Details about Guillermo Calvo

Homepage:	http://www.columbia.edu/~gc2286/
Workplace:	School of International and Public Affairs (SIPA), Columbia University, (more information at EDIRC)

Access statistics for papers by Guillermo Calvo.

Last updated 2023-10-07. Update your information in the RePEc Author Service.

Short-id: pca694

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Working Papers

2024

1. A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies
   Policy Papers, Center for Global Development

2022

2. Joined at the Hip: Monetary and Fiscal Policy in a Liquidity-Dependent World
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

2019

3. Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications
   NBER Working Papers, National Bureau of Economic Research, Inc

2016

4. From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)

2014

5. Calvo, Guillermo, Fabrizio Coricelli and Pablo Ottonello, 2013. "Jobless Recoveries During Financial Crises: Is Inflation the Way Out?," NBER Working Papers 19683, National Bureau of Economic Research, Inc
   Working Papers, HAL
   Also in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (2014) View citations (2)
6. Jobless Recoveries during Financial Crises: Is Inflation the Way Out?
   Post-Print, HAL View citations (1)
   Also in Post-Print, HAL (2013) View citations (10)
   NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (12)
   Working Papers Central Bank of Chile, Central Bank of Chile (2013) View citations (12)
   Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (2014) View citations (1)
   Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (2013) View citations (11)
   PSE-Ecole d'économie de Paris (Postprint), HAL (2014) View citations (1)
   PSE-Ecole d'économie de Paris (Postprint), HAL (2013) View citations (8)
   See also Chapter Jobless Recoveries during Financial Crises: Is Inflation the Way Out?, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2014) View citations (2) (2014)

2013

7. Puzzling over the Anatomy of Crises: Liquidity and the Veil of Finance
   IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan View citations (30)

2012

8. Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (41)
9. Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (58)
   See also Journal Article Optimal Holdings of International Reserves: Self-insurance against Sudden Stops, Monetaria, CEMLA (2013) (2013)
10. The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (43)
11. The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)

2009

12. FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
    See also Journal Article Financial crises and liquidity shocks a bank-run perspective, European Economic Review, Elsevier (2012) View citations (22) (2012)

2008

13. Las Interrupciones Súbitas Sistémicas: Importancia de los Efectos del Balance General y la Integración Financiera
    Research Department Publications, Inter-American Development Bank, Research Department
14. Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (214)
    Also in IDB Publications (Working Papers), Inter-American Development Bank (2008) View citations (51)
    Research Department Publications, Inter-American Development Bank, Research Department (2008) View citations (205)

2007

15. Crises in Emerging Market Economies: A Global Perspective
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (15)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (46)
    See also Chapter Crises in Emerging Markets Economies: A Global Perspective, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2008) View citations (1) (2008)
16. Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
17. Trade Openness and Monetary Policy Rules
    2007 Meeting Papers, Society for Economic Dynamics

2006

18. Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort
    Research Department Publications, Inter-American Development Bank, Research Department View citations (74)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (76)
    IDB Publications (Working Papers), Inter-American Development Bank (2006) View citations (12)
19. Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises
    Research Department Publications, Inter-American Development Bank, Research Department View citations (190)
    Also in BIS Working Papers, Bank for International Settlements (2006) View citations (203)
    NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (198)

2005

20. Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
    See also Journal Article Relative price volatility under Sudden Stops: The relevance of balance sheet effects, Journal of International Economics, Elsevier (2006) View citations (80) (2006)
21. Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (121)

2004

22. El aspecto empírico de las paradas repentinas: la importancia de sus efectos en el balance general
    Research Department Publications, Inter-American Development Bank, Research Department
23. On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
    IDB Publications (Working Papers), Inter-American Development Bank View citations (132)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (539)
    Research Department Publications, Inter-American Development Bank, Research Department (2004) View citations (487)
    See also Journal Article On the empirics of Sudden Stops: the relevance of balance-sheet effects, Proceedings, Federal Reserve Bank of San Francisco (2004) View citations (361) (2004)

2003

24. Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (69)
25. Inflation Inertia and Credible Disinflation - The Open Economy Case
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
26. Sudden Stops, the Real Exchange Rate and Fiscal Sustainability: Argentina's Lessons
    IDB Publications (Working Papers), Inter-American Development Bank View citations (17)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (174)
    Research Department Publications, Inter-American Development Bank, Research Department (2002) View citations (72)
27. The Mirage of Exchange Rate Regimes for Emerging Market Countries
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (220)
    See also Journal Article The Mirage of Exchange Rate Regimes for Emerging Market Countries, Journal of Economic Perspectives, American Economic Association (2003) View citations (238) (2003)

2002

28. Fear of floating
    MPRA Paper, University Library of Munich, Germany View citations (1504)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (398)
    See also Journal Article Fear of Floating, The Quarterly Journal of Economics, President and Fellows of Harvard College (2002) View citations (1907) (2002)
29. Nominal Exchange Rate Anchoring Under Inflation Inertia
    IMF Working Papers, International Monetary Fund View citations (10)
30. Paradas repentinas, tipo de cambio real y viabilidad fiscal: enseñanzas de Argentina
    Research Department Publications, Inter-American Development Bank, Research Department

