Carlos Vegh
Dados Biográficos
| ID | 5734684 |
|---|---|
| NOME | Carlos Vegh |
| PRENOMES | Carlos |
| SOBRENOME | Vegh |
| ASSINATURA | VEGH C |
| AFILIAÇÕES | International Monetary Fund |
| VERIFICADO | Não |
| TOTAL DE OBRAS | 11 |
| TOTAL DE CITAÇÕES | 79 |
| TOTAL COMO AUTOR | 11 |
| TOTAL COMO EDITOR | 0 |
| PRIMEIRO ANO DE PUBLICAÇÃO | 1994 |
| ANO MAIS RECENTE DE PUBLICAÇÃO | 2012 |
| ÍNDICE H | 5 |
On graduation from fiscal procyclicality
Output Costs, Currency Crises and Interest Rate Defence of a Peg
Central banks typically raise short-term interest rates to defend currency pegs. Higher interest rates, however, often lead to a credit crunch and an output contraction. We model this trade-off in an optimising, first-generation model in which the crisis may be delayed but is ultimately inevitable. We show that higher interest rates may delay the crisis, but raising interest rates beyond a certain point may actually bring forward the crisis due t…
Tax base variability and procyclical fiscal policy in developing countries
Delaying the Inevitable
The classical model of balance of payments crises implicitly assumes that the central bank sits passively as international reserves dwindle. In practice, however, central banks typically defend pegs aggressively by raising short-term interest rates. This paper analyzes the feasibility and optimality of raising interest rates to delay a potential BOP crisis. Interest rate policy works through two distinct channels. By raising demand for domestic, …
The Unholy Trinity of Financial Contagion
Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction. We argue that fast and furious contagion episodes are characterized by "the unholy trinity": (i) they follow a large surge in capital flows; (ii) they co…
Inflation Stabilisation and the Consumption of Durable Goods
Exchange rate‐based stabilisations in chronic‐inflation countries have often been characterised by an initial consumption boom (which is most evident in the behaviour of durable goods) followed by a later contraction. This paper provides an explanation for such a boom‐recession cycle based on the timing of purchases of durable goods. The initial fall in inflation results in a wealth effect which induces many consumers to bring forward their purch…
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…
Stabilization and Growth in Transition Economies
The authors analyze the growth and stabilization experience in twenty-six transition economies in Eastern Europe, the former Soviet Union, and Mongolia for the period 1989-94. Inflation rates have declined significantly in most countries following an inflation stabilization program. Typically, stabilization has been followed by growth within two years; and growth does not occur without stabilization. Reducing inflation thus appears to be a precon…
Nominal interest rates, consumption booms, and lack of credibility
Targeting the real exchange rate
Stabilization dynamics and backward-looking contracts
Tax base variability and procyclical fiscal policy in developing countries
On graduation from fiscal procyclicality
Stabilization and Growth in Transition Economies
The authors analyze the growth and stabilization experience in twenty-six transition economies in Eastern Europe, the former Soviet Union, and Mongolia for the period 1989-94. Inflation rates have declined significantly in most countries following an inflation stabilization program. Typically, stabilization has been followed by growth within two years; and growth does not occur without stabilization. Reducing inflation thus appears to be a precon…
The Unholy Trinity of Financial Contagion
Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction. We argue that fast and furious contagion episodes are characterized by "the unholy trinity": (i) they follow a large surge in capital flows; (ii) they co…
Targeting the real exchange rate
Delaying the Inevitable
The classical model of balance of payments crises implicitly assumes that the central bank sits passively as international reserves dwindle. In practice, however, central banks typically defend pegs aggressively by raising short-term interest rates. This paper analyzes the feasibility and optimality of raising interest rates to delay a potential BOP crisis. Interest rate policy works through two distinct channels. By raising demand for domestic, …
Inflation Stabilisation and the Consumption of Durable Goods
Exchange rate‐based stabilisations in chronic‐inflation countries have often been characterised by an initial consumption boom (which is most evident in the behaviour of durable goods) followed by a later contraction. This paper provides an explanation for such a boom‐recession cycle based on the timing of purchases of durable goods. The initial fall in inflation results in a wealth effect which induces many consumers to bring forward their purch…
Nominal interest rates, consumption booms, and lack of credibility
Stabilization dynamics and backward-looking contracts
Stabilization dynamics and backward-looking contracts
Nominal interest rates, consumption booms, and lack of credibility
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…
Stabilization and Growth in Transition Economies
The authors analyze the growth and stabilization experience in twenty-six transition economies in Eastern Europe, the former Soviet Union, and Mongolia for the period 1989-94. Inflation rates have declined significantly in most countries following an inflation stabilization program. Typically, stabilization has been followed by growth within two years; and growth does not occur without stabilization. Reducing inflation thus appears to be a precon…
Inflation Stabilisation and the Consumption of Durable Goods
Exchange rate‐based stabilisations in chronic‐inflation countries have often been characterised by an initial consumption boom (which is most evident in the behaviour of durable goods) followed by a later contraction. This paper provides an explanation for such a boom‐recession cycle based on the timing of purchases of durable goods. The initial fall in inflation results in a wealth effect which induces many consumers to bring forward their purch…
Delaying the Inevitable
The classical model of balance of payments crises implicitly assumes that the central bank sits passively as international reserves dwindle. In practice, however, central banks typically defend pegs aggressively by raising short-term interest rates. This paper analyzes the feasibility and optimality of raising interest rates to delay a potential BOP crisis. Interest rate policy works through two distinct channels. By raising demand for domestic, …
The Unholy Trinity of Financial Contagion
Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction. We argue that fast and furious contagion episodes are characterized by "the unholy trinity": (i) they follow a large surge in capital flows; (ii) they co…
Tax base variability and procyclical fiscal policy in developing countries
Output Costs, Currency Crises and Interest Rate Defence of a Peg
Central banks typically raise short-term interest rates to defend currency pegs. Higher interest rates, however, often lead to a credit crunch and an output contraction. We model this trade-off in an optimising, first-generation model in which the crisis may be delayed but is ultimately inevitable. We show that higher interest rates may delay the crisis, but raising interest rates beyond a certain point may actually bring forward the crisis due t…
On graduation from fiscal procyclicality
Economics (11 obras) · Monetary economics (10 obras) · Monetary Policy and Economic Impact (8 obras) · Economic Theory and Policy (7 obras) · Macroeconomics (7 obras) · Global Financial Crisis and Policies (5 obras) · Inflation (cosmology (5 obras) · Exchange rate (4 obras) · Interest rate (4 obras) · Real interest rate (4 obras)