TABLE OF CONTENTSDepartment Overview

Graduate Program Requirements

Fields of Research

Applied Microeconomics

Econometrics

Economic Theory

Empirical Finance

Financial Economics

Macroeconomics and International Economics

Public Economics

Faculty Members

OVERVIEW

For almost 70 years, FGV Foundation has helped to increase the economic development, social fairness, and international presence of Brazil through the pro duction 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.

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 offered by the department foster an intellectually active and stimulating environment. Students are expected to devote themselves full-time to the program.

GRADUATE PROGRAM REQUIREMENTS

The Department offers 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 nine courses during the regular academic year.

Core Courses (First Year)

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 first year of study in order to acquire a firm foundation for their subsequent work.

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 field courses. The following field courses are offered 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 FinanceBehavioral 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.

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.

Recommended Plan of Study

The recommended plan of study is as follows. Note that depending on their fields of interest and on the department's field course offerings in a given year, students may not be able to finish all their courses by the end of their second year.

Year 1

Preparation Courses (January-February)

Probability and Statistics Mathematics for Economists

AUTUMN QUARTER (March-May)

Microeconomics IMacroeconomics IEconometrics I

WINTER QUARTER (June-July)

Microeconomics IIMacroeconomics IIEconometrics II

SPRING QUARTER (August-September)

Microeconomics IIIEconometrics IIIMacroeconomics III or Economic Growth.

SUMMER QUARTER (October-December)

Microeconomics IVEconometrics IVMacroeconomics IV, or Topics in Macroeconomics, or Topics in Economic Growth.

Year 2

AUTUMN QUARTER (March-May)

Applied Macroeconomics2 Field Courses

WINTER QUARTER (June-July)

3 Field Courses

SPRING QUARTER (August-September)

3 Field Courses

SUMMER QUARTER (October-December)

Applied Microeconomics2 Field Courses

Year 3

Research Seminar and presentation of a Thesis Proposal Seminar.

Year 4

Completion of the Doctoral Thesis.

APPLIED MICROECONOMICS

Development Economics

Development Economics is the field that studies the theories and problems related to economic problems of developing economics. It includes many subfields 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 firms 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 subfields 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 different subfields. Rodrigo Soares works in heath 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. Sergio Firpo has research related to labor economics and education. Cristine Pinto studies different topic in education.

Industrial Organization

Sao Paulo School of Economics regularly offers two courses in Industrial Organization. The first covers the main topics on the strategic behavior of firms, such as standards of competition, price and differentiation 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, firm boundaries, network externalities and multi-sided platforms. Depending on the number of interested students, additional courses related to Industrial Organizations may be offered, on topics such as structural econometric methods in Industrial Organization.

Currently, two faculty members carry out research in Industrial Organization and related fields. 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.

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 SemiaridRodrigo R. Soares (with R. Rocha)Journal of Development Economics, 2015.

Access to justice and entrepreneurship: Evidence from Brazil's special civil tribunalsRodrigo 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 DecisionsBruno Ferman (with Leonardo Bursztyn, Florian Ederer, and Noam Yuchtman)Econometrica, 2014.

Changes in cognitive achievement distribution for the students of 4th graders in Brazil: the relative distribution analysis for 1997 to 2005Cristine 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 CountryVladimir Ponczek and André Portela SouzaThe 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 BrazilRodrigo Soares (with Diana Kruger and Matias Berthelon)Journal of Human Resources, 2012.

Institutional Development and Colonial Heritage within BrazilRodrigo Soares (with Joana Naritomi and Juliano J. Assunção)Journal of Economic History, 2012.

A Note on Slavery and the Roots of InequalityRodrigo Soares (with Juliano J. Assunção and Tomás F. Goulart)Journal of Comparative Economics, 2012.

Income bargaining effects on education health in BrazilVladimir PonczekJournal of Development Economics, 2011.

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 EmploymentVladimir Ponczek (with Maúna Baldini)Economics of Education Review, 2011.

Segmentation in the Brazilian Labor MarketVladimir Ponczek (with Fernando Botelho)Economic Development and Cultural Change, 2011.

Dry Law and Homicides: Evidence from the São Paulo Metropolitan AreaJoão 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 ProgramRodrigo Soares (with Romero Rocha)Health Economics, 2010.

Altruism, Fertility, and the Value of Children: Health Policy Evaluation and Intergenerational WelfareRodrigo Soares (with Javier A. Birchenall)Journal of Public Economics, 2009.

