Guillermo A Calvo
Datos Biográficos
| ID | 1234489 |
|---|---|
| NOMBRE | Guillermo A Calvo |
| NOMBRES | Guillermo A |
| APELLIDO | Calvo |
| FIRMA | CALVO G A |
| AFILIACIONES | University of Maryland, College Park |
| VERIFICADO | No |
| TOTAL DE OBRAS | 23 |
| TOTAL DE CITAS | 86 |
| TOTAL COMO AUTOR | 23 |
| TOTAL COMO EDITOR | 0 |
| PRIMER AÑO DE PUBLICACIÓN | 1965 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2012 |
| ÍNDICE H | 5 |
Labor Market, Financial Crises and Inflation
This paper uses a sample of 116 recession episodes in developed and emerging market economies to compare the labor-market recovery during financial crises with that of other recession episodes. It documents two new stylized facts. First, labor-market recovery from financial crises is characterized by either higher unemployment ("jobless recovery") or a lower real wage ("wageless recovery"). Second, inflation determines the type of recovery: low i…
The Mirage of Exchange Rate Regimes for Emerging Market Countries
This paper argues that much of the debate on choosing an exchange rate regime misses the boat. It begins by discussing the standard theory of choice between exchange rate regimes, and then explores the weaknesses in this theory, especially when it is applied to emerging market economies. It then discusses a range of institutional traits that might predispose a country to favor either fixed or floating rates, and then turns to the converse questio…
Fear of Floating
Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents of this view suggest that countries move to corner solutions—hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed…
Globalización y régimen cambiario
Se trata de hacer un aporte a la comprensión del concepto de globalización. Luego se hará especial énfasis cambiario, puesto que, a pesar de no ser necesario lo más importante dentro de la organización de un país, es un tema que siempre s
Capital Flows and Capital-Market Crises
The paper studies mechanisms through which a sudden stop in international credit flows may bring about financial and balance of payments crises. It is shown that these crises can occur even though the current account deficit is fully financed by foreign direct investment. However, equity and long-term bond financing may shield the economy from sudden stop crises. The paper also examines possible factors that could trigger sudden stops, and argues…
Disinflation and Interest-Bearing Money
Journal Article Disinflation and Interest-Bearing Money Get access Guillermo A. Calvo, Guillermo A. Calvo University of Maryland Search for other works by this author on: Oxford Academic Google Scholar Carlos A. Végh Carlos A. Végh University of California at Los Angeles Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 106, Issue 439, 1 November 1996, Pages 1546–1563, https://doi.org/10.2307/22…
Inflows of Capital to Developing Countries in the 1990s
Half a decade has passed since the resurgence of international capital flows to many developing countries and history has, once again, shown that foreign investment is prone to repeated booms and busts. Mexico's 1994 crisis is but a recent example that highlights the vulnerability of capital-importing countries to abrupt reversals; thus, an aim of policy is to reduce that vulnerability. This paper discusses the principal causes, facts, and polici…
Targeting the real exchange rate
Stabilization dynamics and backward-looking contracts
Capital Inflows and Real Exchange Rate Appreciation in Latin America
Debt relief and debt rescheduling
Credit Markets, Credibility, and Economic Transformation
This paper focuses on the special role that capital markets play in the transformation of centrally planned economies into well-functioning market economies. We demonstrate that underdeveloped credit markets inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. We explore various ways to overcome the difficulties associated with the underdeveloped credit markets. In this regard, we examine the implicat…
On the costs of temporary policy
The effects and costs of a temporary trade liberalization experiment are studied in terms of a model with an infinitely-lived individual, under perfect capital mobility and no static gains from trade. It is shown that the current account deteriorates during liberalization, and becomes more negative, the shorter is the liberalization period. The costs are non-monotonic with respect to the latter, and timing of their maximum varies widely with para…
Temporary Stabilization
The paper analyzes the impact of a stabilization policy based on a temporary reduction in the rate of devaluation. Against a background in which a constant rate of devaluation has no real effects, it is shown that the temporary policy does and, furthermore, that the real effects tend to become bigger (in absolute value) as the horizon of the temporary policy is shortened. The central discussion is carried out in terms of a one-good, cash-in-advan…
Fractured Liberalism
Staggered prices in a utility-maximizing framework
Growth and Inflationary Finance
Hierarchy, Ability, and Income Distribution
Labor allocation and wage-scale formation are studied in the context of competitive hierarchic firms. We show that (1) the wage per effective laborer and his quality increase with the hierarchical position of the employee, and (2) up to a point, the imposition of a minimum wage for production labor increases the quality and quantity of production workers and reduces the wage, quality, and number of supervisors. These results help to explain the s…
The Incidence of a Tax on Pure Rent
Supervision, Loss of Control, and the Optimum Size of the Firm
