Insper Institute of Education and Research

Displaying 1-10 of 10 results

  • White Papers // Mar 2011

    Shocks In Financial Markets, Price Expectation, And Damped Harmonic Oscillators

    Using a modified damped harmonic oscillator model equivalent to a model of market dynamics with price expectations, the authors analyze the reaction of financial markets to shocks. In order to do this, they gather data from indices of a variety of financial markets for the 1987 Black Monday, the Russian...

    Provided By Insper Institute of Education and Research

  • White Papers // Mar 2011

    Correlation Of Financial Markets In Times Of Crisis

    Using the eigenvalues and eigenvectors of correlations matrices of some of the main financial market indices in the world, the authors show that high volatility of markets is directly linked with strong correlations between them. This means that markets tend to behave as one during great crashes. In order to...

    Provided By Insper Institute of Education and Research

  • White Papers // Feb 2010

    Inflation Targeting Does Not Matter: Another Look At OECD Economies? Output Sacrifice Ratios

    Recently in this journal, Gon?alves and Carvalho (2009) concluded that inflation targeters were able to bring inflation down at less cost than nontargeters. This comment shows that their conclusion is not robust, but instead is the result of comparing a particular subset of IT disinflations with non-simultaneous disinflations that occurred...

    Provided By Insper Institute of Education and Research

  • White Papers // Feb 2010

    Taylor Rules And Exchange Rate Predictability In Emerging Economies

    This paper links exchange rate determination and endogenous monetary policy represented by Taylor rules. The authors fill a gap in the literature by focusing on a group of fifteen emerging economies that adopted free-floating exchange rate and inflation targeting beginning in the mid-1990s. Due to the limited time-series span, a...

    Provided By Insper Institute of Education and Research

  • White Papers // Oct 2009

    Does Inflation Targeting Really Matter? Another Look At The OECD Economies

    This paper confirms the window-dressing view of Inflation Targeting (IT) in industrial economies. After controlling for time and country fixed-effects, the output sacrifice ratios in the Phillips curve are not significantly lower for IT countries than for non-IT ones. Additionally, Taylor rule estimates show that there is no significant difference...

    Provided By Insper Institute of Education and Research

  • White Papers // Sep 2009

    Nonlinear Foreign Exchange Exposure: Evidence From Brazilian Companies

    The paper analyzes the exchange rate exposure of a sample of non-financial Brazilian companies from 1999 to 2009 using a Smooth Transition AutoRegressive model (STAR). The results confirm the importance of using nonlinear models to address companies' exchange rate exposure. The results indicate that when compared to the linear model...

    Provided By Insper Institute of Education and Research

  • White Papers // Aug 2009

    Corporate Social Responsibility, Product Differentiation Strategy And Export Performance

    This paper argues that Corporate Social Responsibility (CSR) may contribute to product differentiation in export markets and thus improve export performance. The authors test this argument by observing a period of decreasing export competitiveness in a leading emerging economy (Brazil). Using a large-scale survey design with 252 questionnaires completed by...

    Provided By Insper Institute of Education and Research

  • White Papers // Apr 2009

    Policy Preferences For Output Stability Before And After Inflation Targeting

    This paper examines a set of inflation-targeting countries and presents evidence on the attitude of policymakers to positive and negative output gaps. In fact, central banks may dislike deviations from potential output of one sign more than deviations of the opposite sign. Instead of the usual quadratic specification, an asymmetric...

    Provided By Insper Institute of Education and Research

  • White Papers // Apr 2009

    Animating Leadership: Crisis And Renewal Of Governance In 4 Mythic Narratives

    This paper analyzes four animated films in order to explore themes of leadership crises and leadership emergence. Drawing on psychoanalysis and structuralist film studies, this paper explores leadership emergence as a mythic structure within the four films, arguing that these myths are structured around a struggle of a young novice...

    Provided By Insper Institute of Education and Research

  • White Papers // Apr 2009

    Heterogeneity Of Central Bankers And Inflationary Pressure

    This paper builds a game theoretic model to investigate credibility in monetary policy when inflation targets are not set by the monetary authority and there is uncertainty about the preferences of the central banker. Under reasonable assumptions, the model shows that in countries with greater dispersion in central bankers' preferences,...

