Guillermo J. Vuletin

Faculty Member

Office: Diamond [ campus map ]
Box 5235

Phone: 207-859-5235
Fax: 207-859-5229
Mailing Address:
5235 Mayflower Hill
Waterville, Maine 04901-8852
Vuletin, Guillermo J.


Ph.D. Economics, University of Maryland, College Park, 2007. M.A. Economics, University of Maryland, College Park, 2004. M.A. Economics, National University of La Plata, La Plata, Argentina, 2001. B.A. Economics, National University of La Plata, La Plata, Argentina, 2000.

Areas of Expertise

  • Open economy macroeconomics
  • Macroeconomic policies in developing countries
  • Monetary and fiscal policy
  • Exchange rate regimes

Professional Information

Guillermo Vuletin is an Assistant Professor at the Department of Economics at Colby College. His research focuses on fiscal and monetary policies, and exchange rate regimes with a particular interest in macroeconomic policy in developing countries. Guillermo holds a B.A. and M.A. in Economics from the National University of La Plata (Argentina), and a Ph.D. in Economics from the University of Maryland. At Colby, he teaches principles of macroeconomics; mathematical economics; currency, banking, and debt crises and open economy macroeconomics.


Exchange Rate Regimes and Fiscal Discipline: The Role of Capital Controls.
Economic Inquiry. Forthcoming.
On graduation from procyclicality, (with Jeffrey Frankel and Carlos Vegh).
Journal of Development Economics, Vol. 100 (January 2013), 32-47. Journal Link
NBER Working Paper No 17619, November 2011.
Harvard Kennedy School Working Paper 2012-09, April 2012.
The effects of alternative exchange rate regimes on real exchange rate volatility. Evidence based on a new data set, (with Jorge Carrera).
Contemporary Economic Policy, Vol. 31 (January 2013), pp. 212-234. Journal Link
The flypaper and teflon effects: Evidence from China, (with Lyoe Lee*).
Modern Economy, Vol. 3 (November 2012), 811-816. Journal Link
Replacing a "disobedient" central bank governor with a "docile" one. A novel measure of central bank independence and its effect on inflation, (with Ling Zhu*).
Journal of Money, Credit and Banking, Vol. 43 (September 2011), pp. 1185-1215. Journal Link
Measuring the Informal Economy in Latin America and the Caribbean.
Money Affairs, Vol. 21 (January 2009), pp. 161-191. Journal Link
IMF Working Paper No 102, April 2008.
Reprinted in: Asha Joshi ed. Underground Economy : A Constant Companion (India: ICFAI University Press, forthcoming).
Sustainability of Fiscal Policies, Exogeneity and Causality Between Expenditures and Revenues in the Provinces of Argentina.
Economica, Vol. 49 (December 2003), pp. 117-160. Journal Link
Risk-Rent Analysis of Argentinean Exports in the Nineties, (with Mariano Rabassa).
Revista IEFE, Instituto de Estudios Fiscales y Economicos (Institute of Fiscal and Economic Studies), Vol. 105 (August 2000), pp. 47-58.

Articles for books

Overcoming the fear of free falling: Monetary policy graduation in emerging markets (with Carlos Vegh).
Forthcoming in The Role of Central Banks in Financial Stability: How Has It Changed? (Federal Reserve Bank of Chicago and European Central Bank), 2012. Link to conference
NBER Working Paper No 18175, June 2012.

Working papers

Tax multipliers: Pitfalls in measurement and identification, (with Daniel Riera-Crichton and Carlos Vegh)
NBER Working Paper No 18497, October 2012.
Invited to Revise and Resubmit to Journal of Monetary Economics.
Download Unsticking the flypaper effect in an uncertain world, (with Carlos Vegh).
Invited to Revise and Resubmit to Journal of Public Economics.
Download How is tax policy conducted over the business cycle?, (with Carlos Vegh).
NBER Working Paper No 17753, January 2012.
Invited to Revise and Resubmit to American Economic Journal: Economic Policy
Download The role of central bank independence on optimal taxation and seigniorage, (with Roberto Delhy Nolivos).
Invited to Revise and Resubmit to European Journal of Political Economy.
Older version: Research Paper No. 2011-103, Paolo Baffi Centre, Centre on Central Banking and Financial Regulation, Bocconi University, July 2011.
Download Effects and role of macroprudential policy: Evidence from reserve requirements based on a narrative approach, (with Pablo Federico and Carlos Vegh).
Download Macropdrudential policy over the business cycle, (with Pablo Federico and Carlos Vegh).
Download The effect of capital flows composition on output volatility, (with Pablo Federico and Carlos Vegh).
World Bank Policy Research working paper 6386, March 2013.
Download Unsticking the flypaper effect using distortionary taxation, (with Carlos Vegh).

Opinion columns and press coverage (selected)

Tax increases exacerbate the contraction of the economy (in Portuguese: Aumentos de impostos agravam a contracao da economia) (by Jorge Nascimento Rodrigues). Expresso. Portugal, November 1, 2012.
Link Has monetary policy in India helped or hurt? (by Ajay Shah). Citizen Economists. September 4, 2012.
Link Graduation from monetary policy procyclicality, (with Carlos Vegh), Vox, August 2012.
Link Fiscal policy worsened economic cycles (in Spanish: El manejo de las finanzas publicas profundizo los ciclos economicos) (by Aldo Lema). Busqueda, Uruguay, June 30, 2011.
Article Fiscal policy in developing countries: Escape from procyclicality, (with Jeffrey Frankel and Carlos Vegh), Vox, June 2011.
Link The importance of informal economy (in French: Le poids de l'informel) (by Anne de Tarragon). La Gazette des Caraibes, Guadeloupe, May 20, 2007.
Article Do high taxes increase informal economy? (in Spanish: Provocan altos impuestos comercio informal). El Siglo de Durango, Mexico, November 5, 2006.


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