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Date issued: Dec 2024
Author(s): Ayres, João;Talamas Marcos, Miguel Ángel

La investigación reciente muestra una disminución global del dinamismo empresarial, caracterizada por tasas más bajas de entrada de empresas y una reasignación laboral más lenta, particularmente en…

Date issued: Dec 2023 Generative AI enabled
Author(s): Ayres, João;Paluszynski, Radoslaw

This paper proposes a model of sovereign default that features interest rate multiplicity driven by rollover risk. Our core mechanism shows that the possibility of a rollover crisis by itself can…

Date issued: Nov 2023
Author(s): Ayres, João

Fluctuations in bond spreads that are simply due to pessimistic market expectations are more prone to happen in countries that face the risk of long periods of economic stagnation. The quantitative…

Date issued: Sep 2023
Author(s): Ayres, João;Paluszynski, Radoslaw

This paper proposes a model of sovereign default that features interest rate multiplicity driven by rollover risk. Our core mechanism shows that the possibility of a rollover crisis by itself can…

Date issued: Aug 2023
Author(s): Ayres, João;Bertolai, Jefferson;Burkowski, Érika;Rossi, José Luiz

Nós desenvolvemos um modelo multissetorial de equilíbrio geral aplicado para a análise de reformas tributárias no Brasil. Além de trabalho e capital, as firmas representativas de cada setor utilizam…

Date issued: Feb 2023
Author(s): Ayres, João;Galindo, Arturo;Novoa, Santiago;Nuguer, Victoria

We perform a principal component analysis of the inflation dynamics in Latin America and the Caribbean to assess the recent surge in inflation across the region. The principal component accounts for…

Date issued: Feb 2023 Generative AI enabled
Author(s): Ayres, João;Navarro, Gaston;Nicolini, Juan Pablo;Teles, Pedro

We assess the quantitative relevance of expectations-driven sovereign debt crises, focusing on the Southern European crisis of the early 2010s and the Argentine default of 2001. The source of…

Date issued: Dec 2022
Author(s): Ayres, João

We explicitly derive a relationship between bilateral real exchange rates and primary commodity prices in a model that highlights the role of heterogeneity in production structures across countries.…

Date issued: Dec 2022
Author(s): Ayres, João

Obtenemos explícitamente una relación entre los tipos de cambio reales bilaterales y los precios de los productos básicos en un modelo que pone de relieve el papel de la heterogeneidad de las…

Date issued: Jan 2022
Author(s): Ayres, João

Las tasas de inflación están estrechamente relacionadas con la expansión de la base monetaria en Brasil en el período 1960-2016. Los persistentes déficits fiscales tuvieron como resultado…