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      • Faculty Publications  (108)

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      • 2010
      • Working Paper

      Valuation When Cash Flow Forecasts Are Biased

      By: Richard S. Ruback
      This paper focuses adaptations to the discount cash flow (DCF) method when valuing forecasted cash flows that are biased measures of expected cash flows. I imagine a simple setting where the expected cash flows equal the forecasted cash flows plus an omitted downside.... View Details
      Keywords: Forecasting and Prediction; Cash Flow; Cost of Capital; Performance Expectations; Prejudice and Bias; Valuation
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      Ruback, Richard S. "Valuation When Cash Flow Forecasts Are Biased." Harvard Business School Working Paper, No. 11-036, October 2010.
      • 2010
      • Chapter

      The Euro as a Reserve Currency for Global Investors

      By: Luis M. Viceira and Ricardo Gimeno
      This article explores the demand for the euro for risk management purposes and the evidence of stock market integration in the euro area. We define a reserve currency as one that investors demand either because it helps them hedge real interest risk and inflation risk,... View Details
      Keywords: Volatility; Inflation and Deflation; Capital Markets; Currency; Stocks; Financial Markets; Financing and Loans; Investment Return; Investment Portfolio; Risk Management
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      Viceira, Luis M., and Ricardo Gimeno. "The Euro as a Reserve Currency for Global Investors." Chap. 4 in Spain and the Euro. The First Ten Years, 149–178. Madrid, Spain: Banco de España, 2010.
      • March 2009 (Revised May 2013)
      • Supplement

      Kinyuseisaku: Monetary Policy in Japan (B)

      By: Laura Alfaro and Akiko Kanno
      Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was... View Details
      Keywords: Inflation and Deflation; Money; Central Banking; Interest Rates; Policy; Japan
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      Alfaro, Laura, and Akiko Kanno. "Kinyuseisaku: Monetary Policy in Japan (B)." Harvard Business School Supplement 709-056, March 2009. (Revised May 2013.)
      • 2009
      • Other Unpublished Work

      Steering Monetary Policy Through Unprecedented Crises

      By: David Moss and Cole Bolton
      In early April 2008, economic conditions in Europe appeared to be deteriorating on almost all fronts: sales figures were falling, business and consumer confidence were slumping, forecasts for European growth were being revised downward, and inflation was rising. In... View Details
      Keywords: Financial Crisis; Inflation and Deflation; Central Banking; Interest Rates; International Finance; Policy; Crisis Management; Europe
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      Moss, David, and Cole Bolton. "Steering Monetary Policy Through Unprecedented Crises." 2009. (Draft case.)
      • Article

      Understanding Inflation-Indexed Bond Markets

      By: John Y. Campbell, Robert J. Shiller and Luis M. Viceira
      Keywords: Bonds; Markets; Inflation and Deflation; Financial Crisis
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      Campbell, John Y., Robert J. Shiller, and Luis M. Viceira. "Understanding Inflation-Indexed Bond Markets." Brookings Papers on Economic Activity (Spring 2009): 79–120.
      • 2009
      • Working Paper

      Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds

      By: John Y. Campbell, Adi Sunderam and Luis M. Viceira
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      Campbell, John Y., Adi Sunderam, and Luis M. Viceira. "Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds." NBER Working Paper Series, No. 14701, February 2009.
      • March 2008 (Revised July 2009)
      • Case

      U.S. Subprime Mortgage Crisis: Policy Reactions (A)

      By: Laura Alfaro and Renee Kim
      By March 2008, the U.S. Government and the U.S. Federal Reserve Board had taken various policy measures over the last few months to tackle the subprime mortgage crisis that threatened to drag the economy into a recession. The Bush administration approved a fiscal... View Details
      Keywords: Financial Crisis; Inflation and Deflation; Central Banking; Mortgages; Policy; Business and Government Relations; United States
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      Alfaro, Laura, and Renee Kim. "U.S. Subprime Mortgage Crisis: Policy Reactions (A)." Harvard Business School Case 708-036, March 2008. (Revised July 2009.)
      • January 2008 (Revised April 2009)
      • Case