2001

31. Crecimiento y financiamiento externo en América Latina
    Research Department Publications, Inter-American Development Bank, Research Department
    Also in MPRA Paper, University Library of Munich, Germany (2001) View citations (6)
    Research Department Publications, Inter-American Development Bank, Research Department (2001) View citations (5)
32. El ciclo de crecimiento de la tasa de interés en Estados Unidos y sus consecuencias para los mercados emergentes
    Research Department Publications, Inter-American Development Bank, Research Department
    Also in Research Department Publications, Inter-American Development Bank, Research Department (2001) View citations (23)
    MPRA Paper, University Library of Munich, Germany (2001) View citations (20)
    IDB Publications (Working Papers), Inter-American Development Bank (2001) View citations (5)
33. Fixing for your life
    MPRA Paper, University Library of Munich, Germany View citations (50)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (228)
34. Growth and External Financing in Latin America
    IDB Publications (Working Papers), Inter-American Development Bank View citations (3)
35. Reflections on Dollarization
    MPRA Paper, University Library of Munich, Germany View citations (30)
    Also in MPRA Paper, University Library of Munich, Germany (1999) View citations (72)
    MPRA Paper, University Library of Munich, Germany (1999) View citations (2)

2000

36. Política Económica en Aguas Borrascosas
    CEMA Working Papers: Serie Documentos de Trabajo., Universidad del CEMA
37. When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options
    MPRA Paper, University Library of Munich, Germany View citations (472)

1999

38. Inflation Stabilization and BOP Crises in Developing Countries
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (176)
    See also Chapter Inflation stabilization and bop crises in developing countries, Handbook of Macroeconomics, Elsevier (1999) View citations (168) (1999)
39. Regional Contagion and the Globalization of Securities Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    See also Journal Article Rational contagion and the globalization of securities markets, Journal of International Economics, Elsevier (2000) View citations (478) (2000)
40. The Consequences and Management of Capital Inflows: Lessons for Sub-Saharan Africa
    MPRA Paper, University Library of Munich, Germany View citations (15)

1998

41. Empirical Puzzles of Chilean Stabilization Policy
    Working Papers, Duke University, Department of Economics View citations (22)

1997

42. Rational Herd Behavior and the Globalization of Securities Markets
    Working Papers, Duke University, Department of Economics View citations (54)
    Also in Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1997) View citations (76)
43. Uncertain Duration of Reform: Dynamic Implications
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (40)

1996

44. Capital flows and macroeconomic management: tequila lessons
    Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco View citations (73)
    See also Journal Article Capital Flows and Macroeconomic Management: Tequila Lessons, International Journal of Finance & Economics, John Wiley & Sons, Ltd. (1996) View citations (77) (1996)
45. Inflows of capital to developing countries in the 1990s
    MPRA Paper, University Library of Munich, Germany View citations (482)
    Also in Research Department Publications, Inter-American Development Bank, Research Department (1994)
    Research Department Publications, Inter-American Development Bank, Research Department (1994) View citations (6)
    IDB Publications (Working Papers), Inter-American Development Bank (1994) View citations (1)
    See also Journal Article Inflows of Capital to Developing Countries in the 1990s, Journal of Economic Perspectives, American Economic Association (1996) View citations (581) (1996)
46. Mexico's balance-of-payments crisis: a chronicle of death foretold
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (229)
    See also Journal Article Mexico's balance-of-payments crisis: a chronicle of a death foretold, Journal of International Economics, Elsevier (1996) View citations (218) (1996)

1995

47. Capital Flows in Central and Eastern Europe: Evidence and Policy Options
    IMF Working Papers, International Monetary Fund View citations (24)
48. Capital inflows to Latin America with reference to the Asian experience
    MPRA Paper, University Library of Munich, Germany View citations (29)
    Also in MPRA Paper, University Library of Munich, Germany (1992) View citations (96)
49. Variedades de crisis del mercado de capitales
    Research Department Publications, Inter-American Development Bank, Research Department
50. Varieties of Capital-Market Crises
    IDB Publications (Working Papers), Inter-American Development Bank View citations (25)
    Also in Research Department Publications, Inter-American Development Bank, Research Department (1995) View citations (90)
    See also Chapter Varieties of Capital-Market Crises, International Economic Association Series, Palgrave Macmillan (1998) View citations (58) (1998)

