Curriculum Vitae
Name: Marco Antonio Cesar Bonomo
Date of Birth: 28/06/1958
City/State: Rio de Janeiro, RJ.
Citizenship: Brazilian
Institution:
Getulio Vargas Foundation
Graduate School of Economics - EPGE
Praia de Botafogo, 190, sala 1100
CEP 22253-900 Rio de Janeiro, RJ., Brasil
Telephone: +5521-3799-5826
Fax: + 5521-2553-8821
E-mail: [email protected]
I - Education
• B.A. Economics, PUC-Rio, 1981
• M.A. Economics, PUC-Rio, 1986
• Ph.D. Economics, Princeton University, 1992
II - Current Position
• Associate Professor at the Graduate School of Economics, FGV-Rio, since February
1999
• Reseacher of INCT on Education, Economic Development, Social Inclusion.
• Associate Fellow of CIREQ, Canada.
III – Research Interests
• Macroeconomics, Asset Pricing.
IV – Permanent Positions
• Associate Professor at the Department of Economics, PUC-Rio, from February 1998
to January 1999
• Assistant Professor at the Department of Economics, PUC-Rio, from August 1991 to
January 1998
• Researcher, INPES/IPEA, from 1985 to 1987
• Instructor, Department of Economics, PUC-Rio from 83 to 87.
IV – Visiting Positions
• New York Fed, February 2011, February, April, September 2010, February, April
2009, February 2008.
• SIFR, Stockholkm, October 2008
• EDHEC Business School, Nice, July 2008
• Queen and Mary, University of London, Autumn 2006.
• CIRANO and CIREQ, Université de Montréal, September-October 2005.
• Bendheim Center for Finance, Princeton University, August 2003-June 2004.
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• CIRANO and CIREQ, Université de Montréal, July 2003.
• THEMA, Université de Cergy-Pontoise, April 2003.
• Rio Branco Visiting Professor, Department of Economics, University of Chicago,
January-March 2000.
• CRDE, Université de Montréal, from July to December 1995
• Universidade Federal Fluminense, from November 84 to July 85.
V - Other Current and Past Professional Activities
• Director of the Executive Master Program in Finance and Business Economics, since
2001.
•Tutor of the Special Training Program (for undergraduates), PUC-Rio/CAPES, from
March 1996 to January 1999.
• Brazilian Coordinator of the Exchange Program sponsored by CAPES/COFECUB,
between Delta (currently PSE) and Université D’Evry, from France and PUC-Rio from
Brazil, 97-98.
• Director of Graduate Studies, Department of Economics PUC-Rio, from January 1995
(on leave from July to December 1995) to October 1997
VI - Fellowships
• CNPq research fellowship, since 1992.
• CNPq reseach support, 2005-2006.
• CNPq reseach support, 2001-2002.
• CAPES fellowship for a one year visit to Princeton University, 2003-2004.
• CNPq fellowship for a six months visit to Université de Montreal, 1995.
• Ohlin summer fellowship during PhD course.
• CNPq (Ministry of Science and Techonology) fellowship during PhD studies.
• PNPE fellowship for development of master dissertation.
• CAPES fellowship as a master student.
• CAPES (Ministry of Education) fellowship for undergraduate students.
VII - Honors and Prizes
• Haralambos Simeonides Prize, from ANPEC, as the best article among Brazilians
2001.
• Mario Henrique Simonsen Prize, Revista Brasileira de Economia, as the best
published article in 1999.
• Richard Stone Prize in Applied Econometrics, Journal of Applied Econometrics,
jointly received with René Garcia (Université de Montréal) as authors of the best
published article in the 94-95 numbers.
• Haralambos Simeonides Prize, as the best PhD thesis in economics among Brazilians,
ANPEC 1992.
• Boavista Prize - best graduating student in economics, 1981, PUC-Rio.
• BNDES Prize, third place in the national master thesis competition – 1988
VIII – Participation in Scientific Societies and Program Committees
• Organizer Luso-Brazilian Finance Meeting, 2007, 2008, 2009, 2010, 2011.
• Director of the Brazilian Finance Society, July 2007-2009.
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• President of the Brazilian Finance Society, July 2005-2007.
