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The Capital Puzzle Is Not About Capital
The Capital Puzzle Is Not About Capital
Eduardo Amaral · 2026 · Working paper
Can monetary tightening lower real interest rates? I show why conventional measures of the real interest rate gap can misrepresent the monetary policy stance and propose an alternative measure.
Abstract & citation · Latest paper · Policy brief
Related BIS version: The capital puzzle, Working Paper 1288 (2025).
Smoothing the New-Keynesian Capital Puzzle
Smoothing the New-Keynesian Capital Puzzle
Eduardo Amaral · 2024 · Central Bank of Brazil, Working Paper 606
Interest-rate smoothing helps resolve the capital puzzle in New Keynesian models and supports a structural interpretation of the real interest rate channel.
Thesis & earlier research
Essays in Monetary Policy with Risky Assets
Ph.D. thesis · PUC-Rio · 2021
Haralambos Simeonidis prize for best Ph.D. thesis, 2022.Chapters:
Undergraduate senior thesis
A comparative analysis of the economic crises of 1929 and 2007 in the United States.
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