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- DescriptionGuillermo Calvo, who foresaw the financial crisis that followed the devaluation of Mexico's peso, has spent much of his career thinking beyond the conventional wisdom. In a quiet and understated way, Calvo has made seminal contributions to several major research areas in macroecomics, particularly monetary policy, exchange rates, public debt, and stabilization in Latin America and post-communist countries. Money, Exchange Rates, and Output brings together these contributions in a broad selection of the author's work over the past two decades. There are introductions to each section, and an introduction to the entire collection that outlines the connections throughout and surveys the current state of macroecomic theory.Calvo, an advocate of the Chicago school of rational expectations, uses elements of this approach to understand ecomic development. While he is a top macroecomics theorist, his models are always intertwined with policy discussion. He pushes readers to combine kwledge of real world facts -- of institutions, traditions, and culture, in addition to statistics - with theory.One focus of this collection is on the role of credibility in policy-making. Calvo analyzes the origins and macroecomic consequences of credibility problems. He also shows how monetary and trade theory can fail when the public does t fully believe in policy anuncements. A second focus is on equilibrium multiplicity. Calvo uses models with multiple equilibria to identify factors that cause amalous behavior. He discusses multiple equilibria in abstract terms as well as in terms of its relevance to understanding domestic public debt.Specific issues covered are predetermined exchange rates, currency substitution, domestic public debt and seigniorage, and stabilizing transition ecomies.
- Author BiographyGuillermo A. Calvo is Professor of International and Public Affairs at Columbia University's School for International and Public Affairs. He is the author of Money, Exchange Rates, and Output, Emerging Capital Markets in Turmoil (both published by the MIT Press) and other books.
- Author(s)Guillermo A. Calvo
- PublisherMIT Press Ltd
- Date of Publication03/02/2006
- SubjectEconomics: Professional & General
- Place of PublicationCambridge, Mass.
- Country of PublicationUnited States
- ImprintMIT Press
- Content Note41
- Weight726 g
- Width152 mm
- Height229 mm
- Spine25 mm
- Format DetailsTrade paperback (US)
- Interest AgeFrom 18
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