Cem Karayalcin


Office: DM 317, (305) 348-3285


RePEc handle:  pka187
PhD: Columbia University, 1989
Joined the faculty in 1989
Fields: open economy macroeconomics, growth theory

Research Interests

Three seemingly unrelated but nevertheless connected themes run through my research papers. One theme, which is couched in terms of the open economy macroeconomics literature, investigates the across-country distributions of wealth and income in a world where capital flows take a global aspect. In this set of papers, I explore the consequences of various policies in redistributing wealth internationally as reflected in financial and current accounts. A second theme, this time using the framework provided by development economics, looks at different aspects of globalization as reflected in the political economy of debt and the impact of the use of developmental tools in a context with economies of scale. Finally, a third theme is to be found in a set of papers looking at the historically divergent growth and development experiences of different regions of the globe and highlighting some of the political economy mechanisms that might account for this divergence.

Selected Publications

Divided We Stand United We Fall: The Hume-North-Jones mechanism for the Rise of Europe,”  International Economic Review, 49:973-997 (2008).

“Exchange Rate Pass-Through and Relative Prices: An Industry-Level Empirical Investigation” [with P. Bhattacharya and D. Thomakos],  Journal of International Money and Finance, 27:1135-1160 (2008).

Income distribution, sovereign debt and public investment [with K. McCollister],  Economics and Politics, 17: 351-65 (2005).

Economic (dis)integration in the presence of evolutionary learning [with D. Mitra and D. Mendez-Carbajo],  Journal of Evolutionary Economics, 14:463-481 (2004).

Habit Formation and Fiscal Policy in a Small Open Economy,  Macroeconomic Dynamics‚ 7:407-423, (2003).

Infrastructure, Returns to Scale and Sovereign Debt [with K. McCollister and D. Mitra],  Journal of International Trade and Economic Development, 11:267-278 (2002).

Multiple Equilibria, Coordination, and Transitional Growth [with Devashish Mitra],  Journal of Development Economics, 60:297-316, (1999).

Temporary and Permanent Government Spending in a Small Open Economy,  Journal of Monetary Economics, 43:125-141, (1999).

Stockmarkets, Adjustment Costs, and International Transmission of Shocks,  Economica, 63:599-610, (1996).

Redistributive Taxation in a Small Open Economy,  Canadian Journal of Economics, 29:688-698, (1996).