Guillermo Calvo is a Professor of Economics, International and Public Affairs and Director of the Program in Economic Policy Management (PEPM) at Columbia University. He was a Guggenheim Fellow from 1980-1981. He received his M.A., MPhil., and Ph.D. from Yale University. 

Professor Calvo has published significant research in macroeconomics, specifically the economics of emerging markets and monetary economics, transition economies. He was one of the first people to suggest that the financial sector is a source of instability. Professor Calvo is considered one of the preeminent scholars of both modern macroeconomic theory and the economics of emerging markets, especially those in Latin America.

Representative Publications

Calvo, Guillermo. “Financial crises and liquidity shocks a bank-run perspective.” European Economic Review 56.3 (2012): 317-326

Calvo, Guillermo A., Fabrizio Coricelli, and Pablo Ottonello. Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries. No. w18480. National Bureau of Economic Research, 2012

Calvo, Guillermo A. “Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution.” The Scandinavian Journal of Economics 116.1 (2014): 5-19