Carlos Carvalho

Government of the Federative Republic of Brazil - Central Bank of Brazil

Deputy Governor

P.O. Box 08670

SBS Quadra 3 Bloco B - Edificio-Sede

Brasilia, Distr. Federal 70074-900

Brazil

Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics

Rua Marques de Sao Vicente, 225/206F

Rio de Janeiro, RJ 22453

Brazil

http://https://sites.google.com/site/cvianac2/carloscarvalho

SCHOLARLY PAPERS

37

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CITATIONS
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36

Scholarly Papers (37)

1.
Downloads 671 ( 37,067)
Citation 5

Sectoral Price Facts in a Sticky-Price Model

Number of pages: 41 Posted: 04 Jul 2010 Last Revised: 30 Oct 2018
Carlos Carvalho, Jae Won Lee and Woong Yong Park
Government of the Federative Republic of Brazil - Central Bank of Brazil, Rutgers University, New Brunswick/Piscataway - Faculty of Arts and Sciences - New Brunswick/Piscataway - Department of Economics and Seoul National University
Downloads 557 (46,746)
Citation 5

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heterogeneity, price stickiness, sectoral data, FAVAR, aggregate shocks, sectoral shocks

Sectoral Price Facts in a Sticky-Price Model

FRB of New York Staff Report No. 495
Number of pages: 53 Posted: 26 May 2011
Carlos Carvalho and Jae Won Lee
Government of the Federative Republic of Brazil - Central Bank of Brazil and Rutgers University, New Brunswick/Piscataway - Faculty of Arts and Sciences - New Brunswick/Piscataway - Department of Economics
Downloads 114 (238,866)
Citation 5

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heterogeneity, price stickiness, sectoral data, FAVAR, aggregate shocks, sectoral shocks

The Persistent Effects of a False News Shock

FRB of New York Staff Report No. 374
Number of pages: 32 Posted: 21 May 2009 Last Revised: 17 Nov 2011
Carlos Carvalho, Nicholas Klagge and Emanuel Moench
Government of the Federative Republic of Brazil - Central Bank of Brazil, Federal Reserve Bank of New York and Deutsche Bundesbank
Downloads 288 (102,826)

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false news, natural experiment, United Airlines, noise, market efficiency, contagion

The Persistent Effects of a False News Shock

Number of pages: 31 Posted: 17 Nov 2011
Carlos Carvalho, Nicholas Klagge and Emanuel Moench
Government of the Federative Republic of Brazil - Central Bank of Brazil, Federal Reserve Bank of New York and Deutsche Bundesbank
Downloads 103 (256,841)

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false news, natural experiment, United Airlines, noise, market efficiency, contagion

The Persistent Effects of a False News Shock

Journal of Empirical Finance, Vol. 18, No. 4, 2011
Posted: 17 Nov 2011
Carlos Carvalho, Nicholas Klagge and Emanuel Moench
Government of the Federative Republic of Brazil - Central Bank of Brazil, Federal Reserve Bank of New York and Deutsche Bundesbank

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False News, Natural Experiment, United Airlines, Noise, Market Efficiency

3.
Downloads 390 ( 73,479)
Citation 13

Aggregation and the PPP Puzzle in a Sticky-Price Model

Number of pages: 49 Posted: 09 Nov 2008 Last Revised: 21 Sep 2010
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 304 (97,001)
Citation 13

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heterogeneity, aggregation, price stickiness, real exchange rates, PPP puzzle

Aggregation and the PPP Puzzle in a Sticky-Price Model

FRB of New York Staff Report No. 351
Number of pages: 48 Posted: 10 Nov 2008
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 86 (289,193)
Citation 13

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heterogeneity, aggregation, price stickiness, real exchange rates, PPP Puzzle

Aggregation and the PPP Puzzle in a Sticky-Price Model

American Economic Review, Vol. 101, No. 6, 2011
Posted: 20 Oct 2011
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco

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heterogeneity, aggregation, price stickiness, real exchange rates, PPP puzzle

4.

