The Argentine Congress plays a limited role in the production of public policy and is a relatively ineffective check on the Argentine Executive Branch. We argue this is the combined result of incentives created by several features of Argentine political institutions. In this article we emphasize...

We analyze the dynamics of inflation that arise from fiscal deficits caused by the noncooperative behavior of interest groups. The "state" variable is the degree of financial adaptation, a proxy for the share of wealth agents hold in alternatives to domestic currency. As financial adaptation...

We posit that the fiscal behavior of Argentine provinces is determined by a common pool game at two levels: within each province, and across political units. In the latter game, the national government has a greater incentive than the provincial governments to internalize the negative...

This paper studies the process that led to the Argentine crisis. The crisis is understood as a major disappointment of previous expectations, indicated by widespread insolvencies and abrupt declines in consumption. The analysis concentrates on the sequence of public and private decisions, and...

Uno de los puntos de Stigler en su germinal trabajo The Economics of Information fue que “la dispersión de precios es una manifestación –y, de hecho es la medida- de la ignorancia en el mercado”. Esta aseveración ha perdurado como parte del acervo de la disciplina desde entonces, y ha...

Poor economic growth in many countries can be explained by the misallocation of entrepreneurial resources to activities that do not foster growth. This paper deals with the relation between the distribution of political power, the allocation of entrepreneurial resources, and growth. The authors...