Irineu E. Carvalho Filho

The Curious Case of the Yen as a Safe Haven Currency

A Forensic Analysis

During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of ...

Consumption Based Estimates of Urban Chinese Growth

This paper estimates the household income growth rates implied by food demand in a sample of urban Chinese households in 1993–2005. Our estimates, b...

Institutions, Informality, and Wage Flexibility

Evidence From Brazil

Even though institutions are created to protect workers, they may interfere with labor market functioning, raise unemployment, and end up being circum...

The Behavior of Currencies during Risk-off Episodes

Episodes of increased global risk aversion, also known as risk-off episodes, have become more frequent and severe since 2007. During these episodes, c...

Inflation Targeting and the Crisis

An Empirical Assessment

This paper appraises how countries with inflation targeting fared during the current crisis, with the goal of establishing the stylized facts that wil...

The Myth of Post-Reform Income Stagnation in Brazil

This paper uses Engel curves to estimate real income growth in Brazil. The estimated per capita household real income growth in metropolitan areas dur...

Exchange Rate Assessments

Methodologies for Oil Exporting Countries

Are the current account fluctuations in oil-exporting countries "excessive"? How should their real exchange rate respond to the evolution of external ...

Current Account and Precautionary Savings for Exporters of Exhaustible Resources

The economic slowdown in sub-Saharan Africa looks set to be mercifully brief. Recovery is now under way across the region. The region's relative resil...

The Myth of Post-Reform Income Stagnation: Evidence from Brazil and Mexico

Economic policies are often judged by a handful of statistics, some of which may be biased during periods of change. We estimate the income growth imp...

Household Income As A Determinant of Child Labor and School Enrollment in Brazil

Evidence From A Social Security Reform

This paper studies the effects of household income on labor participation and school enrollment of children aged 10 to 14 in Brazil using a social sec...

The Behavior of Currencies During Risk-Off Episodes

Episodes of increased global risk aversion, also known as risk-off episodes, have become more frequent and severe since 2007. During these episodes, c...