The Demographic Transition and the Sexual Division of LaborRodrigo Soares (with Bruno Falcão)Journal of Political Economy, 2008.

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 MalawiÁureo de Paula (with Gil Shapira and Petra Todd)Journal of Ap, 2008.

Health and the Evolution of Welfare across Brazilian Municipalities.Rodrigo SoaresJournal of Development Economics, 2007.

The Welfare Cost of Violence across Countries.Rodrigo SoaresJournal of Health Economics, 2006.

Mortality Reductions, Educational Attainment, and Fertility Choice.Rodrigo SoaresAmerican Economic Review, 2005.

The Quantity and Quality of Life and the Evolution of World InequalityRodrigo 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 SoaresJournal of Development Economics, 2004.

Crime Reporting as a Measure of Institutional Development.Rodrigo SoaresEconomic Development and Cultural Change, 2004.

The Role of The Family in Immigrant´s Labor Market Activity:An Evaluation of Alternative Explanations: CommentAndré Portela Souza (with Francine D Blau; Lawrence Kahn and Joan Moriarty)American Economic Review, 2003.

ECONOMETRICSEconometrics 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 first two quarters of the program. These first 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: Sergio Firpo, Áureo de Paula, Cristine Pinto, Marcelo Fernandes, Paulo Pichetti and Pedro Valls. Furthermore, there are other faculties that work in related fields and interact regularly with the field. For example, Enlinson Mattos, Vladimir Ponczek, Andre Portela and Rodrigo Soares study problems related to economics of education, labor economics, crime, health economics, public finance, etc. In addition, Marcelo Fernandes, Pedro Valls and João Mergulhão work with financial econometrics.

Selected Publications of Our Faculty Members:

Measuring peer effects in the Brazilian school systemSergio Firpo and Cristine Pinto ( with Hugo Jales)Applied Economics, 2015.

Identification and Estimation of Distributional Impacts of Interventions Using Changes in Inequality Measures.Sergio Firpo and Cristine PintoJournal of Applied Econometrics, 2015.

A propensity score approach in the impact evaluation on scientific production in Brazilian biodiversity research: the BIOTA Program.Sergio Firpo (with Fernando A. B Colugnati; Paula F. Drummond De Castro ; Juan E. Sepulveda ; Sergio L. M. Salles-Filho)Scientometrics, 2014.

Inference of Signs of Interaction Effects in Simultaneous Games with Incomplete InformationÁureo de Paula (with Xun Tang)Econometrica, 2012.

A New Method of Estimating Moment Condition Models with Missing Data when Selection is on ObservablesCristine Pinto (with Daniel Egel and Bryan Graham)Review of Economic Studies, 2012.

Existence and uniqueness of a fixed point for local contractionsVictor Filipe Martins-da-Rocha (with Y. Vailakis)Econometrica, 2010.

Interdependent DurationsÁureo de Paula (with Bo E. Honore)Review of Economic Studies, 2010.

Unconditional Quantile RegressionsSérgio Firpo (with Nicole Fortin and Thomas Lemieux)Econometrica, 2009.

Inference in a Synchronization Game with Social InteractionsÁureo de PaulaJournal of Econometrics, 2009.

Nonparametric entropy-based tests of independence between stochastic processesMarcelo Fernandes (with B. Neri)Econometric Reviews, 2009.

Efficient Semiparametric Estimation of Quantile Treatment EffectsSérgio FirpoEconometrica, 2007.

Guest Editorial: Semiparametric methods in econometricsMarcelo Fernandes (with O. Linton and O. Scaillet)Journal of Econometrics, 2007.

Testing the Markov property with high frequency dataMarcelo Fernandes (with João Amaro de Matos)Journal of Econometrics, 2007.

A family of autoregressive conditional duration modelsMarcelo Fernandes (with J. Grammig)Journal of Econometrics, 2006.

Nonparametric specification tests for conditional duration modelsMarcelo Fernandes (with J. Grammig)Journal of Econometrics, 2005.

A multivariate conditional autoregressive range modelMarcelo Fernandes (with B. Mota and M. Rocha)Economic Letters, 2005.

ECONOMIC THEORYThe 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 finance. Victor Filipe Martins-da-Rocha works on dynamic competitive economies with financial frictions. Victor is currently at the editorial board of Economic Theory.

