ROBERTO CHANG
Professor
I
Department of Economics
Rutgers University
75 Hamilton Street
New Brunswick, NJ 08901
(848) 932 7269
chang@econ.rutgers.edu
Personal Information
- Click here for a copy of my CV
Links to some of my recent papers
- New! World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy (with Luis Catao). We study a small open economy that imports a commodity (food) whose world relative price is stochastic, and derive implications for monetary policy. A novelty of this paper is that we allow for incomplete risk sharing across countries, adopting Schulhofer-Wohl's assumption of complete markets with costly transfers between agents. (This paper revises, extends, and supersedes an earlier one that circulated with the name "World Food Prices and Monetary Policy". )
- New! Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy (with Luis Felipe Céspedes and Andrés Velasco). A model of the interaction between financial frictions, exchange rates, and interest rates, applied to the analysis of unconventional monetary policy. A novel perspective is obtained, in particular, on sterilized foreign exchange intervention.
- New! Monetary Rules for Commodity Traders (with Luis Catao). A model of a small economy that trades commodities whose world prices are subject to random shocks, with an analysis of the dynamic and welfare implications of alternative monetary rules.We show how to derive analytical and intuitive characterizations of optimal Ramsey allocations and flexible price (natural) outcomes, not only under complete markets (as in most of the related literature) but under balanced trade. Forthcoming, IMF Economic Review.
- New! Is Inflation Target Still on Target? (with Luis Felipe Céspedes and Andrés Velasco). A review of recent monetary policy in Latin American inflation targeting countries, with emphasis on the tensions between the theory of IT and actual practice.
- New Version! On the Sources of Fluctuations in Emerging Economies (with Andrés Fernández) An empirical investigation of stochastic trends versus financial frictions as explanations of emerging markets fluctuations. Forthcoming, International Economic Review.
- New Version! Privatization and Nationalization Cycles (with Constantino Hevia and Norman Loayza) We review evidence on the recurrence of nationalization and privatization, and develop a model of an efficiency-equity tradeoff that is consistent with several of the stylized facts.
- Monetary Policy Under Financial Turbulence, Luis Cespedes, Roberto Chang and Diego Saravia eds., Series on Central Banking, Analysis, and Economic Policies, Volume 16, 2011.
- Heterodox Central Banking (with Luis Cespedes and Javier Garcia Cicco). Discusses theory and practice of recent central banking moves. Prepared for the 13th Annual Central Bank of Chile Conference, "Monetary Policy Under Financial Turbulence."
- Elections, Capital Flows, and Politico Economic Equilibria A simplified exposition of the interactions between elections and capital flows. American Economic Review 2010
- Inflation Targeting, Reserves Accumulation, and Exchange Rate Management in Latin America. Prepared for the Latin American Reserves Fund.
- Openness Can be Good for Growth: The Role of Policy Complementarities. (with Linda Kaltani and Norman Loayza) Journal of Development Economics, 2009.
- An entry on dollarization for the New Palgrave Dictionary of Economics, 2nd Edition.
- Final version of Financial Crises and Political Crises (Journal of Monetary Economics, 2007). Appendix.
- Electoral Uncertainty and the Volatility of International Capital Flows develops a theoretical model of the interactions between elections, distributional conflict, and international capital movements. This revision allows for factor rewards to be derived endogenously, and for a continuous distribution of wealth.
Seminar on International Macroeconomics (Econ 606), Spring 2013
- Syllabus
- Wukuang's paper for discussion, January 31st
- Niccolo's paper for discussion, February 14th. Background papers on dynamic factor models: Bai and Ng (2008) and Stock and Watson (2010). Also, on carry trades: Acharya and Steffen (2012)
- Georgia's paper for discussion on February 21st. Background references: (i) On empirical bank IO: DeYoung and Hasan 1998, (ii) on learning by doing: Barrios and Strobl 2004.
- Francisco's paper for discussion on February 28th. Background reference.
- Wukuang's new paper for discussion, Thursday April 11th
- Link to Tirole's paper on externalities from default, to be discussed on Monday, April 30th: http://idei.fr/display.php?a=26016
- Slides on liquidity, macroprudential regulation, and policy
- Slides on bubbles and equilibrium
- Slides on financial frictions and asset price bubbles
- Slides on sovereign debt
- Slides on function approximation and other numerical methods
- More slides on sovereign debt
International Balance of Payments (Econ 336), Spring 2013
- Syllabus
- Introduction
- Main Themes (Ch. 1 of FT)
- Preparing for a Eurotrip
- Problem Set 1. Answers.
- Intro to exchange rates, the forex market, and parity conditions.
- Recap: UIP, PP, and Exchange Rates
- Quick Review: A Simple Model of Long Run Exchange Rates
- Exchange Rates: Tying Long Run and Short Run
- Problem Set 2. Answers
- Review for Midterm
- Quick reminder of consumer theory
- Schmitt-Grohe and Uribe's chapter 2 (the Intertemporal Approach to the Current Account )
- Slides on the Intertemporal Approach
- Problem Set 3.
- Slides on investment in the open economy
- Schmitt-Grohe and Uribe's chapters 4-5
- Slides on world equilibrium and fiscal policy
- Problem Set 4.
- Answer Key for Problem Sets 3 and 4
- Problem Set 5.
- Answer Key for Problem Set 5
- Reminder: The final exam will take place on Friday, May 10th, 8-11 am at Murray 211.
- Slides on exchange rate crises
- Slides for our final exam review can be found here (for ch. 7 of FT) and here (for ch. 8). (Note that there was no review of ch. 9 since we had just discussed it. However, the final exam will include questions about that chapter too.)
Macroeconomic Theory I (Econ 504), Fall 2012
- Syllabus
- Slides for the Solow growth model
- More slides on Solow
- The cheat sheet on linearization
- Slides on empirical issues associated with the Solow model
- Slides for the optimal growth model
- More slides for optimal growth
- The stochastic growth model
- The growth model in continuous time. Graphs
- Extensions to the optimal growth model
- Slides on real business cycles
- Slides on data preparation
- Slides on GMM estimation of stochastic dynamic models
- Slides on pure exchange with complete markets
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Last revision of this page: 5/6/13