GRADUATEPROGRAMGUIDEBOOK
SA
O P
AU
LO
SC
HO
OL
OF
EC
ON
OM
ICS
// G
RA
DU
AT
E P
RO
GR
AM
GU
IDE
BO
OK
Rua Itapeva, 474 - Bela Vista
São Paulo, SP - 01333-000
Phone: +55 11 3799.3350
www.fgv.br/eesp
1
2 3
04 DEPARTMENT OVERVIEW
06 GRADUATE PROGRAM REQUIREMENTS
11 FIELDS OF RESEARCH
• Applied Microeconomics
• Econometrics
• Economic Theory
• Financial Economics
• Empirical Finance
• Macroeconomics and Intenational Economics
• Public Economics
35 FACULTY MEMBERS
TABLE OF CONTENTS
4 5
Our faculty has published extensively and in some of the most important
journals in the profession, such as: Econometrica; American Economic
Review; Journal of Political Economy; Quarterly Journal of Economics;
Review of Economic Studies; Journal of Monetary Economics; Review
of Economics and Statistics; Journal of Economic Theory; Journal of
Econometrics; Economic Journal; Journal of International Economics;
European Economic Review; Journal of Labor Economics; International
Economic Review; Games and Economic Behavior; and Journal of
Development Economics. Our faculty members have also received many
grants and awards, and either serve or have served as members of the
editorial boards of a number of highly respected academic journals.
Our Ph.D. Program prepares students of high promise for productive and
stimulating careers in academia, the government, and the private sector.
Courses and seminars o�ered by the department foster an intellectually
active and stimulating environment. Students are expected to devote
themselves full-time to the program.
For almost 70 years, FGV Foundation has helped to increase the
economic development, social fairness, and international presence
of Brazil through the production of studies that analyze government
policies, help solve possible impasses and find groundbreaking
solutions, make predictions and forecast scenarios, and contribute to
academic knowledge and theoretical discussions. FGV also acts as a
bridge between society and policy makers by encouraging discussion
of such policies in its books, journals, and academic publications, and
through its presence in both the national and international media.
It is precisely this role that has helped to build FGV’s growing
international reputation, resulting in invitations to work outside
Brazil. In 2012, FGV was named one of the world’s 30 top think tanks
by the Global Go To Think Tank rankings produced by the University
of Pennsylvania, and was the only Brazilian institution of higher
education considered among the 100 best in the world by a similar
ranking from The New York Times.
The Sao Paulo School of Economics - FGV is one of the leading
economics departments in Latin America. Currently, the school has
more than 20 full-time professors, all of which are actively involved
in academic research. The research conducted at the school covers
a broad range of topics, including: Macroeconomics; Public Finance;
International Economics; Microeconomics; Econometrics; Industrial
Organization; Labor Economics; and Finance.
DEPARTMENT OVERVIEW
6 7
All students must take the following 14 core courses:
Probability and Statistics;
Mathematics for Economists;
Microeconomics I to IV;
Econometrics I to IV;
Macroeconomics I and II, and 2 out of the following 5 courses in
macroeconomics: Macroeconomics III; Macroeconomics IV; Topics in
Macroeconomics; Economic Growth; and Topics in Economic Growth.
Students entering the Ph.D. program are recommended to take the
core courses during their �rst year of study in order to acquire a �rm
foundation for their subsequent work.
CORE COURSES (FIRST YEAR)
The Department o�ers a program of study leading to the Ph.D. degree.
The program includes courses and comprehensive examinations in
the three “Core” subjects of Macroeconomics, Microeconomics and
Econometrics. In addition to the Core, Ph.D. requirements include
demonstration of competence in Specialized Fields of concentration
and the approval of a Thesis Proposal, and the completion of the
Doctoral Thesis.
The usual load is three courses per quarter for two years; this permits
completion of twelve courses during the regular academic year.
Foreigners admitted to São Paulo School of Economics FGV/EESP
Programs’ are required to provide the Registration O�ce with speci�c
documents in order to be enrolled in courses: Temporary Visa Item IV,
RNE and CPF. For further information please refer to: http://economics-
sp.fgv.br/graduate-program/admission.
GRADUATE PROGRAM REQUIREMENTS
8 9
THIRD & FOURTH YEARS
Students must decide on a thesis topic and present a proposal of their
thesis at a dissertation seminar by the end of their third year. A student’s
presentation at a dissertation seminar is subject to approval by the faculty.
A student whose presentation is not approved by the department’s faculty
must present again at a dissertation seminar in the following semester.
Students must complete their doctoral thesis by the end of their fourth
year. The dissertation defense is a public lecture and a student must have
his thesis approved by his/her dissertation committee.
Students are expected to attend the weekly department seminars during
their third and fourth years.
SECOND YEAR
Besides satisfying the core course requirements, each student must take
2 additional courses:
Applied Microeconomics;
Applied Macroeconomics.
Students must also take a minimum of 10 �eld courses. The following
�eld courses are o�ered regularly at the school:
Monetary Economics;
Public Sector Economics;
International Economics I and II;
International Finance;
Industrial Organization I and II;
Law and Economics;
Advanced Microeconomics;
Economics of Education;
Labor Economics;
Development Economics I and II;
Structural Econometrics;
Microeconometrics I and II;
Topics in Time Series Econometrics;
Corporate Finance I and II;
Asset Pricing I and II;
Empirical Finance I and II;
Computation methods in Finance
Behavioral Economics;
Behavioral Finance;
In addition, students are required to register for the following 2 courses
at appropriate stages of their study:
Research Seminar;
Dissertation Seminar.