    Provided By Insper Institute of Education and Research

  • White Papers // Mar 2011

    Shocks In Financial Markets, Price Expectation, And Damped Harmonic Oscillators

    Using a modified damped harmonic oscillator model equivalent to a model of market dynamics with price expectations, the authors analyze the reaction of financial markets to shocks. In order to do this, they gather data from indices of a variety of financial markets for the 1987 Black Monday, the Russian...

    Provided By Insper Institute of Education and Research

  • White Papers // Mar 2011

    Correlation Of Financial Markets In Times Of Crisis

    Using the eigenvalues and eigenvectors of correlations matrices of some of the main financial market indices in the world, the authors show that high volatility of markets is directly linked with strong correlations between them. This means that markets tend to behave as one during great crashes. In order to...

    Provided By Insper Institute of Education and Research

  • White Papers // Feb 2010

    Inflation Targeting Does Not Matter: Another Look At OECD Economies? Output Sacrifice Ratios

    Recently in this journal, Gon?alves and Carvalho (2009) concluded that inflation targeters were able to bring inflation down at less cost than nontargeters. This comment shows that their conclusion is not robust, but instead is the result of comparing a particular subset of IT disinflations with non-simultaneous disinflations that occurred...

    Provided By Insper Institute of Education and Research

  • White Papers // Feb 2010

    Taylor Rules And Exchange Rate Predictability In Emerging Economies

    This paper links exchange rate determination and endogenous monetary policy represented by Taylor rules. The authors fill a gap in the literature by focusing on a group of fifteen emerging economies that adopted free-floating exchange rate and inflation targeting beginning in the mid-1990s. Due to the limited time-series span, a...

    Provided By Insper Institute of Education and Research

  • White Papers // Oct 2009

    Does Inflation Targeting Really Matter? Another Look At The OECD Economies

    This paper confirms the window-dressing view of Inflation Targeting (IT) in industrial economies. After controlling for time and country fixed-effects, the output sacrifice ratios in the Phillips curve are not significantly lower for IT countries than for non-IT ones. Additionally, Taylor rule estimates show that there is no significant difference...

    Provided By Insper Institute of Education and Research

  • White Papers // Sep 2009

    Nonlinear Foreign Exchange Exposure: Evidence From Brazilian Companies

    The paper analyzes the exchange rate exposure of a sample of non-financial Brazilian companies from 1999 to 2009 using a Smooth Transition AutoRegressive model (STAR). The results confirm the importance of using nonlinear models to address companies' exchange rate exposure. The results indicate that when compared to the linear model...

    Provided By Insper Institute of Education and Research

  • White Papers // Aug 2009

    Corporate Social Responsibility, Product Differentiation Strategy And Export Performance

    This paper argues that Corporate Social Responsibility (CSR) may contribute to product differentiation in export markets and thus improve export performance. The authors test this argument by observing a period of decreasing export competitiveness in a leading emerging economy (Brazil). Using a large-scale survey design with 252 questionnaires completed by...

    Provided By Insper Institute of Education and Research

  • White Papers // Apr 2009

    Policy Preferences For Output Stability Before And After Inflation Targeting

    This paper examines a set of inflation-targeting countries and presents evidence on the attitude of policymakers to positive and negative output gaps. In fact, central banks may dislike deviations from potential output of one sign more than deviations of the opposite sign. Instead of the usual quadratic specification, an asymmetric...

    Provided By Insper Institute of Education and Research

  • White Papers // Apr 2009

    Heterogeneity Of Central Bankers And Inflationary Pressure

    This paper builds a game theoretic model to investigate credibility in monetary policy when inflation targets are not set by the monetary authority and there is uncertainty about the preferences of the central banker. Under reasonable assumptions, the model shows that in countries with greater dispersion in central bankers' preferences,...

    Provided By Insper Institute of Education and Research

  • White Papers // Apr 2009

    Animating Leadership: Crisis And Renewal Of Governance In 4 Mythic Narratives

    This paper analyzes four animated films in order to explore themes of leadership crises and leadership emergence. Drawing on psychoanalysis and structuralist film studies, this paper explores leadership emergence as a mythic structure within the four films, arguing that these myths are structured around a struggle of a young novice...

    Provided By Insper Institute of Education and Research