Macroeconomics and Development

Mario Damill is senior researcher at the Center for the Study of State and Society (CEDES), member of the National Council of Scientific and Technological Research of Argentina (CONICET), and professor of macroeconomics at the University of Buenos Aires. Martin Rapetti is an associate researcher at the Center for the Study of the State and Society (CEDES), an assistant researcher at the National Council of Scientific and Technological Research of Argentina (CONICET), and associate professor at IIEP, University of Buenos Aires. Guillermo Rozenwurcel is principal researcher at the National Council of Scientific and Technological Research of Argentina (CONICET). He is also a professor at the University of Buenos Aires and the University of San Martin and an economic consultant for several multilateral institutions, such as ECLAC, UNDP, IADB, and the WB.

This rich collection of papers is a well-deserved recognition of Frenkel's pathbreaking contributions to our understanding of the Latin American and world's institutional and economic environment, and also provides adequate background teaching material for both graduate and undergraduate courses in economics. -- Jorge Katz, University of Chile This accessible, varied, and rich collection reflects a broad spectrum of monetary challenges in Latin America, including the developmental consequences of the exchange rate, inflation, financial, and balance of payments crises. The volume will be a major reference for Latin American economies and macroeconomic development challenges and is a fitting acknowledgment of Roberto Frenkel, one of the world's 'master' development macroeconomists. -- Jomo Kwame Sundaram, former United Nations Assistant Secretary General for Economic Development A collection of interesting and impressive papers on the areas in which Roberto Frenkel has worked: inflation, stabilization, crises, and macroeconomic policy for development. One hopes for a wide readership. -- Axel Leijonhufvud, professor emeritus of economics, University of California, Los Angeles

• Acknowledgments Preface, by Mario Damill, Martin Rapetti and Guillermo Rozenwurcell 1. An Introduction to Roberto Frenkel's Contributions to the Economic Ideas in Latin America, by Mario Damill, Daniel Kampel and Guillermo Rozenwurcell Part I: Pricing Decisions, Inflation, and Stabilization 2. Markups Under Uncertainty: Variations on Price Decisions in High Inflation, by Daniel Heymann and Francisco Roldan 3. Financial Fragility, Price Indexes, and Investment Financing, by Julio Dreizzen 4. Uncertainty in Structural and Institutional Parameters and the Cost of Policy Mistakes: A CGE Evaluation, by Omar Chisari, Gustavo Ferro, and Juan Pablo Vila Martinez 5. Monetary Policy and External Shocks in a Semi-Dollarized Economy, by Oscar Dancourt Part II: Economic Development in Latin America 6. The Chilean Economy Since the Global Crisis, by Ricardo Ffrench-Davis 7. Disequilibria and Risk Premia: Argentina's Experience during the 2000s from a Latin American Perspective, by Gustavo Canonero and Carlos Winograd 8. Labor Market and Income Distribution in Latin America in Times of Economic Growth: Advances and Shortcomings, by Roxana Maurizio 9. Accounting for the Rise and Fall of Post-WWII Brazil's Growth, by Edmar Bacha and Regis Bonelli Part III: The Real Exchange Rate, the Balance of Payments and Economic Development 10. Balance of Payments Dominance: Its Implications for Macroeconomic Policy, by Jose Antonio Ocampo 11. The Real Exchange Rate, the Real Wage and Growth: A Formal Analysis of the "Development Channel", by Jaime Ros 12. The Real Exchange Rate and Economic Growth: Some Observations on the Possible Channels, by Martin Rapetti Part IV: Finance and Crises 13. Capitalism and Financial Crises: A Long-TYerm Perspective, by Andres Solimano 14. Financial Crisis, Institutions, and the Macroeconomy, by Jose Maria Fanelli 15. Wage Increases, Transfers, and the Socially Determined Income Distribution in the USA, by Lance Taylor, Armon Rezai, Rishabh Kumar, Nelson Barbosa, and Laura Carvalho 16. Sovereign Credit Risk in Latin America and Global Common Factors, by Manuel Agosin and Juan Diaz-Maureira Part V: Approaches to Development 17. Cognitive Dissonance: Postwar Economic Development Strategies and Bretton Woods International Financial Stability, by Jan Kregel 18. The New Developmentalism as a Weberian Ideal Type, by Luiz Carlos Bresser-Pereira List of Contributors Index