Carlos Carvalho

Asset 1 Investment Company

Avenida Juscelino Kubitschek, 1600/Conj 52

São Paulo, São Paulo

Brazil

http://www.asset1.com.br

Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics

Rua Marques de Sao Vicente, 225/206F

Rio de Janeiro, RJ 22453

Brazil

http://https://sites.google.com/site/cvianac2/carloscarvalho

SCHOLARLY PAPERS

38

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6,985

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Top 4,619

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197

CROSSREF CITATIONS

94

Scholarly Papers (38)

1.
Downloads 829 ( 35,469)
Citation 14

Sectoral Price Facts in a Sticky-Price Model

Number of pages: 41 Posted: 04 Jul 2010 Last Revised: 05 Feb 2020
Carlos Carvalho, Jae Won Lee and Woong Yong Park
Asset 1 Investment Company, Rutgers University, New Brunswick/Piscataway - Faculty of Arts and Sciences - New Brunswick/Piscataway - Department of Economics and Seoul National University
Downloads 702 (43,900)
Citation 8

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heterogeneity, price stickiness, sectoral data, FAVAR, aggregate shocks, sectoral shocks

Sectoral Price Facts in a Sticky-Price Model

FRB of New York Staff Report No. 495
Number of pages: 53 Posted: 26 May 2011
Carlos Carvalho and Jae Won Lee
Asset 1 Investment Company and Rutgers University, New Brunswick/Piscataway - Faculty of Arts and Sciences - New Brunswick/Piscataway - Department of Economics
Downloads 127 (270,184)
Citation 11

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heterogeneity, price stickiness, sectoral data, FAVAR, aggregate shocks, sectoral shocks

2.

ARCO: An Artificial Counterfactual Approach for High-Dimensional Panel Time-Series Data

Number of pages: 60 Posted: 17 Aug 2016 Last Revised: 23 Jul 2018
Carlos Carvalho, Ricardo Masini and Marcelo C. Medeiros
Asset 1 Investment Company, Princeton University and Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics
Downloads 500 (68,657)
Citation 6

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counterfactual analysis, comparative studies, LASSO, ArCo, synthetic control, policy evaluation, intervention, structural break, panel data, factor models.

3.
Downloads 497 ( 69,245)
Citation 12

Anchored Inflation Expectations

Number of pages: 70 Posted: 15 Aug 2017 Last Revised: 09 Apr 2021
Asset 1 Investment Company, University of Texas at Austin, Deutsche Bundesbank and University of Melbourne - Department of Economics
Downloads 484 (70,797)
Citation 13

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Anchored expectations, in ation expectations, survey data

Anchored Inflation Expectations

CAMA Working Paper No. 25/2020
Number of pages: 69 Posted: 17 Mar 2020
Asset 1 Investment Company, University of Texas at Austin, Deutsche Bundesbank and University of Melbourne - Department of Economics
Downloads 13 (696,287)
Citation 4

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Anchored expectations, inflation expectations, survey data

Anchored Inflation Expectations

CEPR Discussion Paper No. DP13900
Number of pages: 73 Posted: 20 Aug 2019 Last Revised: 14 May 2021
University of Texas at Austin, Deutsche Bundesbank, University of Melbourne - Department of Economics and Asset 1 Investment Company
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4.
Downloads 421 ( 84,519)
Citation 23

Aggregation and the PPP Puzzle in a Sticky-Price Model

Number of pages: 49 Posted: 09 Nov 2008 Last Revised: 21 Sep 2010
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 328 (111,559)
Citation 1

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heterogeneity, aggregation, price stickiness, real exchange rates, PPP puzzle

Aggregation and the PPP Puzzle in a Sticky-Price Model

FRB of New York Staff Report No. 351
Number of pages: 48 Posted: 10 Nov 2008
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 93 (336,072)
Citation 25

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heterogeneity, aggregation, price stickiness, real exchange rates, PPP Puzzle

Aggregation and the PPP Puzzle in a Sticky-Price Model

American Economic Review, Vol. 101, No. 6, 2011
Posted: 20 Oct 2011
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco

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heterogeneity, aggregation, price stickiness, real exchange rates, PPP puzzle