1994

51. Capital Inflows to Latin America: The 1970s and 1990s
    MPRA Paper, University Library of Munich, Germany View citations (26)
    Also in IMF Working Papers, International Monetary Fund (1992) View citations (28)
    See also Chapter Capital Inflows to Latin America: The 1970s and 1990s, International Economic Association Series, Palgrave Macmillan (1994) View citations (7) (1994)
52. La tasa de cambio real como meta de política: teoría y evidencia
    (Targeting the real exchange rate: Theory and evidence)
    MPRA Paper, University Library of Munich, Germany View citations (7)
    See also Journal Article La tasa de cambio real como meta de política: teoría y evidencia, Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia (1994) View citations (2) (1994)
53. Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies
    IMF Working Papers, International Monetary Fund View citations (16)
    See also Journal Article Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies, IMF Staff Papers, Palgrave Macmillan (1994) View citations (16) (1994)
54. Targeting the Real Exchange Rate: Theory and Evidence
    IMF Working Papers, International Monetary Fund View citations (26)
    Also in MPRA Paper, University Library of Munich, Germany (1994) View citations (23)
    See also Journal Article Targeting the real exchange rate: theory and evidence, Journal of Development Economics, Elsevier (1995) View citations (141) (1995)
55. Targeting the real exchange rate
    MPRA Paper, University Library of Munich, Germany View citations (22)
    See also Journal Article Targeting the real exchange rate: theory and evidence, Journal of Development Economics, Elsevier (1995) View citations (141) (1995)
56. The capital inflows problem: Concepts and issues
    MPRA Paper, University Library of Munich, Germany View citations (157)
    Also in IMF Policy Discussion Papers, International Monetary Fund (1993) View citations (24)
    MPRA Paper, University Library of Munich, Germany (1993)
    See also Journal Article THE CAPITAL INFLOWS PROBLEM: CONCEPTS AND ISSUES, Contemporary Economic Policy, Western Economic Association International (1994) View citations (170) (1994)
57. Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation
    IMF Working Papers, International Monetary Fund View citations (15)
    See also Journal Article Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation, IMF Staff Papers, Palgrave Macmillan (1994) View citations (15) (1994)

1993

58. Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos
    (Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors)
    MPRA Paper, University Library of Munich, Germany View citations (5)
    Also in MPRA Paper, University Library of Munich, Germany (1993) View citations (806)
    See also Journal Article Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors, IMF Staff Papers, Palgrave Macmillan (1993) View citations (1053) (1993)
59. Eastern Europe in Transition: From Rcession to Growth? Proceedings of a Conference on the Macroeconomic Aspects of Adjustment Copsponsored by the International Monetary Fund and the World Bank
    World Bank - Discussion Papers, World Bank View citations (1)
60. Financial Sector Reforms and Exchange Arrangements in Eastern Europe
    IMF Occasional Papers, International Monetary Fund View citations (15)
61. Formulating a policy response: Reply to Snowden
    MPRA Paper, University Library of Munich, Germany View citations (1)
    See also Journal Article Formulating a Policy Response: Reply to Snowden, IMF Staff Papers, Palgrave Macmillan (1993) View citations (2) (1993)
62. Inflation Stabilization and Nominal Anchors
    IMF Policy Discussion Papers, International Monetary Fund View citations (2)
    See also Journal Article INFLATION STABILIZATION AND NOMINAL ANCHORS, Contemporary Economic Policy, Western Economic Association International (1994) View citations (72) (1994)
63. Stabilization Dynamics and Backward-Looking Contracts
    IMF Working Papers, International Monetary Fund View citations (5)
    See also Journal Article Stabilization dynamics and backward-looking contracts, Journal of Development Economics, Elsevier (1994) View citations (42) (1994)

1992

64. Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors
    IMF Working Papers, International Monetary Fund View citations (132)
    See also Journal Article Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors, IMF Staff Papers, Palgrave Macmillan (1993) View citations (1053) (1993)
65. Currency Substitution in Developing Countries: An Introduction
    IMF Working Papers, International Monetary Fund View citations (155)
    Also in MPRA Paper, University Library of Munich, Germany (1992) View citations (151)
66. Output Collapse in Eastern Europe: The Role of Credit
    IMF Working Papers, International Monetary Fund View citations (39)
    See also Journal Article Output Collapse in Eastern Europe: The Role of Credit, IMF Staff Papers, Palgrave Macmillan (1993) View citations (53) (1993)

1991

67. Exchange rate stabilization under imperfect credibility
    MPRA Paper, University Library of Munich, Germany View citations (17)
68. Exchange-Rate-Based Stabilization under Imperfect Credibility
    IMF Working Papers, International Monetary Fund View citations (40)
    See also Chapter Exchange-Rate Based Stabilisation under Imperfect Credibility, International Economic Association Series, Palgrave Macmillan (1993) View citations (37) (1993)
69. From Centrally-Planned to Market Economies: The Road from CPE to PCPE
    IMF Working Papers, International Monetary Fund View citations (13)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1991) View citations (5)
70. Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in IMF Working Papers, International Monetary Fund (1991) View citations (4)
71. Speculative Attacks
    IMF Working Papers, International Monetary Fund View citations (11)

