Revista Brasileira de Economia, Volume: 76, Issue: 1, Published: 2022
  • A note on inattention: Evidence from library services in São Paulo Artigos

    Albergaria, Matheus; Lima, Gilberto Tadeu

    Abstract in English:

    Abstract This note provides evidence on inattention in an information commons. Employing a large dataset compiling daily transactions in libraries, we compare a specific compliance behavior of library users over weekdays. If inattention affects rule compliance, then one would plausibly expect greater return delays in periods of potentially higher inattention, such as the day before weekends, holidays, and exam weeks. We found robust evidence of a day of the week effect: inattention, as approximately measured by delays in returning checked out books, is consistently higher on Fridays. Meanwhile, there is no evidence of such an inattentive behavior in dates near holidays, or exam weeks.
  • Do voters reward politicians for education expenditures? Artigos

    ASSUNÇÃO, MATHEUS; ESTEVAN, FERNANDA

    Abstract in English:

    Abstract Since education is publicly provided in most countries, the political system typically determines the level of education expenditures. Thus, it is essential to understand politicians' incentives to allocate resources to education. This paper provides causal evidence that voters reward politicians for educational expenditures by estimating the impact of a change in public education spending on mayors' reelection chances. To do so, we use an exogenous source of variation in education expenditures brought about by a federal reform, FUNDEF, in Brazil. We show that increases in education expenditures caused by FUNDEF led to a significant increase in the mayors' reelection chances. One percent increase in per capita education expenditures due to FUNDEF led to a 1.45 percent increase in mayors' reelection chances.
  • Desempenho dos estudantes ao final do ensino médio: Mensurando a influência direta e indireta da educação dos pais Artigos

    FEIJÓ, JANAÍNA RODRIGUES; FRANÇA, JOÃO MÁRIO SANTOS DE; PINHO NETO, VALDEMAR RODRIGUES DE

    Abstract in Portuguese:

    Resumo Esse artigo investiga a relação entre nível educacional dos pais e desempenho dos filhos no Enem. Em particular, analisamos quatro canais (tamanho da família, renda, infraestrutura domiciliar e escolas) que intermediam esta relação e investigamos se há heterogeneidade dos impactos por gênero dos filhos. Utilizam-se os microdados do Censo Escolar, disponibilizados pelo Inep, juntamente com um modelo econométrico que inclui quatro grupos de efeitos fixos (um para cada possível canal). Os resultados revelam efeitos (brutos) relevantes da educação do pai e da mãe sobre a educação dos filhos e, mesmo após controlar simultaneamente por renda, tamanho da família, infraestrutura domiciliar e escola, a magnitude da influência (líquida) da escolaridade dos pais permanece relevante, embora diminua consideravelmente. Além disso, em termos de efeito líquido, a escolaridade do pai e da mãe contribuem mais para as notas das filhas.
  • Testing the consumption-based CAPM using the stochastic discount factor Artigos

    MONTEIRO, MARCEL STANLEI; CARRASCO-GUTIERREZ, CARLOS ENRIQUE

    Abstract in Portuguese:

    Abstract This article investigates the problem of optimal intertemporal consumption in the CCAPM setup from a new empirical perspective. The econometric analysis is based on use of the equality between the stochastic discount factor (SDF) and the marginal rate of intertemporal substitution of consumption, which in the CCAPM is equivalent to the Euler equation resulting from the intertemporal optimization problem of the representative individual. We start from an asset pricing equation to find the estimators of the SDF, without the need to make a parametric assumption about preferences, and then estimate the parameters of the consumption models. In our empirical exercise, the dataset covers income, aggregate consumption and return on financial assets in the quarterly period from 1996:1 to 2016:4. We also consider the existence of a portion of rule-of-thumb consumers and the utility functions CRRA and habit formation in consumer preferences. The empirical results suggest that the preferences that exhibit the formation of consumption habits combined with the stochastic discount factor originating from the hypotheses of Brownian motion are those that most closely correspond to the hypotheses related to the behavior of aggregate consumption.
  • Heterogeneity in agricultural factor productivity across and within farm size groups in Brazil Artigos

    MEINERS, PEDRO GABRIEL; TORRES, MARCELO DE OLIVEIRA

    Abstract in Portuguese:

    Abstract A key issue in evaluating agricultural factor productivity in Brazil is the existing wide variation in farm sizes. In this study, we follow a quantile regression approach and use bootstrapping techniques to estimate a flexible production function to show that factor productivity does vary across and within land size groups. This happens not only because farms of different sizes use different input proportions but rather due to the existence of inter and intragroup farm-specific effects. Our results suggest that usual average measures of factor productivity of previous studies may then be poorly describing the Brazilian agriculture, likely leading to confounding conclusions.
  • Eletrificação rural, eletrodomésticos e oferta de trabalho feminino: Evidência para o Brasil Artigos

    RACHTER, LAÍSA; ROCHA, RUDI

    Abstract in Portuguese:

    Resumo Esse artigo analisa os efeitos do acesso à energia elétrica sobre o uso de eletrodomésticos e sobre a alocação de tempo das mulheres. Para lidar com a endogeneidade do acesso à energia elétrica, o artigo utiliza uma estratégia de identificação de variáveis instrumentais que combina dados do gradiente da terra e expansão da eletricidade induzidas pelo programa Luz para Todos no Brasil para construir instrumentos para o acesso à energia elétrica. Os resultados sugerem que a eletrificação aumentou significantemente o uso de eletrodomésticos no domicílio. As estimativas sugerem que o choque de produtividade advindo do acesso à eletricidade não teve efeito sobre a oferta de trabalho das mulheres no mercado de trabalho e no domicílio.
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