5.
Downloads 414 ( 86,137)
Citation 8

The Persistent Effects of a False News Shock

FRB of New York Staff Report No. 374
Number of pages: 32 Posted: 21 May 2009 Last Revised: 17 Nov 2011
Carlos Carvalho, Nicholas Klagge and Emanuel Moench
Asset 1 Investment Company, Federal Reserve Bank of New York and Deutsche Bundesbank
Downloads 297 (124,183)
Citation 8

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false news, natural experiment, United Airlines, noise, market efficiency, contagion

The Persistent Effects of a False News Shock

Number of pages: 31 Posted: 17 Nov 2011 Last Revised: 22 Jul 2019
Carlos Carvalho, Nicholas Klagge and Emanuel Moench
Asset 1 Investment Company, Federal Reserve Bank of New York and Deutsche Bundesbank
Downloads 117 (287,231)
Citation 1

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fake news, false news, natural experiment, United Airlines, noise, market efficiency, contagion

The Persistent Effects of a False News Shock

Journal of Empirical Finance, Vol. 18, No. 4, 2011
Posted: 17 Nov 2011 Last Revised: 22 Jul 2019
Carlos Carvalho, Nicholas Klagge and Emanuel Moench
Asset 1 Investment Company, Federal Reserve Bank of New York and Deutsche Bundesbank

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Fake News, False News, Natural Experiment, United Airlines, Noise, Market Efficiency

6.

Do People Understand Monetary Policy?

Number of pages: 50 Posted: 15 Jan 2012 Last Revised: 24 Apr 2014
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 345 (106,048)
Citation 14

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survey data, monetary policy, communication, Taylor rule, inflation expectations, Michigan Survey, Survey of Professional Forecasters

7.

Demographics and Real Interest Rates: Inspecting the Mechanism

Number of pages: 35 Posted: 11 Jan 2016 Last Revised: 26 Feb 2018
Carlos Carvalho, Andrea Ferrero and Fernanda Nechio
Asset 1 Investment Company, University of Oxford - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 267 (139,514)
Citation 58

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Life expectancy, population growth, demographic transition, real interest rate, monetary policy, zero lower bound, Secular Stagnation

8.

Gambling, Risk Appetite and Asset Pricing

Number of pages: 59 Posted: 30 Nov 2017 Last Revised: 17 Apr 2018
Asset 1 Investment Company, XP investimentos, Insper and Department of Economics, PUC-Rio
Downloads 252 (147,843)

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Asset Pricing, Cross-Section, Predictability, Factors, CAPM, Conditional Model, Gambling, Casino

9.

Macroeconomic Effects of Credit Deepening in Latin America

Number of pages: 63 Posted: 02 Oct 2014 Last Revised: 27 Sep 2018
Carlos Carvalho, Nilda Pasca, Laura Souza and Eduardo Zilberman
Asset 1 Investment Company, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics and Department of Economics, PUC-Rio
Downloads 230 (161,525)
Citation 1

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credit deepening; financial frictions; consignado credit; payroll lending

10.

The Perils of Counterfactual Analysis with Integrated Processes

Number of pages: 41 Posted: 06 Jan 2017
Carlos Carvalho, Ricardo Masini and Marcelo C. Medeiros
Asset 1 Investment Company, Princeton University and Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics
Downloads 212 (174,515)
Citation 1

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Counterfactual Analysis, Comparative Studies, Panel Data, ArCo, Synthetic Control, Policy Evaluation, Intervention, Cointegration, Factor Models, Spurious Regression, Nonstationarity

11.

Taylor Rule Estimation by OLS

Number of pages: 39 Posted: 23 Oct 2018 Last Revised: 08 Jul 2019
Carlos Carvalho, Fernanda Nechio and Tiago Tristão
Asset 1 Investment Company, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Opus
Downloads 211 (175,265)
Citation 5

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Taylor Rule, OLS, GMM, Endogeneity Bias, New Keynesian Models

The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data

Number of pages: 53 Posted: 17 Nov 2008 Last Revised: 12 Sep 2010
Carlos Carvalho and Niels Arne Dam
Asset 1 Investment Company and Danmarks Nationalbank
Downloads 107 (306,052)
Citation 4

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heterogeneity, price stickiness, micro data, macro data, Bayesian estimation

The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data

FRB of New York Staff Report No. 419
Number of pages: 54 Posted: 06 Jan 2010 Last Revised: 25 Aug 2010
Carlos Carvalho and Niels Arne Dam
Asset 1 Investment Company and Danmarks Nationalbank
Downloads 99 (322,644)
Citation 4

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heterogeneity, price stickiness, micro data, macro data, Bayesian estimation

13.

