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Degrees:
Ph.D., Univ. of Illinois
M.S., Univ. of Illinois
B.A., Univ. of Illinois
Professor Ramirez is a native of Chile and a naturalized U.S. citizen since 1990. He received his Ph.D. in economics from the University of Illinois at Urbana-Champaign in 1984 and has been at Trinity College since 1985. He has held visiting positions at the University of Illinois at Urbana-Champaign (Summer 1991 and 1992), Haverford College (Spring 1992), Vanderbilt University (Spring 1999), and Yale University (Spring 2006). His teaching interests are primarily in the areas of Latin American economic development and international finance and open economy macroeconomics. Before retiring at the end of AY2023-24, he usually offered Latin American economic development and Structural Reform in Latin America during the fall term, while he taught international finance and open economy macroeconomics during the spring term. He also taught a course in Time-Series Analysis every other spring term, with particular emphasis on unit root and cointegration analysis, error correction modeling, and forecasting.
Insofar as his research is concerned, it is primarily dedicated to analyzing the challenges and opportunities that Latin American nations face as they attempt to stabilize and reform their economies in an increasingly globalized world. In particular, his work has reviewed and analyzed the impact of IMF-sponsored adjustment and stabilization measures in Argentina, Chile, and Mexico, as well as the mixed success of structural reform programs such as privatization of state-owned firms, deregulation of economic activity, and liberalization of trade and finance. His research has also focused on the economic and institutional determinants of foreign direct investment in Argentina, Chile, and Mexico, as well as the impact of these flows on private capital formation and labor productivity growth in Latin America. Another important focus of his work in recent years has been the growing role of remittance flows in financing private investment spending and boosting economic growth in countries such as Ecuador, the Dominican Republic, El Salvador, Jamaica, and Mexico. In recent years he has published work in the history of economic thought relating to Marx's important analysis of wages and cyclical crises, his theory of absolute and differential ground rent, his analysis of the falling rate of profit, Marx's controversial writings on the so-called Asiatic mode of production, and his conception of capital as a social process. Finally, he has also published and undertaken research on David Ricardo's views on absolute and relative value in terms of labor values.
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Foreign Direct Investment in Latin America
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History of economic thought.
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Latin American economic growth and development
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International finance, trade, and open economy macroeconomics
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Time series, unit roots, cointegration, FMOLS and DOLS analysis
ECON-315
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Theories of International Trade
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ECON-316
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International Finance
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ECON-328
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Applied Econometrics: Time-Series Analysis
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Ricardo's views on Absolute and Relative Value in terms of Labor Values.
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Econometric analysis of remittance flows to Latin America and their impact on fixed capital formation and economic growth.
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Empirical analysis of economic and institutional determinants of private investment spending in Latin America.
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Marx's analysis of wages and the business cycle, his theory of absolute rent, his prescient views on the role of credit in fueling speculative crises, his writings on the Asiatic mode of production, and his conception of capital-value as a social process.
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Analyzing the challenges and opportunities that Latin American nations face as they attempt to stabilize and reform their economies in an increasingly globalized world
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The impact of IMF-sponsored adjustment and stabilization measures in Argentina, Chile, and Mexico.
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The mixed success of structural reform programs such as privatization of state-owned firms, deregulation of economic activity, and liberalization of trade and finance
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Econometric analysis of selected economic and institutional determinants of foreign direct investment in Argentina, Chile, and Mexico, as well as the impact of these flows on private capital formation and labor productivity growth in Latin America
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Recent Articles in Refereed Journals (since 2012):
- Ramirez, Miguel D., "Are Public Investment and Education Expenditures Productive in the Argentine Case? A FMOLS and DOLS Analysis, 1960-2019," Business and Economic Research, Vol. 14, No. 1, March 2024: 1-22 (Lead Article).
- Ramirez, Miguel D. "A Critical Note on Ricardo's views on Absolute and Relative Value in terms of Labor Values," History of Economic Thought and Policy, Vol. 19,No. 2, 2023: 53-66, DOI: 10.3280/SPE2023-002003
- Chamlagai, Pranick R. and Miguel D. Ramirez. "Public Investment, Private Investment, and Labor Productivity in Nepal: A Cointegration and VECM Analysis," Business and Economic Research, Vol. 13, No. 4, December 2023: 74-102.
- Ramirez, Miguel D. "Do Remittances Promote Labor Productivity in Mexico? A DOLS and FMOLS Analysis, 1970-2017," Bulletin of Applied Economics, Vol. 10, No. 1, February 2023: 115-131.
