Browsing Faculté des arts et des sciences – Département de sciences économiques - Travaux et publications by Author "Castro, Rui"
Now showing items 1-13 of 13
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Asset Pricing in a Production Economy with Chew–Dekel Preferences
(Université de Montréal. Département de sciences économiques., 2009-05)In this paper we provide a thorough characterization of the asset returns implied by a simple general equilibrium production economy with Chew–Dekel risk preferences and convex capital adjustment costs. When households display levels of disappointment ... -
The Backing of Government Debt and the Price Level
(Université de Montréal. Département de sciences économiques., 2003)This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, ... -
Cross-sectoral variation in the volatility of plant-level idiosyncratic shocks
(Université de Montréal. Département de sciences économiques., 2014-06)We estimate the volatility of plant–level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry– or economy–wide factors, or by ... -
Cross–Sectoral Variation in Firm–Level Idiosyncratic Risk
(Université de Montréal. Département de sciences économiques., 2010-10)We estimate firm–level idiosyncratic risk in the U.S. manufacturing sector. Our proxy for risk is the volatility of the portion of growth in sales or TFP which is not explained by either industry– or economy–wide factors, or firm characteristics sys ... -
Economic Development under Alternative Trade Regimes
(Université de Montréal. Département de sciences économiques., 2005)How does openness affect economic development? This question is answered in the context of a dynamic general equilibrium model of the world economy, where countries have technological differences that are both sector-neutral and specific to the investment ... -
The Economic Effects of Improving Investor Rights in Portugal
(Université de Montréal. Département de sciences économiques., 2009-02)The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled by ... -
Explaining the evolution of educational attainment in the U.S.
(Université de Montréal. Département de sciences économiques., 2014-07)We study the evolution of educational attainment of the 1932–1972 cohorts using a calibrated model of investment in human capital with heterogeneous learning ability. The inter-cohort variation in schooling is driven by changes in skill prices, tuition, ... -
Legal Institutions, Sectoral Heterogeneity, and Economic Development
(Université de Montréal. Département de sciences économiques., 2008-07)Poor countries have lower PPP–adjusted investment rates and face higher relative prices of investment goods. It has been suggested that this happens either because these countries have a relatively lower TFP in industries producing capital goods, or ... -
On the Individual Optimality of Economic Integration
(Université de Montréal. Département de sciences économiques., 2011-03)Which countries find it optimal to form an economic union? We emphasize the risk-sharing benefits of economic integration. We consider an endowment world economy model, where international financial markets are incomplete and contracts not enforceable. ... -
On the individual optimality of economic integration
(Université de Montréal. Département de sciences économiques., 2014-08)Which countries find it optimal to form an economic union? We emphasize the risk-sharing benefits of economic integration. Consider an endowment world economy model, where international financial markets are incomplete and contracts not enforceable. A ... -
On the individual optimality of economic integration
(Université de Montréal. Département de sciences économiques., 2015-11)Which countries find it optimal to form an economic union? We emphasize the risk-sharing benefits of economic integration. Consider an endowment world economy model, where international financial markets are incomplete and contracts not enforceable. A ... -
On the Political Economy of Sequential Reforms
(Université de Montréal. Département de sciences économiques., 2001)This paper proposes an explanation for why efficient reforms are not carried out when losers have the power to block their implementation, even though compensating them is feasible. We construct a signaling model with two-sided incomplete information ... -
Why Have Aggregate Skilled Hours Become So Cyclical Since the Mid-1980's?
(Université de Montréal. Département de sciences économiques., 2005)This paper documents and discusses a dramatic change in the cyclical behavior of aggregate hours worked by individuals with a college degree (skilled workers) since the mid-1980’s. Using the CPS outgoing rotation data set for the period 1979:1-2003:4, ...
