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Title:Portrait of the economist as a young man: Raúl Prebisch's evolving views on the business cycle and money, 1919-1949 PDF Logo
Authors:Pérez Caldentey, Esteban
Vernengo, Matías
Issue Date:2011
Series/Report no.:Working Paper, University of Utah, Department of Economics 2011-13
Abstract:This paper analyzes Raúl Prebisch's less familiar contributions to economic theory, related to the business cycle, and heavily informed by the Argentinean experience. His views of the cycle emphasize the common nature of the cycle in the center and the periphery as one unified phenomenon. While his rejection of orthodoxy is less than complete, some elements of what would become a more Keynesian position are developed. In particular, a preoccupation with the management of the balance of payments and the need for capital controls as a macroeconomic management tool, considerably before Keynes and White's plans led to the Bretton Woods agreement. In the process it is clear that Prebisch developed several ideas that are still relevant to understand cyclical fluctuations in the periphery, and became more concerned with the capacity of taking advantage of cyclical booms to maintain sustained economic growth.
Subjects:Business Cycle
Macroeconomic Policy
History of Economic Thought
JEL:B31
E32
E65
Document Type:Working Paper
Appears in Collections:Department of Economics Working Paper Series, University of Utah

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