1990

72. Credibility and the Dynamics of Stabilization Policy: A Basic Framework
    IMF Working Papers, International Monetary Fund View citations (25)
73. Interest Rate Targeting in a Small Open Economy: The Predetermined Exchange Rates Case
    IMF Working Papers, International Monetary Fund View citations (11)
74. Management of the Nominal Public Debt Theory and Applications
    IMF Working Papers, International Monetary Fund View citations (7)
75. Money Supply and Interest Rate Policy in a New-Keynesian Framework
    IMF Working Papers, International Monetary Fund View citations (2)
76. Optimal Maturity of Nominal Government Debt: The First Tests
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research
    See also Journal Article Optimal maturity of nominal government debt: The first tests, Economics Letters, Elsevier (1991) View citations (1) (1991)

1985

77. Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

1981

78. Reflexiones Teóricas sobre el Problema de Estabilización en Argentina
    CEMA Working Papers: Serie Documentos de Trabajo., Universidad del CEMA

1980

79. Apertura Financiera, Paridad Móvil y Tipo de Cambio Real
    CEMA Working Papers: Serie Documentos de Trabajo., Universidad del CEMA
80. Capitalización de las Reservas y Tipo Real de Cambio
    CEMA Working Papers: Serie Documentos de Trabajo., Universidad del CEMA
    See also Journal Article Capitalización de las Reservas y Tipo Real de Cambio, Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile. (1981) (1981)
81. Devaluación: Niveles Vs. Tasas
    CEMA Working Papers: Serie Documentos de Trabajo., Universidad del CEMA

Journal Articles

2015

1. The Liquidity Approach to Bubbles, Crises, Jobless Recoveries, and Involuntary Unemployment
   Journal Economía Chilena (The Chilean Economy), 2015, 18, (3), 04-27 View citations (1)
   See also Chapter The Liquidity Approach to Bubbles, Crises, Jobless Recoveries, and Involuntary Unemployment, Central Banking, Analysis, and Economic Policies Book Series, 2015, 21, 079-108 (2015) View citations (1) (2015)

2013

2. Optimal Holdings of International Reserves: Self-insurance against Sudden Stops
   Monetaria, 2013, XXXV, (1), 1-35
   See also Working Paper Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop, NBER Working Papers (2012) View citations (58) (2012)
3. Tenencias óptimas de reservas internacionales: autoaseguramiento contra interrupciones súbitas de flujos de capital
   Monetaria, 2013, XXXV, (1), 1-39
4. The Mayekawa Lecture: Puzzling over the Anatomy of Crises- Liquidity and the Veil of Finance
   Monetary and Economic Studies, 2013, 31, 39-64 View citations (24)

2012

5. Financial crises and liquidity shocks a bank-run perspective
   European Economic Review, 2012, 56, (3), 317-326 View citations (22)
   See also Working Paper FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective, NBER Working Papers (2009) View citations (22) (2009)

2011

6. Leonardo "Pepe" Auernheimer
   Journal of Applied Economics, 2011, 14, I-III
   Also in Journal of Applied Economics, 2011, 14, (1), I-III (2011)

2010

7. Análisis comparado sobre la crisis y los rescates financieros de México (1995) y los Estados Unidos (2008)
   El Trimestre Económico, 2010, LXXVII (4), (308), 773-828

2007

8. Inflation inertia and credible disinflation
   Journal of International Economics, 2007, 73, (1), 48-68 View citations (10)

2006

9. Relative price volatility under Sudden Stops: The relevance of balance sheet effects
   Journal of International Economics, 2006, 69, (1), 231-254 View citations (80)
   See also Working Paper Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects, NBER Working Papers (2005) View citations (27) (2005)
10. Sudden Stops and Phoenix Miracles in Emerging Markets
    American Economic Review, 2006, 96, (2), 405-410 View citations (146)
11. The resolution of global imbalances: Soft landing in the North, sudden stop in emerging markets?
    Journal of Policy Modeling, 2006, 28, (6), 605-613 View citations (17)

2004

12. On the empirics of Sudden Stops: the relevance of balance-sheet effects
    Proceedings, 2004, (Jun) View citations (361)
    See also Working Paper On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects, IDB Publications (Working Papers) (2004) View citations (132) (2004)

2003

13. The Mirage of Exchange Rate Regimes for Emerging Market Countries
    Journal of Economic Perspectives, 2003, 17, (4), 99-118 View citations (238)
    See also Working Paper The Mirage of Exchange Rate Regimes for Emerging Market Countries, NBER Working Papers (2003) View citations (220) (2003)

2002

14. Fear of Floating
    The Quarterly Journal of Economics, 2002, 117, (2), 379-408 View citations (1907)
    See also Working Paper Fear of floating, MPRA Paper (2002) View citations (1504) (2002)
15. Globalization Hazard and Delayed Reform in Emerging Markets
    Economía Journal, 2002, Volume 2 Number 2, (Spring 2002), 1-31 View citations (42)
16. On dollarization
    The Economics of Transition, 2002, 10, (2), 393-403