Selected Publications of Our Faculty Members:

The Value of Commitment under UncertaintyBraz Camargo (with E. Pastorino)Journal of Labor Economics, 2015

Learning with Bounded Memory in GamesDaniel MonteGames and Economic Behavior, 2014.

The Daycare Assignment: A Dynamic Matching ProblemDaniel Monte (with J. Kennes and N. Tumennasan)American Economic Journal: Microeconomics, forthcoming, 2014.

The Value of (Bounded) Memory in a Changing WorldDaniel Monte (with Maher Said)Economic Theory, forthcoming, 2014.

Incentive Constraints in Games with Bounded MemoryDaniel MonteInternational Journal of Game Theory, forthcoming, 2014.

Bounded Memory and Permanent ReputationsDaniel MonteJournal of Mathematical Economics, forthcoming, 2013.

Matching with QuorumsDaniel Monte (with Norovsambuu Tumennasan)Economics Letters, 2013.

Harsh default penalties lead to Ponzi schemes: A counterexample.Victor Filipe Martins-da-Rocha (with Y. Vailakis), 2012Games 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 fixed 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 efficiency with MEU-preferences.Victor Filipe Martins-da-RochaJournal of Economic Theory, 2010.

Interracial Friendships in CollegeBraz Camargo (with Ralph Stinebrickner and Todd Stinebrickner)Journal of Labor Economics. 2010.

Equilibrium theory with asymmetric information and infinitely many states.Victor Filipe Martins-da-Rocha (with Hervés-Beloso and P. Monteiro)Economic Theory, 2009.

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.

Efficient Dissolution of Partnerships and the Structure of ControlEmanuel Ornelas (with John Turner)Games and Economic Behavior, 2007.

Good News and Bad News in Two-Armed BanditsBraz CamargoJournal 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.

Equilibria in reflexive Banach lattices with a continuum of agents.Victor Filipe Martins-da-Rocha (with A. Araújo, P. Monteiro)Economic Theory, 2004.

Equilibrium analysis in financial 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-RochaEconomic Theory, 2004.

Equilibria in large economies with a separable Banach commodity space and non-ordered preferences.Victor Filipe Martins-da-RochaJournal of Mathematical Economics, 2003.

FINANCIAL ECONOMICSStudents planning to do their research in Financial Economics will find a diversified 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 finance include Banking, Corporate Finance and contract Theory. Bruno Ferman develops experimental studies on consumer finance. Marcelo Fernandes research interests include asset pricing, empirical finance, empirical market microstructure, and financial econometrics. João Mergulhão works on Corporate Finance and Social Networks, and Asset pricing. Pedro Valls financial research interests include Econometrics, Empirical Finance, Computational Finance and Time Series Econometrics. Marcelo Fernandes researches on asset pricing, and apllied econometris on financial economics.

Most of the projects run through the school research centers, providing students with access to the main international financial databases (WRDS, Compustat, Bloomberg, Datastream, ThomsonReuters) and preferential access to Brazilian markets data provided BMF&Bovespa and other national players.

The Ph.D program offers 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.

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 indexMarcelo 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 transmissionMarcelo Fernandes (with V. Corradi and W. Distaso)Journal of Econometrics, 2012.

Evaluation of contagion or interdependence in the financial crises of Asia and Latin America, considering the macroeconomic fundamentals.Pedro Valls Pereira (with E. Marçal; D. Martin and T. Nakamura)Applied Economics, 2011.

Conditional stochastic kernel estimation by nonparametric methodsPedro Valls Pereira (with M. Laurini)Economics Letters, 2009.

Are price limits on futures markets that cool? Evidence from the Brazilian Mercantile and Futures ExchangeMarcelo Fernandes (with M. Rocha)Journal of Financial Econometrics, 2007.

Financial crashes as endogenous jumps: Estimation, testing and forecastingMarcelo FernandesJournal of Economic Dynamics and Control, 2006.

Evaluation of contagion or interdependence in the financial 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.

MACROECONOMICS AND INTERNATIONAL ECONOMICSResearch in macroeconomics is concern with long-term growth, short-run fluctuations 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 effects on long-term growth of several factors, including: fiscal policy and financial 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 financial crises, currency attacks and sovereign debt. He has written on several topics including the role of the IMF and the effects of world interest rates on default risk in emerging economies. Professor Luis Araujo's research is also related to financial crises and, in particular, to the microeconomic aspects of credit market failures that affect 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 fluctuations. 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 affect transactions among agents and the implications to the macroeconomy.

