be used to sequentially estimate the number of breaks. The behavior of the proposed tests is studied through Monte Carlo experiments. We illustrate the applicability of the proposed tests to long historical time series of various U.S. macroeconomic time series.Working Paper Strategizing by the Government: Industrial Policy and Sustainable Competitive Advantage(2012) SERGIO GIOVANETTI LAZZARINIDespite the prevalence of active governmental policy devised to foster firms and industries in various countries, the link between industrial policy (IP) and competitive advantage has received scant attention in Strategic Management. I propose a model where IP influences the accumulation and churning of resources and capabilities which can be flexible or specialized. I also introduce the concept of support-adjusted sustainable competitive advantage (SASCA), which occurs if a firm’s observed economic performance is superior to the expected performance of competitors had they received the same array of policies. In my framework, SASCA is created by the interplay of three factors: external integration, geographical specificity, and policy-making capability. Thus, the model enhances our understanding of the determinants of competitive advantage in a context of governmental intervention.