Timothy Kehoe is professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minneapolis. He was formerly adviser to the Mexican government in joining the North American Free Trade Agreement. His books include Great Depressions of the Twentieth Century.

Juan Pablo Nicolini is a senior research economist with the Federal Reserve Bank of Minneapolis. He has taught at the Instituto Tecnológico Autónomo de México in Mexico City and the Universidad Torcuato Di Tella in Buenos Aires, where he still holds a part-time position.

François R. Velde is a senior economist and research advisor in the economic research department at the Federal Reserve Bank of Chicago. He is the co-author, with Thomas Sargent, of The Big Problem of Small Change.

Contents

Foreword

François R. Velde

Acknowledgments

Detecting Fiscal-Monetary Causes of Inflation

Fernando Alvarez, Lars Peter Hansen, and Thomas Sargent

A Framework for Studying the Monetary and Fiscal History of Latin America

Timothy J. Kehoe, Juan Pablo Nicolini, and Thomas Sargent

The Case of Argentina

Francisco J. Buera and Juan Pablo Nicolini

Discussion of the Case of Argentina

Guillermo Calvo

Discussion of the Case of Argentina

Andrew Powell

The Case of Bolivia

Timothy J. Kehoe, Carlos Gustavo Machicado Salas, and José Peres Cajías

Discussion of the Case of Bolivia

Manuel Amador

The Case of Brazil

Márcio Garcia, Joao Ayres, Diogo Guillen, and Patrick Kehoe

Discussion of the Case of Brazil

José A. Scheinkman

Discussion of the Case of Brazil

Teresa Ter-Minassian

The Case of Chile

Rodrigo Caputo and Diego Saravia

Discussion of the Case of Chile

Sebastian Edwards

The Case of Colombia

David Perez-Reyna and Daniel Osorio

Discussion of the Case of Colombia

Arturo José Galindo

The Case of Ecuador

Simón Cueva and Julián P. Díaz

Discussion of the Case of Ecuador

Alberto Martin

The Case of Mexico

Felipe Meza

Discussion of the Case of Mexico

Alejandro Werner

The Case of Paraguay

Carlos Javier Charotti, Carlos Fernández Valdovinos, and Felipe González Soley

Discussion of the Case of Paraguay

Roberto Chang

Discussion of the Case of Paraguay

Pablo Andrés Neumeyer

The Case of Peru

César Martinelli and Marco Vega

Discussion of the Case of Peru

Mark Aguiar

Discussion of the Case of Peru

Saki Bigio

The Case of Uruguay

Gabriel Oddone and Joaquín Marandino

Discussion of the Case of Uruguay

Eduardo Fernández Arias

Discussion of the Case of Uruguay

Carlos Végh

The Case of Venezuela

Diego Restuccia

Discussion of the Case of Venezuela

Luigi Bocola

Discussion of the Case of Venezuela

Fabrizio Perri

Lessons from the Monetary and Fiscal History of Latin America

Carlos Esquivel, Timothy J. Kehoe, and Juan Pablo Nicolini

Contributors

Index