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Ernesto Hernández-Catá

Ernesto Hernández-Catá It is with much sadness that we report on the passing of Ernesto Hernández-Catá on June 4 in Maryland.  Ernesto was a founding member of ASCE who contributed enthusiastically in many ways to the Association.  An alumnus of the Graduate Institute in Geneva and Yale, Ernesto was an economist with a distinguished career […]

Explaining Fluctuations in Cuba’s Participation Rate by Ernesto Hernández-Catá

Explaining Fluctuations  in Cuba’s Participation Rate Ernesto Hernández-Cata Cuba’s labor force participation rate (the ratio of the labor force to the population of working age) has fluctuated widely over the past three decades The participation rate is important for policy makers because it measures the degree of labor utilization, and therefore the pressure of aggregate […]

The Aftermath of Monetary Reform in Cuba

Luis R. Luis The Cuban economy is being hit by two large shocks.  The first is an external shock from the pandemic which shut down tourism and sharpened the impact on Cuba of the collapse of the Venezuelan economy and of U.S. sanctions.  The second is a policy shock, the monetary reform or “ordenamiento monetario” […]

Remittances and Sanctions on Cuba

REMITTANCES AND SANCTIONS ON CUBA Luis R. Luis   Remittances from Cuban Americans are the lifeblood of both families in Cuba and its dollar-stretched government.  This is especially true with the pandemic decimating tourism and weakening dollar receipts from medical services hit by feeble economic conditions in countries with Cuban medical missions, Venezuela, Angola and […]

Exchange Rate Expectations Under a Fixed Exchange Regime

Exchange Rate Expectations under a Fixed Exchange Rate Regime. An Imaginary Application to the Case of the Cuban Peso.   Ernesto Hernández-Catá June 2021   In a recent paper, Luis (2021a) provided a rigorous analysis of Cuba’s exchange rate system. His model, based on portfolio selection theory, features the three currencies that until recently circulated […]

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