10 11
Development Economics
Development Economics is the �eld that studies the theories and problems
related to economic problems of developing economics. It includes many
sub�elds such as economics of education, labor economics, crime and
health economics. In Economics of Education, students learn how to use
the economic concepts and models to understand economic problems,
like voucher policies, the educational production function, accountability
policies, etc. Labor Economics includes labor demand and supply, matching
models for �rms and employees, informal labor markets, labor regulation,
etc. In crime, students learn how to use economic models to understand
corruption, money fraud as well as institutional measures to deal with these
problems, like, regulatory and enforcement of government agencies. Health
economics uses the economic models to study health care plans, health care
system, demand and supply for medical services, etc. All the sub�elds deal
not only with theoretical models to understand the phenomena of interest
but also introduce students to statically analysis of data problems.
There is a group of professors specialized in these di�erent sub�elds. Rodrigo
Soares works in health economics. Vladimir Ponczek studies problems related
to labor economics and education. André Portela works with many topics in
economics of education, labor economics and crime. Cristine Pinto studies
di�erent topic in education.
APPLIED MICROECONOMICS
FIELDS OF RESEARCH
YEAR 1
Preparation Courses (January-February)
Probability and Statistics
Mathematics for Economists
Autumn Quarter (March-May)
Microeconomics I
Macroeconomics I
Econometrics I
Winter Quarter (June-July)
Microeconomics II
Macroeconomics II
Econometrics II
Spring Quarter (August-September)
Microeconomics III
Econometrics III
Macroeconomics III or Economic Growth.
Summer Quarter (October-December)
Microeconomics IV
Econometrics IV
Macroeconomics IV, or Topics in
Macroeconomics, or Topics in Economic
Growth.
RECOMMENDEDPLAN OF STUDY
YEAR 2
Autumn Quarter (March-May)
Applied Macroeconomics
2 Field Courses
Winter Quarter (June-July)
3 Field Courses
Spring Quarter (August-September)
3 Field Courses
Summer Quarter (October-December)
Applied Microeconomics
2 Field Courses
YEAR 3
Research Seminar and presentation of a Thesis
Proposal Seminar.
YEAR 4
Completion of the Doctoral Thesis.
The recommended plan of study is as follows. Note that depending on their �elds of interest
and on the department’s �eld course o�erings in a given year, students may not be able to
�nish all their courses by the end of their second year.
12 13
Selected Publications of our Faculty Members
Spillovers from conditional cash transfer programs: bolsa família and
crime in urban brazil
Rodrigo R. Soares ( with Laura Chioda, João M. P. de Mello)
Economics of Education Review, 2015.
Water Scarcity and Birth Outcomes in the Brazilian Semiarid
Rodrigo R. Soares (with R. Rocha)
Journal of Development Economics, 2015.
Access to justice and entrepreneurship: Evidence from Brazil’s special
civil tribunals
Rodrigo R. Soares (with Guilherme Lichand)
The Journal of Law & Economics, 2014.
The UK Productivity and Jobs Puzzle: Does the Answer Lie in Wage
Flexibility?
João Paulo Pessoa (with Van John Reenen)
The Economic Journal - Media: The Economist, Reuters, BBC News, The New York
Times, The Washington Post Wonkblog and Vox, 2014.
Trading dynamics in decentralized markets with adverse selection.
Braz Camargo (with Benjamin Lester)
Journal of Economic Theory, 2014.
Understanding Mechanisms Underlying Peer Effects: Evidence from a
Field Experiment on Financial Decisions
Bruno Ferman (with Leonardo Bursztyn, Florian Ederer, and Noam Yuchtman)
Econometrica, 2014.
Industrial Organization
Sao Paulo School of Economics regularly o� ers two courses in Industrial
Organization. The � rst covers the main topics on the strategic behavior
of � rms, such as standards of competition, price and di� erentiation
strategies, vertical and horizontal coordination, and entry deterrence.
The course includes theory and empirical applications in demand
estimation, models of entry, and collusion. The second course is oriented
to public policy, particularly to competition policy and regulation, and
explores additional topics of industrial organization relevant for public
policy, such as innovation, � rm boundaries, network externalities
and multi-sided platforms. Depending on the number of interested
students, additional courses related to Industrial Organizations may be
o� ered, on topics such as structural econometric methods in Industrial
Organization.
Currently, two faculty members carry out research in Industrial
Organization and related � elds. Klenio Barbosa has a consistent research
on procurement and public auctions, using both applied contract
theory and empirical analysis. He also applies himself to topics such
as the economics of banking and corporate governance. João Paulo
Pessoa is our new assistant professor and researches on productivity
and competition with special interest on trade as well.
14 15
Is Child Labor Harmful? The Impact of Working Earlier in Life on
Adult Earnings.
André Portela Souza (with Patrick M EMERSON)
Economic Development and Cultural Change, 2011.
The Effects of Adult Literacy on Earnings and Employment
Vladimir Ponczek (with Maúna Baldini)
Economics of Education Review, 2011.
Segmentation in the Brazilian Labor Market
Vladimir Ponczek (with Fernando Botelho)
Economic Development and Cultural Change, 2011.