ARCO: An Artificial Counterfactual Approach for High-Dimensional Panel Time-Series Data

Number of pages: 60 Posted: 17 Aug 2016 Last Revised: 23 Jul 2018
Carlos Carvalho, Ricardo Masini and Marcelo C. Medeiros
Government of the Federative Republic of Brazil - Central Bank of Brazil, Getulio Vargas Foundation (FGV), Sao Paulo School of Economics and Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics
Downloads 352 (82,762)

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counterfactual analysis, comparative studies, LASSO, ArCo, synthetic control, policy evaluation, intervention, structural break, panel data, factor models.

5.

Do People Understand Monetary Policy?

Number of pages: 50 Posted: 15 Jan 2012 Last Revised: 24 Apr 2014
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 309 (95,783)
Citation 1

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survey data, monetary policy, communication, Taylor rule, inflation expectations, Michigan Survey, Survey of Professional Forecasters

6.

Anchored Inflation Expectations

Number of pages: 58 Posted: 15 Aug 2017 Last Revised: 28 Feb 2019
Government of the Federative Republic of Brazil - Central Bank of Brazil, University of Texas at Austin, Deutsche Bundesbank and University of Melbourne - Department of Economics
Downloads 241 (124,457)

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Anchored expectations, inflation expectations, survey data

7.

Demographics and Real Interest Rates: Inspecting the Mechanism

Number of pages: 35 Posted: 11 Jan 2016 Last Revised: 26 Feb 2018
Carlos Carvalho, Andrea Ferrero and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil, University of Oxford - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 200 (148,986)

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Life expectancy, population growth, demographic transition, real interest rate, monetary policy, zero lower bound, Secular Stagnation

The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data

Number of pages: 53 Posted: 17 Nov 2008 Last Revised: 12 Sep 2010
Carlos Carvalho and Niels Arne Dam
Government of the Federative Republic of Brazil - Central Bank of Brazil and Danmarks Nationalbank
Downloads 104 (255,071)

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heterogeneity, price stickiness, micro data, macro data, Bayesian estimation

The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data

FRB of New York Staff Report No. 419
Number of pages: 54 Posted: 06 Jan 2010 Last Revised: 25 Aug 2010
Carlos Carvalho and Niels Arne Dam
Government of the Federative Republic of Brazil - Central Bank of Brazil and Danmarks Nationalbank
Downloads 75 (314,312)

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heterogeneity, price stickiness, micro data, macro data, Bayesian estimation

State-Dependent Pricing under Infrequent Information: A Unified Framework

Number of pages: 45 Posted: 12 May 2010 Last Revised: 14 May 2011
Marco Bonomo, Carlos Carvalho and René Garcia
Insper Institute of Education and Research, Government of the Federative Republic of Brazil - Central Bank of Brazil and Université de Montréal - CIREQ - Département de sciences économiques
Downloads 140 (203,530)
Citation 6

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menu costs, information costs, infrequent information, sticky information, inattentiveness, optimal price setting, state-dependent pricing, time-dependent pricing

State-Dependent Pricing Under Infrequent Information: A Unified Framework

FRB of New York Staff Report No. 455
Number of pages: 46 Posted: 24 Jun 2010 Last Revised: 16 May 2011
Marco Bonomo, Carlos Carvalho and René Garcia
Insper Institute of Education and Research, Government of the Federative Republic of Brazil - Central Bank of Brazil and Université de Montréal - CIREQ - Département de sciences économiques
Downloads 28 (480,964)
Citation 6

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Menu Costs, Information Costs, Infrequent Information, Sticky Information, Inattentiveness, Optimal Price Setting

10.

Macroeconomic Effects of Credit Deepening in Latin America

Number of pages: 63 Posted: 02 Oct 2014 Last Revised: 27 Sep 2018
Carlos Carvalho, Nilda Pasca, Laura Souza and Eduardo Zilberman
Government of the Federative Republic of Brazil - Central Bank of Brazil, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics and Central Bank of Chile - Economic Research
Downloads 166 (176,177)

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credit deepening; financial frictions; consignado credit; payroll lending

11.

