Carlos A. Vegh

School of Advanced International Studies (SAIS)
Johns Hopkins University
1717 Massachusetts Avenue, NW
Washington, DC 20036
Tel: 202-663-7787

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: IFM
NBER Affiliation: Research Associate
Institutional Affiliation: Johns Hopkins University

NBER Working Papers and Publications

August 2020The Macroeconomic Effects of Macroprudential Policy: Evidence from a Narrative Approach
with Diego Rojas, Guillermo Vuletin: w27687
December 2019Non-Linear Effects of Tax Changes on Output: The Role of the Initial Level of Taxation
with Samara Gunter, Daniel Riera-Crichton, Guillermo Vuletin: w26570
November 2019Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Investigation
with Alejandro Izquierdo, Ruy E. Lama, Juan Pablo Medina, Jorge P. Puig, Daniel Riera-Crichton, Guillermo Vuletin: w26478
August 2019Fooled by the Cycle: Permanent versus Cyclical Improvements in Social Indicators
with José Andrée Camarena, Luciana Galeano, Luis Morano, Jorge Puig, Daniel Riera-Crichton, Lucila Venturi, Guillermo Vuletin: w26199
June 2016Unsticking the Flypaper Effect Using Distortionary Taxation
with Guillermo Vuletin: w22304

Published: Carlos A. Vegh y Guillermo Vuletin, 2016. "Unsticking the flypaper effect using distortionary taxation," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 62, pages 185-237, January-D. citation courtesy of

December 2015Fiscal Policy in Emerging Markets:
Procyclicality and Graduation

NBER Reporter 2015 number 4
July 2015Unsticking the Flypaper Effect in an Uncertain World
with Guillermo Vuletin: w21436

Published: Carlos A. Vegh & Guillermo Vuletin, 2015. "Unsticking the flypaper effect in an uncertain world," Journal of Public Economics, vol 131, pages 142-155. citation courtesy of

November 2014The Road to Redemption: Policy Response to Crises in Latin America
with Guillermo Vuletin: w20675

Published: Carlos A Vegh & Guillermo Vuletin, 2014. "The Road to Redemption: Policy Response to Crises in Latin America," IMF Economic Review, Palgrave Macmillan, vol. 62(4), pages 526-568, November. citation courtesy of

October 2014Reserve Requirement Policy over the Business Cycle
with Pablo Federico, Guillermo Vuletin: w20612
September 2014Procyclical and Countercyclical Fiscal Multipliers: Evidence from OECD Countries
with Daniel Riera-Crichton, Guillermo Vuletin: w20533

Published: Riera-Crichton, Daniel & Vegh, Carlos A. & Vuletin, Guillermo, 2015. "Procyclical and countercyclical fiscal multipliers: Evidence from OECD countries," Journal of International Money and Finance, Elsevier, vol. 52(C), pages 15-31. citation courtesy of

January 2014Social Implications of Fiscal Policy Responses During Crises
with Guillermo Vuletin: w19828
October 2012Tax Multipliers: Pitfalls in Measurement and Identification
with Daniel Riera-Crichton, Guillermo Vuletin: w18497

Published: Daniel Riera-Crichton & Carlos A. Vegh & Guillermo Vuletin, 2016. "Tax multipliers: Pitfalls in measurement and identification," Journal of Monetary Economics, vol 79, pages 30-48. citation courtesy of

June 2012Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets
with Guillermo Vuletin: w18175
January 2012How is Tax Policy Conducted over the Business Cycle?
with Guillermo Vuletin: w17753

Published: Carlos A. Vegh & Guillermo Vuletin, 2015. "How Is Tax Policy Conducted over the Business Cycle?," American Economic Journal: Economic Policy, American Economic Association, vol. 7(3), pages 327-70, August. citation courtesy of

November 2011On Graduation from Fiscal Procyclicality
with Jeffrey A. Frankel, Guillermo Vuletin: w17619

Published: Frankel, Jeffrey A. & Vegh, Carlos A. & Vuletin, Guillermo, 2013. "On graduation from fiscal procyclicality," Journal of Development Economics, Elsevier, vol. 100(1), pages 32-47. citation courtesy of

October 2010How Big (Small?) are Fiscal Multipliers?
with Ethan Ilzetzki, Enrique G. Mendoza: w16479

Published: Ilzetzki, Ethan & Mendoza, Enrique G. & Végh, Carlos A., 2013. "How big (small?) are fiscal multipliers?," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 239-254. citation courtesy of

April 2010Decoupling and Recoupling
with Anton Korinek, Agustín Roitman: w15907

Published: Anton Korinek & Agustin Roitman & Carlos A. Végh, 2010. "Decoupling and Recoupling," American Economic Review, American Economic Association, vol. 100(2), pages 393-97, May. citation courtesy of

July 2008Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?
with Ethan Ilzetzki: w14191
April 2008Interest Rates and the Exchange Rate: A Non-Monotonic Tale
with Viktoria Hnatkovska, Amartya Lahiri: w13925

Published: European Economic Review Volume 63, October 2013, Pages 68–93 citation courtesy of

June 2007Segmented Asset Markets and Optimal Exchange Rate Regimes
with Amartya Lahiri, Rajesh Singh: w13154

Published: Lahiri, Amartya & Singh, Rajesh & Vegh, Carlos, 2007. "Segmented asset markets and optimal exchange rate regimes," Journal of International Economics, Elsevier, vol. 72(1), pages 1-21, May. citation courtesy of

December 2006When Is It Optimal to Abandon a Fixed Exchange Rate?
with Sergio Rebelo: w12793

Published: Rebelo, Sergio and Carlos Vegh. "When is it Optimal to Abandon a Fixed Exchange Rate." Review of Economic Studies 75, 3 (2008): 929-955.