Dry Law and Homicides: Evidence from the São Paulo Metropolitan
Area
João M P Mello (with Ciro Biderman and Alexandre Schneider)
Economic Journal, 2010.
Evaluating the Impact of Community-Based Health Interventions:
Evidence from Brazil’s Family Health Program
Rodrigo Soares (with Romero Rocha)
Health Economics, 2010.
Altruism, Fertility, and the Value of Children: Health Policy
Evaluation and Intergenerational Welfare
Rodrigo Soares (with Javier A. Birchenall)
Journal of Public Economics, 2009.
The Demographic Transition and the Sexual Division of Labor
Rodrigo Soares (with Bruno Falcão)
Journal of Political Economy, 2008.
Changes in cognitive achievement distribution for the students
of 4th graders in Brazil: the relative distribution analysis for
1997 to 2005
Cristine Pinto (with Clarissa Rodrigues and Eduardo Rios Neto)
Economics of Education Review, 2013.
New Evidence of the Causal Effect of Family Size on Child
Quality in a Developing Country
Vladimir Ponczek and André Portela Souza
The Journal of Human Resources 2012.
The Impact of Structured Teaching Methods on the Quality of
Education in Brazil.
Maria Carolina Leme; Vladimir Ponczek; André Portela Souza (with
LOUZANO, P.)
Economics of Education Review, 2012.
Household Choices of Child Labor and Schooling: A Simple
Model with Application to Brazil
Rodrigo Soares (with Diana Kruger and Matias Berthelon)
Journal of Human Resources, 2012.
Institutional Development and Colonial Heritage within Brazil
Rodrigo Soares (with Joana Naritomi and Juliano J. Assunção)
Journal of Economic History, 2012.
A Note on Slavery and the Roots of Inequality
Rodrigo Soares (with Juliano J. Assunção and Tomás F. Goulart)
Journal of Comparative Economics, 2012.
Income bargaining effects on education health in Brazil
Vladimir Ponczek
Journal of Development Economics, 2011.
16 17
Econometrics is based on a set of statistical methods that are used in
quantitative analysis of economic phenomena. It contributes to the
development of economic models, testing theories and data analysis.
Our econometrics courses encompass a detailed overview of the
main techniques. Our master and doctoral students should take two
econometrics courses in the � rst two quarters of the program. These
� rst two courses include the basic techniques in econometrics like, linear
and nonlinear regression analysis, instrumental variables, maximum
likelihood and generalized method of moments. In addition, the doctoral
students must take a basic course about time series and a basic panel
data course in the third and fourth quarter of the program, respectively.
Master and Doctoral students may also take many advanced courses
in econometrics and applied courses in which the main techniques are
applied to economic problems.
There is a group of professors specialized in Econometrics: Áureo de
Paula, Cristine Pinto, Marcelo Fernandes, Paulo Pichetti and Pedro Valls.
Furthermore, there are other faculties that work in related � elds and
interact regularly with the � eld. For example, Enlinson Mattos, Vladimir
Ponczek, Andre Portela and Rodrigo Soares study problems related to
economics of education, labor economics, crime, health economics,
public � nance, etc. In addition, Marcelo Fernandes, Pedro Valls and João
Mergulhão work with � nancial econometrics.
ECONOMETRICS
Birth Order, Child Labor, and School Attendance in Brazil.
André Portela Souza (with Patrick M EMERSON)
World Development, 2008.
How Beliefs about HiV affect risky Behaviors: evidence from Malawi
Áureo de Paula (with Gil Shapira and Petra Todd)
Journal of Ap, 2008.
Health and the Evolution of Welfare across Brazilian Municipalities.
Rodrigo Soares
Journal of Development Economics, 2007.
The Welfare Cost of Violence across Countries.
Rodrigo Soares
Journal of Health Economics, 2006.
Mortality Reductions, Educational Attainment, and Fertility Choice.
Rodrigo Soares
American Economic Review, 2005.
The Quantity and Quality of Life and the Evolution of World
Inequality
Rodrigo Soares (with Gary S. Becker and Tomas J. Philipson)
American Economic Review, 2005.
Development, Crime, and Punishment: Accounting for the
International Differences in Crime Rates.
Rodrigo Soares
Journal of Development Economics, 2004.
Crime Reporting as a Measure of Institutional Development.
Rodrigo Soares
Economic Development and Cultural Change, 2004.
The Role of The Family in Immigrant´s Labor Market Activity:An
Evaluation of Alternative Explanations: Comment
André Portela Souza (with Francine D Blau; Lawrence Kahn and Joan Moriarty)
American Economic Review, 2003.
18 19
Nonparametric entropy-based tests of independence between
stochastic processes
Marcelo Fernandes (with B. Neri)
Econometric Reviews, 2009.
Guest Editorial: Semiparametric methods in econometrics
Marcelo Fernandes (with O. Linton and O. Scaillet)
Journal of Econometrics, 2007.
Testing the Markov property with high frequency data
Marcelo Fernandes (with João Amaro de Matos)
Journal of Econometrics, 2007.
A family of autoregressive conditional duration models
Marcelo Fernandes (with J. Grammig)
Journal of Econometrics, 2006.
Nonparametric specifi cation tests for conditional duration
models
Marcelo Fernandes (with J. Grammig)
Journal of Econometrics, 2005.