We show that limitation of firm size caused by loss of control across hierarchic levels depends crucially on the nature of the supervision process. If the employees cannot identify the times at which their performance is monitored, there is no limit imposed on the firm size by the heights of the hierarchical structure. "Loss of control" may impose such a limit if the employees are aware of the times at which they are being monitored. The analysis…
A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations
This paper analyzes a two-sector model of exchange rate determination for a mall open economy with flexible prices. Residents are assumed to hold both domestic and foreign currency and to have rational expectations. The model satisfies the homogeneity postulate but it is shown that an increase in the rate of expansions of money supply leads to an instantaneous deterioration of the real exchange rate. In the long run, however, the latter moves bac…
Construcción de Modelos de Insumo - Producto en la República Argentina
Quasi-Walrasian Theories of Unemployment
Supervision, Loss of Control, and the Optimum Size of the Firm
We show that limitation of firm size caused by loss of control across hierarchic levels depends crucially on the nature of the supervision process. If the employees cannot identify the times at which their performance is monitored, there is no limit imposed on the firm size by the heights of the hierarchical structure. "Loss of control" may impose such a limit if the employees are aware of the times at which they are being monitored. The analysis…
Hierarchy, Ability, and Income Distribution
Labor allocation and wage-scale formation are studied in the context of competitive hierarchic firms. We show that (1) the wage per effective laborer and his quality increase with the hierarchical position of the employee, and (2) up to a point, the imposition of a minimum wage for production labor increases the quality and quantity of production workers and reduces the wage, quality, and number of supervisors. These results help to explain the s…
Inflows of Capital to Developing Countries in the 1990s
Half a decade has passed since the resurgence of international capital flows to many developing countries and history has, once again, shown that foreign investment is prone to repeated booms and busts. Mexico's 1994 crisis is but a recent example that highlights the vulnerability of capital-importing countries to abrupt reversals; thus, an aim of policy is to reduce that vulnerability. This paper discusses the principal causes, facts, and polici…
Temporary Stabilization
The paper analyzes the impact of a stabilization policy based on a temporary reduction in the rate of devaluation. Against a background in which a constant rate of devaluation has no real effects, it is shown that the temporary policy does and, furthermore, that the real effects tend to become bigger (in absolute value) as the horizon of the temporary policy is shortened. The central discussion is carried out in terms of a one-good, cash-in-advan…
The Mirage of Exchange Rate Regimes for Emerging Market Countries
This paper argues that much of the debate on choosing an exchange rate regime misses the boat. It begins by discussing the standard theory of choice between exchange rate regimes, and then explores the weaknesses in this theory, especially when it is applied to emerging market economies. It then discusses a range of institutional traits that might predispose a country to favor either fixed or floating rates, and then turns to the converse questio…
Targeting the real exchange rate
The Incidence of a Tax on Pure Rent
A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations
This paper analyzes a two-sector model of exchange rate determination for a mall open economy with flexible prices. Residents are assumed to hold both domestic and foreign currency and to have rational expectations. The model satisfies the homogeneity postulate but it is shown that an increase in the rate of expansions of money supply leads to an instantaneous deterioration of the real exchange rate. In the long run, however, the latter moves bac…
Debt relief and debt rescheduling
Credit Markets, Credibility, and Economic Transformation
This paper focuses on the special role that capital markets play in the transformation of centrally planned economies into well-functioning market economies. We demonstrate that underdeveloped credit markets inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. We explore various ways to overcome the difficulties associated with the underdeveloped credit markets. In this regard, we examine the implicat…
Stabilization dynamics and backward-looking contracts
On the costs of temporary policy
The effects and costs of a temporary trade liberalization experiment are studied in terms of a model with an infinitely-lived individual, under perfect capital mobility and no static gains from trade. It is shown that the current account deteriorates during liberalization, and becomes more negative, the shorter is the liberalization period. The costs are non-monotonic with respect to the latter, and timing of their maximum varies widely with para…
Fractured Liberalism
Construcción de Modelos de Insumo - Producto en la República Argentina
A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations
This paper analyzes a two-sector model of exchange rate determination for a mall open economy with flexible prices. Residents are assumed to hold both domestic and foreign currency and to have rational expectations. The model satisfies the homogeneity postulate but it is shown that an increase in the rate of expansions of money supply leads to an instantaneous deterioration of the real exchange rate. In the long run, however, the latter moves bac…
Supervision, Loss of Control, and the Optimum Size of the Firm
