Ricardo Caballero

Ricardo Caballero is the Ford International Professor of Economics and Director of the World Economic Laboratory at the Massachusetts Institute of Technology and an NBER Research Associate. He has a B.S. and M.A. in Economics from the Pontifical Catholic University of Chile and Ph.D. in Economics from the Massachusetts Institute of Technology.

Professor Caballero’s research deals with macroeconomics, international economics, and finance. His current work is on global capital markets, systemic crises prevention mechanisms, speculative episodes and financial bubbles, and dynamic restructuring. His policy work focuses on aggregate risk management and insurance arrangements for emerging markets and developed economies. He has also written about exchange rates, aggregate consumption and investment, externalities, price rigidity,growth, dynamic aggregation, networks and complexity.

Representative Publications

“Effective Labor Regulation and Microeconomic Flexibility” with Kevin N. Cowan, Eduardo M.R.A. Engel and Alejandro Micco. Journal of Development Economics, 101 (March 2013): pp. 92-104

“Trade and Capital Flows: A Financial Frictions Perspective” with Pol Antras. Journal of Political Economy 117.4 (August 2009): 701-744

“Speculative Growth: Hints from the U.S. Economy” with Emmanuel Farhi and Mohamad Hammour. September 2006, American Economic Review 96(4), 1159-1192


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