News and Biography


New Book

Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials (Ohlin Lectures), November 2016

New Research

LIQUIDITY DEFLATION: Supply-Side Liquidity Trap, Deflation Bias and Flat Phillips Curve, September 24, 2018

LIQUIDITY DEFLATION AND LIQUIDITY TRAP UNDER FLEXIBLE PRICES: Some Microfoundations and Implications, September 24, 2018

FIGHTING CHRONIC INFLATION WITH INTEREST RATES: Cutting a Hydra's Heads with a Swiss Army Knife? October 22, 2017

From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII, August 2016

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries, June 2014

Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution, January 2014

Jobless Recoveries During Financial Crises:
is Inflation the Way Out?
, November 2013

The Liquidity Approach and the Price Theaory of Money:
Disentangling the Mysteries of Financial Crises
, November 2013

Puzzling Over the Anatomy of Crises: Liquidity and the Veil of Finance, June 2013

On Capital Inflows, Liquidity and Bubbles, October 15, 2012

The Price Theory of Money, Prospero’s Liquidity Trap, and Sudden Stop, July 2012

Optimal Holdings Of International Reserves: Self-Insurance Against Sudden Stop, July 2012

Financial Crises and Liquidity Shocks: A Bank-Run Perspective
November 25, 2011

For more information visit MPA-EPM website >>


Guillermo Calvo is Professor of Economics, International and Public Affairs, and Director of the MPA in Economic Policy Management (MPA-EPM) at Columbia University since January 2007. He is a Research Associate at the National Bureau of Economic Research (NBER). He is the former Chief Economist of the Inter-American Development Bank (2001-2006), President of the Latin American and Caribbean Economic Association, LACEA, 2000-2001, and President of the International Economic Association, IEA, 2005-2008. He graduated with a Ph.D. from Yale in 1974.

He was professor of economics at Columbia University (1973-1986), the University of Pennsylvania (1986-1989), and Distinguished University Professor at the University of Maryland (1993-2006). He was Senior Advisor in the Research Department of the IMF (1988-1993), and afterwards advised several governments in Latin America and Eastern Europe.

Honors include: Simon Guggenheim Foundation Fellowship for 1980-1981, King Juan Carlos Prize in Economics in 2000, LACEA 2006 Carlos Diaz-Alejandro Prize; and fellow of the Econometric Society, the American Academy of Arts and Sciences, and the National Academy of Economic Sciences (Argentina). On April 15-16, 2004, the Research Department of the IMF sponsored a conference in his honor.

He has testified before the U.S. Congress on dollarization and the 1994 Mexican crisis.

His main field of expertise is macroeconomics of Emerging Market and Transition Economies. His recent work has dealt extensively with capital flows and balance-of-payments crises in Emerging Market Economies. He has published several books and more than 100 articles in leading economic journals. His latest book “Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?” was published in 2005 by MIT Press, Cambridge, MA.