An incumbent’s drive for reelection can lead to political budget cycles. The distortion cycles cause in economic policy may be offset by the information they indirectly provide about the incumbent's competency. The informative content of cycles depends on the sophistication of voters, i.e. on whether they are rational or near rational. In a framework of individual candidates, constitutional clauses that prohibit the reelection of the president eliminate political budget cycles.

El fenómeno de la declinante importancia del sector industrial como creador de empleos productivos ha ocupado con frecuencia la atención de los economistas, en particular, a partir de la década de los ochenta. Debe tenerse en cuenta que, hasta los primeros años de la década del setenta, la industria era considerada como la principal fuente del empleo productivo. Y el desarrollo industrial, que tan temido había sido en los comienzos de la revolución industrial, aparecía como el único camino a la riqueza, al empleo, a la equidad distributiva.

En las comunidades biológicas las distintas especies no viven, en general, separadas unas de otras. Así, las plantas compiten por espacios, que a veces ocupan violentamente los herbívoros, cuya competencia por aquéllos es limitada por los carnívoros, todos ellos limitados a su vez por los parásitos, etc. Estas interacciones más o menos competitivas de la biología pueden ser intraespecíficas o interespecíficas.

Este trabajo presenta una descripción de la evolución de los ingresos absolutos y relativos en Argentina durante las ultimas dos décadas a la luz de las políticas macroeconómicas vigentes. Algunos de los resultados son contrastados con datos similares para la economía de los Estados Unidos.

Este trabajo presenta un modelo de acumulación de capital y distribución del ingreso que surge de la interacción dinámica entre los capitalistas y los trabajadores de una economía. El modelo se aplica a sendas bases de datos correspondientes a las economías argentina y estadounidense, a fin de verificar si las mismas siguen un comportamiento ligado a la competencia o a la negociación colectiva. A la primera de tales hipótesis se la asocia con un equilibrio walrasiano del modelo teórico, en tanto que a la segunda se la computa como una solución cooperativa de Nash.

Economic policy is too important NOT to be left to professional economists. This is so clear in Argentina nowadays, that no presidential candidate for the 1999 election, has picked up as his minister of economics, someone who do not have intensive training in "modern" economic analysis. This has been so since mid 1980's, and it has been increasingly so since the beginning of the 1960's.

LDC’s have provided the economic profession with a wide range of macroeconomic experiences. Many are experiences of failure, a few of success. It is my belief that useful lessons can be obtained from all those experiences. Contrary to the widely held belief that it is not possible to transfer to LDC’s theories and policies designed for Developed Countries, I hold the position that there is only one body of economic theory and that the best policies apply to all patients and are, for most cases, the simplest: market rules, free trade, and orthodox monetary and fiscal policy.

In this paper, we introduce a Transactionally Efficient Market Model, which evolves from the standard efficient market  model, encompassing both transaction costs and bid-ask prices. Hence, we delve into how arbitrage makes its way within this complex setting. The main outgrowth of the analysis is the “trap set”, which is the place where most of price trajectories should enter to put an end to supernormal profits, although the underlying dynamics seems far from coming to a halt, and becomes bewildering instead.

This paper evaluates the usefulness of a currency board regime based on Argentina’s experience.  Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91.  The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation.

In this paper we use weekly interest rate data for a group of Latin American countries to analyze the extent to which these countries have been subject to "contagion." We are particularly interested in understanding volatility contagion, or the way in which periods of high volatility spillover across countries. Our paper departs from the existing literature in one important aspect: we allow the data to endogenously determine whether there have been periods of contagion. Then, we use the dates to study contagion periods.