We show that limitation of firm size caused by loss of control across hierarchic levels depends crucially on the nature of the supervision process. If the employees cannot identify the times at which their performance is monitored, there is no limit imposed on the firm size by the heights of the hierarchical structure. "Loss of control" may impose such a limit if the employees are aware of the times at which they are being monitored. The analysis…
Hierarchy, Ability, and Income Distribution
Labor allocation and wage-scale formation are studied in the context of competitive hierarchic firms. We show that (1) the wage per effective laborer and his quality increase with the hierarchical position of the employee, and (2) up to a point, the imposition of a minimum wage for production labor increases the quality and quantity of production workers and reduces the wage, quality, and number of supervisors. These results help to explain the s…
The Incidence of a Tax on Pure Rent
Staggered prices in a utility-maximizing framework
Growth and Inflationary Finance
Temporary Stabilization
The paper analyzes the impact of a stabilization policy based on a temporary reduction in the rate of devaluation. Against a background in which a constant rate of devaluation has no real effects, it is shown that the temporary policy does and, furthermore, that the real effects tend to become bigger (in absolute value) as the horizon of the temporary policy is shortened. The central discussion is carried out in terms of a one-good, cash-in-advan…
Fractured Liberalism
On the costs of temporary policy
The effects and costs of a temporary trade liberalization experiment are studied in terms of a model with an infinitely-lived individual, under perfect capital mobility and no static gains from trade. It is shown that the current account deteriorates during liberalization, and becomes more negative, the shorter is the liberalization period. The costs are non-monotonic with respect to the latter, and timing of their maximum varies widely with para…
Debt relief and debt rescheduling
Credit Markets, Credibility, and Economic Transformation
This paper focuses on the special role that capital markets play in the transformation of centrally planned economies into well-functioning market economies. We demonstrate that underdeveloped credit markets inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. We explore various ways to overcome the difficulties associated with the underdeveloped credit markets. In this regard, we examine the implicat…
Capital Inflows and Real Exchange Rate Appreciation in Latin America
Stabilization dynamics and backward-looking contracts
Targeting the real exchange rate
Disinflation and Interest-Bearing Money
Journal Article Disinflation and Interest-Bearing Money Get access Guillermo A. Calvo, Guillermo A. Calvo University of Maryland Search for other works by this author on: Oxford Academic Google Scholar Carlos A. Végh Carlos A. Végh University of California at Los Angeles Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 106, Issue 439, 1 November 1996, Pages 1546–1563, https://doi.org/10.2307/22…
Inflows of Capital to Developing Countries in the 1990s
Half a decade has passed since the resurgence of international capital flows to many developing countries and history has, once again, shown that foreign investment is prone to repeated booms and busts. Mexico's 1994 crisis is but a recent example that highlights the vulnerability of capital-importing countries to abrupt reversals; thus, an aim of policy is to reduce that vulnerability. This paper discusses the principal causes, facts, and polici…
Capital Flows and Capital-Market Crises
The paper studies mechanisms through which a sudden stop in international credit flows may bring about financial and balance of payments crises. It is shown that these crises can occur even though the current account deficit is fully financed by foreign direct investment. However, equity and long-term bond financing may shield the economy from sudden stop crises. The paper also examines possible factors that could trigger sudden stops, and argues…
Globalización y régimen cambiario
Se trata de hacer un aporte a la comprensión del concepto de globalización. Luego se hará especial énfasis cambiario, puesto que, a pesar de no ser necesario lo más importante dentro de la organización de un país, es un tema que siempre s
Fear of Floating
Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents of this view suggest that countries move to corner solutions—hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed…
The Mirage of Exchange Rate Regimes for Emerging Market Countries
This paper argues that much of the debate on choosing an exchange rate regime misses the boat. It begins by discussing the standard theory of choice between exchange rate regimes, and then explores the weaknesses in this theory, especially when it is applied to emerging market economies. It then discusses a range of institutional traits that might predispose a country to favor either fixed or floating rates, and then turns to the converse questio…
Labor Market, Financial Crises and Inflation
This paper uses a sample of 116 recession episodes in developed and emerging market economies to compare the labor-market recovery during financial crises with that of other recession episodes. It documents two new stylized facts. First, labor-market recovery from financial crises is characterized by either higher unemployment ("jobless recovery") or a lower real wage ("wageless recovery"). Second, inflation determines the type of recovery: low i…
Quasi-Walrasian Theories of Unemployment
Economics (21 obras) · Economic Theory and Policy (14 obras) · Monetary economics (12 obras) · Monetary Policy and Economic Impact (11 obras) · Macroeconomics (9 obras) · Exchange rate (8 obras) · Global Financial Crisis and Policies (8 obras) · Economic theories and models (7 obras) · International economics (7 obras) · Microeconomics (7 obras)