A multivariate conditional autoregressive range model
Marcelo Fernandes (with B. Mota and M. Rocha)
Economic Letters, 2005.
Selected Publications of our Faculty Members
Measuring peer effects in the Brazilian school system
Sergio Firpo and Cristine Pinto ( with Hugo Jales)
Applied Economics, 2015.
Identifi cation and Estimation of Distributional Impacts of Interventions
Using Changes in Inequality Measures.
Sergio Firpo and Cristine Pinto
Journal of Applied Econometrics, 2015.
Inference of Signs of Interaction Effects in Simultaneous Games with
Incomplete Information
Áureo de Paula (with Xun Tang)
Econometrica, 2012.
A New Method of Estimating Moment Condition Models with Missing
Data when Selection is on Observables
Cristine Pinto (with Daniel Egel and Bryan Graham)
Review of Economic Studies, 2012.
Existence and uniqueness of a fi xed point for local contractions
Victor Filipe Martins-da-Rocha (with Y. Vailakis)
Econometrica, 2010.
Interdependent Durations
Áureo de Paula (with Bo E. Honore)
Review of Economic Studies, 2010.
Inference in a Synchronization Game with Social Interactions
Áureo de Paula
Journal of Econometrics, 2009.
20 21
Selected Publications of our Faculty Members
The Value of Commitment under Uncertainty
Braz Camargo (with E. Pastorino)
Journal of Labor Economics, 2015
Learning with Bounded Memory in Games
Daniel Monte
Games and Economic Behavior, 2014.
The Daycare Assignment: A Dynamic Matching Problem
Daniel Monte (with J. Kennes and N. Tumennasan)
American Economic Journal: Microeconomics, forthcoming, 2014.
The Value of (Bounded) Memory in a Changing World
Daniel Monte (with Maher Said)
Economic Theory, forthcoming, 2014.
Incentive Constraints in Games with Bounded Memory
Daniel Monte
International Journal of Game Theory, forthcoming, 2014.
Bounded Memory and Permanent Reputations
Daniel Monte
Journal of Mathematical Economics, forthcoming, 2013.
Matching with Quorums
Daniel Monte (with Norovsambuu Tumennasan)
Economics Letters, 2013.
The Sao Paulo School of Economics has many faculty members teaching
courses on economic theory and applied microeconomic theory. This
group of faculty includes Braz Camargo, Daniel Monte, Enlinson Mattos,
Klênio Barbosa and Victor Filipe Martins da Rocha. In addition, other
faculty members at our department have strong interests in economic
theory, for example, Luis Araujo, Bernardo Guimaraes and Vladimir Teles.
The research projects in economic theory at the Sao Paulo School of
Economics range from pure theory to applied microeconomics with
strong links to policy making. Braz Camargo works on decentralized trade
in markets with adverse selection and has also worked on monetary theory
and social learning. Daniel Monte has worked on bounded rationality and
is now working on matching and market design. Enlinson Mattos works
on public economics, tax policy, and more recently in optimal provision
of in-kind transfers. Klênio Barbosa works on procurement and regulation
and, more broadly, on industrial organization, banking and corporate
� nance. Victor Filipe Martins-da-Rocha works on economic theory and
general equilibrium. Victor is currently at the editorial board of Economic
Theory.
ECONOMIC THEORY
22
23
Unbounded exchange economies with satiation: How far can we go?
Victor Filipe Martins-da-Rocha (with P. Monteiro)
Journal of Mathematical Economics, 2009.
Large economies with differential information and without free disposal.
Victor Filipe Martins-da-Rocha (with L. Angeloni)
Economic Theory, 2009.
Cournot-Nash equilibria in continuum games with non-ordered preferences.
Victor Filipe Martins-da-Rocha (with M. Topuzu)
Journal of Economic Theory, 2008.
Effi cient Dissolution of Partnerships and the Structure of Control
Emanuel Ornelas (with John Turner)
Games and Economic Behavior, 2007.
Good News and Bad News in Two-Armed Bandits
Braz Camargo
Journal of Economic Theory, 2007.
On the Long Run Effects of Fashion.
Luis Araújo (with Raoul Minetti)
Economic Inquiry, 2007.
Asset market equilibrium with short-selling and differential information.
Victor Filipe Martins-da-Rocha (with W. Daher and Y. Vailakis)
Economic Theory, 2007.
Harsh default penalties lead to Ponzi schemes: A counterexample.
Victor Filipe Martins-da-Rocha (with Y. Vailakis), 2012
Games and Economic Behavior, 2012.
Endogenous debt constraints in collateralized economies with default
penalties.
Victor Filipe Martins-da-Rocha (with Y. Vailakis)
Journal of Mathematical Economics, 2012.
Existence and uniqueness of a fi xed point for local contractions.
Victor Filipe Martins-da-Rocha (with Y. Vailakis)
Econometrica, 2010.
\On equilibrium prices in continuous time.
Victor Filipe Martins-da-Rocha (with F. Riedel)
Journal of Economic Theory, 2010.
Financial markets with endogenous transaction costs.
Victor Filipe Martins-da-Rocha (with Y. Vailakis)
Economic Theory, 2010.
Interim effi ciency with MEU-preferences.
Victor Filipe Martins-da-Rocha
Journal of Economic Theory, 2010.
Interracial Friendships in College
Braz Camargo (with Ralph Stinebrickner and Todd Stinebrickner)
Journal of Labor Economics. 2010.
