Artigos em Andamento [Working Paper]
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3232
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188 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.
- Permanent Excess Demand as Business Strategy: An analysis of the Brazilian higher-education market(2013) Andrade, Eduardo; Moita, Rodrigo; CARLOS EDUARDO LINS DA SILVAMany Higher Education Institutions (HEIs) establish tuition below the equilibrium price to generate permanent excess demand. This paper first builds on Becker’s (1991) theory to understand why the HEIs price in this way. The fact that students are both consumers and inputs on the education production function gives rise to an equilibrium where some firms have permanent excess demand. Second, the paper analyzes this equilibrium empirically. The results show that the HEIs give up 7.6% of the revenue coming from a freshman class in order to have better students and to differentiate themselves as high quality in the market.
Working Paper Occupy government: democracy and the dynamics of personnel decisions and public sector performance(2019) Ferreira, Fernando V; Barbosa, KlenioWe study the causes and consequences of patronage in Brazilian cities since the country’s re democratization. Our data consist of the universe of local public sector employees merged with their party affiliations, and a dynamic regression discontinuity design is applied to deal with the endogeneity of patronage. Elections have consequences for patronage, with winning political coalitions increasing their shares of public sector workers and wages by 3-4 percentage points during a mayoral term, and also occupying civil servant jobs to perform key service-oriented tasks in education and public health. This type of patronage accounts for more than half of the dramatic increase in public sector political employment since the Brazilian re-democratization. The political occupation of government jobs is not associated with ideology, though. Instead, lack of accountability and rent-seeking are the primary driving forces, while reliance on intergovernmental transfers only increases patronage for smaller cities. Finally, we estimate the long-term consequences of this political occupation for fiscal outcomes conditions and for the quality of education and health care services. More political occupation does not affect the size of local governments, but it changes the composition of expenditures and public workers: the hiring of politically connected workers crowds out, practically one-to-one, non-affiliated teachers and doctors. The increased political occupation in Brazilian cities resulted in negative long term outcomes for local citizens in the form of less years of formal schooling and higher mortality rates.Working Paper Reducing crime through environmental design: evidence from a randomized experiment of street lighting in New York City(2019) Chalfin, Aaron; Hansen, Benjamin; Lerner, Jason; Parker, LucieThis paper offers experimental evidence that crime can be successfully reduced by changing the situational environment that potential victims and offenders face. We focus on a ubiquitous but surprisingly understudied feature of the urban landscape – street lighting – and report the first experimental evidence on the effect of street lighting on crime. Through a unique public partnership in New York City, temporary streetlights were randomly allocated to public housing developments from March through August 2016. We find evidence that communities that were assigned more lighting experienced sizable reductions in crime. After accounting for potential spatial spillovers, we find that the provision of street lights led, at a minimum, to a 36 percent reduction in nighttime outdoor index crimes.Working Paper Contando o atraso educacional: despesas e matrículas na educação primária de São Paulo, 1880-1920(2016) Colistete, Renato P.Este artigo analisa o desempenho educacional de São Paulo em meio às transformações econômicas e sociais do Brasil no final do século XIX e início do século XX. Ainda abaixo da média nacional em 1870, São Paulo alcançou nas décadas seguintes uma das maiores taxas de matrícula e tornou-se um dos líderes da educação primária no Brasil em 1920. O artigo apresenta novas séries de despesas e matrículas que, combinadas com indicadores que medem o esforço fiscal realizado, trazem à luz fatos pouco reconhecidos sobre as escolas primárias de São Paulo entre 1880 e 1920. Primeiro, o acesso ao ensino primário – em São Paulo e no Brasil – continuou extremamente restrito, pouco se diferenciando da situação de atraso em relação aos indicadores internacionais em meados do século XIX. Segundo, o excepcional crescimento das riquezas privadas e das receitas fiscais em São Paulo não foi acompanhado pelos gastos com educação primária. A discrepância entre o ritmo de crescimento das receitas públicas e das despesas com instrução primária levou a um resultado surpreendente: nas primeiras décadas da República em São Paulo, o esforço fiscal destinado à educação primária caiu para a metade do realizado durante os últimos 10 anos do Império.Working Paper Reconciling financial and social performance through heterogeneous business models: an empirical study of impact-oriented investors(2017) SERGIO GIOVANETTI LAZZARINI; SANDRO CABRAL; Pongeluppe, Leandro Simões; Ferreira, Luciana Carvalho de Mesquita; Rotondaro, AngélicaWorking Paper A macro-financial analysis of the corporate bond market(2018) Dewachter, Hans; Iania, Leonardo; Lemke, Wolfgang; Lyrio, Marco Túlio PereiraWe assess the contribution of economic and Önancial factors in the determination of euro area corporate bond spreads over the period 2001-2015. The proposed multi-market, no arbitrage a¢ ne term structure model is based on the methodology proposed by Dewachter, Iania, Lyrio, and Perea (2015). We model jointly the ërisk-free curveí, measured by overnight index swap (OIS) rates, and the corporate yield curves for two rating classes (A and BBB). The model includes four spanned and six unspanned factors. We Önd that, in general, both economic (real activity and ináation) and Önancial factors (proxying risk aversion, áight to liquidity and general Önancial market stress) play a signiÖcant role in the determination of the spanned factors and hence in the dynamics of the risk-free yield curve and corporate bond spreads. Across the risk-free OIS curve, macroeconomic and Önancial factors are each responsible on average for explaining 30 and 65 percent of yield varation, respectively. For A and BBB-rated corporate debt, the selected Önancial variables explain on average 50 percent of the variation in corporate spreads during the last decade.Working Paper Estimando os gastos privados com educação no brasil(2011) NAERCIO AQUINO MENEZES FILHO; Nuñez, Diana FeketeEste artigo estima, pela primeira vez na literatura, os gastos totais privados com educação no Brasil, utilizando os micro-dados de gastos das famílias brasileiras da Pesquisa de Orçamentos Familiares para os anos de 2002/2003 e 2008/2009. Verificamos que as famílias brasileiras gastaram 1,9% do PIB com educação em 2002/03 e 1,3% em 2008/09. Uma comparação com outros países mostra que os gastos privados e públicos são maiores que a média dos países da OCDE. Os gastos com educação não estão relacionados com o desempenho escolar médio dos países, medido pelos últimos resultados do exame internacional PISAWorking Paper Appropriability and Complementarities in a Fragile Patent System: Evidence from Brazilian Manufacturin(2013) Barros, Henrique Machado