The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back

Guillermo A. Calvo

NBER Working Paper No. 18285
Issued in August 2012

---- Acknowledgements -----

I wish to express my gratitude to Fernando Alvarez, Sara Calvo, Fabrizio Coricelli, Maurice Obstfeld, Pablo Ottonello, Juan Carlos de Pablo, Carmen Reinhart, and Aaron Tornell for useful and incisive comments. I would also like to thank Heriberto Tapia for skillful research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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