Essays in applied econometrics

Using a unique dataset on Brazilian nominal and real yield curves combined with daily survey forecasts of macroeconomic variables such as GDP growth, inflation, and exchange rate movements, we identify the effect of surprises to the Brazilian interbank target rate on expected future nominal and real short rates, term premia, and inflation expectations. We find that positive surprises to target rates lead to higher expected nominal and real interest rates and reduced nominal and inflation term premia. We also find a strongly positive relation between both real and nominal term premia and measures of dispersion in survey forecasts. Uncertainty about future exchange rates is a particularly important driver of variations in Brazilian term premia.

Essays on health care reform, wealth inequality, and demography

This thesis contains three chapters. The first chapter uses a general equilibrium framework to simulate and compare the long run effects of the Patient Protection and Affordable Care Act (PPACA) and of health care costs reduction policies on macroeconomic variables, government budget, and welfare of individuals. We found that all policies were able to reduce uninsured population, with the PPACA being more effective than cost reductions. The PPACA increased public deficit mainly due to the Medicaid expansion, forcing tax hikes. On the other hand, cost reductions alleviated the fiscal burden of public insurance, reducing public deficit and taxes. Regarding welfare effects, the PPACA as a whole and cost reductions are welfare improving. High welfare gains would be achieved if the U.S. medical costs followed the same trend of OECD countries. Besides, feasible cost reductions are more welfare improving than most of the PPACA components, proving to be a good alternative. The second chapter documents that life cycle general equilibrium models with heterogeneous agents have a very hard time reproducing the American wealth distribution. A common assumption made in this literature is that all young adults enter the economy with no initial assets. In this chapter, we relax this assumption – not supported by the data – and evaluate the ability of an otherwise standard life cycle model to account for the U.S. wealth inequality. The new feature of the model is that agents enter the economy with assets drawn from an initial distribution of assets. We found that heterogeneity with respect to initial wealth is key for this class of models to replicate the data. According to our results, American inequality can be explained almost entirely by the fact that some individuals are lucky enough to be born into wealth, while others are born with few or no assets. The third chapter documents that a common assumption adopted in life cycle general equilibrium models is that the population is stable at steady state, that is, its relative age distribution becomes constant over time. An open question is whether the demographic assumptions commonly adopted in these models in fact imply that the population becomes stable. In this chapter we prove the existence of a stable population in a demographic environment where both the age-specific mortality rates and the population growth rate are constant over time, the setup commonly adopted in life cycle general equilibrium models. Hence, the stability of the population do not need to be taken as assumption in these models.

Essays on cartels and market distortions

This dissertation is a conjunction of three essays on the Industrial Organization field, this empirical work is applied to the Brazilian retail gasoline market. The first essay investigates the existence of spillover effects from cartel activity. The second essay relates the well-known economic puzzle of asymmetric cost pass through to prices with the existence of horizontal coordination - cartels - in the relevant market. Finally, the third essay investigates the effectiveness of antitrust interventions inside the offenders and the consequences of its disclosure in related markets.

Economic traits and performance of Italian quails reared at different cage stocking densities

This study assessed the effect of different cage stocking densities on the performance of Italian quails in the laying period. Two hundred and sixty four quails with 30 weeks of age and 280g mean body weight were used. Birds were randomly assigned to 96 x 33 x 16 cm cages and distributed in a randomized block design with 4 treatments (12, 15, 18 and 21 quails per cage or 264, 211, 176 and 151 cm² per quail, respectively) and 4 replicates. Birds were given feed and water ad libitum and submitted to the same experimental conditions. The experimental diet was formulated based on NRC (1994) recommendations. There were no significant differences among treatments for feed conversion per egg mass (kg:kg), percentage of broken eggs and mortality. There was a linear reduction (p<0.05) in egg weight, feed consumption, percentage of production, egg mass and feed conversion per dozen with the increase in stocking density. The gain per house per day was better at the cage density of 151 cm² per bird. However, the density of 211 cm² per bird provided the best gain per bird per day, because this stocking density had better productive indexes when compared with the other treatments.

Thermoregulation in colonies of africanized and hybrids with Caucasian, Italian and Carniolan Apis mellifera honey bees

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Number of ovarioles in workers descendent from crossings between Africanized and Italian honeybees, Apis mellifera L.: comparison among backcrosses and ancestors colonies

Comparou-se o número de ovaríolos de operárias de abelhas Apis mellifera L. de 36 colônias de retrocruzamentos (Africanizadas e Italianas) e operárias de colônias ancestrais parentais, endocruzadas e híbridas (F1). Não houve diferença no número de ovaríolos dos ovários direito e esquerdo das operárias. As abelhas híbridas da geração F1 apresentaram de 2 a 31 ovaríolos. O número de ovaríolos nas operárias dos retrocruzamentos africanizados variou de 2 a 56 e nos retrocruzamentos italianos de 2 a 117. A grande variação no número de ovaríolos das abelhas dos retrocruzamentos deveu-se a variabilidade observada na geração parental (abelhas africanizadas: 2 - 16; italianas: 6 - 26) e no F1 (2 - 31).

