The terms under which Programa Cuyo would function and its financing were negotiated in late 1961 and the first half of 1962. The parties to that negotiation were representatives of the Economics Department of the University of Chicago (principally Professor Arnold Harberger), the Rector of...

This paper focuses on the effect of import protection on the response of the real exchange rate to capital flows. The central hypothesis is that barriers to imports blunt the expenditure and production shifting effects of changes in relative prices, and hence the ability of the real exchange...

This paper investigates the properties of the purchasing-power-parity (PPP) real exchange rate as a proxy for the true real exchange rate, which is defined as the relative price of traded goods. It finds that the PPP real exchange rate is prone to measurement error and examines the nature of...