Marco Antônio Cesar Bonomo

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Hyperinflation is usually interpreted as a result of the monetary financing of serious fiscal imbalances. Here, a fiscalist alternative is explored, in which inflation explodes because of the fiscal effects of monetary policy. Higher interest rates cause the outside financial wealth of private agents to grow faster in nominal terms, which in fiscalist(More)
We propose an asset pricing model with generalized disappointment aversion preferences and long-run volatility risk. With Markov switching fundamentals, we derive closed-form solutions for all returns moments and predictability regressions. The model produces first and second moments of price-dividend ratios and asset returns as well as return(More)
Ce document est publié dans l'intention de rendre accessible les résultats préliminaires de la recherche effectuée au CIRANO, afin de susciter des échanges et des suggestions. Les idées et les opinions émises sont sous l'unique responsabilité des auteurs, et ne représentent pas nécessairement les positions du CIRANO ou de ses partenaires. This paper(More)
The objective of the trial is to evaluate the efficacy of capecitabine in patients with metastatic hormone-resistant prostate carcinoma (HRPC), in terms of prostate-specific antigen (PSA) response and clinical benefit (decrease of pain or analgesic score) and its safety profile. In all, 25 patients with HRPC were enrolled on a phase II trial of capecitabine(More)
In this paper we study the interaction between macroeconomic environment and firms’ balance sheet effects in Brazil during the 1990’s. We start by assessing the influence of macroeconomic conditions on firms’ debt composition in Brazil. We found that larger firms tend to change debt currency composition more in response to a change in the exchange rate risk(More)
We characterize optimal state-dependent pricing rules under various forms of infrequent information. In all models, infrequent price changes arise from the existence of a lump-sum “menu cost.” We entertain various alternatives for the source and nature of infrequent information. In two benchmark cases with continuously available information, optimal pricing(More)
We study price setting in a variable macroeconomic environment using a unique data set from the Brazilian CPI index of Fundação Getulio Vargas. Our primary data consist of a panel of individual prices for goods and services covering 100% of the CPI for the 1996-2008 period. During this period a number of important events produced substantial macroeconomic(More)
Using the Pricing Equation in a panel-data framework, we construct a novel consistent estimator of the stochastic discount factor (SDF) which relies on the fact that its logarithm is the serial-correlation “common feature”in every asset return of the economy. Our estimator is a simple function of asset returns, does not depend on any parametric function(More)
We develop a tractable uni…ed framework for solving optimal timeand state-dependent price-setting problems. We illustrate our approach by solving a price-setting problem where adjustments are costly, and there are two types of information. One type of information is freely available and ‡ows continuously, while the other type is costly and requires the(More)
OBJECTIVES The aim of this study is to retrospectively review the outcomes of patients with comminuted radial head fractures surgically treated with early radial head excision. DESIGN Retrospective follow-up study. SETTING University orthopaedic trauma center. PATIENTS Forty-two patients with unilateral, isolated, closed, displaced, or comminuted(More)