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A Monetary and Fiscal History of Latin America, 1960–2017
A major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated...
Great Depressions of the Twentieth Century
The worldwide Great Depression of the 1930s was a watershed for both economic thought and economic policymaking. It led to the belief that market economies are inherently unstable and to the revolutionary work of John Maynard Keynes. Its impact on popular economic wisdom is still apparent today. Great Depressions of the Twentieth Century, which uses a common framework to study sixteen depressions from the interwar period in Europe and America, as well as from more recent times in Japan and Latin America, challenges the Keynesian theory of depressions. It develops and uses a methodology for studying depressions that relies on growth accounting and the general equilibrium growth model. Differe...
Frontiers in Applied General Equilibrium Modeling
This 2005 volume brings together twelve papers by many of the most prominent applied general equilibrium modelers honoring Herbert Scarf, the father of equilibrium computation in economics. It deals with developments in applied general equilibrium, a field which has broadened greatly since the 1980s. The contributors discuss some traditional as well as some modern topics in the field, including non-convexities in economy-wide models, tax policy, developmental modeling and energy modeling. The book also covers a range of distinct approaches, conceptual issues and computational algorithms, such as calibration and areas of application such as macroeconomics of real business cycles and finance. An introductory chapter written by the editors maps out issues and scenarios for the future evolution of applied general equilibrium.
Applied General Equilibrium
Over the last 20 years, applied general equilibrium (AGE) modelling has developed from a small academic research program into a routinely used policy assessment tool. Major governments and international agencies maintain AGE research groups, and call for their input to a variety of trade, tax, and other resource allocation issues. This book is a collection of papers representative of recent activity in this field. Contributions have been grouped into a methodological section, a trade section, and a section on energy issues, and this division accurately indicates the focus of the volume. Readers will thus have access to up to date techniques and results currently being used by researchers at the forefront of the research program.
The Economics of Sovereign Debt and Default
An integrated approach to the economics of sovereign default Fiscal crises and sovereign default repeatedly threaten the stability and growth of economies around the world. Mark Aguiar and Manuel Amador provide a unified and tractable theoretical framework that elucidates the key economics behind sovereign debt markets, shedding light on the frictions and inefficiencies that prevent the smooth functioning of these markets, and proposing sensible approaches to sovereign debt management. The Economics of Sovereign Debt and Default looks at the core friction unique to sovereign debt—the lack of strong legal enforcement—and goes on to examine additional frictions such as deadweight costs of ...
Computational Macroeconomics for the Open Economy
How to use nonlinear dynamic models in policy analysis. Policymakers need quantitative as well as qualitative answers to pressing policy questions. Because of advances in computational methods, quantitative estimates are now derived from coherent nonlinear dynamic macroeconomic models embodying measures of risk and calibrated to capture specific characteristics of real-world situations. This text shows how such models can be made accessible and operational for confronting policy issues. The book starts with a simple setting based on market-clearing price flexibility. It gradually incorporates departures from the simple competitive framework in the form of price and wage stickiness, taxes, rigidities in investment, financial frictions, and habit persistence in consumption. Most chapters end with computational exercises; the Matlab code for the base model can be found in the appendix. As the models evolve, readers are encouraged to modify the codes from the first simple model to more complex extensions. Computational Macroeconomics for the Open Economy can be used by graduate students in economics and finance as well as policy-oriented researchers.
Economic Growth
Economic Growth is an advanced undergraduate text written specifically for one semester courses in growth theory and for first year graduate students to refresh their knowledge. It will also be of great use for scholars and professional economists as the text contains many references to practical policy issues. The author condenses the fundamental issues of growth theory and covers the new ideas in a highly entertaining text, written in a clear and accessible style.
Applied Economics and Public Policy
Applied economics is both an art and a science. It requires a sound knowledge of economic theory, statistical techniques and data sources, together with an appreciation that behavioural changes can alter apparently established economic relationships. In this book leading economists illustrate the diversity of the subject, and present a series of studies that demonstrate a range of techniques and their applications to economic policy. It contains chapters which explore approaches to macroeconomic modelling analyses of corporate performance, new estimates of the evolution of incomes in the UK since the eighteenth century and assessments of the role of applied economics in guiding macroeconomic policy. All the chapters were specially commissioned to mark the fiftieth anniversary of the Department of Applied Economics at the University of Cambridge, and the contributions to the book are a fitting tribute to the work instigated by Sir Richard Stone and carried forward by his successors.
The Dynamics of Sovereign Debt Crises and Bailouts
Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no-buyers-strike fundamental equilibrium, relying on the market for residual financing. The intervention makes it cheaper for governments to borrow, inducing them borrow more, leaving default probabilities possibly rather unchanged. The maximal backstop will be pulled precisely when fundamentals worsen.