Equilibrium theory with asymmetric information and infi nitely many
states.
Victor Filipe Martins-da-Rocha (with Hervés-Beloso and P. Monteiro)
Economic Theory, 2009.
24 25
Students planning to do their research in Financial Economics will � nd a
diversi� ed group of Faculty, with both theoretical and applied research
agendas. The School’s Finance Research includes projects on Financial
Econometrics, Asset Pricing, Behavioural Finance, Corporate Finance and
Experimental Financial Economics.
Klenio Barbosa research interests in � nance include Banking, Corporate
Finance and contract Theory. Bruno Ferman develops experimental
studies on consumer � nance. Marcelo Fernandes research interests
include asset pricing, empirical � nance, empirical market microstructure,
and � nancial econometrics. João Mergulhão works on Corporate Finance
and Social Networks, and Asset pricing. Pedro Valls � nancial research
interests include Econometrics, Empirical Finance, Computational Finance
and Time Series Econometrics.
Most of the projects run through the school research centres, providing
students with access to the main international � nancial databases (WRDS,
Compustat, Bloomberg, Datastream, ThomsonReuters) and preferential
access to Brazilian markets data provided BMF&Bovespa and other
national players.
The Ph.D program o� ers core courses in Corporate Finance, Asset Pricing
and Financial Econometrics, with both theoretical and applied modules.
Elective courses include Computational Methods, Derivatives and Fixed
Income.
FINANCIAL ECONOMICS
Equilibria in refl exive Banach lattices with a continuum of agents.
Victor Filipe Martins-da-Rocha (with A. Araújo, P. Monteiro)
Economic Theory, 2004.
Equilibrium analysis in fi nancial markets with countably many
securities.
Victor Filipe Martins-da-Rocha (with C. Aliprantis; M. Florenzano and R.
Tourky)
Journal of Mathematical Economics, 2004.
Equilibria in large economies with differentiated commodities
and non-ordered preferences.
Victor Filipe Martins-da-Rocha
Economic Theory, 2004.
Equilibria in large economies with a separable Banach commodity
space and non-ordered preferences.
Victor Filipe Martins-da-Rocha
Journal of Mathematical Economics, 2003.
26
27
Conditional stochastic kernel estimation by nonparametric methods
Pedro Valls Pereira (with M. Laurini)
Economics Letters, 2009.
Are price limits on futures markets that cool? Evidence from the Brazilian
Mercantile and Futures Exchange
Marcelo Fernandes (with M. Rocha)
Journal of Financial Econometrics, 2007.
Financial crashes as endogenous jumps: Estimation, testing and forecasting
Marcelo Fernandes
Journal of Economic Dynamics and Control, 2006.
Evaluation of contagion or interdependence in the fi nancial crises of Asia and
Latin America, considering the macroeconomic fundamentals
P. L. VALLS PEREIRA (with E. F. Marçal, D. M. L. Martin & W. T. Nakamura)
Applied Economics, 2008.
The effects of structural breaks in ARCH and GARCH parameters on Persistence
of GARCH models.
• P. L. Valls Pereira and S. Hwang.
• Communications in Statistics - Simulation and Computation, 2008.•
Selected Publications of our Faculty Members
The (semi-)parametric functional coecient autoregressive conditional duration
Marcelo Fernandes (with Marcelo Medeiros and Alvaro Veiga)
Forthcoming in Econometric Reviews, 2015.
Modeling and predicting the CBOE market volatility index
Marcelo Fernandes (with Marcelo Medeiros and Marcel Scharth)
Journal of Banking & Finance, 2015.
Assessing Competition in the Banking Industry: A Multi-Product Approach.
Klenio Barbosa (with B. Rocha and F. Salazar)
Journal of Banking & Finance, 2015.
Analysis of the Volatility´s Dependency Structure during the Subprime Crisis.
Pedro Valls Pereira (with B. Arruda)
Applied Economics, 2013.
International market links and volatility transmission
Marcelo Fernandes (with V. Corradi and W. Distaso)
Journal of Econometrics, 2012.
Evaluation of contagion or interdependence in the fi nancial crises of Asia and
Latin America, considering the macroeconomic fundamentals.
Pedro Valls Pereira (with E. Marçal; D. Martin and T. Nakamura)
Applied Economics, 2011.
28
29
Selected Publications of our Faculty Members
Unbundling Ownership and Control
Emanuel Ornelas (with Daniel Ferreira and John Turner)
Journal of Economics & Management Strategy
Intertemporal coordination with delay options
Luis Araujo and Bernardo Guimaraes
Journal of Economic Theory, 2015.
Limited monitoring and the essentiality of money.
Luis Araujo and Braz Camargo
Journal of Mathematical Economics, 2015.
Sovereign default risk and commitment for fi scal adjustment.
Bernardo Guimarães (with Carlos Eduardo Gonçalves)
Journal of International Economics, 2015.
Cash Transfers to the Poor and the Labor Market: An Equilibrium
Analysis
Tiago Cavalcanti (with Márcio Corrêa)
Review of Development Economics, 2014.
Coordination in the use of money
Luis Araújo and Bernardo Guimarães
Journal of Monetary Economics, 2014.
Public Debt and the Limits of Fiscal Policy to Increase Economic Growth
Vladimir K. Teles (with Caio Mussolini)
European Economic Review, forthcoming, 2014.
