Willem H. Buiter

Email (work): w.buiter@lse.ac.uk

Email (home): willembuiter@btinternet.com

Publications:

BOOKS:

  1. Financial Markets and European Monetary Cooperation; The Lessons of the 92-93 ERM Crisis, with Giancarlo Corsetti and Paolo Pesenti, Cambridge University Press, 1998.
  2. International Macroeconomics, Oxford University Press, 1990.
  3. Principles of Budgetary and Financial Policy, Harvester Wheatsheaf Books, Ltd., 1990 and MIT Press, 1990.
  4. Macroeconomic Theory and Stabilization Policy, Manchester University Press, 1989 and University of Michigan Press, 1990.
  5. Budgetary Policy, International and Intertemporal Trade in the Global Economy, North-Holland, 1989.
  6. Temporary and Long-Run Equilibrium, Garland Publishing, Inc., New York, 1979.

ARTICLES IN REFEREED PROFESSIONAL JOURNALS

  1. Why the United Kingdom Should Join the Eurozone, International Finance, Volume 11, Number 3, Winter 2008, ISSN 1367-0271, pp. 269-282.
  2. "Vergrijzing is een verborgen zegen", with Harry P. van Dalen, Sylvester C. W. Eijffinger, Joop Hartog, Kees Koedijk en Arjen van Witteloostuijn, Kwartaalschrift Economie, Nummer 4, 2007, pp. 421-436.
  3. "Economic, Political, and Institutional Prerequisites for Monetary Union among the members of the Gulf Cooperation Council", paper presented at the Seminar "Preparing for GCC Currency Union: Institutional Framework and Policy Options", November 20-21, 2007 in Dubai, UAE, forthcoming in the Open Economies Review,2008.
  4. "Deflationary Bubbles", with Anne C. Sibert,Macroeconomic Dynamics, Volume 11, Issue 04, September 2007, pp 431-454.
  5. "Seigniorage ", economics - The Open-Access, Open-Assessment E-Journal, 2007-10.
  6. "Is Numérairology the Future of Monetary Economics? Unbundling numéraire and medium of exchange through a virtual currency with a shadow exchange rate", Open Economies Review, Publisher Springer Netherlands; ISSN 0923-7992 (Print); 1573-708X (Online). Electronic publication date: Thursday, May 03, 2007. See "Springer Website".
  7. "The ‘Sense and Nonsense of Maastricht’ revisited: What have we learnt about stabilization in EMU? " , Journal of Common Market Studies, 2006, Volume 44, Number 4, pp. 687-710. 
  8. "Overcoming the Zero Bound: Gesell vs. Eisler; Discussion of Mitsuhiro Fukao's "The Effects of 'Gesell' (Currency) Taxes in Promoting Japan's Economic Recovery" . Discussion presented at the Conference on Macro/Financial Issues and International Economic Relations: Policy Options for Japan and the United States, October 22-23, 2004, Ann Arbor, MI, USA. International Economics and Economic Policy, Volume 2, Numbers 2-3, November 2005, pp. 189-200. Publisher: Springer-Verlag GmbH; ISSN: 1612-4804 (Paper) 1612-4812 (Online).
  9. "New Developments in Monetary Economics: two ghosts, two eccentricities, a fallacy, a mirage and a mythos", Royal Economic Society 2004 Hahn Lecture. For an abstract, click here ; The Economic Journal, Conference Papers, Vol. 115, No. 502, March 2005, pp. C1-C31. This is an electronic version of an article published in The Economic Journal, the journal of the Royal Economic Society. Complete citation information for the final version of the paper, as published in the print edition of The Economic Journal, is available on the Blackwell Synergy online delivery service, accessible via the journal's website at http://www.blackwellpublishing.com or http://www.blackwell-synergy.com.
  10. "Two Naked Emperors? Concerns about the Stability and Growth Pact & Second Thoughts about Central Bank Independence", IFS 2003 Annual Lecture. For an abstract, click here. Fiscal Studies, Vol. 25, No. 3, pp. 249-277, September 2004.
  11. "Patching up the Pact; Some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union", with Clemens Grafe, This is an electronic version of an article published in The Economics of Transition, Volume 12 (1) 2004, pp. 67–102. Complete citation information for the final version of the paper, as published in the print edition of The Economics of Transition is available on the Blackwell Synergy online delivery service, accessible via the journal's website at http://www.blackwellpublishing.com/journal.asp?ref=0967-0750 or at http://www.blackwell-synergy.com . For an abstract click here .
  12. "James Tobin; an appreciation of his contribution to economics", The Economic Journal. , Volume 113, Issue 491, November 2003, pp. 585-631. For an abstract, click here .
  13. "Overcoming the Zero Bound on Nominal Interest Rates with Negative Interest on Currency: Gesell’s Solution", with Nikolaos Panigirtzoglou, Economic Journal, Volume 113, Issue 490, October 2003, pp. 723-746. For an abstract click here .