Just Words? A Quantitative Analysis of the Communication of the Central Bank of Brazil

Number of pages: 16 Posted: 06 Oct 2013 Last Revised: 24 Apr 2014
Carlos Carvalho, Fernando Cordeiro and Juliana Vargas
Government of the Federative Republic of Brazil - Central Bank of Brazil, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics and BR-Investimentos
Downloads 165 (177,094)

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Brazil, COPOM, central bank, communication, semantic, term-structure of interest rates, monetary policy

Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models

Number of pages: 38 Posted: 29 Nov 2012 Last Revised: 20 Jul 2018
Carlos Carvalho and Felipe F. Schwartzman
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 141 (202,320)
Citation 2

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time-dependent pricing, monetary non-neutrality, general hazard function, selection effect, heterogeneity

Selection and Monetary Non-Neutrality in Time-Dependent Pricing Models

FRB Richmond Working Paper No. 12-09R
Number of pages: 36 Posted: 20 Dec 2012 Last Revised: 12 May 2015
Carlos Carvalho and Felipe F. Schwartzman
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 21 (522,846)
Citation 2

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price setting, monetary non-neutrality, general hazard function, selection effect, heterogeneity

13.

Gambling, Risk Appetite and Asset Pricing

Number of pages: 59 Posted: 30 Nov 2017 Last Revised: 17 Apr 2018
Government of the Federative Republic of Brazil - Central Bank of Brazil, XP investimentos, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics and Central Bank of Chile - Economic Research
Downloads 159 (182,795)

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Asset Pricing, Cross-Section, Predictability, Factors, CAPM, Conditional Model, Gambling, Casino

14.

Monetary Policy and Real Exchange Rate Dynamics in Sticky-Price Models

Number of pages: 49 Posted: 02 Jul 2014 Last Revised: 12 Apr 2019
Carlos Carvalho, Fernanda Nechio and Fang Yao
Government of the Federative Republic of Brazil - Central Bank of Brazil, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Friedrich-Alexander University of Erlangen-Nürnberg
Downloads 156 (185,691)

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real exchange rates, monetary policy, interest rate smoothing, PPP puzzle, persistence

15.

The Perils of Counterfactual Analysis with Integrated Processes

Number of pages: 41 Posted: 06 Jan 2017
Carlos Carvalho, Ricardo Masini and Marcelo C. Medeiros
Government of the Federative Republic of Brazil - Central Bank of Brazil, Getulio Vargas Foundation (FGV), Sao Paulo School of Economics and Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics
Downloads 154 (187,762)

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Counterfactual Analysis, Comparative Studies, Panel Data, ArCo, Synthetic Control, Policy Evaluation, Intervention, Cointegration, Factor Models, Spurious Regression, Nonstationarity

16.

Time- and State-Dependent Pricing: A Unified Framework

Number of pages: 47 Posted: 19 Sep 2011
Marco Bonomo, Carlos Carvalho and René Garcia
Insper Institute of Education and Research, Government of the Federative Republic of Brazil - Central Bank of Brazil and Université de Montréal - CIREQ - Département de sciences économiques
Downloads 133 (211,475)

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menu costs, information costs, infrequent information, sticky information, inattentiveness, optimal price setting, state-dependent pricing, time-dependent pricing

17.

Sentiment, Electoral Uncertainty and Stock Returns

Number of pages: 52 Posted: 11 Mar 2017 Last Revised: 19 Aug 2017
Carlos Carvalho, Ruy Ribeiro and Eduardo Zilberman
Government of the Federative Republic of Brazil - Central Bank of Brazil, Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics and Central Bank of Chile - Economic Research
Downloads 120 (228,882)

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sentiment; stock returns; electoral uncertainty; event study; soccer

18.

Policy Initiatives in the Global Recession: What Did Forecasters Expect?

Current Issues in Economics and Finance, Vol. 18, No. 1, 2012
Number of pages: 11 Posted: 25 Feb 2012
Carlos Carvalho, Stefano Eusepi and Christian Grisse
Government of the Federative Republic of Brazil - Central Bank of Brazil, University of Texas at Austin and Swiss National Bank
Downloads 112 (240,618)

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unconventional monetary policy, inflation expectations

19.

