Working Papers
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3232
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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 Bank debit taxes: yield vs. disintermediation(2003) Kirilenko, Andrei; Summers, Victoria P.Working Paper Education and health: evaluating theories and evidence(2006) Cutler, David M.; Lleras-Muney, AdrianaThere is a large and persistent association between education and health. In this paper, we review what is known about this link. We first document the facts about the relationship between education and health. The education 'gradient' is found for both health behaviors and health status, though the former does not fully explain the latter. The effect of education increases with increasing years of education, with no evidence of a sheepskin effect. Nor are there differences between blacks and whites, or men and women. Gradients in behavior are biggest at young ages, and decline after age 50 or 60. We then consider differing reasons why education might be related to health. The obvious economic explanations - education is related to income or occupational choice - explain only a part of the education effect. We suggest that increasing levels of education lead to different thinking and decision-making patterns. The monetary value of the return to education in terms of health is perhaps half of the return to education on earnings, so policies that impact educational attainment could have a large effect on population health.Working Paper Bad taxation: disintermediation and illiquidity in a bank account debits tax model(2006) Albuquerque, Pedro H.This paper uses a dynamic general equilibrium model to study the economic effects of bank account debits (BAD) taxation. Australia and various Latin American countries have levied or levy BAD taxes. Aspects such as financial disintermediation, market illiquidity, and impacts on dividend and interest rates are considered. Part of the BAD tax revenue may be fictitious, due to increased interest payments on government debt. The Brazilian BAD tax (CPMF) experience is evaluated. The empirical analysis confirms some theoretical predictions. Incidence base over GDP appears to be sensitive to the tax rate, possibly engendering a Laffer curve. The tax may also cause real interest rates to increase. Furthermore, the deadweight losses are relatively large, even if revenues are small. The theoretical and empirical results suggest that the BAD tax is not adequate for revenue collection.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 Nogueira