      Kinyuseisaku: Monetary Policy in Japan (A)

      By: Laura Alfaro and Akiko Kanno
      Toshihiko Fukui, Governor of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was... View Details
      Keywords: Inflation and Deflation; Money; Central Banking; Interest Rates; Policy; Japan
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      Alfaro, Laura, and Akiko Kanno. "Kinyuseisaku: Monetary Policy in Japan (A)." Harvard Business School Case 708-017, January 2008. (Revised April 2009.)
      • December 2007 (Revised July 2008)
      • Case

      General Mills (A)

      By: Raymond V. Gilmartin, Marco Iansiti and Bianca Buccitelli
      General Mills is an 80-year-old company that specializes in consumer foods such as cereal, snacks, baking, and dinner products. Although General Mills is, on the whole, a very successful company, they have, in the recent past, had to face challenges as a result the... View Details
      Keywords: Competitive Strategy; Change Management; Cost Management; Problems and Challenges; Inflation and Deflation; Price; Consumer Products Industry; Manufacturing Industry
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      Gilmartin, Raymond V., Marco Iansiti, and Bianca Buccitelli. "General Mills (A)." Harvard Business School Case 608-004, December 2007. (Revised July 2008.)
      • November 2005
      • Teaching Note

      Japan: Deficits, Demography and Deflation (TN)

      By: Richard H.K. Vietor
      Keywords: Sovereign Finance; Demographics; Inflation and Deflation; Japan
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      Vietor, Richard H.K. "Japan: Deficits, Demography and Deflation (TN)." Harvard Business School Teaching Note 706-020, November 2005.
      • July 2005 (Revised December 2006)
      • Case

      Japan: Deficits, Demography, and Deflation

      By: Richard H.K. Vietor
      By 2005, Japan's debt had risen to 163% of GDP. For more than a decade, the government had run huge deficits, trying unsuccessfully to stimulate economic growth. Interest rates, meanwhile, had been zero for years. But with slow growth and banks in crisis, nothing had... View Details
      Keywords: Economy; Economic Growth; Demographics; Financial Condition; Inflation and Deflation; Banks and Banking; Borrowing and Debt; Macroeconomics; Policy; Government and Politics; Welfare; Health Care and Treatment; Japan
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      Vietor, Richard H.K. "Japan: Deficits, Demography, and Deflation." Harvard Business School Case 706-004, July 2005. (Revised December 2006.)
      • June 2005
      • Article

      Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment

      By: Laura Alfaro
      This paper further tests Romer's (1993) extension of Kydland and Prescott's (1977) predictions for dynamic-inconsistency problems in open economies. In a panel data set of developed and developing countries from 1973 to 1998, I find that openness does not play a role... View Details
      Keywords: Forecasting and Prediction; Economy; Currency Exchange Rate; Developing Countries and Economies; Inflation and Deflation
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      Alfaro, Laura. "Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment." Journal of Development Economics 77, no. 1 (June 2005): 229–249.
      • March 2005 (Revised June 2005)
      • Case

      Capital Controls in Chile in the 1990s (B)

      By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
      Supplements the (A) case. View Details
      Keywords: Governance Controls; Financial Crisis; Foreign Direct Investment; Currency Exchange Rate; Inflation and Deflation; Demand and Consumers; Interest Rates; Capital; System; Central Banking; Chile
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      Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Capital Controls in Chile in the 1990s (B)." Harvard Business School Case 705-032, March 2005. (Revised June 2005.)
      • 2005
      • Working Paper

      Nominal versus Indexed Debt: A Quantitative Horse Race

      By: Laura Alfaro and Fabio Kanczuk
      The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium... View Details
      Keywords: Borrowing and Debt; Taxation; Risk and Uncertainty; Inflation and Deflation; System Shocks; Developing Countries and Economies; Mathematical Methods
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      Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Harvard Business School Working Paper, No. 05-053, January 2005. (Revised March 2010. Also NBER Working Paper No. 13131.)
      • November 2004
      • Article

