Ricardo J. Caballero

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This article is about the macroeconomist. For the singer and television star, see Ricardo Caballero Tostado.
Ricardo J. Caballero
Born (1959-10-20) 20 October 1959 (age 56)
Punta Arenas, Chile
Nationality Chilean
Institution Massachusetts Institute of Technology
Field Macroeconomics
Alma mater Massachusetts Institute of Technology
Awards Frisch Medal (2002)
Information at IDEAS / RePEc

Ricardo Jorge Caballero (born 20 October 1959) is a Chilean macroeconomist who holds the Ford International chair of economics at the Massachusetts Institute of Technology. He received his PhD from MIT in 1988,[1] and he taught at Columbia University before returning to the MIT faculty. In 2002, he was awarded the Econometric Society's Frisch Medal.

Recently much of Caballero's work has focussed on international financial crises.[2] He has also studied the aggregate behavior of economies with heterogeneous agents,[3] the macroeconomic effects of irreversible investment in firm-specific assets,[4] and Schumpeterian theories of technological progress through creative destruction.[5]

Selected Readings[edit]

  • External Vulnerability and Preventive Policies. editor (with C. Calderon and L.F. Cespedes).
  • Macroeconomic Volatility in Reformed Latin America: Diagnosis and Policy Proposals. Washington, D.C.: Inter-American Development Bank. 2001.
  • Specificity and the Macroeconomics of Restructuring. MIT Press, Spring 2007 .


  1. ^ Caballero, Ricardo Jorge (1988), The Stochastic Behavior of Consumption and Savings. Ph.D. dissertation, Massachusetts Institute of Technology.
  2. ^ Caballero, R. & Krishnamurthy, A. (2004). "Smoothing sudden stops". Journal of Economic Theory 119 (1): 104–127. doi:10.1016/s0022-0531(03)00227-8. 
  3. ^ Caballero, R.; Engel, E. (1999). "Explaining investment dynamics in US manufacturing: a generalized (S,s) approach". Econometrica 67 (4): 783–826. doi:10.1111/1468-0262.00053. 
  4. ^ Caballero, R. & Hammour, M. (1998). "The macroeconomics of specificity". Journal of Political Economy 106 (4): 724–767. doi:10.1086/250028. 
  5. ^ Caballero, R. & Hammour, M. (1996). "On the timing and efficiency of creative destruction". Quarterly Journal of Economics: 805–852. doi:10.2307/2946673. 

External links[edit]