Monetary Policy and Real Exchange Rate Dynamics in Sticky-Price Models

Number of pages: 49 Posted: 02 Jul 2014 Last Revised: 12 Apr 2019
Carlos Carvalho, Fernanda Nechio and Fang Yao
Asset 1 Investment Company, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Friedrich-Alexander University of Erlangen-Nürnberg
Downloads 197 (186,875)
Citation 2

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real exchange rates, monetary policy, interest rate smoothing, PPP puzzle, persistence

State-Dependent Pricing under Infrequent Information: A Unified Framework

Number of pages: 45 Posted: 12 May 2010 Last Revised: 14 May 2011
Marco Bonomo, Carlos Carvalho and René Garcia
Insper Institute of Education and Research, Asset 1 Investment Company and Université de Montréal - CIREQ - Département de sciences économiques
Downloads 153 (232,817)
Citation 7

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menu costs, information costs, infrequent information, sticky information, inattentiveness, optimal price setting, state-dependent pricing, time-dependent pricing

State-Dependent Pricing Under Infrequent Information: A Unified Framework

FRB of New York Staff Report No. 455
Number of pages: 46 Posted: 24 Jun 2010 Last Revised: 16 May 2011
Marco Bonomo, Carlos Carvalho and René Garcia
Insper Institute of Education and Research, Asset 1 Investment Company and Université de Montréal - CIREQ - Département de sciences économiques
Downloads 35 (543,065)
Citation 8

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Menu Costs, Information Costs, Infrequent Information, Sticky Information, Inattentiveness, Optimal Price Setting

Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models

Number of pages: 38 Posted: 29 Nov 2012 Last Revised: 20 Jul 2018
Carlos Carvalho and Felipe F. Schwartzman
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 149 (237,978)
Citation 3

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time-dependent pricing, monetary non-neutrality, general hazard function, selection effect, heterogeneity

Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models

FRB Richmond Working Paper No. 12-09R
Number of pages: 36 Posted: 20 Dec 2012 Last Revised: 12 May 2015
Carlos Carvalho and Felipe F. Schwartzman
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 27 (591,112)
Citation 11

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price setting, monetary non-neutrality, general hazard function, selection effect, heterogeneity

16.

Just Words? A Quantitative Analysis of the Communication of the Central Bank of Brazil

Number of pages: 16 Posted: 06 Oct 2013 Last Revised: 24 Apr 2014
Carlos Carvalho, Fernando Cordeiro and Juliana Vargas
Asset 1 Investment Company, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics and BR-Investimentos
Downloads 175 (207,413)
Citation 3

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Brazil, COPOM, central bank, communication, semantic, term-structure of interest rates, monetary policy

17.

Sentiment, Electoral Uncertainty and Stock Returns

Number of pages: 52 Posted: 11 Mar 2017 Last Revised: 19 Aug 2017
Carlos Carvalho, Ruy Ribeiro and Eduardo Zilberman
Asset 1 Investment Company, Insper and Department of Economics, PUC-Rio
Downloads 174 (208,468)

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sentiment; stock returns; electoral uncertainty; event study; soccer

18.

Transitions in Central Bank Leadership

Number of pages: 73 Posted: 11 Jul 2017
Carlos Carvalho, Tiago Flórido and Eduardo Zilberman
Asset 1 Investment Company, Harvard University and Department of Economics, PUC-Rio
Downloads 145 (242,819)

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monetary policy, transitions, central bank leadership, signalling, career concerns

19.

