1. Business-Cycle Facts Around the World

2. An Open Endowment Economy

3. An Open Economy with Capital

4. The Open Economy Real-Business-Cycle Mode

5. Business Cycles in Emerging Countries: Productivity Shocks versus Financial Frictions

6. Interest-Rate Shocks

7. Importable Goods, Exportable Goods, and the Terms of Trade

8. Nontradable Goods and the Real Exchange Rate

9. Nominal Rigidity, Exchange Rates, and Unemployment

10. Exchange-Rate Policy and Capital Controls

11. Policy Credibility and Balance-of-Payments Crises

12. Financial Frictions and Aggregate Instability

13. Sovereign Default

References