Carlos A. Vegh
Professor Emeritus
About
Carlos A. Vegh is the Fred H. Sanderson Professor of International Economics at the School of Advanced International Studies (SAIS) and the Department of Economics in the Krieger School of Arts and Sciences at Johns Hopkins University. He was the recipient of the Carlos Diaz-Alejandro Award (for lifelong scholarly contributions to the study of economic issues related to Latin America), awarded by the Latin America and Caribbean Economic Association (LACEA), in 2022. He was the World Bank Chief Economist for Latin America and the Caribbean in 2017-2019. He is a Research Associate at the National Bureau of Economic Research (NBER) and was a Non-Resident Senior Fellow at the Brookings Institution.
He received his PhD in Economics from the University of Chicago in 1987. He spent the early years of his career at the IMF’s Research Department. From 1995 to 2013, he was a tenured Professor first at UCLA and then at the University of Maryland. At UCLA, he was also the Vice-Chair for Undergraduate Studies. He has received numerous teaching awards, including the Warren C. Scoville Distinguished Teaching Award (UCLA, 2001) for excellence in undergraduate teaching. He has been co-editor of the Journal of International Economics and the Journal of Development Economics, the leading journals in their respective fields, and Chief Editor of Economia (the journal of LACEA).
He has published extensively in leading academic journals on monetary and fiscal policy in developing and emerging countries. He has co-edited a volume in honor of Guillermo Calvo (MIT Press) and published a graduate textbook on open economy macroeconomics for developing countries (MIT Press). His findings and views have been widely featured in the international press, including the New York Times, the Washington Post, the Economist, the Financial Times, the Wall Street Journal, Bloomberg, and Reuters. He has been a consultant to, among others, the IMF, World Bank, and the Inter-American Development Bank.
"The Macroeconomic Effects of Macroprudential Policy: Evidence from a Narrative Approach" (with Diego Rojas and Guillermo Vuletin), Journal of International Economics, Vol. 139 (November 2022). NBER working paper version.
"Non-linear Effects of Tax Changes on Output: The Role of the Initial Level of Taxation" (with Samara Gunter, Daniel Riera-Crichton, and Guillermo Vuletin), Journal of International Economics, Vol. 131 (2021). NBER working paper version.
"The Exchange-Rate Response to Monetary Policy Innovations" (with Viktoria Hnatkovska and Amartya Lahiri), American Economic Journal: Macroeconomics, Vol. 8 (2016), pp. 137-81.
"Tax Multipliers: Pitfalls in Measurement and Identification" (with Daniel Riera-Crichton and Guillermo Vuletin), Journal of Monetary Economics, Vol. 79 (2016), pp. 30-48. NBER working paper version.
"How Is Tax Policy Conducted over the Business Cycle?" (with Guillermo Vuletin), American Economic Journal: Economic Policy, Vol. 7 (2015), pp. 327-70.
"The Road to Redemption: Policy Response to Crises in Latin America" (with Guillermo Vuletin), IMF Economic Review, Vol. 62 (2014), pp. 546-68.
"Interest Rate and the Exchange Rate: A Non-Monotonic Tale" (with Viktoria Hnatkovska and Amartya Lahiri), European Economic Review, Vol. 63 (2013), 68-93. NBER working paper version.
"On Graduation from Fiscal Procyclicality" (with Jeffrey Frankel and Guillermo Vuletin), Journal of Development Economics, Vol. 100 (2013), pp.32-47. NBER working paper version.
"How Big (Small) are Fiscal Multipliers?" (with Ethan Ilzetzki and Enrique Mendoza), Journal of Monetary Economics, Vol. 60 (2013), 239-54. NBER working paper version.
“Decoupling and Recoupling" (with Anton Korinek and Agustin Roitman), American Economic Review, Papers and Proceedings, Vol. 100 (2010), pp. 393-97.
"When is it Optimal to Abandon a Fixed Exchange Rate? (with Sergio Rebelo), Review of Economic Studies, Vol. 75 (2008), pp. 929-55.
"Segmented asset markets and optimal exchange rate regimes" (with Amartya Lahiri and Rajesh Singh), Journal of International Economics, Vol. 72 (2007), pp. 1-21. NBER working paper version.
"Output Costs, Balance of Payment Crises, and Interest Rate Defense of a Peg" (with Amartya Lahiri), Economic Journal, Vol. 117 (2007), 219-39.
"Tax Base Variability and Procyclical Fiscal Policy" (with Ernesto Talvi), Journal of Development Economics, Vol. 78 (2005), pp. 159-90. NBER working paper version.
"When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," (with Graciela Kaminsky and Carmen Reinhart), in Mark Gertler and Kenneth S. Rogoff, NBER Macro Annual 2004 (2005), pp.11-82.
"The Unholy Trinity of Financial Contagion" (with G. Kaminsky and C. Reinhart), Journal of Economic Perspectives, Vol. 17 (2003), 51-74
"Delaying the Inevitable: Optimal Interest Rate Defense and BOP Crises" (with A. Lahiri), Journal of Political Economy, Vol. 111 (2003), 404-24.
"Modern Hyper- and High Inflation" (with Stanley Fischer and Ratna Sahay), Journal of Economic Literature, Vol. 40 (2002), pp. 195-241.
"Inflation Stabilization and BOP Crises in Developing Countries" (with Guillermo A. Calvo), in John Taylor and Michael Woodford, eds., Handbook of Macroeconomics (Volume C; North Holland, 1999), 1531-1614. NBER working paper version.
"Losing Credibility: The Stabilization Blues," (with Pablo E. Guidotti), International Economic Review, Vol. 40 (1999), pp. 23-51.
"Inflation Stabilization and the Consumption of Durable Goods" (with Jose De Gregorio and Pablo E. Guidotti), Economic Journal, Vol. 108 (1998), pp. 23-51
"Banks and Macroeconomic Disturbances under Predetermined Exchange Rates" (with Sebastian Edwards), Journal of Monetary Economics, Vol. 40 (1997), pp. 239-78. NBER working paper version.
"Disinflation and Interest-Bearing Money" (with Guillermo A. Calvo), Economic Journal, Vol. 106 (1996), 1546-63.
"Economies in Transition: The Beginnings of Growth," (with Stanley Fischer and Ratna Sahay), American Economic Review, Papers and Proceedings (1996), pp. 229-33.
"Stabilization and Growth in Transition Economies: The Early Experience" (with Stanley Fischer and Ratna Sahay), Journal of Economic Perspectives, Vol. 10 (1996), 45-66.
"Real Effects of Exchange Rate-Based Stabilizations: An Analysis of Competing Theories" (with Sergio Rebelo), in Ben S. Bernanke and Julio J. Rotemberg, eds., NBER Macroeconomics Annual (1995), pp.125-174.
"Credibility and the Dynamics of Stabilization Policy: A Basic Framework" (with Guillermo A. Calvo), in Christopher Sims, ed., Advances in Econometrics: Sixth World Congress, Vol. II (Cambridge University Press, 1994), pp. 377-420. IMF Working Paper.
"Stopping High Inflation: An Analytical Overview," IMF Staff Papers, Vol. 39 (1992), pp. 626-95.