• Director of the Brazilian Finance Society, 2001 and 2002.
• President of the Brazilian Econometric Society (SBE), 93-94
• Vice-President of the Brazilian Econometric Society, 91-92.
• Member of the Council of the Brazilian Association of Graduate Courses in
Economics (ANPEC), from 1992 to 1997.
• Member of the following scientific societies: Brazilian Econometric Society, Brazilian
Finance Society, American Economic Association, American Finance Association,
Econometric Society.
• Organizer Brazilian Finance Meeting, 2006-2007
• Co-organizer Brazilian Finance Meeting, 2001.
• Co-organizer EPGE/PUC-Rio/USP Macroeconomics Meeting, 2001, 2002.
• Co-organizer Brazilian Econometrics Meeting 1993, 1994.
• Program committee member of the following Econometric Society Latin American
Meetings: Mexico, 1992, Argentina 1993, Venezuela 1994, Brasil 1996, Brasil 2002,
Costa Rica 2003, Brazil 2008.
• Program committee member of Latin American and Caribbean Economic Association
(LACEA) Meeting, Brazil 2000.
• Program committee member of the following Brazilian Econometrics Meetings: 1991,
1992, 1998, 2000, 2004.
• Program committee member of the Brazilian Economics Meeting, 1992.
IX – Editorial Activities
• Member of Journal Economia (Lacea) panel: 2006-2007
• Member of the Editorial Board: Journal of Applied Economics, since 2002.
• Member of the Editorial Board: Revista Brasileira de Finanças, 2003-2008.
• Member of the Editorial Board: Revista Brasileira de Economia, 1999-2002.
• Referee for: American Economic Review, Journal of Econometrics, Journal of Money,
Credit, and Banking; Journal of Applied Econometrics, Journal of Development
Economics, Economics and Politics, Journal of Applied Economics, Macroeconomic
Dynamics, Revista Brasileira de Economia, Revista de Economia, Brazilian Review of
Econometrics, Revista de Economia Política, Pesquisa e Planejamento Econômico,
Canada Social Sciences and Humanities Research Concil, CAPES and CNPq.
X– Papers and Publications
1 Book
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Finanças Aplicadas ao Brasil, (editor), Fundação Getulio Vargas 2002.
2 Papers published in international journals
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“Generalized Disappointment Aversion, Long-Run Volatility Risk and Asset
Prices” with Rene Garcia, Nour Meddahi, Roméo Tédongap. Review of
Financial Studies vol. 24, no. 1, pp. 82-122, 2011
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"Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing"
with Carlos Carvalho. Journal of Money, Credit and Banking, vol. 42, no. 5, pp.
799-831, 2010.
"Electoral Cycles through Lobbying," with Cristina Terra. Economics and
Politics, vol. 22, no. 3, pp. 446–470 ,2010.
“Election and exchange rate policy cycles”, with Cristina Terra, Economics and
Politics 17(2): 151-176, July 2005.
“Endogenous time-dependent rules and Inflation Inertia”, with Carlos Viana de
Carvalho, Journal of Money, Credit and Banking, December 2004.
“Debt Composition and Exchange Rate Balance Sheet Effect in Brazil: A Firm
Level Analysis”, with Betina Martins and Rodrigo Pinto, Emerging Markets
Review, 4: 368-396, 2003
“Optimal state-dependent rules credibility and inflation inertia”, with Heitor
Almeida, Journal of Monetary Economics, 49, 2002.
“The macroeconomic effects of infrequent information with adjustment costs”,
with René Garcia, Canadian Journal of Economics, 34(1), 2001.
“Tests of conditional asset pricing models in the Brazilian stock market”, with
René Garcia, Journal of International Money and Finance, 20(1), 2001.
"Consumption and equilibrium asset pricing: An empirical assessment" (with
René Garcia), Journal of Empirical Finance.3: 239-265, 1996.
“Indexation, staggering and disinflation”, with René Garcia, Journal of
Development Economics, 13, 1994.
"Can a well-fitted equilibrium asset pricing model produce mean reversion?",
with René Garcia, C.R.D.E. , Journal of Applied Econometrics 9, 1994.
"Search and inflation: A survey of the recent literature", Estudios de Economia
20: 2, 1993.
