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Leonardo AUERNHEIMER, economist in the field of Macroeonomic Theory; Domestic Monetary and Financial Theory and Policy; Balance of Payments; Mechanisms of Adjustment; Exchange Rates.


AUERNHEIMER, Leonardo was born in 1936 in Alta Gracia, Cordoba, Argentina.


Licenciado, University Buenos Aires, 1965. Master of Arts, Doctor of Philosophy University Chicago, 1970, 1973.


Consultant, Ford Foundation, 1965-1966. Teach. Assistant, University Buenos Aires, 1966-1985. Visiting Professor, University Vicosa, Brasil, 1972-1973.

Assistant Professor, Texas A&M University, 1973-1977. Con., Visiting Professor, Centro de Estudios Monetarios Latinoamericanos, Mexico City, 1975, CEMA, 1980-1981. Visiting Scholar, University Gottingen, W. Germany, 1983.

Association Professor of Economics, Texas A&M University, College Station, Texas, United States of America, Senior Investigator, Centro de Estudios Macroecon. de Argentina (CEMA), Buenos Aires, Argentina, since 1977.


Early work reflected an interest in the theory and implications of the revenues from the creation of fiat money. In particular, the 1974 Journal of Political Economy piece showed the correct and general specification of those revenues taking account of transitional but, as it turns out, essential elements. In addition, this early paper is considered as the first reference in the monetary literature of instances where ‘time inconsistency’ could arise.

Later work, in part inspired by the stabilisation experiments of the Southern Cone countries during the late 1970s, is related to expectations, the ‘fiscal’ constraint, and the connection between debt and money printing financing of government expenditures under both monetary and exchange rate rules. In addition to my interest in macro and monetary theory, I have made incur sions in the theory of capital and depreciation. In particular the work with T. R. Saving shows the robustness of durability with respect to alternative forms of market organisation.