Working Papers Series

From Central Bank of Brazil, Research Department
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519: Effects of State-Owned Banks’ Programs to Stimulate Credit: evidence from Brazil

Emerson Schmitz

518: Monetary Policy Surprises and Employment: evidence from matched bank-firm loan data on the bank lending-channel

Rodrigo Gonzalez

517: Investors’ Behavior and Mutual Fund Portfolio Allocations in Brazil during the Global Financial Crisis

Fernando Linardi

516: A Data-Rich Measure of Underlying Inflation for Brazil

Vicente Machado, Raquel Nadal and Fernando Kawaoka

515: Option-Based Risk Aversion Indicators for Predicting Currency Crises in Emerging Markets

Jaqueline Marins

514: Monetary Policy and Reserve Requirements in a Small Open Economy

Carlos Haraguchi and Jose Angelo Divino

513: Efficient Solutions for Pricing and Hedging Interest Rate Asian Options

Allan Silva, Jack Baczynski and José Vicente

512: Informational Switching Costs, Bank Competition and the Cost of Finance

Jose Ornelas, Marcos Silva and Bernardus Van Doornik

511: Is There Help Indeed, if There is Help in Need? The case of credit unions during the global financial crisis

Leila Aghabarari, Andre Guettler, Mahvish Naeem and Bernardus Van Doornik

510: Crédito Cooperativo e Desenvolvimento Econômico Regional no Estado do Paraná

Marcos Meneghini

509: Hedger of Last Resort: evidence from Brazilian FX interventions, local credit, and global financial cycles

Rodrigo Gonzalez, Dmitry Khametshin, Jose-Luis Peydro and Andrea Polo

508: Bank Competition, Cost of Credit and Economic Activity: evidence from Brazil

Gustavo Joaquim, Bernardus Van Doornik and Jose Ornelas

507: Credit Shock Propagation in Firm Networks: evidence from government bank credit expansions

Gustavo Cortes, Thiago Silva and Bernardus Van Doornik

506: The Finance-Growth Nexus: the role of banks

Thiago Silva, Benjamin Tabak and Marcela Laiz

505: Earmarked Credit and Monetary Policy Power: micro and macro considerations

Pedro Castro

504: Bailing in Banks: costs and benefits

Sergio Souza, Thiago Silva and Carlos Almeida

503: Sectoral Countercyclical Buffers in a DSGE Model with a Banking Sector

Marcos Castro

502: A Volatility Smile-Based Uncertainty Index

José Vicente and Jaqueline Marins

501: Elections, Heterogeneity of Central Bankers and Inflationary Pressure: the case for staggered terms for the president and the central banker

Maurício Bugarin and Fabia Carvalho

500: Loss Aversion and Search for Yield in Emerging Markets Sovereign Debt

Ricardo Sabbadini

499: Efeitos de Mudanças Regulatórias no Microcrédito sobre os Desempenhos Financeiro e Social das Cooperativas de Crédito

Ana Santos, Lucas Barros, Tony Takeda and Lauro Gonzalez

498: Growth and Activity Diversification: the impact of financing non-traditional local activities

Thiago Silva and Benjamin Tabak

497: Expectations Anchoring Indexes for Brazil using Kalman Filter: exploring signals of inflation anchoring in the long term

Fernando Oliveira and Wagner Gaglianone

496: International Reserves Management in a Model of Partial Sovereign Default

Ricardo Sabbadini

495: Fiscal Risk and Financial Fragility

Thiago Silva, Solange Guerra and Benjamin Tabak

494: “Still" an Agnostic Procedure to Identify Monetary Policy Shocks with Sign Restrictions

Bruno Perdigão

493: Breakeven Inflation Rate Estimation: an alternative approach considering indexation lag and seasonality

Flávio Val and Gustavo Araujo

492: Implied Volatility Term Structure and Exchange Rate Predictability

Jose Ornelas and Roberto Mauad

491: Avaliação de Políticas Macroprudenciais em um Modelo com Fricções Financeiras Estimado para a Economia Brasileira

Vinicius Brandi and Joaquim Andrade

490: Impactos do Direcionamento de Crédito Sobre a Economia Brasileira: uma abordagem de equilíbrio geral

Gabriel Madeira, Mailliw Serafim, Sergio Koyama and Fernando Kuwer

489: Análise Técnica da Taxa de Câmbio Real/Dólar e Intervenções Oficiais no Mercado de Câmbio do Brasil

Marcia Leon

488: Presença Estatal no Mercado de Crédito: o papel dos bancos públicos e do crédito direcionado na crise de 2008

Lucas Barros, Catarina Silva and Raquel Oliveira

487: Dynamic Interbank Network Analysis Using Latent Space Models

Fernando Linardi, Cees Diks, Marco van der Leij and Iuri Lazier

486: Fiscal Stimulus at the Zero Lower Bound: the role of expectations and policy coordination

Cyntia Azevedo

485: Incentive-driven Inattention

Wagner Gaglianone, Raffaella Giacomini, João Issler and Vasiliki Skreta

484: Overcoming the Original Sin: gains from local currency external debt

Ricardo Sabbadini

483: Unemployment Insurance, Strategic Unemployment and Firm-Worker Collusion

Bernardus Van Doornik, David Schoenherr and Janis Skrastins

482: Multivariate Jump Diffusion Model with Markovian Contagion

Pablo de Carvalho and Aparna Gupta

481: Neo-Fisherianism in a Small Open-Economy New Keynesian Model

Eurilton Araújo

480: Monetary Policy Volatility Shocks in Brazil

Angelo Fasolo

479: Commodity Return Predictability: evidence from implied variance, skewness and their risk premia and their risk premia

Marinela Finta and Jose Ornelas

478: Interconnectedness, Firm Resilience and Monetary Policy

Thiago Silva, Solange Guerra, Michel Alexandre and Benjamin Tabak

477: Capital (and Earnings) Incentives for Loan Loss Provisions in Brazil: evidence from a crisis-buffering regulatory intervention

Ricardo Schechtman and Tony Takeda

476: Default Contagion among Credit Types: evidence from Brazilian data

Michel Alexandre, Giovani Brito and Theo Martins

475: Short-Term Drivers of Sovereign CDS Spreads

Marcelo Takami

474: Economic Growth, Volatility and Their Interaction: What’s the role of finance?

Sergio Silva, Benjamin Tabak, Daniel Cajueiro and Dimas Fazio

473: Exchange Rate Pass-Through in Brazil: a Markov switching estimation for the inflation targeting period (2000-2015)

Fabrizio Marodin and Marcelo Portugal

472: Does Investor Attention Affect Trading Volume In The Brazilian Stock Market?

Heloisa Souza, Claudio Barbedo and Gustavo Araujo

471: Retorno de Ações, Inflação e Atividade Econômica

Nelson Silva and Sidney Caetano

470: Inflation Targeting and Financial Stability: does the quality of institutions matter?

Dimas Fazio, Thiago Silva, Benjamin Tabak and Daniel Cajueiro