3 Notes, Comments and Reviews
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“Review of Indexation, Inflation, and Monetary Policy”. Journal of Economic
Literature, vol. XLI, pp. 913-914, 2003.
“Comments on “Trade Liberalization, Macroeconomic Fluctuations and
Contingent Protection in Latin America” , by Pablo Sanguinetti and Eduardo
Bianchi”, Economia, vol 6, no. 2: 180-182, 2006.
“Comments on “Liquidity Insurance in Financially Dollarized Economy” by
Eduardo Levy Yeyati”, in Sebastian Edwards and Marcio Garcia (org.)
Financial Markets Volatility and Performance in Emerging Markets, NBER,
2008.
4 Papers published in Brazilian journals
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“Retornos Anormais e Estratégias Contrárias”, with Ivana Dall’Agnol, Revista
Brasileira de Finanças, vol. 1, no. 2, pp. 165-205, 2003
“Aprendizado Evolucionário, Inércia Inflacionária e Recessão em Desinflações
Monetárias”, with Vinícios Carrasco, Humberto Moreira, Revista Brasileira de
Economia, vol. 57, no. 4, pp. 663-681, 2003
“Regras monetárias e dinâmica macroeconômica no Brasil: Uma abordagem de
expectativas racionais”, with Ricardo Brito, Revista Brasileira de Economia,
volume 56, número 4 (out/dez) 2002.
“Um passeio não aleatório na Bovespa: Testando a eficiência no mercado
acionário brasileiro”, with Ricardo Torres and Cristiano Fernandes, Revista
Brasileira de Economia, vol. 56, no. 2, 2002.
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“Arbitrage pricing theory e variáveis macroeconômicas: Um estudo sobre o
mercado acionário brasileiro”, with Adriana Schor and Pedro Valls Pereira,
Revista de Economia e Administração, 1(1), 2002.
“Are one-sided rules useful proxies for optimal pricing rules?”, Brazilian Review
of Econometrics, vol.20, no. 1, May 2000
“The political economy of exchange rate policy in Brazil: 1964-1997”, with
Cristina Terra, Revista Brasileira de Economia, vol. 53, no. 4, Oct/Dec 1999.
"Busca e inflação", Revista de Economia Política 13:3, July/Sep. 1993.
“A macroeconomia dos novos Keynesianos”, Literatura Econômica (special
number), ANPEC, 1993.
"Taxa de juros e depósitos em moeda estrangeira: Um comentário", with
Ricardo Cicchelli Veloso, Revista Brasileira de Economia 40, no.2, Apr-Jun
1986.
"Uma nota introdutória aos artigos "Moeda, capital e outras reservas de valor" e
"Uma abordagem de equilíbrio geral para a teoria monetária”, de James Tobin",
Literatura Econômica 8, n.1, Feb. 1986.
5 Chapters in Books
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“Inflation vs. balance of payments dillema under Crawling Peg”, with Cristina
Terra, in Frieden and E. Stein (org.), The Currency Game: Exchange Rate
Politics in Latin America, IDB 2001.
"El fortalecimiento del sector financeiro en la economia Brasileña," with
Dionísio Carneiro, Rogério Werneck and Márcio Garcia, in Roberto Frenkel
(org.), El Fortalecimiento del Sector Financeiro en el Proceso de Ajuste:
Liberalizacion y Regulacion, BID, 1994.
“Busca e inflação”, in Rosa Fontes (org.), Inflação Brasileira, Editora
Universidade de Viçosa, 1993.
6 Working Papers
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“State-Dependent and Time-Dependent Pricing Rules: A Unified Framework”
with Carlos Carvalho, Rene Garcia, June 2010.
“Estimating Strategic Complementarity in a State-Dependent Pricing Model”,
with Arnildo Correa and Marcelo Medeiros, April 2011.
“Price Setting in a Variable Macroeconomic Environment: Evidence from
Brazilian CPI,” with Rebecca Barros, Carlos Carvalho and Silvia Matos, 2010.
7 Work in Progress
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“Sales and the Macroeconomy”, with João Ayres, Rebecca Barros, and Carlos
Carvalho.