  14. "Anchor, Float or Abandon Ship: Exchange Rate Regimes for the Accession Countries", with Clemens Grafe, in Banca Nazionale del Lavoro Quarterly Review, No. 221, June 2002, pp. 1-32. For an abstract, click here.
  15. "The Fiscal Theory of the Price Level: A Critique", Economic Journal, Vol 112, July 2002, pp. 459-480. For an abstract, click here .
  16. "Notes on 'A Code for Fiscal Stability'", Oxford Economic Papers, Vol 53, No 1, pp.1-19, January 2001.
  17. "Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? With an Application to UK Membership in EMU", Sixth Royal Bank of Scotland/Scottish Economic Society Annual Lecture, given at the Royal College of Physicians, Edinburgh, on Tuesday, 26 October 1999. Scottish Journal of Political Economy, Vol. 47, No 3, August 2000, pp.213-250.
  18. "Six Months in the Life of the Euro; What Have We Learnt?", Tijdschrift voor Politieke Economie, 21(4), October 1999, pp. 4-25.
  19. "The EMU and the NAMU: What is the Case for North American Monetary Union?", Canadian Public Policy/Analyse de Politiques, September 1999.
  20. "UDROP: A Contribution to the New International Financial Architecture", International Finance, Vol. 2, No. 2, pp. 227-247, July 1999, with Anne C. Sibert.
  21. "Alice in Euroland", Journal of Common Market Studies, Vol. 37, No. 2, pp. 181-209, June 1999.
  22. "Enterprise Performance and Macroeconomic Control", with Ricardo Lago and Nicholas Stern, Banca Nazionale del Lavoro Quarterly Review, No. 200, March 1997, pp. 3-22.
  23. "Generational Accounts, Aggregate Saving and Intergenerational Distribution", Economica, 64, 1997, pp. 605-26.
  24. "A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economies", with Hélène Rey and Ricardo Lago, Economics of Transition, Volume 5 (1), pp. 63-96, 1997.
  25. "The economic case for monetary union in the European Union", in C. Deissenberg, R.F. Owen and D. Ulph eds, European Economic Integration, supplement to the Review of International Economics, 5(4), 1997, pp. 10-35; also in Proceedings of the Royal Netherlands Academy of Sciences, Amsterdam, 1996.
  26. "Politique Macroéconomique dans la période de transition vers l'union monétaire", Revue d'Economie Politique, 105(5) September/October 1995, pp. 897-46.
  27. "Capital mobility, fiscal policy and growth with self-financing of human capital formation", with Kenneth M. Kletzer, Canadian Journal of Economics, special issue in Memory of Doug Purvis, edited by M.Devereux and A. Gregory, Vol 28, November 1995, pp. S. 163-S194.
  28. "Permanent international producitivity growth differentials in an integrated global economy", with Kenneth M. Kletzer, Scandinavian Economic Journal, 95, , 1993, pp. 467-493.
  29. "Excessive deficits: sense and nonsense in the Treaty of Maastricht", with Giancarlo Corsetti and Nouriel Roubini, Economic Policy, 1993 (1); translated into Italian and published as "Disavanzo eccessivo,ragionevolezza e nonsensov nel Trattato di Maastricht", in Rivista Di Politica Economica, June 1993, pp.3-82. Reprinted in The Political Economy of Monetary Union, Edited by Paul de Grauwe, pp. 297-331, Edward Elgar Publishing Ltd, Cheltenham, 2001.
  30. "Who's Afraid of the National Debt?", with Kenneth M. Kletzer, American Economic Review, Papers and Proceedings, May 1992.
  31. "Fiscal policy coordination as fiscal federalism", with Kenneth M.Kletzer, European Economic Review, 36, pp. 647-653, April 1992.
  32. "Persistent Differences in National Productivity Growth Rates with a Common Technology and Free Capital Mobility; the roles of public debt, capital taxation and policy towards human capital formation", with Kenneth M. Kletzer, Journal of the Japanese and International Economies, 5, pp.325-353, Dec 1991.
  33. "Debt, deficits and inflation: an application to the public finances of India", with Urjit R. Patel, Journal of Public Economics, 47, 1992, pp. 171-205; also in Amaresh Bagchi and Nicholas Stern eds. Tax Policy and Planning in Developing Countries, pp. 94-131, Oxford University Press, 1994.
  34. "The Welfare Economics of Cooperative and Non-Cooperative Fiscal Policy", with Kenneth M. Kletzer, Journal of Economic Dynamics and Control, 15, 1991, pp. 215-244, reprinted in the International Journal of Development Banking, Vol 10, No.2, July 1992, pp. 3-21.
  35. "Debt Neutrality, Professor Vickrey and Henry George's `Single Tax'," Economics Letters, 29, 1989, 43-47.
  36. "A Viable Gold Standard Requires Flexible Monetary and Fiscal Policy," Review of Economic Studies, January 1989, 101-117.
  37. "Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy," Oxford Economic Papers, 40 1988, 220-245.
