Rebalancing Frequency and the Welfare Cost of Inflation

July 2009 PDF. Revise and Resubmit, American Economic Journal: Macroeconomics

Fixed trading periods underestimate the welfare cost of inflation.

Incentives to Innovate and the Decision to Go Public or Private (with Daniel Ferreira and Gustavo Manso)

March 2010 PDF

The ownership structure—public or private—affects the choice between conventional or innovative projects.

Prices and Money after Interest Rate Shocks with Endogenous Market Segmentation

February 2009 PDF. Technical Appendix: PDF

Endogenous segmentation greatly affects the response of the stock of money after interest rate shocks.

Individual and Aggregate Money Demands

September 2009 PDF

I introduce a model in which agents have different money holdings in equilibrium to study the demand for money.

Using an Unemployment Insurance Reform to Test an Equilibrium Search Model (with Alvaro Novo)

January 2010 PDF

Previous title: The Increase in Duration of Unemployment Benefits: Confronting Data and the Predictions of an Equilibrium Search Model

We use a quasi-natural experiment to test an equilibrium search model.

Managerial Ability and Capital Flows

PDF. Journal of Development Economics, forthcoming. Link

I present a model to show how managerial ability––the ability to run risky projects––can explain the pattern of capital flows: capital flows with low intensity and flows to middle-income countries.

Taxes and Labor Supply: Portugal, Europe, and the United States

PDF. Portuguese Economic Journal, Vol. 7, No. 2, pp. 101-124, 2008.

The original publication is available at www.springerlink.com: Link.

I relate hours worked with taxes on consumption and labor for Portugal, France, Spain, United Kingdom and United States. I discuss implications for welfare and Social Security.

Taxes and Labor Supply: Portugal, Europe, and the United States

III Conference Desenvolvimento Económico Português no Espaço Europeu, organized by the Bank of Portugal. Conference version (nontechnical version, Nov. 2005, see the journal version for extensions and additional implications).

Link to the conference.

Monetary and Wage Policies in the Euro Area

Journal of Economic Literature, 45(3): 751-752, 2007.

Lévy Processes and the Brazilian Market (with Jose Barbachan and Andres Schuschny)

Brazilian Review of Econometrics, 21(2): 263-289, 2001.

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Faculdade de Economia