2001

17. Capital Flow Volatility: Issues and Policies
    Journal of African Economies, 2001, 10, (suppl_1), 16-35 View citations (2)
18. Capital Markets and the Exchange Rate with Special Reference to the Dollarization Debate in Latin America
    Journal of Money, Credit and Banking, 2001, 33, (2), 312-34 View citations (92)
    Also in Proceedings, 2001, 312-338 (2001) View citations (96)
19. Economic Policy in Stormy Waters: Financial Vulnerability in Emerging Economies
    Journal of Applied Economics, 2001, 4, 1-25 View citations (3)
    Also in Journal of Applied Economics, 2001, 4, (1), 1-25 (2001) View citations (3)

2000

20. Betting against the state socially costly financial engineering
    Journal of International Economics, 2000, 51, (1), 5-19 View citations (8)
21. Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach
    American Economic Review, 2000, 90, (2), 59-64 View citations (98)
22. Rational contagion and the globalization of securities markets
    Journal of International Economics, 2000, 51, (1), 79-113 View citations (478)
    See also Working Paper Regional Contagion and the Globalization of Securities Markets, NBER Working Papers (1999) View citations (17) (1999)

1999

23. Globalización y régimen cambiario: ¿tiene sentido dolarizar?
    Revista Desarrollo y Sociedad, 1999

1998

24. CAPITAL FLOWS AND CAPITAL-MARKET CRISES: The Simple Economics of Sudden Stops
    Journal of Applied Economics, 1998, 1, (1), 35-54 View citations (918)
    Also in Journal of Applied Economics, 1998, 1, 35-54 (1998) View citations (942)
25. UNCERTAIN DURATION OF REFORM
    Macroeconomic Dynamics, 1998, 2, (4), 443-455 View citations (43)

1996

26. Capital Flows and Macroeconomic Management: Tequila Lessons
    International Journal of Finance & Economics, 1996, 1, (3), 207-23 View citations (77)
    See also Working Paper Capital flows and macroeconomic management: tequila lessons, Working Papers in Applied Economic Theory (1996) View citations (73) (1996)
27. Disinflation and Interest-Bearing Money
    Economic Journal, 1996, 106, (439), 1546-63 View citations (6)
28. Inflows of Capital to Developing Countries in the 1990s
    Journal of Economic Perspectives, 1996, 10, (2), 123-139 View citations (581)
    See also Working Paper Inflows of capital to developing countries in the 1990s, MPRA Paper (1996) View citations (482) (1996)
29. Mexico's balance-of-payments crisis: a chronicle of a death foretold
    Journal of International Economics, 1996, 41, (3-4), 235-264 View citations (218)
    See also Working Paper Mexico's balance-of-payments crisis: a chronicle of death foretold, International Finance Discussion Papers (1996) View citations (229) (1996)
30. Monetary policy and interenterprise arrears in post-communist economies: Theory and evidence
    Journal of Economic Policy Reform, 1996, 1, (1), 3-24 View citations (2)
31. Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle
    American Economic Review, 1996, 86, (2), 170-75 View citations (48)

1995

32. Fighting Inflation with High Interest Rates: The Small Open Economy Case under Flexible Prices
    Journal of Money, Credit and Banking, 1995, 27, (1), 49-66 View citations (45)
33. Targeting the real exchange rate: theory and evidence
    Journal of Development Economics, 1995, 47, (1), 97-133 View citations (141)
    See also Working Paper Targeting the Real Exchange Rate: Theory and Evidence, IMF Working Papers (1994) View citations (26) (1994)
    Working Paper Targeting the real exchange rate, MPRA Paper (1994) View citations (22) (1994)

1994

34. INFLATION STABILIZATION AND NOMINAL ANCHORS
    Contemporary Economic Policy, 1994, 12, (2), 35-45 View citations (72)
    See also Working Paper Inflation Stabilization and Nominal Anchors, IMF Policy Discussion Papers (1993) View citations (2) (1993)
35. La tasa de cambio real como meta de política: teoría y evidencia
    Revista ESPE - Ensayos sobre Política Económica, 1994, 13, (25), 7-50 View citations (2)
    Also in Revista ESPE - Ensayos Sobre Política Económica, 1994, 13, (25), 7-50 (1994) View citations (7)
    See also Working Paper La tasa de cambio real como meta de política: teoría y evidencia, MPRA Paper (1994) View citations (7) (1994)
36. Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies
    IMF Staff Papers, 1994, 41, (2), 314-349 View citations (16)
    See also Working Paper Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies, IMF Working Papers (1994) View citations (16) (1994)
37. Stabilization dynamics and backward-looking contracts
    Journal of Development Economics, 1994, 43, (1), 59-84 View citations (42)
    See also Working Paper Stabilization Dynamics and Backward-Looking Contracts, IMF Working Papers (1993) View citations (5) (1993)
38. THE CAPITAL INFLOWS PROBLEM: CONCEPTS AND ISSUES
    Contemporary Economic Policy, 1994, 12, (3), 54-66 View citations (170)
    See also Working Paper The capital inflows problem: Concepts and issues, MPRA Paper (1994) View citations (157) (1994)
39. Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation
    IMF Staff Papers, 1994, 41, (4), 555-586 View citations (15)
    See also Working Paper Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation, IMF Working Papers (1994) View citations (15) (1994)