  38. "Death, Birth, Productivity Growth and Debt Neutrality," Economic Journal, 98 June 1988. 279-293.
  39. "Efficient 'Myopic' Asset Pricing in General Equilibrium: A Potential Pitfall in Excess Volatility Tests," Economics Letters, 25 1987, 143-148.
  40. "A Fiscal Theory of Hyperdeflations? Some Surprising Monetarist Arithmetic," Oxford Economic Papers, 39(3), 1987, 111-118; reprinted in Prices, Quantities and Expectations, P.J.N. Sinclair (ed.), Clarendon Press, Oxford, 1987, 111-118.
  41. "Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks," Journal of International Economics, 23, August 1987, 221-239.
  42. "A Guide to Public Sector Debt and Deficits," Economic Policy, 1(1), November 1985, 13-79.
  43. "Granger-Causality and Policy Effectiveness," Economica, 51, May 1984, 151-162; reprinted in Monetary Policy and Uncertainty, M.J.M. Neuman (ed.), Nomos Verlagsgesellschaft, Baden-Baden, 1986, 161-172.
  44. "Controllability and the Theory of Economic Policy, a Further Note," with M. Gersovitz, Journal of Public Economics, 24, 1984, 127-129.
  45. "Government Debt in an Overlapping Generations Model with Bequests and Gifts: A Rejoinder," with J. Carmichael, American Economic Review, 74(4), 1984, 762-765.
  46. "Expectations and Control Theory," Economie Appliquée, Tome XXXVI, 1983, No. 1, 129-156.
  47. "Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples," Econometrica, 52 May 1984, 665-680.
  48. "Real effects of Anticipated and Unanticipated Money: Some problems of Estimation and Hypothesis Testing," Journal of Monetary Economics, March 1983, 207-224.
  49. "Predetermined and Non-Predetermined Variables in Rational Expectations Models," Economics Letters, 1982, 49-54.
  50. "Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation," with M. Miller, European Economic Review, 18, May/June 1982, 85-123.
  51. "Staggered Wage Setting with Real Wage Relativities: Variations on a Theme of Taylor", with I. Jewitt, Manchester School, September 1981, 211-228.
  52. "The Superiority of Contingent Rules over Fixed Rules in Models with Rational Expectations," Economic Journal, 91, September 1981, 647-670.
  53. "Crowding Out of Private Capital Formation by Government Borrowing in the Presence of Intergenerational Gifts and Bequests," Greek Economic Review, 2, August 1980, 111-142.
  54. "Monetary Policy and International Competitiveness: The Problems of Adjustment," with M. Miller, Oxford Economic Papers, 33, July 1981, Supplement, 143-144; also in The Money Supply and the Exchange Rate, W.A. Eltis and P.J.N. Sinclair (eds.), Clarendon Press, Oxford, 1981.
  55. "Time Preference and International Lending and Borrowing in an Overlapping Generations Model," Journal of Political Economy, 89 August 1981, 769-797.
  56. "Issues in Controllability and the Theory of Economic Policy," with M. Gersovitz, Journal of Public Economics, 15 February 1981.
  57. "Keynesian Balance of Payments Models: Comment," with J. Eaton, American Economic Review, 71 September 1981, 784-795.
  58. "The Macroeconomics of Dr. Pangloss: A Critical Survey of the New Classical Macroeconomics," Economic Journal, March 1980, 34-50; Italian translation: "La Macroeconomica Del Dott. Pangloss: Un Esame Critico Della Nuova Macroecomnomica Classica," in Instituto Nazionale per Lo Studio Della Conguiuntura, Rassegna Della Letteratura Sui Cicli Economici, Le Aspettative Razionali e La Teoria Macroeconomica, 135-161. Reprinted in Economic Policy, Paul Whiteley ed. Edwar Elgar Publishing Ltd, 1997
  59. "Walras' Law and All That", International Economic Review, 21 February 1980, 1-16.
  60. "Unemployment-Inflation Trade-Offs with Rational Expectations in an Open Economy," Journal of Economic Dynamics and Control, June 1979, 117-141.
  61. "How Successful has Stabilization Policy been in the Netherlands? A Neo-Keynesian Perspective," with R.F. Owen, De Economist, March 1979.
  62. "Short-Run and Long-Run Effects of External Disturbances Under a Floating Exchange Rate," Economica, August 1978.
  63. "A Didactic Note on the Transactions Demand for Money and Behavior Towards Risk," with C.A. Armstrong, Journal of Money, Credit and Banking, November 1978.
  64. "Some Unfamiliar Properties of a Familiar Macroeconomic Model," with H. Lorie, Economic Journal, December 1977, 743-754.
  65. "Short-Run and Long-Run Disequilibrium in Dynamic Macromodels," Southern Economic Journal, July 1977.
  66. "'Crowding out' and the Effectiveness of Fiscal Policy," Journal of Public Economics, 7, 1977.
  67. "On Two Specifications of Asset Equilibrium in Macroeconomic Models: A Note," with G. Woglom, Journal of Political Economy, 85(2), 1977.
    68.