Research in macroeconomics is concern with long-term growth, short-run � uctuations and
economic crises. Much of the research in macroeconomics employs models that describe
the economy as a whole and can be contrasted with the data, but there is also research on
the microeconomic foundations of the macroeconomic models.
Long-term growth is the main focus of the research by Professor Vladimir Teles. He has been
writing empirical and theoretical articles about the e� ects on long-term growth of several
factors, including: � scal policy and � nancial crises (both usually associated with short-run
macroeconomics); and even political institutions. Theoretical models of political institutions
are also part of the research by Professor Bernardo Guimaraes.
Bernardo Guimaraes also studies � nancial crises, currency attacks and sovereign debt.
He has written on several topics including the role of the IMF and the e� ects of world
interest rates on default risk in emerging economies. Professor Luis Araujo’s research is
also related to � nancial crises and, in particular, to the microeconomic aspects of credit
market failures that a� ect the macroeconomy.
Tiago Cavalcanti is a researcher whose expertise is Macroeconomics, Economic Growth
and Development. His research has appeared in leading academic journals, such as the
Journal of Monetary Economics, Review of Economic Statistics, European Economic
Review and the Journal of the European Economic Association. He is currently the
managing editor of the BE Journal in Macroeconomics.
Emanuel Ornelas is a trade economist who is exploring the central determinants of
underlying trade patterns between nations, and the relations between trade and
institutions. Two courses in international economics cover traditional and modern
theories of international trade, incorporating both theory and empirical work.
The macro group at the Sao Paulo School of Economics also researches on short-run
macroeconomic � uctuations. Vladimir Teles has worked on empirical studies and quantitative
models applied to the Brazilian macroeconomy and to emerging markets more generally.
Bernardo Guimaraes has been studying the role of expectations and the possibility of
coordination failures in macroeconomic models and the microeconomic foundations behind
nominal rigidities. Luis Araujo focuses his research on models that seek to understand how
money, credit and banking a� ect transactions among agents and the implications to the
macroeconomy.
MACROECONOMICS AND INTERNATIONAL ECONOMICS
30 31
Sales and monetary policy
Bernardo Guimarães (with Kevin Sheedy)
American Economic Review, 2011.
On the Essentiality of Banks
Luis Araújo (with Raoul Minetti)
International Economic Review, 2011.
Knowledge sharing and the dynamics of social capital
Luis Araújo (with Raoul Minetti)
European Economic Review, 2011.
Sovereign default: which shocks matter?
Bernardo Guimarães
Review of Economic Dynamics, 2011.
Women Prefer Larger Governments: Growth, Structural Transformation,
and Government Size.
Tiago Vanderlei De Vasconcelos Cavalcanti ( with J. Tavares)
Economic Inquiry, 2011.
Cheap Home Goods and Persistent Inequality
Tiago Vanderlei De Vasconcelos Cavalcanti (with.J. Alexopoulos)
Economic Theory, 2010.
Taylor Principle and Infl ation Stability in Emerging Market Countries.
Vladimir K. Teles (with Marta Zaidan)
Journal of Development Economics, 2010.
Costly Intermediation and Consumption Smoothing
Tiago Vanderlei de Vasconcelos Cavalcanti (with António Antunes; Anne P. Villamil)
Economic Inquiry, 2013.
The Welfare Gains of Financial Liberalization: Capital Accumulation and
Heterogeneity
Tiago V. Cavalcanti (with António A. Antunes)
Journal of the European Economic Association, 2013.
US real interest rates and default risk in emerging economies
Bernardo Guimarães (with Nathan Foley-Fisher)
Journal of Money, Credit and Banking, forthcoming, 2013.
The Essentiality of Money in Environments with Centralized Trade
Luis Araujo and Braz Camargo (with Raoul Minetti and Daniela Puzzello)
Journal of Monetary Economic, 2012.
Free Trade Agreements and the Consolidation of Democracy
Emanuel Ornelas (with Xuepeng Liu)
American, 2012.
Protection and International Sourcing
Emanuel Ornelas (with John Turner)
Economic Journal, 2012.
Sequential Exporting
Emanuel Ornelas (with Facundo Albornoz, Hector Calvo-Pardo and Gregory Corcos)
Journal of International Economics, 2012.
Financial dollarization and systemic risks: new empirical evidence
Márcio Holland (with F. VIEIRA and M. Resende)
Journal of International Money and Finance, 2012.
32
33
Endogenous Supply of Fiat Money
Luis Araujo and Braz Camargo
Journal of Economic Theory, 2008.
Financial Intermediaries as Markets for Firm Assets
Luis Araújo (with Raoul Minetti)
Economic Journal, 2007.
Religion in Macroeconomics: A Quantitative Analysis of Weber’s Hypothesis.
Tiago Vanderlei De Vasconcelos Cavalcanti (withh S. L. Parente; R. Zhao)
Economic Theory, 2007.
Start Up Costs, Limited Enforcement, and the Hidden Economy
Tiago Vanderlei De Vasconcelos Cavalcanti (with António Antunes)
European Economic Review, 2007.
Exchanging Market Access at the Outsiders’ Expense - the Case of Customs Unions
Emanuel Ornelas
Canadian Journal of Economics, 2007.
Risk and wealth in a model of self-fulfi lling currency attacks
Bernardo Guimarães (with Stephen Morris)
Journal of Monetary Economics, 2007.
