Publications
“Subjective Models of Workers and Managers for Macroeconomic Expectations” AEA - Papers & Proceedings. 2025
with Francesco D’Acunto, Saten Kumar, Michael Weber
Abstract We propose a measure of subjective models of the macroeconomy for firms and workers. Subjective models are highly heterogeneous across agents and their distribution is similar within the groups of firm managers and workers. At the same time, the beliefs of managers and workers who hold the same subjective models react differently to monetary shocks. The expected persistence of monetary policy tightening differs across managers based on their subjective models but not across workers. And, the expected effect of monetary tightening on short-term inflation differs across workers based on their subjective models but not across managers.
White Papers
with Aldo Musacchio, André Martínez. IDB Technical Note. 2025.
“A Indústria de Meios de Pagamento no Brasil: movimentos recentes” with Adriana Perez. Insper. 2018.
“Regulação em Meios de Pagamento: Contratos de Interoperabilidade ou Participação?” with Adalto Gonçalves. Insper. 2018.
Working Papers
“Inflation Expectations and Collective Wage-Setting" with Vasco Botelho, Sarah Holton, Franziska Maruhn, Michael Weber.
Dormant Research
“Effects of sharing positive credit information on consumer loans” with Marco Bonomo, Ricardo Schechtman
“Deposit Insurance Effects: Competition and Risk-Taking. Evidence from Brazil”
“Payroll Payments Microdata and Aggregate Labor Market in Brazil”
“How a Development Bank Affects Productivity?” with Marco Bonomo, Ricardo Brito, Sergio Lazzarini. FEBRABAN Working Paper. 2019.
“How Do State Enterprises Adapt: An Historical And Comparative Exploration of CEO Turnover Decisions" with Paul Ferreira, Aldo Musacchio, Sergio Lazzarini. Academy of Management - Proceedings. 2018.
“Do CEOs of State-Owned Enterprises Matter? Evidence from Brazil, 1973-1993” with Aldo Musacchio, Sergio Lazzarini. 2012.