TABLE OF CONTENTS
Department 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 Finance
Behavioral 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 I
Macroeconomics I
Econometrics I
WINTER QUARTER (June-July)
Microeconomics II
Macroeconomics II
Econometrics II
SPRING QUARTER (August-September)
Microeconomics III
Econometrics III
Macroeconomics III or Economic Growth.
SUMMER QUARTER (October-December)
Microeconomics IV
Econometrics IV
Macroeconomics IV, or Topics in Macroeconomics, or Topics in Economic Growth.
Year 2
AUTUMN QUARTER (March-May)
Applied Macroeconomics
2 Field Courses
WINTER QUARTER (June-July)
3 Field Courses
SPRING QUARTER (August-September)
3 Field Courses
SUMMER QUARTER (October-December)
Applied Microeconomics
2 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 Semiarid
Rodrigo R. Soares (with R. Rocha)
Journal of Development Economics, 2015.

Access to justice and entrepreneurship: Evidence from Brazil's special civil
tribunals
Rodrigo 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 Decisions
Bruno 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 2005
Cristine 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 Country
Vladimir Ponczek and André Portela Souza
The 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 Brazil
Rodrigo Soares (with Diana Kruger and Matias Berthelon)
Journal of Human Resources, 2012.
Institutional Development and Colonial Heritage within Brazil
Rodrigo Soares (with Joana Naritomi and Juliano J. Assunção)
Journal of Economic History, 2012.
A Note on Slavery and the Roots of Inequality
Rodrigo Soares (with Juliano J. Assunção and Tomás F. Goulart)
Journal of Comparative Economics, 2012.
Income bargaining effects on education health in Brazil
Vladimir Ponczek
Journal 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 Employment
Vladimir Ponczek (with Maúna Baldini)
Economics of Education Review, 2011.
Segmentation in the Brazilian Labor Market
Vladimir Ponczek (with Fernando Botelho)
Economic Development and Cultural Change, 2011.
Dry Law and Homicides: Evidence from the São Paulo Metropolitan Area
João 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 Program
Rodrigo Soares (with Romero Rocha)
Health Economics, 2010.
Altruism, Fertility, and the Value of Children: Health Policy Evaluation and
Intergenerational Welfare
Rodrigo Soares (with Javier A. Birchenall)
Journal of Public Economics, 2009.
The Demographic Transition and the Sexual Division of Labor
Rodrigo 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 Malawi
Áureo de Paula (with Gil Shapira and Petra Todd)
Journal of Ap, 2008.
Health and the Evolution of Welfare across Brazilian Municipalities.
Rodrigo Soares
Journal of Development Economics, 2007.
The Welfare Cost of Violence across Countries.
Rodrigo Soares
Journal of Health Economics, 2006.
Mortality Reductions, Educational Attainment, and Fertility Choice.
Rodrigo Soares
American Economic Review, 2005.
The Quantity and Quality of Life and the Evolution of World Inequality
Rodrigo 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 Soares
Journal of Development Economics, 2004.
Crime Reporting as a Measure of Institutional Development.
Rodrigo Soares
Economic Development and Cultural Change, 2004.
The Role of The Family in Immigrant´s Labor Market Activity:An Evaluation
of Alternative Explanations: Comment
André Portela Souza (with Francine D Blau; Lawrence Kahn and Joan
Moriarty)
American Economic Review, 2003.
ECONOMETRICS
Econometrics 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 system
Sergio 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 Pinto
Journal 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 Information
Áureo de Paula (with Xun Tang)
Econometrica, 2012.
A New Method of Estimating Moment Condition Models with Missing Data
when Selection is on Observables
Cristine Pinto (with Daniel Egel and Bryan Graham)
Review of Economic Studies, 2012.
Existence and uniqueness of a fixed point for local contractions
Victor Filipe Martins-da-Rocha (with Y. Vailakis)
Econometrica, 2010.
Interdependent Durations
Áureo de Paula (with Bo E. Honore)
Review of Economic Studies, 2010.
Unconditional Quantile Regressions
Sérgio Firpo (with Nicole Fortin and Thomas Lemieux)
Econometrica, 2009.
Inference in a Synchronization Game with Social Interactions
Áureo de Paula
Journal of Econometrics, 2009.
Nonparametric entropy-based tests of independence between stochastic
processes
Marcelo Fernandes (with B. Neri)
Econometric Reviews, 2009.
Efficient Semiparametric Estimation of Quantile Treatment Effects
Sérgio Firpo
Econometrica, 2007.
Guest Editorial: Semiparametric methods in econometrics
Marcelo Fernandes (with O. Linton and O. Scaillet)
Journal of Econometrics, 2007.
Testing the Markov property with high frequency data
Marcelo Fernandes (with João Amaro de Matos)
Journal of Econometrics, 2007.