- Ramirez, Miguel D. "Ricardo's and Marx's Conception of Absolute and Relative Value: A Critical Overview," Bulletin of Political Economy, Vol. 16, No. 2, 2022: 103-132.
- Ramirez, Miguel D. "Determinants of FDI in the Chilean Case: A FMOLS Analysis, 1960-2016," Applied Economics and Finance, Vol. 9, No.4, November 2022: 22-36.
- Ramirez, Miguel D. "The Organic Composition of Capital and Technological Unemployment: Marx's and Ricardo's Intellectual Debt to John Barton and George Ramsay," History of Economic Ideas, Vol. XXIX, No. 3, December 2021: 11-28 (Lead Article).
- Rashid, Hassan and Miguel D. Ramirez. "Investigating the Causality Between Remittances, Infant Mortality, and Economic Growth in India: A Cointegration and Vector Error Correction Model Analysis,"Research in Applied Economics, Vol. 13, No. 3 (September 2021): 21-44.
- Ramirez, Miguel D. "Key Elements of Social Theory Revolutionized by Marx." Review article in Contributions to Political Economy, Vol. 40, Issue 1, June 2021: 106-114.
- Ramirez, Miguel D. "Capital as a Process: A Marxian Perspective," History of Economic Thought and Policy, Vol. 16, No. 1, 2020: 41-71, DOI:10.3280/SPE2020-001003
- Ramirez, Miguel D. "Public and Private Investment Spending in the Argentine Case. A Cointegration Analysis with Structural Breaks, 1960-2015," Bulletin of Applied Economics, Vol. 7, No. 2 (June 2020): 49-76.
- Ramirez, Miguel D. "Response to Stavros Mavroudeas," Economic Thought, Vol. 8, No. 2, (December 2019): 70-72.
- Ramirez, Miguel D. "Credit, Indebtedness and Speculation in Marx's Political Economy," Economic Thought, Vol. 8, No. 2. (December 2019): 46-62.
- Ramirez, Miguel D. "Marx and Ricardo on Machinery: A Critical Note," The European Journal of the History of Economic Thought, Vol. 26, No. 1, 2019: 81-100.
- Ramirez, Miguel D. "A FMOLS Analysis of FDI Flows to Latin America," Applied Economics and Finance, Vol. 6, No. 2, spring 2019: 86-98.
- Kammerer, Louisa and Miguel D. Ramirez, "Did Smaller Firms Face Higher Costs of Credit During the Great Recession? A Vector Error Correction Analysis with Structural Breaks, " Research in Applied Economics, Vol. 10, No. 3 (September 2018): 1-23.
- Ramirez, Miguel D. "Economic and Institutional Determinants of FDI in the Chilean Case:An Empirical Analysis, 1960-2014," Research in Applied Economics, Vol. 9, No.3 (September 2017): 1-23.
- Ian Schaeffer and Miguel D. Ramirez, "Is there a Long-Term Relationship among European Sovereign Bond Yields?" Business and Economic Research, Vol. 7, No. 1, 2017, pp. 68-86.
- Chloe Cho, Hyungsun and Miguel D. Ramirez, "Foreign Direct Investment and Inequality in Southeast Asia: A Panel Unit Root and Panel Cointegration Analysis, 1990-2013," Atlantic Economic Journal, Vol. 44, Issue 4 (December 2016): 411-424 (Lead Article).
- Yee, Steven and Miguel D. Ramirez, "Purchasing Power Parity: A Time Series Analysis of the U.S. and Mexico." International Advances in Economic Research, Vol. 22, Issue 4 (November 2016): 409-419.
- Huang, Jiayi, and Miguel D. Ramirez. "Do Exports lead Economic Output in Five Asian Countries? A Cointegration and Granger Causality Analysis." Business and Economic Research 6, no.2 (2016): 30-50.
- Lopez, Juan Diego, and Miguel D. Ramirez. "Are Controls Effective in Curbing Private Capital Flows in Colombia? A Time-Series Analysis." Journal of Empirical Economics 5, no. 1 (2016): 23-34.
- Hyungsun Chloe Cho, and Miguel D. Ramirez. "Money Demand in Korea: A Cointegration Analysis, 1973-2014." Business and Economic Research 6, no. 1 (2016): 96-110.
- Johnston, Kyle A. and Miguel D. Ramirez. "Foreign Direct Investment and Economic Growth in Cote D'Ivoire: A Time Series Analysis." Business and Economic Research 5, no. 2 (2015): 35-47.
- Ramirez, Miguel D. and Zsofia Komuves. "Economic Infrastructure, Private Capital Formation, and FDI Inflows to Hungary: A Unit Root and Cointegration Analysis with Structural Breaks." Atlantic Economic Journal 42, no. 4 (December 2014): 367-382.