8 Unpublished Manuscripts
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“A Term Structure Model for Emerging Economy Bonds”, with Alexandre
Lowenkron, May 2006.
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“Reproducing the Return Moments of Brazilian’s Financial Assets with
Generalized Disappointment Aversion”, with René Garcia and Marcelo Pessoa,
2007
"Disappointment aversion as a solution to the equity premium and risk-free rate
puzzles", with René Garcia, in Anais do XV Encontro Brasileiro de
Econometria, Belo Horizonte, 1993.
"Inflation and timely recall", with Sheila Najberg, in Anais do XV Encontro
Brasileiro de Econometria, Belo Horizonte, 1993.
"Time-dependent and state-dependent pricing rules: Interaction reinforces
non-neutrality", in Anais do XIII Encontro Brasileiro de Econometria, Curitiba,
1991.
X – Research for Multilateral Organizations and Government
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“Developing a Credit Market for Subnational Debt” (with Carlos da Costa, José
Guilherme Reis, and Anderson Silva), World Bank 2007.
“The Political Economy of Public Debt in Brazil (with Pedro Ferreira)”, World
Bank, 2006.
“Monetary Transmission in Brazil”, FGV and Brazilian National Treasury,
2005.
“Debt composition and balance sheet effects of exchange and interest rate
volatility in Brazil: A firm level analysis”, IDB, 2003.
“A New Framework for Debt Management in Brazil”, Brazilian National
Treasury, PNUD, 2003.
“The political economy of exchange rate policy in Brazil: 1964-1997”, with
Cristina Terra, IDB, 1998.
“Strengthening the financial sector of the Brazilian economy”, with Dionísio
Carneiro, Rogério Werneck (Coordinators), and Márcio Garcia, IDB, 1992.
XI – Teaching Experience
1 Undergraduate
.Investments (Getulio Vargas Foundation), Macroeconomics (PUC-Rio), Money and
Banking (Getulio Vargas Foundation and PUC-Rio), Microeconomics (Universidade
Federal Fluminense), Topics in Brazilian Economy: Inflation (University of Chicago).
2 PhD
.Finance (Getulio Vargas Foundation and PUC-Rio), Macroeconomics (Getulio Vargas
Foundation and PUC-Rio), Microeconomics (PUC-Rio), Mathematics (PUC-Rio),
Monetary Policy (Getulio Vargas Foundation), Empirical Asset Pricing (Getulio Vargas
Foundation), Macrofinance (Getulio Vargas Foundation).
3 Executive Master
.Investments (Getulio Vargas Foundation), Corporate Finance (Getulio Vargas
Foundation).
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4 Other Courses
. Finance.(Itau Bank) 2009
. Behavioral Finance (BNY Mellon ARX) 2008/2009
.Fund Management and Evaluation of Funds (Financial Consultoria Economica), 2000
to 2002.
. New Keynesian Macroeconomics (ANPEC) 1996
.Coordination and Information (Universidade Federal de Pernambuco and Universidade
Federal de Minas Gerais) 1997
.Introduction to Control of Stochastic Processes with Applications (Brazilian
Econometric Society), 1996.
. Introduction to Financial Economics (Central Bank of Moçambique) 1995.
XII – Seminar and Conferences
. Time- and State-Dependent Pricing: A Unified Framework: (original title: “StateDependent Pricing under Infrequent Information: A Unified Framework”) AEA 2013,
ESEM 2011, NAMES 2011*, LAMES 2010, Meeting of the Brazilian Econometric
Society 2010,Getulio Vargas Foundation - Rio, INSPER-SP, PUC-Rio, LAMES 2004.
.Estimating Strategic Complementarity in a State-Dependent Pricing Model:.AEA2012,
SED 2011, Latin American and Caribbean Economic Association Meeting 2010,
Annual Inflation Targeting Meeting of the Brazilian Central Bank 2010.
.Generalized Disappointment Aversion, Long Run Volatility Risk and Asset Prices:
(original title: “Disappointment Aversion, Long-Run Risks and Aggregate Asset
Prices”). Workshop of Financial Econometrics at Fields Institute 2010, New York Fed
2010, PUC-Rio, Luso Brazilian Finance Meeting 2009, European Meeting of the
Econometric Society 2009, Latin American Meeting of the Econometric Society 2009,
Brazilian Econometric Meeting 2009, 24th Annual Congress of the European Economic
Association 2009, LAMES 2009, IPEA, Getulio Vargas Foundation-Rio.
