Final Program

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IMF Seminars, Conferences, and Workshops

Guillermo A. Calvo
IMF Conference in honor of Guillermo A. Calvo
Washington, DC, April 15-16, 2004
International Monetary Fund
700 19th Street, N.W.,
Washington D.C. 20431

The IMF's Research Department is organizing a conference in honor of Guillermo Calvo on April 15-16, 2004, to be held at IMF headquarters in Washington, DC. In addition to being one of the most influential macroeconomists of the last 25 years—particularly when it comes to developing countries—Guillermo Calvo had a long and distinguished affiliation with the Fund's Research Department from 1987 to 1994. During those years, he was Senior Advisor under both Jacob Frenkel and Michael Mussa. Under his intellectual leadership, the Research Department carried out path-breaking research on, among other issues, capital flows, debt maturity, and inflation stabilization. Calvo also made an important contribution to the internal discussion and formulation of Fund policies, particularly in Eastern Europe, the former Soviet Union, and Latin America.

Given that the main themes of Calvo's career overlap considerably with the Research Department's and, more generally, the Fund's research work on developing countries, this conference will also serve the purpose of showcasing the Fund's research work in these important areas. To this effect, the conference will bring together a highly distinguished number of scholars, policymakers, and Fund staff members, all of whom have had the privilege of collaborating and interacting with Guillermo Calvo throughout his illustrious career.

The Conference is open to the public – through the IMF Center entrance. For security purpose please have some form of picture identification available. Please register by sending an e-mail to Public registration will close on April 12.

Final program: April 14, 2004

Festchrift in Honor of Guillermo A. Calvo

Thursday, April 15


Continental breakfast



Opening Remarks

Agustin Carstens (Deputy Managing Director, IMF)
Raghu Rajan (IMF)

Andres Velasco (Harvard University)



Session 1: Monetary Policy in Developing Countries

Chair: Mohsin Khan (IMF)

Presenter: Frederic Mishkin (Columbia University)
"Can Inflation Targeting Work in Emerging Market Countries?"
Discussant: Lars Svensson (Princeton University)

Presenters: Ariel Burnstein (UCLA), Martin Eichenbaum (Northwestern), Sergio Rebelo (Northwestern)
"Large Devaluations and the Real Exchange Rate"
Discussant: Leonardo Leiderman (Tel Aviv University)



Coffee Break



Session 2: The Economics of Transition

Chair: Eduardo Borensztein (IMF)

Presenters: Stanley Fischer (Citigroup) and Ratna Sahay (IMF)
"Transition Economies: The Role of Institutions and Initial Conditions"

Discussant: Andrew Feltenstein (IMF)

Presenter: Fabrizio Coricelli (University of Siena) and Igor Masten (European University Institute)
"Growth and Volatility in Transition Countries: The Role of Credit"
Discussant: Federico Sturzenegger (Di Tella University)



Lunch (by invitation only)

Chair: Carmen Reinhart (University of Maryland)
Keynote speaker: Edmund Phelps



Session 3: Exchange Rate Regimes

Chair: Anoop Singh (IMF)

Presenter: Maurice Obstfeld (Berkeley)
"Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate"
Discussant: Ricardo Caballero (MIT)

Presenters: Amartya Lahiri (New York Fed), Rajesh Singh (Iowa State) and Carlos A. Vegh (UCLA and IMF)
"Optimal Monetary Policy under Asset Market Segmentation"
Discussant: Martin Eichenbaum (Northwestern)



Coffee Break



Session 4: Political Economy and Growth

Chair: Ashoka Mody (IMF)

Presenters: Allan Drazen (Maryland and Tel Aviv University), Peter Isard (IMF)
"Can Public Discussion Enhance Program Ownership?"
Discussant: Raquel Fernandez (NYU)

Presenters: Assaf Razin(Cornell University) and Yona Rubinstein
"Growth Effects of Exchange Rate Regimes and Capital Account Liberalization in the Presence of Crises: A Nuanced View"
Discussant: Alejandro Izquierdo (IDB)



Cocktail Reception (by invitation only)



Dinner (by invitation only)

Chair: Leonardo Auernheimer (Texas A&M University)

Keynote speakers:
Ronald Findlay (Columbia University)
Roque Fernandez (Universidad del CEMA)

Friday, April 16


Continental breakfast



Session 5: Globalization and Crises

Chair: Pablo E. Guidotti (Di Tella University)

Presenters: Michael Dooley (UCSC), David Folkerts-Landau and Peter Garber (Deutsche Bank)
"Revived Bretton Woods End Game: Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery"
Discussant: Eswar Prasad (IMF)

Presenter: Padma Desai (Columbia University) and Pritha Mitra (Columbia Univeristy)
"Why Do Some Countries Recover More Readily from Financial Crises?"
Discussant: Olivier Jeanne (IMF)



Coffee Break



Session 6: Exchange Rates and Asset Prices

Chair: Ernesto Talvi (CERES, Uruguay)

Presenters: Sebastian Edwards (UCLA) and Igal Magendzo (Central Bank of Chile)
"Hard Currency Pegs and Economic Performance"

Discussant: Michael Bordo (Rutgers University)

Presenters: Graciela Kaminsky (GWU) and Carmen Reinhart (University of Maryland)
"The Center and the Periphery: The Globalization of Financial Turmoil"
Discussant: Gerardo Della Paolera (The American University of Paris)

Presenters: Andres Velasco (Harvard University) and Alejandro Neut (BBVA)
"Asset Prices and Self-fulfilling Macroeconomic Pessimism"
Discussant: Martin Uribe (Duke University)



Lunch (by invitation only)

Chair: Agustin Carstens (Deputy Managing Director, IMF)

Keynote speaker: John Taylor (Treasury Undersecretary for International Affairs)



Session 7: Taxation

Chair: Robert Flood (IMF)

Presenters: Enrique Mendoza (University of Maryland) and Linda L. Tesar (University of Michigan and NBER)
"Explaining the Puzzling Tax Dynamics of the European Union: Quantitative Lessons of Tax Competition in Financially Integrated Countries"
Discussant: Juan Pablo Nicolini (Di Tella University)

Presenter: Michael Kumhoff (IMF)
"Fiscal Crisis Resolution: Taxation versus Inflation"
Discussants: Pablo Andres Neumeyer (Di Tella University)



Coffee break



Concluding Panel

Chair: Raghu Rajan (IMF)
Ricardo Hausmann (Harvard University)
Guilllermo Perry (World Bank)
Guillermo Calvo (University of Maryland and IDB)

Organized by the IMF's Research Department

Program committee: Carmen Reinhart (University of Maryland), Carlos Vegh (IMF and UCLA;, and Andres Velasco (Harvard University)

Conference coordinator: Patricia Medina (

The assigned time for each paper is 35 minutes: 15 minutes (paper presentation), 10 minutes (discussant), 10 minutes (floor discussion and authors' response).