Is secular stagnation a necessary result of population aging? This paper argues that demographic change itself is not enough to generate both slower economic growth and a lower real interest rate in an endogenous growth ...

Real interest rates in Brazil are still high in any international comparison, even considered that they have declined significantly in the last few years. The main purpose of this paper is not only to update but also extend ...

In a small open economy model, we assess the advantages and cost of a systematic policy response to the real exchange rate. In particular, in the context of the Gali and Monacelli (2005) model, we use the method of ...

I start presenting an explicit solution to Taylorís (2001) model, in order to illustrate the link between the target interest rate and the overnight interest rate prevailing in the economy. Next, I use Vector Auto Regressions ...

Por que as taxas de juros estão tão baixas nas economias avançadas? E nas economias emergentes? Esta dissertação investiga o declínio das taxas de juros reais nas últimas décadas, focando em duas hipóteses para explicar ...

This paper tests the Purchasing Power Parity Theory of Exchange Rates dealing with Argentinean data for the period 1900-2006. This is equivalent to testing if the Real Exchange Rate is a stationary variable or if its ...

A presente dissertação analisa a influência, sobre a tomada de crédito e as vendas no varejo,de três componentes macroeconômicos: renda real média, taxa de desocupação e taxa de jurosentre os anos de 2004 e 2011. Este ...

A presente dissertação analisa a influência, sobre a tomada de crédito e as vendas no varejo,de três componentes macroeconômicos: renda real média, taxa de desocupação e taxa de jurosentre os anos de 2004 e 2011. Este ...

Central banking today faces a number of existential challenges. On the political side, and particularly after the financial crisis, the public has come to expect central banks to take on a dizzying array of responsibilities, ...