Professor
of Economics
University
of California
Santa
Cruz, CA 95064
Office:
461 Engineering 2
Phone: 831-459-3407
begin_of_the_skype_highlightingend_of_the_skype_highlighting
Fax: 831-459-5077
E-mail:
kkletzer@ucsc.edu
Course Information
Spring
2017
Fall
2016
Spring
2015
Economics 105: Topics in
Macroeconomics
Spring 2014
Research
Current topics:
Moral Hazard and Fiscal Insurance in a Monetary
Union
Optimal Taxation with Private Information in
Interdependent Economies
Government Debt Dynamics with Imperfect Information
without Commitment
Public Debt Indexation with Partial Commitment:
Inflation Taxes and Default Risk
Fiscal Policy, Fiscal Dominance and Public Debt in
India
Co-editor: Monetary Policy in India: A Modern
Macroeconomic Perspective, edited by Chetan Ghate and Kenneth Kletzer,
Springer Verlag, expected 2016.
Publications
Articles and Chapters
“Decentralization
and Epsilon‑Rational Competitive Equilibria,” with Steven M. Goldman, Econometrica,
Vol. 50, No. 1, January 1982.
“Asymmetries of
Information and LDC Borrowing with Sovereign Risk,” Economic Journal,
Vol. 94, June 1984.
“Dynamic Effects of Protection on
Productivity,” with Pranab Bardhan, Journal of International Economics,
Vol. 16, No. 1/2, February 1984.
“Quality
Variations and the Choice Between Foreign and Indigenous Goods or Technology,”
with Pranab Bardhan, Journal of Development Economics, Vol. 14, No. 3,
April 1984.
“Credit Markets
and Patterns of International Trade,” with Pranab Bardhan, Journal of
Development Economics, Vol. 27, 1987; (reprinted in P. Bardhan, J. Behrman,
and A. Fishlow, eds., International Trade, Investment, Macro Policies and
History: Essays in Memory of Carlos F. Diaz‑Alejandro, Amsterdam: North‑Holland,
1988.)
“External
Borrowing by LDCs: A Survey of
Theoretical Issues,” in G. Ranis and T. P. Schultz, eds., The State of
Development Economics, London: Basil
Blackwell, 1988.
“Saving and Investment in an Open
Economy with Non‑Traded Goods,” with Charles M. Engel, International
Economic Review, Vol. 30, No. 4, November 1989.
“Sovereign Debt
Renegotiation Under Asymmetric Information,” in J.Frenkel, M. Dooley, and P.
Wickham, eds., The Analytical Issues in Debt, Washington: International Monetary Fund, 1989.
“Tariffs
and Saving in a Model with New Generations,” with Charles M.Engel, Journal
of International Economics, Vol. 28, No. 1, February 1990.
“Decentralized
Consistent Equilibria”, with Steven M. Goldman, in S. B. Dahiya, ed., Theoretical
Foundations of Development Planning,, Concept Publishing Company, New
Delhi, 1991.
“Trade
Policy with Endogenous Credibility,” with Charles M. Engel, Journal of
Development Economics, Vol. 36, December 1991.
“The Welfare
Economics of Cooperative and Noncooperative Fiscal Policy,” with Willem H.
Buiter, Journal of Economic Dynamics and Control, Vol. 15, No. 1,
January 1991.
“Reflections on
the Fiscal Implications of a Common Currency,” with Willem H. Buiter, in
Alberto Giovannini and Colin Mayer, eds., European Financial Integration,
New York: Cambridge University Press, 1991.
“Persistent
Differences in National Productivity Growth Rates with a Common Technology and Free Capital Mobility,”
with Willem H. Buiter, Journal of the Japanese and International Economies,
Vol. 5, No. 4, December 1991.
“Voluntary
Choices in Concerted Deals: Mechanics and Attributes of the Menu Approach to
LDC Debt,” with Ishac Diwan, World Bank Economic Review, Vol. 6, No. 1,
January 1992.
“Fiscal Policy
Coordination as Fiscal Federalism:
Economic Integration, Public Goods and Efficiency in Growing Economies,”
with Willem H. Buiter, European Economic Review, Vol. 36, April 1992.
“Who's Afraid of the Public Debt,” with
Willem Buiter, American Economic Review Papers and Proceedings, Vol. 82,
May 1992.
“Smoothing
Primary Exporters' Price Risks: Bonds,
Futures, Options and Insurance,” with David M. Newbery and Brian D. Wright, Oxford
Economic Papers, October 1992.
