This paper examines the operation of the gold standard and the performance of the Bank of England during the crisis of 1847. The key feature of that crisis has been its origin: it originated from a massive real shock rather than from monetary disorder. A harvest failure gave rise to commercial...

Macroeconomic populism is an approach to economics that emphasizes growth and income distribution and deemphasizes the risks of inflation and deficit finance, external constraints and the reaction of economic agents to aggressive non-market policies. The purpose of our paper is to show that...

The paper reviews the directions of research that offer important insights into open economy macroeconomic policy: pricing, waiting and expectations. The pricing discussion centers on the recognition that firms are price setters. This implies that industry shocks such as exchange rate movements...

The macroeconomics of populism / Rudiger Dornbusch, Sebastian Edwards -- The political economy of Latin American populism / Robert R. Kaufman, Barbara Stallings -- Populism, profligacy, and redistribution / Eliana Cardoso, Ann Helwege -- Description of a populist experience: Argentina, 1973-1976...