November 2006Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head
with Amartya Lahiri, Rajesh Singh: w12684

Published: Amartya Lahiri & Rajesh Singh & Carlos A. Vegh, 2007. "Optimal Exchange Rate Regimes: Turning Mundell-Fleming's Dictum on its Head," Panoeconomicus, Faculty of economics, Department of Economics, vol. 54(3), pages 249-270, September. citation courtesy of

November 2005Output Costs, Currency Crises, and Interest Rate Defense of a Peg
with Amartya Lahiri: w11791

Published: Amartya Lahiri & Carlos A. Végh, 2007. "Output Costs, Currency Crises and Interest Rate Defence of a Peg," Economic Journal, Royal Economic Society, vol. 117(516), pages 216-239, 01. citation courtesy of

April 2005When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies
with Graciela L. Kaminsky, Carmen M. Reinhart
in NBER Macroeconomics Annual 2004, Volume 19, Mark Gertler and Kenneth Rogoff, editors
September 2004When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies
with Graciela L. Kaminsky, Carmen M. Reinhart: w10780
November 2003The Unholy Trinity of Financial Contagion
with Graciela L. Kaminsky, Carmen Reinhart: w10061

Published: Kaminsky, Graciela L., Carmen M. Reinhart and Carlos A. Vegh. "The Unholy Trinity Of Financial Contagion," Journal of Economic Perspectives, 2003, v17(4,Fall), 51-74. citation courtesy of

May 2002Modern Hyper- and High Inflations
with Stanley Fischer, Ratna Sahay: w8930

Published: Fischer, Stanley, Ratna Sahay and Carlos Vegh. "Modern Hyper- And High Inflations," Journal of Economic Literature, 2002, v40(3,Sep), 837-880. citation courtesy of

January 2002Living with the Fear of Floating: An Optimal Policy Perspective
with Amartya Lahiri
in Preventing Currency Crises in Emerging Markets, Sebastian Edwards and Jeffrey A. Frankel, editors
December 2001Monetary Policy, Interest Rate Rules, and Inflation Targeting: Some Basic Equivalences

Published: In Indexation, Inflation, and Monetary Policy, (2002), edited by Fernando Lefort and Klaus Schmidt-Hebbel, edition 1, vol. 2, chapter 5, p. 151-182. Santiago, Chile: Banco Central de Chile.

July 2001Living with the Fear of Floating: An Optimal Policy Perspective
with Amartya Lahiri: w8391
June 2000Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises
with Amartya Lahiri: w7734

Published: Lahiri, Amartya and Carlos A. Vegh. "Delaying The Inevitable: Interest Rate Defense And Balance Of Payments Crises," Journal of Political Economy, 2003, v111(2,Apr), 404-424.

January 2000Tax Base Variability and Procyclical Fiscal Policy
with Ernesto Talvi: w7499

Published: Talvi, Ernesto and Carlos A. Vegh. "Tax Base Variability And Procyclical Fiscal Policy In Developing Countries," Journal of Development Economics, 2005, v78(1,Oct), 156-190.

February 1999Inflation Stabilization and BOP Crises in Developing Countries
with Guillermo A. Calvo: w6925

Published: Handbook of Macroeconomics, Volume C, Taylor, John, and Michael Woodford,eds., North Holland: 1999, pp. 1531-1614.

December 1998What If Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States
with Michael D. Bordo: w6862

Published: Bordo, Michael D. and Carlos A. Vegh. "What If Alexander Hamilton Had Been Argentinean? A Comparison Of The Early Monetary Experiences Of Argentina And The United States," Journal of Monetary Economics, 2002, v49(3,Apr), 459-494. citation courtesy of

March 1997Banks and Macroeconomics Disturbances under Predetermined Exchange Rates
with Sebastian Edwards: w5977

Published: Journal of Monetary Economics, Vol.40 (November 1997): 239-278. citation courtesy of

July 1995Real Effects of Exchange Rate-Based Stabilization: An Analysis of Competing Theories
with Sergio Rebelo: w5197

Published: Bernanke, Ben S. and Julio Rotemberg (eds.) NBER Macroeconomics Annual 1995. Cambridge: MIT Press, 1995.

January 1995Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories
with Sergio Rebelo
in NBER Macroeconomics Annual 1995, Volume 10, Ben S. Bernanke and Julio J. Rotemberg, editors
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