Ph.D. Massachusetts Institute of Technology, Economics (1973)
Areas of Expertise
- Open-Economy Macroeconomics
- Economic Growth
- Macroeconomics in Developing Countries
International Macroeconomics (Wiley-Blackwell, 2009).
Monetary and Financial Integration in East Asia: The Way Ahead, Vol. 1 (Palgrave Macmillan, 2003). Edited.
Macroeconomics In Emerging Markets (Cambridge University Press, 2003, second edition 2011).
Development Macroeconomics (Princeton University Press, 1996), with P. R. Agenor (third edition 2008).
Instructor’s Manual to accompany Macroeconomics, by O. Blanchard (Prentice-Hall, 1996).
Exchange Rate Misalignment: Concepts and Measurement for Developing Countries (Oxford University Press, 1999). Edited with L. Hinkle.
The Road to Financial Integration: Private Capital Flows to Developing Countries (World Bank, 1997), with P. Alba, A. Bhattacharya, S. Ghosh, L. Hernandez, and H. Wolf).
Informal Financial Markets in Developing Countries: A Macroeconomic Analysis (Basil Blackwell, 1993), with P. R. Agenor and N. Haque.
Macroeconomic Models for Adjustment in Developing Countries (International Monetary Fund, 1991). Edited with M. Khan and N. Haque.
“On Macroeconomic Reforms and Macroeconomic Resiliency: Lessons from the Great Recession,” Modern Economy (forthcoming).
“Remittances and Institutions: Are Remittances a Curse?” (with Y. Abdih, R. Chami, and J. Dagher), World Development (forthcoming).
“The Great Recession, ‘Rainy Day’ Funds, and Countercyclical Fiscal Policy in Latin America,” (with E. Fernandez-Arias), Contemporary Economic Policy, Vol. 29, No. 3 (July 2011).
Macroeconomic Consequences of Remittances (with R. Chami, A. Barajas, Tomas Cosimano, Connel Fullenkamp, and Michael Gapen, IMF Occasional Paper Number 259 (2008).
“Monetary Policy Analysis in a Small Open credit-based Economy “(with R. Agenor) Open Economies Review (2008).
“Devaluation, Debt, and Default in Emerging Economies” (with S. Jahjah), Open Economies Review (2007).
“Macroeconomic Stability in Developing Countries: How Much Is Enough?” (with L. Serven) World Bank Research Observer (2006).
“Public Debt Management and Macroeconomic Stability: An Overview.” World Bank Research Observer (Fall 2005).
“Post-Crisis Exchange Rate Policies in Five Asian Countries: Filling in the “Hollow Middle”?” with L. Hernandez, Journal of the Japanese and International Economies (2003).
“Tight Money in a Post-Crisis Defense of the Exchange Rate: What Have We Learned?” World Bank Research Observer (2003)
“Development of Financial Markets and Macroeconomic Policy,” Journal of African Economies (2003).
“Ecuador: A Growth Strategy for a Dollarized Economy,” (Spanish) in Central Bank of Ecuador Cuestiones Economicas Vol. 18, No. 3 (2002).
“Reform and Growth In Latin America: All Pain and No Gain?”(with E. Fernandez-Arias), IMF Staff Papers (December 2001).
What Drives Consumption Booms? World Bank Economic Review (September, 2000).
Fiscal Constraint and Endogenous Public Servant Quality, (with N. Haque and S. Shepherd), Economic Inquiry (August, 2000).
“Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence From the 1990s,” (with C. Reinhart), Journal of International Money and Finance (August, 1999).
Has Latin America’s Post-Reform Growth Been Disappointing? (With W. Easterly and N. Loayza), Journal of International Economics, 1997.
“The Surge in Capital Inflows to Developing Countries: An Overview,” (with E. Fernandez-Arias) World Bank Economic Review (January 1996). Reprinted in C. Milner, ed., The Globalization of the World Economy: Developing and Newly Industrializing Countries (London: Edward Elgar, 1997).
“Financial Policies and Economic Growth: Theory, Evidence, and Country-Specific Experience from Sub-Saharan Africa.” Journal of African Economies, Part I, Vol. 5, no.3 (1996), pp. 65-98.
“An Empirical ‘Dependent Economy’ Model for Pakistan,” (with N. Haque and A. Husain), World Development (September 1994).
“The Role of Government in Economic Development,” (with N. Haque), Hacienda Publica Espanola, I/1994.
“Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates,” World Bank Economic Review (September 1994), reprinted in S. Eijffinger and J. Lemmen, eds., International Financial Integration (2002).
“Is the Parallel Market Premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries?” (with J. Ostry), IMF Staff Papers (September 1994).
“Credit and Fiscal Policies in a Global Monetarist Model of the Balance of Payments,” IMF Staff Papers (December 1984).