.Price Setting in a Variable Macroeconomic Environment Evidence from Brazilian CPI:
European Economic Association Meeting 2011*, Universidade do Minho, American
Economic Association Meeting 2010, NBER's Summer Institute Monetary Economics
Workshop 2009, XI Workshop in International Economics and Finance UTDT 2009,
Universidad Torcuato di Tella, LACEA 2008, Getulio Vargas Foundation-SP, Getulio
Vargas Foundation- Rio.
.Term Structure Model for Emerging Economy Bonds: Stockholm School of
Economics & SIFR, Petrobras, Portuguese-Brazilian Finance Network, Bank of
England, LACEA-LAMES.
.Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing: Central
Bank of Brazil, Sveriges Riksbank, “Microeconomic Pricing and the Macroeconomy”
Workshop at CEU, EEA Meeting 2007, EPGE-FGV, Princeton*, PUC-Rio, Queen
Mary, UIUC , UCSC*, Bank of Japan*, IBMEC-São Paulo, Universidade Nova de
Lisboa, Université de Montréal, Meeting of the Brazilian Econometric Society 2005,
LACEA 2005.
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.Electoral Cycles through Lobbying (original title: Special Interests and Political
Business Cycles): Political Economic Group Seminar at LACEA 2004, LAMES 2004,
IBMEC*, CEDEPLAR*, EPGE/FGV, PUC-Rio*, UnB, EEA Meeting 2007*,
Universidade Nova de Lisboa*, PSE*, Paris I* andThema/Cergy-Pontoise*
. Endogenous Time-Dependent Rules and Inflation Inertia: EEA 2002, LAMES 2002,
LACEA 1998, CEPREMAP, IBMEC-Rio, PUC-Rio.
.Return Moments of Brazilian Financial Assets with Generalized Disappointment
Aversion: Latin American Financial Network 2007*, Brazilian Finance Meeting 2007*.
.Debt Composition and Balance Sheet Effects of Exchange Rate and Interest Rate
Volatilities:.IDB Workshop.
.A New Framework for Debt Management in Brazil: OECD Workshop on Public Debt
Management.
.Optimal State-Dependent Rules Credibility, and the Costs of Disinflation: LACEA
1996, Journées Delta 1998, Université D’Evry 1998, LAMES 1996, EEA Meeting
1998*, University of Chicago*.
Infrequent Information, Optimal Time and State Dependent Rules and Aggregate
Effects: World Congress of the Econometric Society 1995, PARADI Meeting 1995,
LAMES 1996, LACEA 1997, Universidade Nova de Lisboa.
Disappointment Aversion as a Solution to the Equity Premium and Risk-Free Rate
Puzzles: North American Summer Meeting of the Econometric Society 1994*, LAMES
1994, Meeting of the Brazilian Econometric Society 1993.
Time Dependent and State Dependent Pricing Rules: Interaction Reinforces Non
Neutrality. NBER Summer Institute - Non-Representative Agent Models Workshop
1993, LAMES 1993, NAMES 1993, Banco Central del Uruguay 1991, Meeting of the
Brazilian Econometric Society 1991.
Optimal Two sided and Suboptimal One sided State Dependent Pricing Rules:. LAMES
1992, Meeting of the Brazilian Econometric Society 1992.
Indexation, Staggering and Disinflation. NBER Interamerican Seminar on Economics
1992.
Consumption and Equilibrium Asset Pricing: An Empirical Assessment:. LAMES 1991.
*paper presented by co-author
XIII – Discussions
“Do Insiders Time their Trades?” Portuguese Brazilian Finance Network 2007.
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“Incomplete Pass-Through under Deep Habits.” Workshop at Central European
University: Microeconomic Pricing in an Open Economy 2007.
"Liquidity Insurance in Financially Dollarized Economy", NBER Interamerican
Seminar 2007.
"Trade Liberalization, Macroeconomic Fluctuations and Contingent Protection in Latin
America", Economia Panel, LACEA 2005.
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