The kinetics of phenylchloroformate (PCF) reactions have been used to model some of the key chemical events in carbonate macrocyclization. Three reactions have been studied using stopped-flow FT-IR spectroscopy : formation of acyl ammonium salt from PCF and three different trialkylamines, the conversion of acyl ammonium salt to urethane, and the condensation reaction between acyl ammonium salt and 4-isopropylphenol. The rate dependence was studied for triethylamine (TEA), diethylmethylamine (DEMA) and tri-n-butylamine (TBA) at 0-degrees-C in anhydrous CH2Cl2. The reactivity order for acyl ammonium salt formation for TBA : TEA : DEMA is 1 : 2.7 : >444. By contrast, condensation and urethane formation are not sensitive to the structure of the amine. The rate of condensation is comparable to the rate of acyl ammonium salt formation for TEA and TBA, while the rate of urethane formation is the slowest process for all three amines. These results are consistent with the view that the yield of macrocyclic polycarbonates is related to the concentration of the acyl ammonium salt. The optimum amine concentration for obtaining high yields of cyclics varies with the amine structure and parallels the difference in the rates of acyl ammonium salt formation.