“A Monetary Analysis of a Small Open Economy with a Keynesian Structure,” IMF Staff Papers (June 1985).
“Long-Run Equilibrium in a Keynesian Model of a Small Open Economy,” IMF Staff Papers (March 1986).
“Evaluating Fund Stabilization Programs with Multicountry Data: Some Methodological Pitfalls,” (with M. Goldstein) IMF Staff Papers (June 1986). Reprinted in G. Bird and D. Rowlands, eds., The International Monetary Fund and the World Economy (Edward Elgar Publishing, 2007).
“An Optimizing Model of Household Behavior Under Credit Rationing,” IMF Staff Papers (September 1986).
“Output and Unanticipated Money with Imported Intermediate Goods and Foreign Exchange Rationing,” (with A. Chopra) IMF Staff Papers December 1986).
“Output and Unanticipated Money in the Dependent Economy Model,” IMF Staff Papers (June 1987).
The Theory and Design of Fund Financial Programs (with M. Dooley et. al.) IMF Occasional Paper Number 55 (September 1987).
“Cross-Regime Tests of the Lucas Supply Function in Developing Countries,” (with I. Zaidi) IMF Staff Papers (December 1987).
“Real Exchange Rate Dynamics in a Small, Primary-Exporting Country,” (with M. Khan) IMF Staff Papers (December 1987), reprinted in J. Frenkel and M. Goldstein, eds., Functioning of the International Monetary System (Washington, D.C., International Monetary Fund: 1996).
“Contractionary Devaluation in Developing Countries: An Analytical Overview,” (with S. Lizondo) IMF Staff Papers (March 1989).
“Consumption in Developing Countries: Tests for Finite Horizons and Liquidity Constraints,” (with N. Haque) Review of Economics and Statistics (August 1989).
“Growth-Oriented Adjustment Programs: A Conceptual Framework,” (with M. Khan) IMF Staff Papers (June 1989).
“Historical Decomposition of High-Inflation Episodes in Argentina, Brazil, and Israel,” IMF Staff Papers (September 1989).
“Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries,”(with S. Edwards) IMF Staff Papers (December 1989).
“Adjustment with Growth: Relating the Analytical Approaches of the World Bank and the IMF,” (with M. Khan and N. Haque) Journal of Development Economics (January 1990).
“The Role of National Saving in the World Economy: Recent Trends and Prospects,” (with B. Aghevli et. al.) IMF Occasional Paper 67 (March 1990).
“How Mobile is Capital in Developing Countries?” (with N. Haque) Economics Letters 33 (1990).
“A Forward-Looking Macroeconomic Simulation Model for a Developing Country,” (with N. Haque and S. Szymanski) Journal of Policy Modelling 13(1) (1991).
“A Rational-Expectations Macroeconometric Model for Developing Countries,” (with N. Haque and K. Lahiri), IMF Staff Papers (September 1990).
“Orthodox Models for Adjustment and Growth,” Ricerche Economiche (August/September 1990).
“On the Transmission Mechanism for Monetary Policy in Developing Countries,” IMF Staff Papers (March 1991).
“Money Versus Credit in the Determination of Output for Small Open Economies,” Open Economies Review (May 1991).
“Dynamic Response to Policy and External Shocks in an Empirical Developing-Country Model with Rational Expectations (with N. Haque) Economic Modeling (May 1991).
“Capital Mobility in Developing Countries-Some Empirical Tests,” (with N. Haque) World Development (1991).
“Has Latin America=s Post-Reform Growth Been Disappointing?’’ (With Easterly and N. Loayza), Journal of International Economics, 1997.
“Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence From the 1990,” (with C. Reinhart), Journal of International Money and Finance (August, 1999).
“Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries,” (with J. Ostry), IMF Staff Papers (December 1991).
“Real Exchange Rate Targeting with Capital Controls: Can Money Serve as Nominal Anchor?” (with J. Ostry), IMF Staff Papers (March 1992).
“Alternative Modes of Fiscal Adjustment in Pakistan: Some Simulation Results,” (with N. Haque) IMF Staff Papers (June 1993).
“Macroeconomic Effects of Anticipated Devaluations with Informal Financial Markets” (with P. R. Agenor and N. Haque) Journal of Development Economics (1993).
“Estimation of a Macroeconomic Model with Rational Expectations and Capital Controls for Developing Countries,” (with N. Haque and K. Lahiri), Journal of Development Economics, 42 (1993).
Selected Work Experience
Senior Policy Advisor, International Monetary Fund, 1999-2000
Danforth-Lewis Professor of Economics, Oberlin College, Oberlin, Ohio, 1991-1995.
Division Chief, Macroeconomics and Growth Division, Policy Research Department, World Bank, 1994-1995
Deputy Division Chief, Developing Country Studies Division, Research Department, International Monetary Fund, 1989-1991.