1993

40. Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors
    IMF Staff Papers, 1993, 40, (1), 108-151 View citations (1053)
    See also Working Paper Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos, MPRA Paper (1993) View citations (5) (1993)
    Working Paper Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors, IMF Working Papers (1992) View citations (132) (1992)
41. Formulating a Policy Response: Reply to Snowden
    IMF Staff Papers, 1993, 40, (4), 868-870 View citations (2)
    See also Working Paper Formulating a policy response: Reply to Snowden, MPRA Paper (1993) View citations (1) (1993)
42. On the Flexibility of Monetary Policy: The Case of the Optimal Inflation Tax
    The Review of Economic Studies, 1993, 60, (3), 667-687 View citations (57)
43. Output Collapse in Eastern Europe: The Role of Credit
    IMF Staff Papers, 1993, 40, (1), 32-52 View citations (53)
    See also Working Paper Output Collapse in Eastern Europe: The Role of Credit, IMF Working Papers (1992) View citations (39) (1992)

1992

44. Are High Interest Rates Effective for Stopping High Inflation? Some Skeptical Notes
    The World Bank Economic Review, 1992, 6, (1), 55-69 View citations (8)
45. Optimal Inflation Tax under Precommitment: Theory and Evidence
    American Economic Review, 1992, 82, (1), 179-94 View citations (29)
46. Optimal Maturity of Nominal Government Debt: An Infinite-Horizon Model
    International Economic Review, 1992, 33, (4), 895-919 View citations (37)
47. Stagflationary Effects of Stabilization Programs in Reforming Socialist Countries: Enterprise-Side and Household-Side Factors
    The World Bank Economic Review, 1992, 6, (1), 71-90 View citations (36)

1991

48. Credit Markets, Credibility, and Economic Transformation
    Journal of Economic Perspectives, 1991, 5, (4), 139-148 View citations (13)
49. Debt relief and debt rescheduling: The optimal-contract approach
    Journal of Development Economics, 1991, 36, (1), 5-36 View citations (12)
50. From Centrally Planned to Market Economy: The Road from CPE to PCPE
    IMF Staff Papers, 1991, 38, (2), 268-299 View citations (13)
51. Optimal maturity of nominal government debt: The first tests
    Economics Letters, 1991, 35, (4), 415-421 View citations (1)
    See also Working Paper Optimal Maturity of Nominal Government Debt: The First Tests, Foerder Institute for Economic Research Working Papers (1990) (1990)
52. Temporary stabilization policy: The case of flexible prices and exchange rates
    Journal of Economic Dynamics and Control, 1991, 15, (1), 197-213 View citations (8)
53. The Perils of Sterilization
    IMF Staff Papers, 1991, 38, (4), 921-926 View citations (99)

1990

54. Credibility and Nominal Debt: Exploring the Role of Maturity in Managing Inflation
    IMF Staff Papers, 1990, 37, (3), 612-635 View citations (20)
55. Interest Rate Policy in a Small Open Economy: The Predetermined Exchange Rates Case
    IMF Staff Papers, 1990, 37, (4), 753-776 View citations (15)
56. Time Consistency of Fiscal and Monetary Policy: A Comment
    Econometrica, 1990, 58, (5), 1245-47 View citations (14)

1989

57. Anticipated Devaluations
    International Economic Review, 1989, 30, (3), 587-606 View citations (2)
58. Is Inflation Effective for Liquidating Short-Term Nominal Debt?
    IMF Staff Papers, 1989, 36, (4), 950-960 View citations (6)

1988

59. Costly Trade Liberalizations: Durable Goods and Capital Mobility
    IMF Staff Papers, 1988, 35, (3), 461-473 View citations (40)
60. Optimal Time-Consistent Fiscal Policy with Finite Lifetimes
    Econometrica, 1988, 56, (2), 411-32 View citations (152)
61. Servicing the Public Debt: The Role of Expectations
    American Economic Review, 1988, 78, (4), 647-61 View citations (607)

1987

62. Balance of Payments Crises in a Cash-in-Advance Economy
    Journal of Money, Credit and Banking, 1987, 19, (1), 19-32 View citations (83)
63. On the costs of temporary policy
    Journal of Development Economics, 1987, 27, (1-2), 245-261 View citations (33)
64. Real exchange rate dynamics with nominal parities Structural change and overshooting
    Journal of International Economics, 1987, 22, (1-2), 141-155 View citations (10)

1986

65. Fractured Liberalism: Argentina under Martinez de Hoz
    Economic Development and Cultural Change, 1986, 34, (3), 511-33 View citations (15)
66. Temporary Stabilization: Predetermined Exchange Rates
    Journal of Political Economy, 1986, 94, (6), 1319-29 View citations (143)