Laboratory essays on solid residues from an area of sand mining activities at Analandia, São Paulo, Brazil, and implications to the water resources quality

This investigation reports the results of tests performed in a laboratory with solid waste samples from an area belonging to Sibelco Mineracao Ltd., which is located around Analandia municipality, nearly in the center of São Paulo State, Brazil. Dissolution and leaching essays were realized under different experimental conditions in four samples collected from the mining front and decantation pool, with the aim of evaluating the possibility of release of several constituents to the liquid phase.

Socialists vs. fascists and communists in Italian São Paulo in the 1920s

The action of São Paulo's Italian reformist socialists at the beginning of the 20th century had a political impact on the way of considering the question of democracy both in the state of São Paulo and the whole of Brazil. In fact not only did the socialists oppose the fascist political project and the symbolic roots of its aggressive behavior, but they also faced the opposition of the theoretical proposals coming from other leftist groups. This article intends to present the main interlocutors of these socialists and understand how this theoretical dispute has developed.

Two essays on development economics

Includes bibliography

O leitor nas trilhas do texto: um diálogo entre a teoria de Umberto Eco e a poética da leitura de Jorge Luis Borges

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Essays on Industrial Organization and Environmental Economics

This dissertation studies environmental regulation issues in the hog production industry as well as forces behind the reorganization of the industry during the past two decades. Federal and State-level environmental regulations imposed on U.S. hog production during the year 2003 are examined in Chapter 1. Based on the number of regulations passed by the Federal government and states, the 2003 regulatory index is constructed. The regulatory stringency index suggests that state-level regulations vary across states and have increased over the years. In addition, state-level regulations are more stringent than federal regulations. Chapter 2 develops an empirically implementable theoretical model which allows us to investigate the long-run effects of environmental regulations on the U.S. hog industry. Hog feeding operations (HFOs) are divided into large feeding operations (LHFOs) and small feeding operations (SHFOs). The impact of the presence of a large number of LHFOs on the entry and exit of CHFOs is also examined. Results of this study suggest that: Increased state-level regulation stringency significantly lowers the output of SHFOs; increased state-level regulation stringency significantly lowers the output of LHFOs; increased state-level regulation stringency significantly lowers the number of SHFOs; SHFO output rises significantly in states that have a greater number of LHFOs; LHFO output rises significantly in states that have a greater number of LHFOs; the number of SHFOs significantly increases in states that have a greater numbers of LHFOs; regulation increases the average SHFO size; and regulation decreases the average LHFO size. Chapter 3 examines the importance of input availability, market attractiveness, agglomeration economies and environmental regulations on the reorganization of U.S. hog production for a panel of 22 U.S. hog producing states which include, Northern states, Southern states and Midwest states for the period 1994-2006. Results from this study suggest that: Hog production in a state is positively affected by hog production in a nearby state, confirming the presence of agglomeration economies; Environmental regulations and high corn price have negative effects on state-level U.S. hog production; High hog prices, and favorable labor cost, and land values attract hog production; and transportation cost has no effect on hog production. Advisors: Azzeddine Azzam and Karina Schoengold

ESSAYS ON INTERNATIONAL RESEARCH AND DEVELOPMENT SPILLOVERS

The dissertation consists of three essays on international research and development spillovers. In the first essay, I investigate the degree to which differences in institutional arrangements among Sub-Saharan African countries determine the extent of benefits they derive from foreign research and development spillovers. In particular, I compare the international research and development spillovers for English common law and French civil law Sub-Saharan African countries. I show that differences in the legal origin of the company law or commercial codes in these countries may reflect the extent of barriers they place in the paths of firms that engage in the investment process. To tests this hypothesis, I constructed foreign R&D spillovers variable using imports as weights and employed the endogenous growth framework to estimate elasticities of productivity with respect to foreign R&D spillovers for a sample of 17 English common law and French Civil law Sub-Saharan African countries over the period 1980-2004. My results find support for the hypothesis. In particular, foreign R&D spillovers were higher in the English common law countries than in the French civil law countries. In the second essay, I examine the question of whether technical cooperation grants and overseas development assistance grants induce R&D knowledge spillovers in Sub-Saharan African countries. I test this hypothesis using data for 11 Sub-Saharan African countries over the period 1980-2004. I constructed foreign R&D spillovers using the technical cooperation grants and overseas development assistance grants as weights and employed the endogenous growth framework to provide quantitative estimates of foreign R&D spillover effects in 11 Sub-Saharan African countries. I find that technical cooperation grants and overseas development assistance grants are major mechanisms through which returns to R&D investments in G7 countries flows to Sub-Saharan African countries. However, their influence has declined over the years. Finally, the third essay tests the hypothesis that the relationship between a country's exporters and their foreign purchasing agents may lead to the exchange of ideas and thereby improve the manufacturing process and productivity in the exporting country. I test this hypothesis using disaggregated export data from OECD countries. The foreign R&D capital stock in this essay was constructed as exports weighted average of domestic R&D capital stock. I find empirical support for the hypothesis. In particular, capital goods exports generate more learning effects and therefore best explain productivity in OECD countries than non-capital goods exports.