MACROECONOMICS

2010. With José Luís Oreiro. Populist Keynesians are for chronic public deficits. Keynes only supported budget deficits in recession moments, and to finance investment, not current expenditures. (Article: La Onda digital).

2009. Why some middle income countries catch up while others do not. Behind new developmentalism this book drafts a structuralist development macroeconomics in which the exchange rate plays a strategic role. (Book: Elsevier).Disponível nas livrarias

2008. A country suffering from the Dutch disease has two "equilibrium" exchange rates: the "current equilibrium" that is inconsistent with economic growth, and the"industrial equilibrium" that will be achieved if the country is able to neutralize the disease. (Paper in edited book) English version published in Brazilian Journal of Political Economy)

2008. A country suffering from the Dutch disease has two "equilibrium" exchange rates: the "current equilibrium" that is inconsistent with economic growth, and the"industrial equilibrium" that will be achieved if the country is able to neutralize the disease. (Paper: Brazilian Journal of Political Economy)

2008. The Dutch disease or natural resources curse is a major market failure to the extent that appreciates the exchange rate and makes not profitable industries using technology in the state of the art. English version available.

2007. With Paulo Gala In João Sicsú e Carlos Vidotto, orgs. (2008) Economia do Desenvolvimento. Teoria e Políticas Keynesianas. Rio de Janeiro: Campus: 79-96.

2007. With Cleomar Gomes. The paper claimsthat inflation targeting policy was adopted in Brazil before the interest rate trap was faced and solved. This was a mistake because inflation targeting is good to manage monetary policy, not to change the monetary regime as it was in 1999 and still is necessary in Brazil. (Paper in edited book). Portuguese version available.

2008. With Paulo Gala. An overvalued currency is a central cause of insufficiency of demand. The growth with foreign savings policy appreciates local currencies, increases domestic consumption, and causes domestic saving to be replaced by foreign savings. (Paper Journal of Post Keynesian Economics).

2007. With Paulo Gala. A formalization of the critique of the strategy of growth with foreign savings: the consequent exchange rate appreciation increases artificially wages and causes the substitution of domestic with foreign savings. English version available.(Paper: Revista de Economia Política)

2007. With Paulo Gala. A formalization of the critique of the strategy of growth with foreign savings: the consequent exchange rate appreciation increases artificially wages and causes the substitution of domestic with foreign savings. Portuguese and Spanish versions available.(Paper to be published in book)

2007. Paper comparing three growth strategies: old or national-developmentalism, new developmentalism, and Washingtons conventional orthodoxy - actually a form of neutralizing the catching up of medium income countries. Portuguese and English versions available. (Paper: Economía Unam)

2006. The exchange rate determines not only exports and imports, but also real wages, consumption and the savings rate. (Preface to book edited by Mathias Vernengo)

2005. The perverse macroeconomic model of the Brazilian economy combining high interest rate and low exchange rate with growth with foreign savings and quasi-stagnation. (In edited book, Novo Desenvolvimentismo)*

2002. With Yoshiaki Nakano. Developing countries' poor performance in the 1990s is related to the Washington strategy of growth with foreign savings. Portuguese version available.(Paper presented to International Post Keynesian Workshop).

2003. With Yoshiaki Nakano. Developing countries poor performance in the 1990s is related to the Washington strategy of growth with foreign savings and open capital accounts. English version available.(Paper Revista de Economia Política)*

2003. In last years the fact that neoclassical macroeconomics is not used by central banks became evident. (Preface to the book edited by Gilberto Tadeu Lima and João Sicsú)

Luiz Carlos Bresser-Pereira e Yoshiaki Nakano (2002). Resposta à carta de Edmar Bacha, também publicada neste site, comentando o artigo "Uma estratégia de crescimento com estabilidade".

1997. An disguised (because I was part of the Cardoso administration) critique of exchange rate policy adopted by Brazil after the Real Plan. (Paper in Revista de Economia Política). *

1997. With Jairo Abud. The difference between the short term costs of adjusting an economy and the costs of procrastinating adjustment and reform are the net transition costs. In the limit, they determine the moment reform begins. (Paper World Development)*