1985

67. Currency substitution and the real exchange rate: the utility maximization approach
    Journal of International Money and Finance, 1985, 4, (2), 175-188 View citations (32)
68. Macroeconomic implications of the government budget: Some basic considerations
    Journal of Monetary Economics, 1985, 15, (1), 95-112 View citations (6)
69. Reserves and the managed float: a search for the essentials
    Journal of International Money and Finance, 1985, 4, (1), 43-60
70. The Inefficiency of Unemployment: The Supervision Perspective
    The Quarterly Journal of Economics, 1985, 100, (2), 373-387 View citations (13)

1983

71. Competitive banks and the inflation tax
    Economics Letters, 1983, 12, (3-4), 313-317 View citations (5)
72. Growth and Inflationary Finance: Variations on a Mundellian Theme
    Journal of Political Economy, 1983, 91, (5), 880-87
73. International factor mobility and national advantage
    Journal of International Economics, 1983, 14, (1-2), 103-114 View citations (14)
74. Staggered prices in a utility-maximizing framework
    Journal of Monetary Economics, 1983, 12, (3), 383-398 View citations (6940)

1982

75. Involuntary unemployment and inventories: An exploratory model of equilibrium and pure competition
    Journal of Macroeconomics, 1982, 4, (3), 253-275 View citations (2)
76. The Chilean economy in the 1970s: A comment
    Carnegie-Rochester Conference Series on Public Policy, 1982, 17, (1), 153-157

1981

77. Capitalización de las Reservas y Tipo Real de Cambio
    Latin American Journal of Economics-formerly Cuadernos de Economía, 1981, 18, (53), 5-14
    See also Working Paper Capitalización de las Reservas y Tipo Real de Cambio, CEMA Working Papers: Serie Documentos de Trabajo. (1980) (1980)
78. Devaluation: Levels versus rates
    Journal of International Economics, 1981, 11, (2), 165-172 View citations (25)
79. Open economy macroeconomics: Rudiger Dornbusch, (Basic Books, New York, 1980) pp. ix+293
    Journal of International Economics, 1981, 11, (2), 295-299

1980

80. Tax-financed government spending in a neoclassical model with sticky wages and rational expectations
    Journal of Economic Dynamics and Control, 1980, 2, (1), 61-78 View citations (1)
81. Technology, Entrepreneurs, and Firm Size
    The Quarterly Journal of Economics, 1980, 95, (4), 663-677 View citations (45)

1979

82. Capital accumulation and welfare: a note
    Economics Letters, 1979, 4, (2), 135-139 View citations (1)
83. Fiscal policy, welfare, and employment with perfect foresight
    Journal of Macroeconomics, 1979, 1, (2), 149-166 View citations (2)
84. Hierarchy, Ability, and Income Distribution
    Journal of Political Economy, 1979, 87, (5), 991-1010 View citations (111)
85. On Models of Money and Perfect Foresight
    International Economic Review, 1979, 20, (1), 83-103 View citations (58)
86. Optimal Population and Capital over Time: The Maximin Perspective
    The Review of Economic Studies, 1979, 46, (1), 59-71
87. Quasi-Walrasian Theories of Unemployment
    American Economic Review, 1979, 69, (2), 102-07 View citations (62)
88. The Incidence of a Tax on Pure Rent: A New (?) Reason for an Old Answer
    Journal of Political Economy, 1979, 87, (4), 869-74 View citations (24)

1978

89. On the Time Consistency of Optimal Policy in a Monetary Economy
    Econometrica, 1978, 46, (6), 1411-28 View citations (358)
90. On the indeterminacy of interest rates and wages with perfect foresight
    Journal of Economic Theory, 1978, 19, (2), 321-337 View citations (41)
91. On the optimal acquisition of foreign capital through investment of oil export revenues
    Journal of International Economics, 1978, 8, (4), 513-524 View citations (10)
92. Optimal seigniorage from money creation: An analysis in terms of the optimum balance of payments deficit problem
    Journal of Monetary Economics, 1978, 4, (3), 503-517 View citations (17)
93. Some Notes on Time Inconsistency and Rawls' Maximin Criterion
    The Review of Economic Studies, 1978, 45, (1), 97-102 View citations (17)
94. Supervision, Loss of Control, and the Optimum Size of the Firm
    Journal of Political Economy, 1978, 86, (5), 943-52 View citations (123)
95. The ex-post behavior of firms offering optimal employment contracts
    Economics Letters, 1978, 1, (3), 275-278
96. Urban Employment and Wage Determination in LDC's: Trade Unions in the Harris-Todaro Model
    International Economic Review, 1978, 19, (1), 65-81 View citations (64)

1977

97. A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations
    Journal of Political Economy, 1977, 85, (3), 617-25 View citations (129)
98. Optimal Maximin Accumulation with Uncertain Future Technology
    Econometrica, 1977, 45, (2), 317-27 View citations (5)
99. The Stability of Models of Money and Perfect Foresight: A Comment
    Econometrica, 1977, 45, (7), 1737-39 View citations (7)

1976

100. Optimal Growth in a Putty-Clay Model
     Econometrica, 1976, 44, (5), 867-78 View citations (21)

1975

101. Efficient and Optimal Utilization of Capital Services
     American Economic Review, 1975, 65, (1), 181-86 View citations (22)

