Sobre o sistema de amortização linear crescente

Aiming to reach a compromise solution to the issues of default risk and the payment capacity of takers of housing loans, Jorge Oscar de Mello Flôres submited to the Banco Nacional de Habitação, which was then in charge of the Brazilian System of Housing Financing, what he named as the Linearly Increasing System of Amortization. (LISA). Following a critical analysis of the LISA, it is proposed the alternative named as the Generalyzed System of Mixed Amortization (GSMA).

A general-equilibrium closed-form solution to the welfare costs of inflation (Forthcoming, Revista Brasileira de Economia)

This work presents closed-form solutions to Lucasís (2000) generalequilibrium expression for the welfare costs of ináation, as well as to the di§erence between the general-equlibrium measure and Baileyís (1956) partial-equilibrium measure. In Lucasís original work only numerical solutions are provided.

The Bayesian Foundations of solution concepts of games

We transform a non co-operati ve game into a -Bayesian decision problem for each player where the uncertainty faced by a player is the strategy choices of the other players, the pr iors of other players on the choice of other players, the priors over priors and so on.We provide a complete characterization between the extent of knowledge about the rationality of players and their ability to successfulIy eliminate strategies which are not best responses. This paper therefore provides the informational foundations of iteratively unàominated strategies and rationalizable strategic behavior (Bernheim (1984) and Pearce (1984». Moreover, sufficient condi tions are also found for Nash equilibrium behavior. We also provide Aumann's (1985) results on correlated equilibria .

Correio híbrido: um ensaio prospectivo sobre o posicionamento estratégico da ECT

A Empresa Brasileira de Correios e Telégrafos (ECT) tem se engajado no esforço de exploração do mercado brasileiro de mensagens h íbridas mediante a prestação de serviços de correio híbrido, os quais permitem a remessa eletrônica e a entrega física de correspondências. O objetivo do presente trabalho foi analisar o posicionamento estratégico mais adequado para a ECT no mencionado mercado. Para tanto, procurou-se atingir os seguintes objetivos intermediários: i) apresentar o conceito de correio híbrido, seu processo de funcionamento, prestadores e usuários potenciais do serviço; ii) descrever a ECT e analisar seu contexto de atuação; iii) avaliar o mercado potencial de mensagens híbridas que a ECT pretende explorar através dos serviços de correio híbrido e iv) analisar a estrutura da indústria postal no Brasil. Para a elaboração do estudo, adotou-se, como referencial teórico, os seguintes modelos conceituais desenvolvidos por Michael Porter (1989): as cinco forças competitivas, a cadeia de valores e as estratégias competitivas genéricas. A partir dos resultados obtidos, concluiu-se que a estrutura da indústria postal brasileira recomenda a adoção de uma posição de baixo custo e escopo competitivo amplo no mercado de mensagens híbridas. Além disso, verificou-se que as soluções de correio híbrido constituem um tipo de inovação que pode ter um enorme efeito positivo não apenas sobre o custo, mas também sobre a diferenciação. Deste modo, recomenda-se que a ECT explore todas as oportunidades de diferenciação abertas pelo correio híbrido que não comprometam a posição de baixo custo, visto ser este o alvo estratégico primário.

A contractive method for computing the stationary solution of the euler equation

A contractive method for computing stationary solutions of intertemporal equilibrium models is provide. The method is is implemented using a contraction mapping derived from the first-order conditions. The deterministic dynamic programming problem is used to illustrate the method. Some numerical examples are performed.

Finding a maximum skewness portfolio - A general solution to three-moments portfolio choice

Considering the three first moments and allowing short sales, the efficient portfolios set for n risky assets and a riskless one is found, supposing that agents like odd moments and dislike even ones. Analytical formulas for the solution surface are obtained and important geometric properties provide insights on its shape in the three dimensional space defined by the moments. A special duality result is needed and proved. The methodology is general, comprising situations in which, for instance, the investor trades a negative skewness for a higher expected return. Computation of the optimum portfolio weights is feasible in most cases.

The Limits of political compromise: debt ceilings and political competition

We study the desirability of limits on the public debt and of political competition in an economy where political parties alternate in office. Due to rent-seeking motives, incumbents have an incentive to set public expenditures above the socially optimal level. Parties cannot commit to future policies, but they can forge a political compromise where each party curbs excessive spending when in office if it expects future governments to do the same. In contrast to the received literature, we find that strict limits on government borrowing can exacerbate political-economy distortions by rendering a political compromise unsustainable. This tends to happen when political competition is limited. Conversely, a tight limit on the public debt fosters a compromise that yields the efficient outcome when political competition is vigorous, saving the economy from immiseration. Our analysis thus suggests a legislative tradeoff between restricting political competition and constraining the ability of governments to issue debt.

Trade rules and exchange rate misalignments : in search for a WTO solution e medidas compensatórias

The debate on the link between trade rules and rules on exchange rates is raising the attention of experts on international trade law and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on tariffs as applied by the WTO – World Trade Organization. It is divided into five sections: the first one explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, US and China; the second summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of “misalignment tariffication”; the third examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth one creates a methodology to estimate exchange rates against a currency of the World and a proposal to deal with persistent and significant misalignments related to trade rules. The conclusions are present in the last section