Angelo Marsiglia Fasolo

"Fiscal Policy and Openness: Is There a Trade-off Among Policies?"

Paper presented for the class in Advanced Macroeconomics.

Abstract: In this paper, an extended version of traditional growth regression exercises point to the existence of a negative relationship between the size of the distortion generated by fiscal policy and the degree of openness in the economy. However, the evidence also suggest that relatively open economies, even suffering less consequences of the distortions from fiscal policy, do not present an average higher economic growth. The growth regression of Barro and Sala-i-Martin (2004) is extended in terms of time periods, number of countries and incorporates the procedure of Bleaney, Gemmell and Kneller (1999, 2001) to correct for bias in the estimates of the effects of fiscal policy in growth.

"Identification of Shocks in Emerging Economies: A Structural VAR Approach for Brazil"

Paper presented for the class in Empirical Macroeconomics.

Abstract: This paper presents an estimate of the importance of international shocks for the Brazilian economy, based in SVAR methodology. According to results, external shocks represents, on average, 40% of the fluctuations in the main variables of the Brazilian economy. This result is not sensitive to the forecast horizon, and it is lower than those values found in the literature. The correct specification of external shocks is marked as a necessary condition to produce proper inference from the effects of shocks in monetary policy and in the exchange rates.

"Optimal Monetary and Fiscal Policy for Emerging Economies - Chapters 1 and 2"

A first version of the first two chapters of the thesis. In the first chapter, a full description of the model, equilibrium definitions and welfare measures. In chapter 2, a complete analysis of the steady state conditions under a simple set of parameters.

IMPORTANT: THIS IS A PRELIMINARY VERSION! DO NOT QUOTE WITHOUT PERMISSION!!!

"Optimal Monetary and Fiscal Policy for Emerging Economies - Technical Appendix"

Technical appendix with a complete description of the model used in the forthcoming paper. The techinical appendix focus on the derivation of the equilibrium conditions, stationary conditions and the computation of the steady state conditions for the competitive equilibrium and the Ramsey problem.

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