International lending of last resort and moral hazard: a model of IMF’s catalytic
fi nance
Bernardo Guimarães (with Giancarlo Corsetti and Nouriel Roubini)
Journal of Monetary Economics, 2006.
Dynamics of currency crises with asset market frictions
Bernardo Guimarães
Journal of International Economics, 2006.
Value Added Taxes, Chain Effects and Informality
Áureo de Paula (with Jose A. Scheinkman)
American Economic Journal: Macroeconomics, 2010.
Markets and relationships in a learning economy?
Luis Araújo (with Raoul Minetti)
Review of Economic Dynamics, 2010.
Assessing the Engines of Liberation: Home Appliances and Female Labor Force
Participation
Tiago Vanderlei De Vasconcelos Cavalcanti (with J. Tavares)
The Review of Economics and Statistics, 2008.
Computing general equilibrium models with occupational choice and fi nancial
frictions.
Tiago Vanderlei De Vasconcelos Cavalcanti (with António Antunes; Anne P. Villamil)
Journal of Mathematical Economic, 2008.
The Effect of Financial Repression & Enforcement on Entrepreneurship and
Economic Development.
Tiago Vanderlei De Vasconcelos Cavalcanti (with António Antunes and Anne P. Villamil)
Journal of Monetary Economics, 2008.
Does Regionalism Affect Trade Liberalization towards Non-Members?
Emanuel Ornelas (with Caroline Freund and Antoni Estevadeordal)
Quarterly Journal of Economics, 2008.
Feasible Multilateralism and the Effects of Regionalism
Emanuel Ornelas
Journal of International Economics, 2008.
Trade Liberalization, Outsourcing, and the Hold Up Problem
Emanuel Ornelas (with John Turner)
Journal of International Economics, 2008.
34
Graduate students can enroll in a two trimester public economics sequence.
The � rst course focuses on traditional issues in public economics such as the
design of local, state and federal tax, and the economic expenditure public
policies. The second course emphasizes recent advances in public procurement,
regulation, tagging, � scal federalism and dynamic (OLG) models of optimal
taxation. Eventually the subject matter of these two courses can vary from year
to year, and one of the two may not be o� ered. We also recommend students
to enroll in a micreconometrics course. In some years, an alternative “topics in
public economics” course may also be o� ered.
Several faculty members work on public economics and related topics.
Enlinson Mattos examines various issues in tax policy, including tax evasion,
auditing, tax competition, conditional cash transfers and more recently in
optimal provision of in-kind transfers. Klenio Barbosa studies theoretical and
empirical issues in public procurement, concession design and regulation. Two
other scholars from the FGV’s School of Public Administration are also a� liated
with Sao Paulo School of Economics-FGV. Ciro Biderman studies the dynamics
of transportation markets and local public � nance. He is also a� liated with the
Lincoln Institute of Land Policy and the MIT. He eventually teaches a graduate
course in urban economics at the School Public Administration-FGV. Lastly,
George Avelino addresses theoretical issues in political science and state
coalitions. He also teaches a course on his research � eld at the School Public
Administration-FGV.
PUBLIC ECONOMICS AND POLITICAL ECONOMY
Information, Learning, and the Stability of Fiat Money
Luis Araújo e Braz Camargo
Journal of Monetary Economics, 2006.
Price Dispersion, Information and Learning.
Luis Araújo (with Andrei Shevchenko)
Journal of Monetary Economics, 2006.
Rent Destruction and the Political Viability of Free Trade Agreements
Emanuel Ornelas
Quarterly Journal of Economics, 2005.
Endogenous Free Trade Agreements and the Multilateral Trading System
Emanuel Ornelas
Journal of International Economics, 2005.
Trade Creating Free Trade Areas and the Undermining of Multilateralism
Emanuel Ornelas
European Economic Review, 2005.
Social norms and money
Luis Araújo
Journal of Monetary Economics, 2004.
The Optimal Infl ation Tax and Structural Reform
Tiago Vanderlei De Vasconcelos Cavalcanti (with Anne P.Villamil)
Macroeconomic Dynamics, 2003.
36
37
FACULTY MEMBERS
ARAÚJO, Luís
PhD, University of Pennsylvania
Research Interests: Macroeconomics, Applied Theory
BARBOSA, Klênio
PhD, Tolouse School of Economics
Research Interests: Finance, Industrial Organization, Regulation, Public Procurement
CAMARGO, Braz
PhD, University of Pennsylvania
Research Interests: Microeconomics, Applied Theory
DE PAULA, Áureo
PhD Princeton University
Research Interests: Econometrics, Applied Microeconomics
FERMAN, Bruno
PhD, MIT
Research Interests: Behavioural Finance, Consumer Finance
CAVALCANTI, Tiago
PhD, University of Illinois
Research Interests: Development, Economic Growth, Macroeconomics
Selected Publications of our Faculty Members
Optimal Sales Tax Rebates and Tax Enforcement Consumers.
Enlinson Mattos (with Marcelo Arbex)
Oxford Economic Paper, 2015.
Public employment and income redistribution: Causal evidence
for Brazilian municipalities.
Enlinson Mattos (with Vitor França)
Public Choice, 2011.
Ad-valorem tax incidence and after-tax price adjustments:
Evidence from Brazilian basic food basket.
Enlinson Mattos (with Ricardo Politi)
Canadian Journal of Economics, 2011.