Time- and State-Dependent Pricing: A Unified Framework

Number of pages: 47 Posted: 19 Sep 2011
Marco Bonomo, Carlos Carvalho and René Garcia
Insper Institute of Education and Research, Asset 1 Investment Company and Université de Montréal - CIREQ - Département de sciences économiques
Downloads 144 (244,217)
Citation 4

Abstract:

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menu costs, information costs, infrequent information, sticky information, inattentiveness, optimal price setting, state-dependent pricing, time-dependent pricing

20.

The Cross-sectional Distribution of Price Stickiness Implied by Aggregate Data

Number of pages: 39 Posted: 21 Jan 2015 Last Revised: 19 Jan 2020
Carlos Carvalho, Niels Arne Dam and Jae Won Lee
Asset 1 Investment Company, Danmarks Nationalbank and Rutgers University, New Brunswick/Piscataway - Faculty of Arts and Sciences - New Brunswick/Piscataway - Department of Economics
Downloads 140 (249,822)

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real rigidities, heterogeneity in price stickiness, sales, regular prices, micro data, macro data, Bayesian estimation

21.

Persistent Monetary Non-Neutrality in an Estimated Menu-Cost Model with Partially Costly Information

Number of pages: 47 Posted: 27 Mar 2016 Last Revised: 13 May 2021
Insper Institute of Education and Research, Asset 1 Investment Company, Université de Montréal - CIREQ - Département de sciences économiques, World Bank and Harvard University
Downloads 135 (257,075)
Citation 4

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menu costs, information costs, infrequent information, partial information, inattentiveness, optimal price setting, state-dependent pricing, time-dependent pricing

22.

Policy Initiatives in the Global Recession: What Did Forecasters Expect?

Current Issues in Economics and Finance, Vol. 18, No. 1, 2012
Number of pages: 11 Posted: 25 Feb 2012
Carlos Carvalho, Stefano Eusepi and Christian Grisse
Asset 1 Investment Company, University of Texas at Austin and Swiss National Bank
Downloads 126 (270,816)
Citation 1

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unconventional monetary policy, inflation expectations

23.

Measuring the Effect of the Zero Lower Bound on Monetary Policy

Number of pages: 34 Posted: 23 Apr 2016 Last Revised: 04 Dec 2016
Carlos Carvalho, Eric Hsu and Fernanda Nechio
Asset 1 Investment Company, University of California, Berkeley and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 115 (289,236)
Citation 3

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communication, forward guidance, zero lower bound

24.

Deindustrialization and Economic Diversification

Number of pages: 19 Posted: 28 Jan 2014 Last Revised: 29 Jan 2014
Tiago Berriel, Marco Bonomo and Carlos Carvalho
Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics, Insper Institute of Education and Research and Asset 1 Investment Company
Downloads 109 (300,271)
Citation 2

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diversification, deindustrialization, growth, portfolio problem, inefficiency

Loss Aversion, Asymmetric Market Comovements, and the Home Bias

FRB of New York Staff Report No. 430
Number of pages: 26 Posted: 23 Feb 2010 Last Revised: 10 Apr 2010
Kevin Amonlirdviman and Carlos Carvalho
Boston Consulting Group and Asset 1 Investment Company
Downloads 102 (316,214)
Citation 4

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loss aversion, home bias, asymmetric return comovements, equity premium puzzle

Loss Aversion, Asymmetric Market Comovements, and the Home Bias

Journal of International Money and Finance, Vol. 29, No. 7, 2010
Posted: 20 Oct 2011
Carlos Carvalho and Kevin Amonlirdviman
Asset 1 Investment Company and Boston Consulting Group

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Loss Aversion, Home Bias, Asymmetric Market Comovements, Equity Premium Puzzle

26.

Price Selection

Number of pages: 36 Posted: 09 Aug 2018 Last Revised: 08 Jun 2021
Carlos Carvalho and Oleksiy Kryvtsov
Asset 1 Investment Company and Bank of Canada
Downloads 101 (316,256)
Citation 3

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Consumer Price Index, Inflation, Prices, Selection Effect, Money Non-Neutrality

Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing

FRB of New York Staff Report No. 355
Number of pages: 38 Posted: 17 Nov 2008 Last Revised: 03 Jun 2010
Marco Bonomo and Carlos Carvalho
Insper Institute of Education and Research and Asset 1 Investment Company
Downloads 82 (363,673)
Citation 7

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disinflation, optimal price setting, endogenous time-dependent pricing

Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing

Journal of Money, Credit, and Banking, Vol. 42, No. 5, 2010
Posted: 20 Oct 2011
Marco Bonomo and Carlos Carvalho
Insper Institute of Education and Research and Asset 1 Investment Company

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disinflation, credibility, optimal price setting, endogenous time-dependent pricing

28.