Selected Publications of Our Faculty Members:

Unbundling Ownership and ControlEmanuel Ornelas (with Daniel Ferreira and John Turner)Journal of Economics & Management Strategy

Intertemporal coordination with delay optionsLuis Araujo and Bernardo GuimaraesJournal of Economic Theory, 2015.

Limited monitoring and the essentiality of money.Luis Araujo and Braz CamargoJournal of Mathematical Economics, 2015.

Sovereign default risk and commitment for fiscal adjustment.Bernardo Guimarães (with Carlos Eduardo Gonçalves)Journal of International Economics, 2015.

Cash Transfers to the Poor and the Labor Market: An Equilibrium AnalysisTiago Cavalcanti (with Márcio Corrêa)Review of Development Economics, 2014.

Coordination in the use of moneyLuis Araújo and Bernardo GuimarãesJournal of Monetary Economics, 2014.

Public Debt and the Limits of Fiscal Policy to Increase Economic GrowthVladimir K. Teles (with Caio Mussolini)European Economic Review, forthcoming, 2014.

Costly Intermediation and Consumption SmoothingTiago Vanderlei de Vasconcelos Cavalcanti (with António Antunes; Anne P. Villamil)Economic Inquiry, 2013.

The Welfare Gains of Financial Liberalization: Capital Accumulation and HeterogeneityTiago V. Cavalcanti (with António A. Antunes)Journal of the European Economic Association, 2013.

US real interest rates and default risk in emerging economiesBernardo Guimarães (with Nathan Foley-Fisher)Journal of Money, Credit and Banking, forthcoming, 2013.

The Essentiality of Money in Environments with Centralized TradeLuis Araujo and Braz Camargo (with Raoul Minetti and Daniela Puzzello)Journal of Monetary Economic, 2012.

Free Trade Agreements and the Consolidation of DemocracyEmanuel Ornelas (with Xuepeng Liu)American, 2012.

Protection and International SourcingEmanuel Ornelas (with John Turner)Economic Journal, 2012.

Sequential ExportingEmanuel Ornelas (with Facundo Albornoz, Hector Calvo-Pardo and Gregory Corcos)Journal of International Economics, 2012.

Financial dollarization and systemic risks: new empirical evidenceMárcio Holland (with F. VIEIRA and M. Resende)Journal of International Money and Finance, 2012.

Sales and monetary policyBernardo Guimarães (with Kevin Sheedy)American Economic Review, 2011.

On the Essentiality of BanksLuis Araújo (with Raoul Minetti)International Economic Review, 2011.

Knowledge sharing and the dynamics of social capitalLuis Araújo (with Raoul Minetti)European Economic Review, 2011.

Sovereign default: which shocks matter?Bernardo GuimarãesReview 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 Inflation Stability in Emerging Market Countries.Vladimir K. Teles (with Marta Zaidan)Journal of Development Economics, 2010.

Value Added Taxes, Chain Effects and InformalityÁureo 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 ParticipationTiago Vanderlei De Vasconcelos Cavalcanti (with J. Tavares)The Review of Economics and Statistics, 2008.

Computing general equilibrium models with occupational choice and financial 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 RegionalismEmanuel OrnelasJournal of International Economics, 2008.

Trade Liberalization, Outsourcing, and the Hold Up ProblemEmanuel Ornelas (with John Turner)Journal of International Economics, 2008.

Endogenous Supply of Fiat MoneyLuis Araujo and Braz CamargoJournal of Economic Theory, 2008.

Financial Intermediaries as Markets for Firm AssetsLuis Araújo (with Raoul Minetti)Economic Journal, 2007.

Religion in Macroeconomics: A Quantitative Analysis of Weber's Hypothesis.Tiago Vanderlei De Vasconcelos Cavalcanti (wtih S. L. Parente; R. Zhao)Economic Theory, 2007.

Start Up Costs, Limited Enforcement, and the Hidden EconomyTiago Vanderlei De Vasconcelos Cavalcanti (with António Antunes)European Economic Review, 2007.

Exchanging Market Access at the Outsiders' Expense - the Case of Customs UnionsEmanuel OrnelasCanadian Journal of Economics, 2007.

Risk and wealth in a model of self-fulfilling currency attacksBernardo Guimarães (with Stephen Morris)Journal of Monetary Economics, 2007.