The Cross-sectional Distribution of Price Stickiness Implied by Aggregate Data

Number of pages: 46 Posted: 21 Jan 2015 Last Revised: 22 Aug 2018
Carlos Carvalho, Niels Arne Dam and Jae Won Lee
Government of the Federative Republic of Brazil - Central Bank of Brazil, Danmarks Nationalbank and Rutgers University, New Brunswick/Piscataway - Faculty of Arts and Sciences - New Brunswick/Piscataway - Department of Economics
Downloads 110 (243,730)

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real rigidities, heterogeneity in price stickiness, sales, regular prices, micro data, macro data, Bayesian estimation

20.

Transitions in Central Bank Leadership

Number of pages: 73 Posted: 11 Jul 2017
Carlos Carvalho, Tiago Flórido and Eduardo Zilberman
Government of the Federative Republic of Brazil - Central Bank of Brazil, Harvard University and Central Bank of Chile - Economic Research
Downloads 97 (265,624)

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monetary policy, transitions, central bank leadership, signalling, career concerns

21.

Deindustrialization and Economic Diversification

Number of pages: 19 Posted: 28 Jan 2014 Last Revised: 29 Jan 2014
Tiago Berriel, Marco Bonomo and Carlos Carvalho
Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics, Insper Institute of Education and Research and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 89 (280,664)

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diversification, deindustrialization, growth, portfolio problem, inefficiency

Loss Aversion, Asymmetric Market Comovements, and the Home Bias

FRB of New York Staff Report No. 430
Number of pages: 26 Posted: 23 Feb 2010 Last Revised: 10 Apr 2010
Kevin Amonlirdviman and Carlos Carvalho
Boston Consulting Group and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 89 (282,955)
Citation 1

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loss aversion, home bias, asymmetric return comovements, equity premium puzzle

Loss Aversion, Asymmetric Market Comovements, and the Home Bias

Journal of International Money and Finance, Vol. 29, No. 7, 2010
Posted: 20 Oct 2011
Carlos Carvalho and Kevin Amonlirdviman
Government of the Federative Republic of Brazil - Central Bank of Brazil and Boston Consulting Group

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Loss Aversion, Home Bias, Asymmetric Market Comovements, Equity Premium Puzzle

23.

Measuring the Effect of the Zero Lower Bound on Monetary Policy

Number of pages: 34 Posted: 23 Apr 2016 Last Revised: 04 Dec 2016
Carlos Carvalho, Eric Hsu and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil, University of California, Berkeley and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 86 (286,720)

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communication, forward guidance, zero lower bound

24.

Persistent Monetary Non-Neutrality in an Estimated Model with Menu Costs and Partially Costly Information

Number of pages: 34 Posted: 27 Mar 2016 Last Revised: 29 Jan 2019
Marco Bonomo, Carlos Carvalho, René Garcia and Vivian Malta
Insper Institute of Education and Research, Government of the Federative Republic of Brazil - Central Bank of Brazil, Université de Montréal - CIREQ - Département de sciences économiques and World Bank
Downloads 82 (295,165)

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menu costs, information costs, infrequent information, partial information, inattentiveness, optimal price setting, state-dependent pricing, time-dependent pricing

Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing

FRB of New York Staff Report No. 355
Number of pages: 38 Posted: 17 Nov 2008 Last Revised: 03 Jun 2010
Marco Bonomo and Carlos Carvalho
Insper Institute of Education and Research and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 78 (307,034)
Citation 4

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disinflation, optimal price setting, endogenous time-dependent pricing

Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing

Journal of Money, Credit, and Banking, Vol. 42, No. 5, 2010
Posted: 20 Oct 2011
Marco Bonomo and Carlos Carvalho
Insper Institute of Education and Research and Government of the Federative Republic of Brazil - Central Bank of Brazil

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disinflation, credibility, optimal price setting, endogenous time-dependent pricing

26.

Heterogeneous Price-Setting Behavior and Aggregate Dynamics: Some General Results

Number of pages: 43 Posted: 29 Nov 2012
Carlos Carvalho and Felipe F. Schwartzman
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 66 (333,640)
Citation 4

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heterogeneity, aggregation, price setting, general hazard function

27.

Factor Specificity and Real Rigidities

Number of pages: 29 Posted: 11 Sep 2014 Last Revised: 21 Aug 2016
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 58 (355,991)

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factor specificity, multisector model, heterogeneity, monetary non-neutrality

28.