A family of autoregressive conditional duration models
Marcelo Fernandes (with J. Grammig)
Journal of Econometrics, 2006.
Nonparametric specification tests for conditional duration models
Marcelo Fernandes (with J. Grammig)
Journal of Econometrics, 2005.
A multivariate conditional autoregressive range model
Marcelo Fernandes (with B. Mota and M. Rocha)
Economic Letters, 2005.
ECONOMIC THEORY
The 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 Uncertainty
Braz Camargo (with E. Pastorino)
Journal of Labor Economics, 2015

Learning with Bounded Memory in Games
Daniel Monte
Games and Economic Behavior, 2014.
The Daycare Assignment: A Dynamic Matching Problem
Daniel Monte (with J. Kennes and N. Tumennasan)
American Economic Journal: Microeconomics, forthcoming, 2014.
The Value of (Bounded) Memory in a Changing World
Daniel Monte (with Maher Said)
Economic Theory, forthcoming, 2014.
Incentive Constraints in Games with Bounded Memory
Daniel Monte
International Journal of Game Theory, forthcoming, 2014.
Bounded Memory and Permanent Reputations
Daniel Monte
Journal of Mathematical Economics, forthcoming, 2013.
Matching with Quorums
Daniel Monte (with Norovsambuu Tumennasan)
Economics Letters, 2013.
Harsh default penalties lead to Ponzi schemes: A counterexample.
Victor Filipe Martins-da-Rocha (with Y. Vailakis), 2012
Games 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-Rocha
Journal of Economic Theory, 2010.
Interracial Friendships in College
Braz 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 Control
Emanuel Ornelas (with John Turner)
Games and Economic Behavior, 2007.
Good News and Bad News in Two-Armed Bandits
Braz Camargo
Journal 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-Rocha
Economic Theory, 2004.
Equilibria in large economies with a separable Banach commodity space and
non-ordered preferences.
Victor Filipe Martins-da-Rocha
Journal of Mathematical Economics, 2003.
FINANCIAL ECONOMICS
Students 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 index
Marcelo 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 transmission
Marcelo 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 methods
Pedro Valls Pereira (with M. Laurini)
Economics Letters, 2009.
Are price limits on futures markets that cool? Evidence from the Brazilian
Mercantile and Futures Exchange
Marcelo Fernandes (with M. Rocha)
Journal of Financial Econometrics, 2007.
Financial crashes as endogenous jumps: Estimation, testing and forecasting
Marcelo Fernandes
Journal 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 ECONOMICS
Research 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 Control
Emanuel Ornelas (with Daniel Ferreira and John Turner)
Journal of Economics & Management Strategy
Intertemporal coordination with delay options
Luis Araujo and Bernardo Guimaraes
Journal of Economic Theory, 2015.
Limited monitoring and the essentiality of money.
Luis Araujo and Braz Camargo
Journal 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 Analysis
Tiago Cavalcanti (with Márcio Corrêa)
Review of Development Economics, 2014.
Coordination in the use of money
Luis Araújo and Bernardo Guimarães
Journal of Monetary Economics, 2014.
Public Debt and the Limits of Fiscal Policy to Increase Economic Growth
Vladimir K. Teles (with Caio Mussolini)
European Economic Review, forthcoming, 2014.
Costly Intermediation and Consumption Smoothing
Tiago Vanderlei de Vasconcelos Cavalcanti (with António Antunes; Anne
P. Villamil)
Economic Inquiry, 2013.
The Welfare Gains of Financial Liberalization: Capital Accumulation and
Heterogeneity
Tiago V. Cavalcanti (with António A. Antunes)
Journal of the European Economic Association, 2013.
US real interest rates and default risk in emerging economies
Bernardo Guimarães (with Nathan Foley-Fisher)
Journal of Money, Credit and Banking, forthcoming, 2013.
The Essentiality of Money in Environments with Centralized Trade
Luis Araujo and Braz Camargo (with Raoul Minetti and Daniela Puzzello)
Journal of Monetary Economic, 2012.
Free Trade Agreements and the Consolidation of Democracy
Emanuel Ornelas (with Xuepeng Liu)
American, 2012.
Protection and International Sourcing
Emanuel Ornelas (with John Turner)
Economic Journal, 2012.
Sequential Exporting
Emanuel Ornelas (with Facundo Albornoz, Hector Calvo-Pardo and Gregory
Corcos)
Journal of International Economics, 2012.
Financial dollarization and systemic risks: new empirical evidence
Márcio Holland (with F. VIEIRA and M. Resende)
Journal of International Money and Finance, 2012.
Sales and monetary policy
Bernardo Guimarães (with Kevin Sheedy)
American Economic Review, 2011.
On the Essentiality of Banks
Luis Araújo (with Raoul Minetti)
International Economic Review, 2011.
Knowledge sharing and the dynamics of social capital
Luis Araújo (with Raoul Minetti)
European Economic Review, 2011.
