 | Nominal Exchange Rate Anchoring Under Inflation Inertia Author/Editor: Guillermo Calvo, Michael Kumhof, Oya Celasun. Release Date:February, 2002 This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, more...
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| Capital Flows in Central and Eastern Europe : Evidence and Policy Options Author/Editor: Carlos A Végh Gramont, Ratna Sahay, Guillermo Calvo. Release Date:June, 1995 This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in more...
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| Trade Reforms of Uncertain Duration and Real Uncertainty : A First Approximation Author/Editor: Guillermo Calvo, Enrique G Mendoza. Release Date:April, 1994 This paper examines trade reforms of uncertain duration undertaken in economies subject to real foreign and domestic shocks. These reforms induce consumption and import booms regardless of whether more...
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| Targeting the Real Exchange Rate : Theory and Evidence Author/Editor: Carlos A Végh Gramont, Guillermo Calvo, Carmen Reinhart. Release Date:February, 1994 This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the more...
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| Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies Author/Editor: Manmohan S Kumar, Guillermo Calvo. Release Date:January, 1994 This paper examines factors determining the allocation of bank credit to the enterprise sector, and the implications of this allocation for aggregate supply and macro-economic performance, in the more...
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 | The Capital Inflows Problem : Concepts and Issues Author/Editor: Carmen Reinhart, Leonardo Leiderman, Guillermo Calvo. Release Date:August, 1993 Since 1990 capital has started to move from industrial countries to developing regions like Latin America, the Middle East and parts of Asia. Reentry into international capital markets is a welcome more...
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| Stabilization Dynamics and Backward-Looking Contracts Author/Editor: Carlos A Végh Gramont, Guillermo Calvo. Release Date:March, 1993 Exchange rate-based stabilizations often result in an initial output expansion. One explanation for this phenomenon has been that, in the presence of inflation inertia, a reduction in the nominal more...
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 | Financial Sector Reforms and Exchange Arrangements in Eastern Europe Author/Editor: Guillermo Calvo, Eduardo Borensztein, Paul R Masson, Manmohan S Kumar. Release Date:February, 1993 The two papers draw from the brief yet radical reform experiences of five countries-Bulgaria, former Czechoslovakia, Hungary, Poland, and Romania. The first paper describes the financial sector more...
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| Inflation Stabilization and Nominal Anchors Author/Editor: Guillermo Calvo, Carlos A Végh Gramont. Release Date:January, 1993
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| Capital Inflows to Latin America : The 1970's and the 1990's Author/Editor: Carmen Reinhart, Guillermo Calvo, Leonardo Leiderman. Release Date:October, 1992 During the past two years Latin America has received sizable international capital inflows. This paper compares the recent experience with that of the late 1970s. The analysis examines differences more...
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