This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and...

Intro -- Contents -- I. INTRODUCTION -- II. THE BUILDING BLOCKS -- III. LEVEL AND VOLATILITY OF MACROECONOMIC OUTCOMES -- IV. MAGNITUDE AND VOLATILITY OF SHOCKS -- V. MACROECONOMIC POLICY VOLATILITY -- VI. STRUCTURAL POLICY VOLATILITY AND REFORM REVERSALS -- VII. CONSTRAINTS FACED BY...

This paper presents evidence on the behavior of output and inflation in the transition economies during 1992–95. A regression analysis explores the differences in output performance across the transition economies during this period. The paper then engages in a numerical, somewhat speculative,...