Guillermo A. Calvo

Columbia University
School of International and Public Affairs
420 West 118th St, Room 1303B
New York, NY 10027
Tel: 212/854-4264

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: Columbia University

NBER Working Papers and Publications

September 2019Liquidity Deflation and Liquidity Trap under Flexible Prices: Some Microfoundations and Implications
August 2016From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII
November 2013Jobless Recoveries During Financial Crises: Is Inflation the Way Out?
with Fabrizio Coricelli, Pablo Ottonello: w19683
October 2012Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries
with Fabrizio Coricelli, Pablo Ottonello: w18480
August 2012The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
July 2012Optimal 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


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

May 2008Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
with Alejandro Izquierdo, Luis-Fernando Mejía: w14026
June 2007Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case
December 2006Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort
March 2006Phoenix 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.

July 2005Relative 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

May 2005Crises in Emerging Market Economies: A Global Perspective
February 2005Sudden 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.

May 2004On 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

July 2003Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes

Published: Calvo, Guillermo. Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy? Cambridge, MA: MIT Press, 2005.

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons
with Alejandro Izquierdo, Ernesto Talvi: w9828


June 2003The 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

March 2003Inflation 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).

November 2000Fear 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

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.

January 2000Contagion, 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
Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments
in Currency Crises, Paul Krugman, editor
June 1999Regional 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

February 1999Inflation 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.

February 1997Uncertain 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.

July 1991Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets
with Jacob A. Frenkel: w3776


May 1991From 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).

1986Welfare, 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
March 1985Optimal 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.

1983Trying 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
Staggered Contracts and Exchange Rate Policy
in Exchange Rates and International Macroeconomics, Jacob A. Frenkel, editor
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