“Persistent
National Productivity Growth Differentials in an Integrated World Economy: the Roles of Households, Non‑tradedness, Self‑financing
and Fiscal Policy,” with Willem H. Buiter, Scandinavian Journal of Economics,
Vol 95, No. 4, December 1993. Reprinted
in Torben Andersen and Karl O. Moene, eds., Endogenous Growth, Oxford:
Basil Blackwell, 1993, pp. 77‑104.
“Sovereign Immunity and International
Lending,” in Frederick van der Ploeg, ed., Handbook of International
Macroeconomics, Oxford: Basil
Blackwell, 1994, pp. 439‑479.
“Foreign Debt
and Capital Flight as International Financial Intermediation,” with Michael P.
Dooley, Federal Reserve Bank of San Francisco Economic Review, No. 3,
1994, pp. 29‑37.
“Fiscal
Convergence Criteria, Factor Mobility and Credibility in Transition to Monetary
Union in Europe,” with Michael M. Hutchison, in Barry Eichengreen, Jeffrey
Frieden and Jurgen von Hagen, eds., Monetary and Fiscal Policy in an
Integrated Europe, Berlin: Springer‑Verlag, 1995, pp. 138‑165.
“Capital
Mobility, Fiscal Policy and Growth under Self‑financing of Human Capital
Formation,” with Willem H. Buiter, Canadian Journal of Economics, Vol.
28, November, 1995, pp. S163‑S194.
“Recent Private Capital Inflows to
Developing Countries: Is the Debt Crisis
History?,” with Michael P. Dooley and Eduardo Fernandez‑Arias, World Bank
Economic Review, Vol. 10, No.1, January 1996, pp. 27‑49.
“The Political
Economy of Indian Fiscal Federalism,” with Nirvikar Singh, in Sudipto Mundle,
ed., Fiscal Policy in India, Oxford: Oxford University Press, 1997, pp.
259-298.
“Monetary Union
and the Role of Automatic Stabilizers,” with Willem H. Buiter, in Jean‑Olivier
Hairault, Pierre‑Yves Henin and Franck Portier, eds., Should We Rebuild
Built‑in Stabilizers, Dordrecht: Kluwer, 1997, pp. 109-147.
“Macroeconomic
Stabilization with a Common Currency: Does European Monetary Unification Create
a Need for Fiscal Insurance or Federalism?,” in Barry Eichengreen and Jeffry
Frieden, eds., Forging an Integrated Europe, Ann Arbor: University of Michigan Press, 1998, pp.
91-126.
“Rent
Sharing, Aggregate Saving and Growth,” with Charles M. Engel, Review of
Development Economics, June, 1998, pp. 107-122.
“Speculative Capital Inflows and
Exchange Rate Targeting in the Pacific Basin:
Theory and Evidence,” with Mark Spiegel, in Reuven Glick, ed., Managing
Capital Flows and Exchange Rates:
Lessons from the Pacific Basin, New York: Cambridge University
Press,1998, pp. 409-435.
“Debt and
Taxes: Ponzi Finance, Dynamic Efficiency and Government Solvency,” with Willem
H. Buiter, in S. Brakman, H. Van Ees and S. Kuipers, eds., Market Behaviour
and Macroeconomic Modelling, London: Macmillan Press, 1998, pp. 275-307.
“The Importance
of Price Normalization in Models of International Trade under Imperfect
Competition,” with T. N. Srinivasan, in James Melvin, James Moore and Ray
Riezman, eds., Trade, Theory and Econometrics: Essays in Honor of John S. Chipman, New
York: Routledge, 1999, pp. 65-75.
“Monetary
Union, Asymmetric Productivity Shocks and Fiscal Insurance: an Analytical
Discussion of Welfare Issues,” in A. Hughes-Hallett, M. Hutchison, S. Jensen,
eds., Fiscal Aspects of European Monetary Integration, London: Cambridge
University Press, 1999, pp. 96-123.
“Indian Fiscal
Federalism: Political Economy and Issues for Reform,” with Nirvikar Singh, in
Satu Kahkonen and Anthony Lanyi, eds., Institutions, Incentives and Economic
Reforms in India, New Delhi: Sage Publications, pp.37-76.
“Sovereign Debt
as Intertemporal Barter,” with Brian Wright, American Economic Review,
Vol. 90, June, 2000, pp. 621-639.
