Manuel Amador

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In this paper, we address two questions: (i) Why do developing countries with the highest growth rates export capital; and (ii) Why are some countries unable or unwilling to pursue the high growth/low debt strategies that has proven successful for many “miracle” economies. The model we study is a small open economy subject to political economy and(More)
We study the effect of releasing public information about productivity or monetary shocks (for example, as a consequence of publishing an economic aggregate) using a micro-founded macroeconomic model where agents learn from the distribution of nominal prices. While a public release has the direct beneficial effect of providing new information, it can also(More)
Previous studies on the influence of weather on Aedes aegypti dynamics in Puerto Rico suggested that rainfall was a significant driver of immature mosquito populations and dengue incidence, but mostly in the drier areas of the island. We conducted a longitudinal study of Ae. aegypti in two neighborhoods of the metropolitan area of San Juan city, Puerto Rico(More)
Urban dengue is common in most countries of the Americas, but has been rare in the United States for more than half a century. In 1999 we investigated an outbreak of the disease that affected Nuevo Laredo, Tamaulipas, Mexico, and Laredo, Texas, United States, contiguous cities that straddle the international border. The incidence of recent cases, indicated(More)
Crises are volatile times when endogenous sources of information are closely monitored. We study the role of information in crises by introducing a financial market in a coordination game with imperfect information. The asset price aggregates dispersed private information acting as a public noisy signal. In contrast to the case with exogenous information,(More)
We investigated the effects of environmental factors and immature density on the productivity of Aedes aegypti (L.) and explored the hypothesis that immature populations were under nutritional stress. In total, 1,367 containers with water in 624 premises were studied in Salinas, southern Puerto Rico (May-July 2004). We counted 3,632 pupae, and most female(More)
The hypothesis tested was that most pupae of Aedes aegypti are produced in a few types of containers so that vector control efforts could concentrate on eliminating the most productive ones and thus prevent dengue outbreaks. Pupal surveys were conducted twice in 2004 in an urban area in southern Puerto Rico. A total 35,030 immature mosquitoes (III and IV(More)
We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back or dilute existing long-term sovereign bonds. Our main finding is that when reduction of debt is optimal, the sovereign should remain passive in the long-term(More)
This paper provides evidence of a causal and economically important effect of financial development on volatility. In contrast to the existing literature, the identification strategy is based on the differences in sensitivities to financial conditions across industries. The results show that sectors with larger liquidity needs are more volatile and(More)