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Money demand and inflation in Peru, 1979-1991
The author, a junior at Bowling Green State University in Ohio, won the Federal Reserve Bank of Cleveland?s first annual undergraduate economics essay competition in 2000. His essay, now reprinted as an Economic Commentary, explores the factors that affected money demand during a period of terrible hyperinflation in Peru and considers whether the government caused the hyperinflation by printing too much money in order to increase seigniorage revenue. Hyperinflation may seem to be a problem most countries have learned to avoid, but the leaders of many emerging economies face tough financial ...
Trade and the skill premium in developing countries: the role of intermediate goods and some evidence from Peru
The rise in income inequality in developing countries after trade liberalization has been a puzzle for trade theory, which predicts the opposite effect. The authors present a model with imported intermediate goods in which the relative wages of skilled labor can rise due to higher imports of inputs or due to skill-biased technological change. The evidence from Peru in the post-liberalization phase in the early 1990s supports the skilled-biased technological change hypothesis. The authors find that most of the decrease in the blue-collar wage share in the manufacturing industries can be ...
Interview with Hernando de Soto