Factor Specificity and Real Rigidities

Number of pages: 29 Posted: 11 Sep 2014 Last Revised: 21 Aug 2016
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 77 (373,684)
Citation 1

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factor specificity, multisector model, heterogeneity, monetary non-neutrality

29.

Heterogeneous Price-Setting Behavior and Aggregate Dynamics: Some General Results

Number of pages: 43 Posted: 29 Nov 2012
Carlos Carvalho and Felipe F. Schwartzman
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 74 (382,162)
Citation 12

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heterogeneity, aggregation, price setting, general hazard function

30.

Real Exchange Rate Dynamics in Sticky-Price Models with Capital

Number of pages: 28 Posted: 13 Jul 2012 Last Revised: 22 May 2016
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 63 (416,340)

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real exchange rates, capital accumulation, factor mobility, multisector model, PPP puzzle

31.

What If Brazil Hadn't Floated the Real in 1999?

Number of pages: 42 Posted: 15 Mar 2016 Last Revised: 19 Apr 2018
Carlos Carvalho and André Vilela
Asset 1 Investment Company and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 59 (429,948)

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monetary policy, regime shift, currency peg, inflation targeting, Brazil

32.

Approximating Multisector New Keynesian Models

Number of pages: 18 Posted: 13 Sep 2017 Last Revised: 13 Nov 2017
Carlos Carvalho and Fernanda Nechio
Asset 1 Investment Company and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 54 (448,135)

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Multisector Approximation, Heterogeneity, Factor Specificity

33.

E Se o Brasil Não Tivesse Adotado Câmbio Flutuante em 1999? (What if Brazil Hadn't Floated the Real in 1999?)

Number of pages: 48 Posted: 17 Mar 2016 Last Revised: 19 Apr 2018
Carlos Carvalho and André Vilela
Asset 1 Investment Company and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 54 (448,135)

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Política monetária, mudança de regime, câmbio fixo, metas para a inflação, Brasil

34.

Multi-Product Pricing: Theory and Evidence From Large Retailers

Number of pages: 45 Posted: 29 May 2020 Last Revised: 02 Nov 2020
Insper Institute of Education and Research, Asset 1 Investment Company, Bank of Canada, Bank of Israel - Research Department and Harvard University
Downloads 48 (471,504)
Citation 2

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Inflation, Prices, Multi-Product Pricing, Menu Cost, Monetary Non-Neutrality

35.

Heterogeneous Sticky-Information Economies

Number of pages: 25 Posted: 14 Dec 2017
Carlos Carvalho
Asset 1 Investment Company
Downloads 41 (501,758)

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sticky-information, heterogeneity

36.

Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification

IMF Working Paper No. 17/146
Number of pages: 45 Posted: 09 Aug 2017
Carlos Carvalho, Gee Hee Hong and Jing Zhou
Asset 1 Investment Company, International Monetary Fund (IMF) and Columbia University
Downloads 22 (607,282)

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Product scope, multi-product firms, risk diversification, firm dynamics, Asset Pricing, Business Objectives of the Firm, Firm Performance: Size, Diversification, and Scope, General

37.

Endogenous Time-Dependent Rules and Inflation Inertia

Journal of Money, Credit, and Banking, Vol. 36, No. 6, 2004
Posted: 18 Apr 2010
Marco Bonomo and Carlos Carvalho
Insper Institute of Education and Research and Asset 1 Investment Company

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time-dependent rules, optimal pricing rules, information costs,inflation inertia

38.

Heterogeneity in Price Stickiness and the Real Effects of Monetary Shocks

The Berkeley Electronic Journal of Macroeconomics, Vol. 2, No. 1, 2006
Posted: 18 Apr 2010
Carlos Carvalho
Asset 1 Investment Company

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heterogeneity, price stickiness, aggregation, persistence, new Keynesian Phillips curve