Books

2006

1. Money, Exchange Rates, and Output, vol 1
   MIT Press Books, The MIT Press

2005

2. Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?, vol 1
   MIT Press Books, The MIT Press View citations (92)

Edited books

2004

1. Money, Capital Mobility, and Trade: Essays in Honor of Robert A. Mundell, vol 1
   MIT Press Books, The MIT Press View citations (5)

1998

2. The Debt Burden and its Consequences for Monetary Policy
   International Economic Association Series, Palgrave Macmillan View citations (159)

Chapters

2015

1. The Liquidity Approach to Bubbles, Crises, Jobless Recoveries, and Involuntary Unemployment
   Chapter 06 in Economic Policies in Emerging-Market Economies Festschrift in Honor of Vittorio Corbo, 2015, vol. 21, pp 079-108 View citations (1)
   See also Journal Article The Liquidity Approach to Bubbles, Crises, Jobless Recoveries, and Involuntary Unemployment, Central Bank of Chile (2015) View citations (1) (2015)

2014

2. Jobless Recoveries during Financial Crises: Is Inflation the Way Out?
   Chapter 11 in Macroeconomic and Financial Stability: challenges for Monetary Policy, 2014, vol. 19, pp 331-381 View citations (2)
   See also Working Paper Jobless Recoveries during Financial Crises: Is Inflation the Way Out?, HAL (2014) View citations (1) (2014)

2010

3. Inflation targeting in hard times
   A chapter in Perspectives on inflation targeting, financial stability and the global crisis, 2010, vol. 51, pp 15-18 View citations (2)

2009

4. The Current Financial Crisis: Will Latin America Be Caught in the Web, Again?
   Chapter 2 in Globalization And Systemic Risk, 2009, pp 11-25

2008

5. Crises in Emerging Markets Economies: A Global Perspective
   Chapter 3 in Current Account and External Financing, 2008, vol. 12, pp 085-115 View citations (1)
   See also Working Paper Crises in Emerging Market Economies: A Global Perspective, Central Bank of Chile (2007) View citations (15) (2007)

2004

6. Contagion in Emerging Markets: When Wall Street is a Carrier
   Palgrave Macmillan View citations (23)

2000

7. Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments
   A chapter in Currency Crises, 2000, pp 71-97 View citations (45)
8. Contagion, Globalization, and the Volatility of Capital Flows
   A chapter in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, 2000, pp 15-41 View citations (26)
9. Inauguración
   Chapter 1 in América Latina: el camino después de la crisis, 2000, vol. 1, pp 9-12
10. La alternativa de dolarizar
    Chapter 2 in Dolarizar la economía peruana: riesgos y oportunidades, 2000, vol. 1, pp 15-62
11. Panel I ¿Qué camino tomará América Latina?
    Chapter 2 in América Latina: el camino después de la crisis, 2000, vol. 1, pp 13-68

1999

12. Inflation stabilization and bop crises in developing countries
    Chapter 24 in Handbook of Macroeconomics, 1999, vol. 1, Part C, pp 1531-1614 View citations (168)
    See also Working Paper Inflation Stabilization and BOP Crises in Developing Countries, National Bureau of Economic Research, Inc (1999) View citations (176) (1999)

1998

13. Growth, Debt and Economic Transformation: The Capital Flight Problem
    Palgrave Macmillan View citations (10)
14. The Unforgiving ‘Market’ and the Tequilazo
    Palgrave Macmillan
15. Varieties of Capital-Market Crises
    Palgrave Macmillan View citations (58)
    See also Working Paper Varieties of Capital-Market Crises, Inter-American Development Bank (1995) View citations (25) (1995)

1996

16. The Management of Capital Flows: Domestic Policy and International Cooperation
    Palgrave Macmillan

1994

17. Capital Inflows to Latin America: The 1970s and 1990s
    Palgrave Macmillan View citations (7)
    See also Working Paper Capital Inflows to Latin America: The 1970s and 1990s, University Library of Munich, Germany (1994) View citations (26) (1994)

1993

18. Exchange-Rate Based Stabilisation under Imperfect Credibility
    Palgrave Macmillan View citations (37)
    See also Working Paper Exchange-Rate-Based Stabilization under Imperfect Credibility, International Monetary Fund (1991) View citations (40) (1991)

1986

19. Welfare, Banks, and Capital Mobility in Steady State: The Case of Predetermined Exchange Rates
    A chapter in Economic Adjustment and Exchange Rates in Developing Countries, 1986, pp 175-200

1983

20. Staggered Contracts and Exchange Rate Policy
    A chapter in Exchange Rates and International Macroeconomics, 1983, pp 235-258 View citations (44)
21. Trying to Stabilize: Some Theoretical Reflections Based on the Case of Argentina
    A chapter in Financial Policies and the World Capital Market: The Problem of Latin American Countries, 1983, pp 199-220 View citations (13)