      Unemployment Benefits As a Substitute for a Conservative Central Banker

      By: Rafael Di Tella and Robert MacCulloch
      In the many years since their introduction, positive theories of inflation have rarely been tested. This paper documents a negative relationship between inflation and the welfare state (proxied by the parameters of the unemployment benefit program) that is to be... View Details
      Keywords: Unemployment; Welfare State; Compensation and Benefits; Inflation and Deflation
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      Di Tella, Rafael, and Robert MacCulloch. "Unemployment Benefits As a Substitute for a Conservative Central Banker." Review of Economics and Statistics 86, no. 4 (November 2004): 911–23.
      • May 2004 (Revised July 2004)
      • Case

      Clarence Saunders: The Comeback King

      By: Nitin Nohria and Bridget Gurtler
      Follows the rise and fall of the founder of the modern supermarket, Clarence Saunders. Prior to 1915, all staple shopping took place in the market or general store, where a clerk behind a counter pulled items from shelves for customers , measured them from a barrel, or... View Details
      Keywords: Inflation and Deflation; Mission and Purpose; Business Processes; Leadership; Consumer Behavior; Leadership Style; Advertising; Customer Relationship Management; Customer Value and Value Chain; Order Taking and Fulfillment
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      Nohria, Nitin, and Bridget Gurtler. "Clarence Saunders: The Comeback King." Harvard Business School Case 404-070, May 2004. (Revised July 2004.)
      • May 2004 (Revised November 2005)
      • Case

      Turkey: Securing Stability in a Rough Neighborhood

      By: Richard H.K. Vietor and Emily Thompson
      After suffering years of volatility and crises, Turkey desperately sought macroeconomic and political stability in an ever-worsening region of the world. In the short term, Turkey had to repay its debt, which amounted to more than 80% of GDP. By January 2004, Turkey... View Details
      Keywords: Public Sector; Inflation and Deflation; Macroeconomics; Borrowing and Debt; Banks and Banking; International Finance; Privatization; Religion; Turkey; European Union
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      Vietor, Richard H.K., and Emily Thompson. "Turkey: Securing Stability in a Rough Neighborhood." Harvard Business School Case 704-045, May 2004. (Revised November 2005.)
      • May 2004 (Revised July 2008)
      • Teaching Note

      Brazil 2003: Inflation Targeting and Debt Dynamics (TN)

      By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
      Teaching Note to (9-704-028). View Details
      Keywords: Inflation and Deflation; Borrowing and Debt; Brazil
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      Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Brazil 2003: Inflation Targeting and Debt Dynamics (TN)." Harvard Business School Teaching Note 704-039, May 2004. (Revised July 2008.)
      • March 2004
      • Article

      Inflation, Inflation Variability, and Corruption

      By: Miguel Braun and Rafael Di Tella
      We present a model where agents can inflate the cost of goods needed to start an investment project and inflation variability increases monitoring costs. We show that inflation variability can lead to higher corruption and lower investment. We document a positive... View Details
      Keywords: Inflation and Deflation; Crime and Corruption
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      Braun, Miguel, and Rafael Di Tella. "Inflation, Inflation Variability, and Corruption." Economics & Politics 16, no. 1 (March 2004).
      • February 2004 (Revised March 2010)
      • Case

      Brazil 2003: Inflation Targeting and Debt Dynamics

      By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
      In October 2002, Brazilians elected a left-wing president, Luis Inacio Lula da Silva, for the first time in that country's history. As markets faltered in response, Lula sought to reaffirm his commitment to fiscal discipline, a floating exchange rate, and inflation... View Details
      Keywords: Economy; Inflation and Deflation; Money; Borrowing and Debt; Policy; Emerging Markets; Brazil
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      Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Brazil 2003: Inflation Targeting and Debt Dynamics." Harvard Business School Case 704-028, February 2004. (Revised March 2010.)
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