International lending of last resort and moral hazard: a model of IMF's catalytic financeBernardo Guimarães (with Giancarlo Corsetti and Nouriel Roubini)Journal of Monetary Economics, 2006.

Dynamics of currency crises with asset market frictionsBernardo GuimarãesJournal of International Economics, 2006.

Information, Learning, and the Stability of Fiat MoneyLuis Araújo e Braz CamargoJournal 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 AgreementsEmanuel OrnelasQuarterly Journal of Economics, 2005.

Endogenous Free Trade Agreements and the Multilateral Trading SystemEmanuel OrnelasJournal of International Economics, 2005.

Trade Creating Free Trade Areas and the Undermining of MultilateralismEmanuel OrnelasEuropean Economic Review, 2005.

Social norms and moneyLuis AraújoJournal of Monetary Economics, 2004.

The Optimal Inflation Tax and Structural ReformTiago Vanderlei De Vasconcelos Cavalcanti (with Anne P.Villamil)Macroeconomic Dynamics, 2003.

PUBLIC ECONOMICS AND POLITICAL ECONOMYGraduate students can enroll in a two semester public economics sequence. The first 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, fiscal 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 offered. We also recommend students to enroll in a micreconometrics course. In some years, an alternative “topics in public economics” course may also be offered.

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. Sergio Firpo address empirically issues in political economy. Two other scholars from the FGV’s School of Public Administration are also affiliated with Sao Paulo School of Economics-FGV. Ciro Biderman studies the dynamics of transportation markets and local public finance. He is also affiliated 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 field at the School Public Administration-FGV.

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.

FACULTY MEMBERS

ARAÚJO, LuísPhD, University of PennsylvaniaResearch Interests: Macroeconomics, Applied Theory.

BARBOSA, KlênioPhD, Tolouse School of EconomicsResearch Interests: Finance, Industrial Organization, Regulation, Public Procurement

CAMARGO, BrazPhD, University of PennsylvaniaResearch Interests: Microeconomics, Applied Theory

DE PAULA, ÁureoPhD, Princeton UniversityResearch Interests: Econometrics, Applied Microeconomics

FERMAN, BrunoPhD, MITResearch Interests: Behavioural Finance, Consumer Finance

FERNANDES, MarceloPhD, Université Libre de Bruxelles, Pós-doc European University InstituteResearch Interests: Econometrics, Empirical Finance

FIRPO, SérgioPhD, University of California at BerkeleyResearch Interests: Econometrics

GUIMARÃES, BernardoPhD, Yale UniversityResearch Interests: Macroeconomics, International Economics, Political Economy

MARTINS DA ROCHA, Victor FilipePhD, Universidade de Paris-I Panthéon SorbonneResearch Interests: Mathemetical Economics, Finance, Economic Theory

MATTOS, EnlinsonPhD, University of Illinois at Urbana-ChampaignResearch Interests: Public Economics

MERGULHÃO, João PhD, Universidade Nova de LisboaResearch Interests: Finance

MONTE, Daniel PhD, Yale UniversityResearch Interests: Applied Theory, Game Theory, Matching

ORNELAS, EmanuelPhD, University of Wisconsin-MadisonResearch Interests: International Trade, Political Economy

PESSOA, João Paulo PhD, London School of EconomicsResearch Interests: Industrial organization, International Trade, Applied Microeconomics

PINTO, Cristine Xavier PhD, University of California at BerkeleyResearch Interests: Econometrics, Applied Microeconomics

PONCZEK, Vladimir P.PhD Princeton UniversityResearch Interests: Applied Microeconomics

SOARES, Rodrigo R.Ph.D., University of Chicago Research Interests: Development Economics, Applied Microeconomics

SOUZA, André PortelaPhD, Cornell UniversityResearch Interests: Applied Microeconomics

TELES, Vladimir K.Ph.D UnB; Pós-Doc Harvard UniversityResearch Interests: Macroeconomics, Economic Growth

VALLS PEREIRA, PedroPhD London School of Economics - LSEResearch Interests: Econometrics, Finance

Associated Faculty

BRESSER-PEREIRA, Luiz CarlosPhD, USPResearch Interests: Macroeconomics, Political Science

CARDOSO, ElianaPhD MITResearch Interests: Macroeconomics

HOLLAND, MárcioPhD, UNICAMP; Pos-Doc, University of California at BerkeleyResearch Interests: Macroeconomics