“Will
Self-Protection Policies Safeguard Emerging Markets from Crises?” with Ashoka
Mody, in Robert Litan, ed., Emerging
Markets in the New Financial System, Washington D.C.: Brookings Institution
Press, 2000, pp. 413-445.
“International
Capital Inflows, Domestic Financial Intermediation and Financial Crises under
Imperfect Information,” with Menzie D. Chinn, in Reuven Glick, ed., Financial
Crises in Emerging Markets, New York: Cambridge University Press, 2001, pp.
196-237.
“Monetary Union
and Fiscal Federalism,” with Juergen von Hagen, in Charles Wyplosz, ed., European
Monetary Union and its Impact on Europe and the Developing Countries, Oxford: Oxford University Press, 2001, pp.
17-39.
“Domestic Bank
Regulation and Financial Crises: Theory
and Empirical Evidence from East Asia,” with Robert Dekle, in Sebastian Edwards
and Jeffrey Frankel, eds., Preventing Currency Crises in Emerging Markets,
Chicago: University of Chicago Press, 2002, pp. 507-552.
“The Japanese Banking Crisis and Economic Growth:
Theoretical and Empirical Implications of Deposit Guarantees and Weak Financial
Regulation,” with Robert Dekle, Journal of the Japanese and International
Economies, Vol. 17,September 2003, pages 305-335.
“Sterilization Costs and Exchange Rate
Targeting,” with Mark Spiegel, Journal of International Money and Finance,
Vol. 23, October 2004, pages 897-915.
“Crisis
Resolution: Next Steps,” with Barry Eichengreen and Ashoka Mody, Brookings
Trade Forum 2003, Washington, DC: Brookings Institution, 2004, pp. 279-338.
“Sovereign Bond Restructuring: Collective Action Clauses and
Official Crisis Intervention,” in Andrew Haldane, ed., Fixing Financial
Crises in the 21st Century, London: Routledge, 2004, pages 230-253.
“Liberalizing Capital Flows in India: Financial Repression,
Macroeconomic Policy and Gradual Reforms,” NCAER/Brookings India Policy
Forum, 2004, Washington, D.C.: Brookings
Institution, 2004, pages 227-263.
“Deposit
Insurance, Regulatory Forbearance and Economic Growth: Implications for the
Japanese Banking Crisis,” with Robert Dekle, in M. Hutchison and F. Westermann,
eds., Economic Stagnation in Japan, Cambridge, MA: MIT Press, 2005,
pages 61-101.
“Sovereign
Debt, Volatility and Insurance,” External Vulnerability and Preventive
Policies, vol. 10, Series on Central Banking, Analysis and Economics
Policies, edited by Ricardo J. Caballero, Cesar Calderon and Luis F.
Cespedes, Santiago: Central Bank of Chile, 2006, pages 327-351.
“International
Financial Integration, Sovereignty and Constraints on Macroeconomic Policies,”
Bank of Japan, Monetary and Economic Studies, 23 (S-1), October 2005,
pages 165-186.
“Sargent and
Wallace meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don’t Avert
Macroeconomic Crises,” with Joshua Aizenman and Brian Pinto, Economic
Journal, Vol. 115, 2005, pages 343-367.
“The
IMF in a World of Private Capital Markets,” with Barry Eichengreen and Ashoka
Mody, Journal of Banking and Finance, vol. 30, no. 5, 2006, pp.
1335-1357.
“Taxes and
stabilization in contemporary macroeconomic models,” International Tax and
Public Finance, vol. 13, No. 4, August 2006, pp. 351-371.
“Sovereign
Debt,” in Lawrence E. Blume and Steven N. Durlauf, eds., The New Palgrave Dictionary of Economics, 2nd
Edition, London: Palgrave Macmillan, 2008.
“The Life Cycle of Scholars and Papers in Economics - the "Citation Death Tax,” with Joshua Aizenman, Applied Economics, Vol. 43.27, 2010, pp. 4135-48.
“Growth, Dynamics and Economic Policy:
Papers in Honor or Stephen J. Turnovsky,” with Walter Fisher, Journal of
Economic Dynamics and Control, Vol. 35, Issue 8, September, 2011, pp.
1387-92.
“Financial Friction and Monetary
Policy Transmission in India,” in Chetan Ghate, ed., The Oxford Handbook of
the Indian Economy, Oxford/New Delhi: Oxford University Press, 2012.