Marcos Valli joined the BIS in July 2016. Previously, he was the Head of the Research Division of the Department of Banking Operations and Payment System of the Central Bank of Brazil. His research has focused on foreign capital flows, financial intermediation, exchange rate bubbles, the term structure of interest rates, derivatives, payments, monetary policy and general equilibrium models. He earned his PhD in economics from the Catholic University of Brasilia (UCB) and his MSc in mathematics from the National Institute for Pure and Applied Mathematics (IMPA).
Fields of interest
- Financial markets
- Monetary policy
- DSGE models
- " Price differentiation and menu costs in credit card payments" (with W Maldonado), Journal of Economic Studies, vol 43, no 2, 2016, pp 178-202.
- " Financial capital in a CGE model for Brazil: formulation and implications" (with W Maldonado and O Tourinho), working paper, 2016.
- " Exchange rate bubbles: fundamental value estimation and rational expectations test" (with W Maldonado and O Tourinho), Journal of International Money and Finance, vol 31, no 5, 2012, pp 1033-59.
- " Fiscal and monetary policy interaction: a simulated based of a two-country new Keynesian DSGE model with heterogeneous households" (with F Carvalho), Bank of Italy Workshops and Conferences, no 6, 2011, pp 305-45.
- " Endogenous foreign capital flow in a CGE model for Brazil: the role of the foreign reserves" (with W Maldonado and O Tourinho), Journal of Policy Modeling, vol 29, no 2, 2007, pp 259-76.
- "Movements of the term structure of interest rates: an application of the Principal Component Analysis" (with G Varga), Economia Aplicada (FEA/USP), vol 5, no 1, 2001, pp 33-53; and Finanças Aplicadas ao Brasil (FGV), 2002, v 1, pp 435-52.