Becker Friedman Institute
for Research in Economics
The University of Chicago

Research. Insights. Impact. Advancing the Legacy of Chicago Economics.

2014 Fiscal and Monetary History of Latin America Conference

Initial Conference

April 11–12, 2014

(All day)

University of Chicago Booth School of Business, Room C25
Thomas J. Sargent, New York University
Timothy J. Kehoe, University of Minnesota, Federal Reserve Bank of Minneapolis
Juan Pablo Nicolini, Federal Reserve Bank of Minneapolis, Universidad di Tella

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In this workshop, organizers and participants discussed a series of papers using a common conceptual framework based on comparable data sets across seven of the largest Latin American countries, including Bolivia, Brazil, Chile, Ecuador, Mexico and Peru. The analyses were based on rich historical data collected from 1960s to the present. 
The 1960s are an interesting starting point for analyses; beginning in this decade, Latin America was plagued by macroeconomic crises including defaults, devaluations, balance of payments crises, and banking crises or sudden stops. Current research suggests that these crises have a strong detrimental effect on output and employment.
Moreover, the events of the last five years made clear that developed economies are not immune to crises. While bad macroeconomic fundamentals like chronic deficits and high public debt appear as potential causes for the crisis, this is not always the case. Expectations and multiplicity may play a key role in these events.
In addition to the case studies, organizers also presented several theoretical papers that examine the role of fiscal and monetary policies and the role of expectations on the probability of the crisis.
This is the second conference organized around this topic. A third and final conference will take place in 2015.
The Becker Friedman Institute gratefully acknowledges support for this workshop to Donald R. Wilson, Jr., AB '88 and Edward R. Allen, PhD '92, as well as the Center for Latin American Studies at the University of Chicago. 
Click each program title below to reveal discussants, further reading and more. 
April 11, 2014 (All day) April 12, 2014 (All day)