Guillermo A. Calvo
Columbia University
School of International and Public Affairs
420 West 118th St, Room 1303B
MC3332
New York, NY 10027
Tel: 212/854-4264
E-Mail: 
WWW: http://www.columbia.edu/~gc2286
NBER Program Affiliations:
IFM
NBER Affiliation: Research Associate
Institutional Affiliation: Columbia University
Information about this author at RePEc
NBER Working Papers and Publications
| September 2019 | Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications
w26277
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| August 2016 | From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII
w22535
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| November 2013 | Jobless Recoveries During Financial Crises: Is Inflation the Way Out?
with Fabrizio Coricelli, Pablo Ottonello: w19683
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| October 2012 | Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries
with Fabrizio Coricelli, Pablo Ottonello: w18480
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| August 2012 | The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
w18285
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| July 2012 | Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
with Alejandro Izquierdo, Rudy Loo-Kung: w18219
Published: Guillermo Calvo & Alejandro Izquierdo & Rudy Loo-Kung, 2013. "Optimal Holdings of International Reserves: Self-insurance against Sudden Stops," Monetaria, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 1-35, January-J. citation courtesy of 
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| October 2009 | FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective
w15425
Published: Calvo, Guillermo, 2012. "Financial crises and liquidity shocks a bank-run perspective," European Economic Review, Elsevier, vol. 56(3), pages 317-326. citation courtesy of
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| May 2008 | Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
with Alejandro Izquierdo, Luis-Fernando Mejía: w14026
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| June 2007 | Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case
w13177
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| December 2006 | Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort
w12788
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| March 2006 | Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises
with Alejandro Izquierdo, Ernesto Talvi: w12101
Published: Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Sudden Stops and Phoenix Miracles in Emerging Markets," American Economic Review, American Economic Association, vol. 96(2), pages 405-410, May.
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| July 2005 | Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects
with Alejandro Izquierdo, Rudy Loo-Kung: w11492
Published: Calvo, Guillermo A., Alejandro Izquierdo and Rudy Loo-Kung. "Relative Price Volatility Under Sudden Stops: The Relevance Of Balance Sheet Effects," Journal of International Economics, 2006, v69(1,Jun), 231-254. citation courtesy of
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| May 2005 | Crises in Emerging Market Economies: A Global Perspective
w11305
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| February 2005 | Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile
with Ernesto Talvi: w11153
Published: Serra, Narcis and Joseph E. Stiglitz (eds.) The Washington Consensus Reconsidered: Towards a New Global Governance (Initiative for Policy Dialogue Series). New York: Oxford University Press, 2008.
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| May 2004 | On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
with Alejandro Izquierdo, Luis-Fernando Mejia: w10520
Published: Guillermo Calvo & Alejandro Izquierdo & Luis-Fernando Mejía, 2004. "On the empirics of Sudden Stops: the relevance of balance-sheet effects," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. citation courtesy of
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| July 2003 | Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes
w9864
Published: Calvo, Guillermo. Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy? Cambridge, MA: MIT Press, 2005.
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| Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons
with Alejandro Izquierdo, Ernesto Talvi: w9828
Published:
- Alexander V., Mélitz J., von Furstenberg G.M. (eds.) Monetary Unions and Hard Pegs. Oxford, UK: Oxford University Press, June 3, 2004. p. 151-182
- Calvo, Guillermo. Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy? Cambridge, MA: MIT Press, 2005. p. 143-180
- Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Sudden Stops and Phoenix Miracles in Emerging Markets," American Economic Review, American Economic Association, vol. 96(2), pages 405-410, May.
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| June 2003 | The Mirage of Exchange Rate Regimes for Emerging Market Countries
with Frederic S. Mishkin: w9808
Published: Calvo, Guillermo A. and Frederic S. Mishkin. "The Mirage Of Exchange Rate Regimes For Emerging Market Countries," Journal of Economic Perspectives, 2003, v17(4,Fall), 99-118. citation courtesy of
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| March 2003 | Inflation Inertia and Credible Disinflation - The Open Economy Case
with Oya Celasun, Michael Kumhof: w9557
Published: Calvo, Guillermo, O. Celasun and M. Kumhof. “Inflation Inertia and Credible Disinflation – The Open Economy Case." Journal of International Economics (2007).
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| November 2000 | Fear of Floating
with Carmen M. Reinhart: w7993
Published: Calvo, Guillermo A. and Carmen M. Reinhart. "Fear Of Floating," Quarterly Journal of Economics, 2002, v107(2,May), 379-408. citation courtesy of
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| Fixing for Your Life
with Carmen M. Reinhart: w8006
Published: Calvo, G. (ed.) Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy? Cambridge, MA: MIT Press 2005.
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| January 2000 | Contagion, Globalization, and the Volatility of Capital Flows
with Enrique G. Mendoza
in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, Sebastian Edwards, editor
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| Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments
in Currency Crises, Paul Krugman, editor
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| June 1999 | Regional Contagion and the Globalization of Securities Markets
with Enrique G. Mendoza: w7153
Published: Journal of International Economics, Vol. 51 (June 2000): 79-114. citation courtesy of
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| February 1999 | Inflation Stabilization and BOP Crises in Developing Countries
with Carlos A. Vegh: w6925
Published: Handbook of Macroeconomics, Volume C, Taylor, John, and Michael Woodford,eds., North Holland: 1999, pp. 1531-1614.
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| February 1997 | Uncertain Duration of Reform: Dynamic Implications
with Allan Drazen: w5925
Published: Calvo, Guillermo A. & Drazen, Allan, 1998. "Uncertain Duration Of Reform," Macroeconomic Dynamics, Cambridge University Press, vol. 2(04), pages 443-455, December.
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| July 1991 | Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets
with Jacob A. Frenkel: w3776
Published:
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| May 1991 | From Centrally-Planned to Market Economies: The Road from CPE to PCPE
with Jacob A. Frenkel: w3698
Published: Guillermo A. Calvo & Jacob A. Frenkel, 1991. "From Centrally Planned to Market Economy: The Road from CPE to PCPE," Staff Papers - International Monetary Fund, vol 38(2).
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| 1986 | Welfare, Banks, and Capital Mobility in Steady State: The Case of Predetermined Exchange Rates
in Economic Adjustment and Exchange Rates in Developing Countries, Sebastian Edwards and Liaquat Ahamed, editors
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| March 1985 | Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes
with Maurice Obstfeld: w1593
Published: "Optimal Time-Consistent Fiscal Policy with Finite Lifetimes: Analysis and Extensions." From Economic Effectts of the Government Budget, edited by Elhanan Helpman, Assaf Razin, and Efraim Sadka, pp. 163-198. Cambridge, MA: MIT Press, 1988.
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| 1983 | Trying to Stabilize: Some Theoretical Reflections Based on the Case of Argentina
in Financial Policies and the World Capital Market: The Problem of Latin American Countries, Pedro Aspe Armella, Rudiger Dornbusch, and Maurice Obstfeld, editors
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| Staggered Contracts and Exchange Rate Policy
in Exchange Rates and International Macroeconomics, Jacob A. Frenkel, editor
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