Consumption, Investment, Saving and Growth

“Does Reserve Accumulation Crowd Out Investment?” (with Vincent Reinhart and Takeshi Tashiro), HKS Faculty Research Working Paper Series RWP15-038, July 2015.

“Crowding Out Redefined: The Role of Reserve Accumulation” (with Takeshi Tashiro).  In Reuven Glick and Mark Spiegel, (eds.), Prospects for Asia and the Global Economy, (San Francisco: Federal Reserve Bank of San Francisco, 2014). Also San Francisco Federal Reserve Bank’s  Proceedings, November 2013, 1-43. This is a paper primarily about investment.

When It Rains, It Pours: Procyclical Capital Flows and Policies (with Graciela L. Kaminsky and Carlos A.Végh). in Mark Gertler and Kenneth S. Rogoff, eds. NBER Macroeconomics Annual 2004.  Cambridge, Mass: MIT Press, 11-53.

"Growth and External Financing in Latin America," ( with Guillermo A. Calvo & Eduardo Fernández-Arias & Ernesto Talvi), 2001. Research Department Publications 4277, Inter-American Development Bank, Research Department.

"Saving in Latin America and Lessons from Europe: An Overview "(with William Plies) in Accounting for Saving: Financial Liberalization, Capital Flows, and Growth in Latin America and Europe, (Washington DC: John Hopkins University Press for the Inter-American Development Bank, 1999), 3-47.

Intertemporal Subsitution and Durable Goods: The Long Run Data (with Masao Ogaki), Economics Letters, Vol. 61 No. 1, October 1998, 85-90. Working Paper.

Measuring Intertemporal Substitution: The Role of Durable Goods (with Masao Ogaki), Journal of Political Economy, Vol. 106 No.5, 1998, 1078-1098. Working Paper.

Capital Flows and Saving in Latin America and Asia: A Reinterpretation (with Ernesto Talvi) Journal of Development Economics, Vol. 57 No. 1, October 1998, 45-66.

Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison (with Masao Ogaki and Jonathan Ostry), IMF Staff Papers, Vol. 43, No. 1, March 1996, 38-71.

Saving and the Real Interest Rate in Developing Countries (with Jonathan Ostry), Finance and Development, Vol. 32 No. 4, (Washington DC: International Monetary Fund, December 1995), 16-18. Spanish: El ahorro y la tasa de interés real en los países en desarollo Finanzas y Desarollo, Vol. 32, No.4, (Washington DC: International Monetary Fund, September 1995), 16-19. 

Private Saving and Terms of Trade Shocks: Evidence from Developing Countries (with Jonathan Ostry) IMF Staff Papers, Vol. 39 No. 3, September 1992, 495-517.

A Model of Adjustment and Growth: An Empirical Analysis, in Mohsin S. Khan, Peter Montiel, and Nadeem Ul Haque, eds. Macroeconomic Models for Adjustment in Developing Countries, (Washington, DC: International Monetary Fund, 1991), 10-37.

A Model of Adjustment and Growth, IMF Staff Papers, Vol. 37 No. 1, March 1990, 168-182.

Private Investment and Economic Growth, (with Mohsin S. Khan), World Development, Vol. 18 No. 1, January 1990, 19-27. IMF Working Paper 89/60, July 1989.