Durante la década de los 90 ocurren en Colombia diversos acontecimientos de importanciaa nivel social y económico, que inciden en muchos sentidos para la crisisy la recesión que nos agobia en los comienzos del siglo XXI.La introducción de la apertura, la aprobación de una nueva...

In a path-breaking but largely overlooked study, published in a festchrift thirty years ago (1975), Herman Van der Wee provided a comparison of prices and real wages of building craftsmen in the regions of Antwerp and south-eastern England, from 1400 to 1700. To do so, he constructed a composite...

Argentina constitutes an interesting case to be analyzed because during the 1990s, it achieved high rates of growth jointly with significant increases in unemployment and poverty. This document studies the dynamics of Argentine poverty between 1991 and 2003, analyzing the impact of different...

At present, the world economy is at a cross road. The Nigerian economy is therefore undergoing it most severe economic crisis since the Biafra war of the sixties. Currently, she is experiencing a staggering rate of inflation (well up to the double digit) as well as experiencing a severe...

Correlations of inflation with the growth rate of money increase when data are averaged over longer time periods. Correlations of inflation with the growth of money also are higher when high-inflation as well as low-inflation countries are included in the analysis. We show that serial...

Based on an extended version of a time-inconsistency model of monetary policy we show that the degree of effective monetary policy conservatism can be uncovered by studying to what extent central banks react to real disturbances. By estimating central bank reaction functions in moving and...

Economists have long emphasized the importance of expectations in determining macroeconomic outcomes Yet there has been almost no recent effort to model actual empirical expectations data; instead macroeconomists usually simply assume expectations are rational This paper shows that while...

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...

We separate changes of the federal funds rate into two components; one reflects the Fed's superior forecasts about the state of the economy and the other component reflects the Fed's reaction to the public's forecast about the state of the economy. Romer and Romer (2000) found that the Fed...

We verify whether cocoa prices could be a source of inflation in five countries of the West African region within a framework that includes other variables such as migrant remittances to the region and a fiscal policy variable represented by the government budget deficit. Unlike earlier studies...