Real Exchange Rate Dynamics in Sticky-Price Models with Capital

Number of pages: 28 Posted: 13 Jul 2012 Last Revised: 22 May 2016
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 55 (365,164)

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real exchange rates, capital accumulation, factor mobility, multisector model, PPP puzzle

29.

Taylor Rule Estimation by OLS

Number of pages: 41 Posted: 23 Oct 2018 Last Revised: 07 Jun 2019
Carlos Carvalho, Fernanda Nechio and Tiago Tristão
Government of the Federative Republic of Brazil - Central Bank of Brazil, Federal Reserve Banks - Federal Reserve Bank of San Francisco and Opus
Downloads 45 (398,197)

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Taylor rule, OLS, GMM, endogeneity bias, New Keynesian models

30.

Price Selection

Number of pages: 38 Posted: 09 Aug 2018
Carlos Carvalho and Oleksiy Kryvtsov
Government of the Federative Republic of Brazil - Central Bank of Brazil and Bank of Canada
Downloads 42 (409,003)

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Consumer Price Index, Inflation, Prices, Selection Effect, Money Non-Neutrality

31.

What If Brazil Hadn't Floated the Real in 1999?

Number of pages: 42 Posted: 15 Mar 2016 Last Revised: 19 Apr 2018
Carlos Carvalho and André Vilela
Government of the Federative Republic of Brazil - Central Bank of Brazil and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 37 (428,378)

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monetary policy, regime shift, currency peg, inflation targeting, Brazil

32.

E Se o Brasil Não Tivesse Adotado Câmbio Flutuante em 1999? (What if Brazil Hadn't Floated the Real in 1999?)

Number of pages: 48 Posted: 17 Mar 2016 Last Revised: 19 Apr 2018
Carlos Carvalho and André Vilela
Government of the Federative Republic of Brazil - Central Bank of Brazil and Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 35 (436,520)

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Política monetária, mudança de regime, câmbio fixo, metas para a inflação, Brasil

33.

Approximating Multisector New Keynesian Models

Number of pages: 18 Posted: 13 Sep 2017 Last Revised: 13 Nov 2017
Carlos Carvalho and Fernanda Nechio
Government of the Federative Republic of Brazil - Central Bank of Brazil and Federal Reserve Banks - Federal Reserve Bank of San Francisco
Downloads 27 (473,106)

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Multisector Approximation, Heterogeneity, Factor Specificity

34.

Heterogeneous Sticky-Information Economies

Number of pages: 25 Posted: 14 Dec 2017
Carlos Carvalho
Government of the Federative Republic of Brazil - Central Bank of Brazil
Downloads 21 (505,975)

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sticky-information, heterogeneity

35.

Extensive Margin Adjustment of Multi-Product Firm and Risk Diversification

IMF Working Paper No. 17/146
Number of pages: 45 Posted: 09 Aug 2017
Carlos Carvalho, Gee Hee Hong and Jing Zhou
Government of the Federative Republic of Brazil - Central Bank of Brazil, International Monetary Fund (IMF) and Columbia University
Downloads 14 (546,229)

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Product scope, multi-product firms, risk diversification, firm dynamics, Asset Pricing, Business Objectives of the Firm, Firm Performance: Size, Diversification, and Scope, General

36.

Endogenous Time-Dependent Rules and Inflation Inertia

Journal of Money, Credit, and Banking, Vol. 36, No. 6, 2004
Posted: 18 Apr 2010
Marco Bonomo and Carlos Carvalho
Insper Institute of Education and Research and Government of the Federative Republic of Brazil - Central Bank of Brazil

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time-dependent rules, optimal pricing rules, information costs,inflation inertia

37.

Heterogeneity in Price Stickiness and the Real Effects of Monetary Shocks

The Berkeley Electronic Journal of Macroeconomics, Vol. 2, No. 1, 2006
Posted: 18 Apr 2010
Carlos Carvalho
Government of the Federative Republic of Brazil - Central Bank of Brazil

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heterogeneity, price stickiness, aggregation, persistence, new Keynesian Phillips curve