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Our work is based on a heterogenous agent shopping-time economy in which economic agents present distinct productivities in the production of the consumption good, and differentiated access to transacting assets. The purpose of the analysis is to investigate whether this setting can lead to a positive correlation between inflation and income inequality. Our main result is to show that, provided the productivity of the interest-bearing asset in the transacting technology is high enough, it is true that a positive link between inflation and income inequality is generated. An example is offered to illustrate the mechanism. D
This paper evaluates the sustainability of public debt in Brazil using monthly data from January 2003 to June 2016, based on the estimation of fiscal reaction functions with time-varying coefficients. Three estimation methods are considered: Kalman filter, penalized spline smoothing and time-varying cointegration. Besides indicating that the reaction of the primary deficit to variations in the debt/GDP ratio declined over most of the analyzed period, all these methods lead to the conclusion that the Brazilian public debt, given the parameters then in force, reached an unsustainable trajectory in the last years of the sample.
We use an age-dependent SIR system of equations to model the evolution of the COVID-19. Parameters that measure the amount of interaction in different locations (home, work, school, other) are approximated from in-sample data using a random optimization scheme, and indicate changes in social distancing along the course of the pandemic. That allows the estimation of the time evolution of classical and age-dependent reproduction numbers. With those parameters we predict the disease dynamics, and compare our results with out-of-sample data from the City of Rio de Janeiro. Finally, we provide a numerical investigation regarding age-based vaccination policies, shedding some light on whether is preferable to vaccinate those at most risk (the elderly) or those who spread the disease the most (the youngest). There is no clear upshot, as the results depend on the age of those immunized, contagious parameters, vaccination schedules and efficiency.
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