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Volatility and Macroeconomic Paradigms for Rich and Poor

In: Advances in Macroeconomic Theory

Author

Listed:
  • William Easterly

    (The World Bank, Washington DC)

  • Roumeen Islam

    (The World Bank, Washington DC)

  • Joseph E. Stiglitz

    (Stanford University)

Abstract

Michael Bruno has left us with legacies that include an empiricism free of ideology, a curiosity about what the real facts are, a scepticism about the conventional wisdom, and a willingness to listen to a wide range of opinions. His interest in macroeconomics resulted in one of the most influential books of the 1980s, The Economics of Worldwide Stagflation, which examined why the conventional Phillips curve had been turned on its head by institutional mechanisms. His interest in macroeconomic policy was applied to real life when he led the successful Israeli heterodox inflation stabilization effort of 1985, first as adviser and then as central bank governor. As Chief Economist of the World Bank, he emphasized research and economic and sector work relative to lending activities and external relations. In research, while Chief Economist, he showed how high inflation was robustly and negatively related to economic growth, while there was little evidence of a robust relationship between inflation and growth at low rates of inflation (say below 40 per cent a year). Michael Bruno’s legacy lives on in the many people whom he inspired by being a good and curious listener and a thoughtful and non-ideological researcher. While inflation was the central macroeconomic issue of the 1980s,

Suggested Citation

  • William Easterly & Roumeen Islam & Joseph E. Stiglitz, 2001. "Volatility and Macroeconomic Paradigms for Rich and Poor," International Economic Association Series, in: Jacques Drèze (ed.), Advances in Macroeconomic Theory, chapter 17, pages 352-372, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-333-99275-3_17
    DOI: 10.1057/9780333992753_17
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    Citations

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    Cited by:

    1. Calderon,Cesar & Castillo Castro,Catalina, 2019. "Trade Integration and Growth : Evidence from Sub-Saharan Africa," Policy Research Working Paper Series 8859, The World Bank.
    2. José Antonio Ocampo & Rob Vos, 2008. "Policy space and the changing paradigm in conducting macroeconomic policies in developing countries," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 28-45, Bank for International Settlements.
    3. Cavallo, Alberto F. & Cavallo, Eduardo A., 2010. "Are crises good for long-term growth? The role of political institutions," Journal of Macroeconomics, Elsevier, vol. 32(3), pages 838-857, September.
    4. Franziska Bremus & Claudia M. Buch, 2015. "Banking Market Structure and Macroeconomic Stability: Are Low-Income Countries Special?," Pacific Economic Review, Wiley Blackwell, vol. 20(1), pages 73-100, February.
    5. Branko Milanovic, 2005. "Can We Discern the Effect of Globalization on Income Distribution? Evidence from Household Surveys," The World Bank Economic Review, World Bank, vol. 19(1), pages 21-44.
    6. Peter Montiel & Luis Servén, 2006. "Macroeconomic Stability in Developing Countries: How Much Is Enough?," The World Bank Research Observer, World Bank, vol. 21(2), pages 151-178.
    7. Gatti, Domenico Delli & Gallegati, Mauro & Greenwald, Bruce C. & Russo, Alberto & Stiglitz, Joseph E., 2012. "Mobility constraints, productivity trends, and extended crises," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 375-393.
    8. Orhun Sevinc, 2018. "Emerging Market Economies and Turkey in the Globalization Age," CBT Research Notes in Economics 1814, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    9. Rolph van der Hoeven, 2010. "Labour Markets Trends, Financial Globalization and the current crisis in Developing Countries," Working Papers 99, United Nations, Department of Economics and Social Affairs.
    10. Eduardo A. Cavallo, 2008. "Output Volatility and Openness to Trade: a Reassessment," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2008), pages 105-152, September.
    11. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2006. "Growth volatility and financial liberalization," Journal of International Money and Finance, Elsevier, vol. 25(3), pages 370-403, April.
    12. Qazi Hye & Wee-Yeap Lau & Marie-Aimée Tourres, 2014. "Does economic liberalization promote economic growth in Pakistan? An empirical analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(4), pages 2097-2119, July.
    13. Vessela Todorova, 2011. "Theoretical Link between the Economic and Financial Crises in Evolution," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 55-74.
    14. repec:ilo:ilowps:388773 is not listed on IDEAS
    15. Ricardo Ffrench-Davis, 2008. "From Financieristic To Real Macroeconomics: Seeking Development Convergence In Ees," Working Papers wp272, University of Chile, Department of Economics.

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