Sovereign default: which shocks matter?
Bernardo Guimarães
Review 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 Informality
Áureo 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
Participation
Tiago 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 Regionalism
Emanuel Ornelas
Journal of International Economics, 2008.
Trade Liberalization, Outsourcing, and the Hold Up Problem
Emanuel Ornelas (with John Turner)
Journal of International Economics, 2008.
Endogenous Supply of Fiat Money
Luis Araujo and Braz Camargo
Journal of Economic Theory, 2008.
Financial Intermediaries as Markets for Firm Assets
Luis 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 Economy
Tiago Vanderlei De Vasconcelos Cavalcanti (with António Antunes)
European Economic Review, 2007.
Exchanging Market Access at the Outsiders' Expense - the Case of Customs
Unions
Emanuel Ornelas
Canadian Journal of Economics, 2007.
Risk and wealth in a model of self-fulfilling currency attacks
Bernardo Guimarães (with Stephen Morris)
Journal of Monetary Economics, 2007.
International lending of last resort and moral hazard: a model of IMF's catalytic
finance
Bernardo Guimarães (with Giancarlo Corsetti and Nouriel Roubini)
Journal of Monetary Economics, 2006.
Dynamics of currency crises with asset market frictions
Bernardo Guimarães
Journal of International Economics, 2006.
Information, Learning, and the Stability of Fiat Money
Luis Araújo e Braz Camargo
Journal 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 Agreements
Emanuel Ornelas
Quarterly Journal of Economics, 2005.
Endogenous Free Trade Agreements and the Multilateral Trading System
Emanuel Ornelas
Journal of International Economics, 2005.
Trade Creating Free Trade Areas and the Undermining of Multilateralism
Emanuel Ornelas
European Economic Review, 2005.
Social norms and money
Luis Araújo
Journal of Monetary Economics, 2004.
The Optimal Inflation Tax and Structural Reform
Tiago Vanderlei De Vasconcelos Cavalcanti (with Anne P.Villamil)
Macroeconomic Dynamics, 2003.
PUBLIC ECONOMICS AND POLITICAL ECONOMY
Graduate 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, Luís
PhD, University of Pennsylvania
Research Interests: Macroeconomics, Applied Theory.
BARBOSA, Klênio
PhD, Tolouse School of Economics
Research Interests: Finance, Industrial Organization, Regulation, Public Procurement
CAMARGO, Braz
PhD, University of Pennsylvania
Research Interests: Microeconomics, Applied Theory
DE PAULA, Áureo
PhD, Princeton University
Research Interests: Econometrics, Applied Microeconomics
FERMAN, Bruno
PhD, MIT
Research Interests: Behavioural Finance, Consumer Finance
FERNANDES, Marcelo
PhD, Université Libre de Bruxelles, Pós-doc European University Institute
Research Interests: Econometrics, Empirical Finance
FIRPO, Sérgio
PhD, University of California at Berkeley
Research Interests: Econometrics
GUIMARÃES, Bernardo
PhD, Yale University
Research Interests: Macroeconomics, International Economics, Political Economy
MARTINS DA ROCHA, Victor Filipe
PhD, Universidade de Paris-I Panthéon Sorbonne
Research Interests: Mathemetical Economics, Finance, Economic Theory
MATTOS, Enlinson
PhD, University of Illinois at Urbana-Champaign
Research Interests: Public Economics
MERGULHÃO, João
PhD, Universidade Nova de Lisboa
Research Interests: Finance
MONTE, Daniel
PhD, Yale University
Research Interests: Applied Theory, Game Theory, Matching
ORNELAS, Emanuel
PhD, University of Wisconsin-Madison
Research Interests: International Trade, Political Economy
PESSOA, João Paulo
PhD, London School of Economics
Research Interests: Industrial organization, International Trade, Applied Microeconomics
PINTO, Cristine Xavier
PhD, University of California at Berkeley
Research Interests: Econometrics, Applied Microeconomics
PONCZEK, Vladimir P.
PhD Princeton University
Research Interests: Applied Microeconomics
SOARES, Rodrigo R.
Ph.D., University of Chicago
Research Interests: Development Economics, Applied Microeconomics
SOUZA, André Portela
PhD, Cornell University
Research Interests: Applied Microeconomics
TELES, Vladimir K.
Ph.D UnB; Pós-Doc Harvard University
Research Interests: Macroeconomics, Economic Growth
VALLS PEREIRA, Pedro
PhD London School of Economics - LSE
Research Interests: Econometrics, Finance
Associated Faculty
BRESSER-PEREIRA, Luiz Carlos
PhD, USP
Research Interests: Macroeconomics, Political Science
CARDOSO, Eliana
PhD MIT
Research Interests: Macroeconomics
HOLLAND, Márcio
PhD, UNICAMP; Pos-Doc, University of California at Berkeley
Research Interests: Macroeconomics