Conditional Cash Transfers, Public Provision of Private Goods,
and Income Redistribution.
Enlinson Mattos (with Firouz Gahvari)
American Economic Review, 2007.
38
39
ORNELAS, Emanuel
PhD, University of Wisconsin-Madison
Research Interests: International Trade, Political Economy
PINTO, Cristine Xavier
PhD, University of California at Berkeley
Research Interests: Econometrics, Applied Microeconomics
PONCZEK, Vladimir P.
PhD, Princeton University
Research Interests: Applied Microeconomics
SOARES, Rodrigo R.
PhD, University of Chicago
Research Interests: Development Economics, Applied Microeconomics
SOUZA, André Portela
PhD, Cornell University
Research Interests: Applied Microeconomics
TELES, Vladimir K.
PhD, UnB; Pós-Doc Harvard University
Research Interests: Macroeconomics, Economic Growth
FERNANDES, Marcelo
PhD, Université Libre de Bruxelles, Pós-doc European University Institute
Research Interests: Econometrics, Empirical Finance
GUIMARÃES, Bernardo
PhD, Yale University
Research Interests: Macroeconomics, International Economics, Political Economy
MARTINS DA ROCHA, Victor Filipe
PhD, Universidade de Paris-I Panthéon Sorbonne
Research Interests: Mathemetical Economics, Finance, Economic Theory
MATTOS, Enlinson
PhD, University of Illinois at Urbana-Champaign
Research Interests: Public Economics
MONTE, Daniel
PhD, Yale University
Research Interests: Applied Theory, Game Theory, Matching
PESSOA, João Paulo
PhD, London School of Economics
Research Interests: Industrial organization, International Trade, Applied
Microeconomics
40 41
Conselho Diretor
PresidenteCarlos Ivan Simonsen Leal
Vice-PresidentesSergio Franklin Quintella, Francisco Oswaldo Neves Dornelles e Marcos Cintra Cavalcanti de Albuquerque VogaisArmando Klabin, Carlos Alberto Pires de Carvalho e Albuquerque, Ernane Galvêas, José Luiz Miranda, Lindolpho de Carvalho Dias, Manoel Pio Correa Júnior, Marcílio Marques Mo-reira e Roberto Paulo Cezar de Andrade SuplentesAntonio Monteiro de Castro Filho, Cristiano Buarque Franco Neto, Eduardo Baptista Vianna, Gilberto Duarte Prado, Jacob Palis Júnior, José Ermírio de Moraes Neto, Marcelo José Basílio de Souza Marinho e Maurício Matos Peixoto.
Conselho Curador
PresidenteCarlos Alberto Lenz César Protásio Vice-PresidenteJoão Alfredo Dias Lins (Klabin Irmãos e Cia) VogaisAlexandre Koch Torres de Assis, Andrea Martini (Souza Cruz S/A), Angélica Moreira da Silva (Federação Brasileira de Bancos), Ary Oswaldo Mattos Filho, Carlos Moacyr Gomes de Almeida, Estado do Rio Grande do Sul, Heitor Chagas de Oliveira, Jacques Wagner (Estado da Bahia), Leonardo André Paixão (IRB – Brasil Resseguros S.A.), Luiz Chor (Chozil Engenharia Ltda), Marcelo Serfaty, Marcio João de Andrade Fortes, Orlando dos Santos Marques (Publicis Brasil Comunicação Ltda), Pedro Henrique Mariani Bittencourt (Banco BBM S.A), Raul Calfat (Votorantim Participações S.A), Ronaldo Mendonça Vilela (Sindicato das Empresas de Seguros Privados, de Previdência Complementar e de Capitalização nos Estados do Rio de Janeiro e do Espírito Santo) e Sandoval Carneiro Junior.
SuplentesAldo Floris, José Carlos Schmidt Murta Ribeiro, Luiz Ildefonso Simões Lopes (Brook� eld Brasil Ltda), Luiz Roberto Nascimento Silva, Manoel Fernando Thompson Motta Filho, Nilson Teixeira (Banco de Investimentos Crédit Suisse S.A), Olavo Monteiro de Carvalho (Monteiro Aranha Participações S.A), Patrick de Larragoiti Lucas (Sul América Companhia Nacional de Seguros), Roberto Castello Branco (Vale S.A), Rui Barreto (Café Solúvel Brasília S.A), Sérgio Lins Andrade (Andrade Gutierrez S.A) e Victório Carlos De Marchi (Café Solúvel Brasília S.A).
DiretorYoshiaki Nakano
Coordenador do Programa dePós-Graduação em EconomiaEnlinson Henrique Carvalho de Mattos
Coordenação de PesquisaLilian Furquim de C. Andrade
Coordenação EditorialEnlinson Henrique Carvalho de MattosLilian Furquim de C. Andrade ColaboradoresDaniela JunqueiraThais da Silva CabralPatricia Fiuza
FotosPatricia FiuzaShutterstock
VALLS PEREIRA, Pedro
PhD, London School of Economics - LSE
Research Interests: Econometrics, Finance
BRESSER-PEREIRA, Luiz Carlos
PhD, USP
Research Interests: Macroeconomics, Political Science
Associated Faculty
CARDOSO, Eliana
PhD MIT
Research Interests: Macroeconomics
HOLLAND, Márcio
PhD, UNICAMP; Pos-Doc, University of California at Berkeley
Research Interests: Macroeconomics