- Ramirez, Miguel D. "Credit, The Turnover of Capital, and the Law of the Falling Rate of Profit: A Critical Note." Contributions to Political Economy 33, no. 1 (June 2014): 61-68.
- Ramirez, Miguel D. "Remittances and Economic Growth: An Empirical Study with Structural Breaks, 1970-2010." Business and Economic Research 4, no. 1 (June 2014): 353-372.
- Komuves, Zsofia and Miguel D. Ramirez. "FDI, Exchange Rate, and Economic Growth in Hungary, 1995-2012: Causality and Cointegration Analysis." Applied Econometrics and International Development 14, no.1 (2014): 45-58.
- Ramirez, Miguel D. "Is Capitalist Globalization Inevitable in the Marxian Paradigm." Journal of the History of Economic Thought 36, no. 1 (March 2014): 83-95.
- Ramirez, Miguel D. and Blake Tretter, "The Effect of Myanmar's Foreign Investment Policies on FDI Inflows: An Analysis of Panel Data Across ASEAN Member Countries," International Journal of Accounting and Economic Studies 1, no. 3 (2013): 84-99.
- Ramirez, Miguel D. "Do Financial and Institutional Variables Enhance the Impact of Remittances on Economic Growth in Latin America and the Caribbean? A Panel Cointegration Analysis." International Advances in Economic Research 19, no. 3 (August 2013): 273-288.
- Mazur, Michael E. and Miguel D. Ramirez, "The Forward Exchange Rate Unbiasedness Hypothesis: A Single Break Unit Root and Cointegration Analysis," Modern Economy, 4, no. 9 (September 2013): 605-626.
- Ramirez, Miguel D. "What Explains FDI flows to Latin America? A Pooled Analysis, 1980-2006." International Journal of Accounting and Economic Studies 1, no. 2 (2013): 25-38.
- Ramirez, Miguel D. "Are Foreign and Public Investment Spending Productive in the Argentine Case? A Single Break Unit Root and Cointegration Analysis, 1960-2010," Modern Economy 3, no. 6 (October 2012): 726-737.
- Ramirez, Miguel D. and Aalok R. Pandey, "Why Does the Cost of Credit Increase for Small Firms Relative to Large Firms during Recessions?" International Journal of Business and Economic Research 10, no. 2 (2012): 291-313.
- Racha Menhem and Miguel D. Ramirez, "The Greek Sovereign Debt Crisis: A Conceptual and Empirical Analysis," International Journal of Economic Issues 5, no. 2 (2012): 127-142.
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- Selected as Member of the Month (December 2016) by the International Atlantic Economic Association.
- Visiting Professor at Yale University, Summer Session B, 2017-2019/2022-24. Taught course entitled, " Topics in International Economics, Econ. S328 -01.
- Visiting Professor at Yale University, Summer Session A, 2013-16. Taught Seminar entitled, "Topics in International Economics."
- Visiting Professor at Yale University, Global Summer Program, 2012. Course in international Trade and Finance.
- Recipient of the Ward S.Curran Distinguished Professor of Economics Endowed Chair, July 2012.
- Member of the editorial board for the International Scholarly Research Network (ISRN) Economics.
- Visiting Professor at Yale University, Global Summer Program, Summer 2011. Course in Trade and Finance.
- Visiting Professor at Yale University, fall 2010. Teaching a senior seminar entitled, "Topics in International Economics."
- Visiting Professor at Yale University, Global Summer Program, Summer 2010. Seminar in Trade and Finance.
- Nominated for the award of "Oxford Journal Distinguished Research Professor."
- Visiting Professor at Yale University, fall 2007. Senior seminar in International Trade and Finance.
- Appointed to serve on the Council for Latin American Studies at Yale University, Spring 2006-Fall 2007.
- Visiting Professor at Yale University, spring 2006. Supervised Doctoral Dissertation by Peter Cody in the Yale Economic Growth Center [with Pr. Robert Evenson].
- Recipient of the Charles A. Dana Research Professorship. The award is given every two years to a Trinity College full professor in recognition of outstanding scholarship, 2003-2005.
- Visiting Professor, Graduate Program in Economic Development (GPED) at Vanderbilt University, spring and summer 1999.
- Associate member of the Latin American Research Institute at Lake Forest College, Chicago, IL., since the 1996-1997 academic year.
- Associate member of the Martin Institute for Peace Studies & Conflict Resolution, University of Idaho, Moscow, Idaho, 1996- 2007.
- Nominated to the editorial board of the Eastern Economic Association, spring 2001.
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