OTHER TECHNICAL ARTICLES

  1. "Monetary Economics and the Political Econonomy of Central Banking: Inflation Targeting and Central Bank Independence Revisited", in Monetary Policy Under Uncertainty; Proceedings of the 2007 Money and Banking Seminar, Banco Central de la República Argentina, Jorge Carrera ed., pp. 218 - 243, Buenos Aires, Argentina, 2008.
  2. "Central banks and financial crises", paper presented at the Federal Reserve Bank of Kansas City’s symposium on “Maintaining Stability in a Changing Financial System”, at Jackson Hole, Wyoming, on August 21-23, 2008.
  3. "How the Eurosystem's Open-Market Operations Weaken Financial Market Discipline (and what to do about it)" , with Anne C. Sibert; in Fiscal Policy and the Road to the Euro, National Bank of Poland, Warsaw, October 2006, pp. 29-58.
  4. "Stabilisation policy in New Zealand: Counting your blessings, one by one" , in Bob Buckle and Aaron Drew Editors, Testing Stabilisation Policy Limits in a Small Open Economy Proceedings from a Macroeconomic Policy Forum pp. 37-74, October 2006, © 2006 Reserve Bank of New Zealand and The Treasury, ISBN 0-9582675-2-9.
  5. "Excessive Budget Deficits, a Government-Abused Financial System, and Fiscal Rules" , with Urjit R. Patel. Paper presented at the Brookings Institution-NCAER India Policy Forum Second Conference, July 2005 in Delhi, India. Published in Suman Bery, Barry Bosworth and Arvind Panagariya Editors, India Policy Forum 2005/2006, pp. 1-54, SAGE Publications, New Delhi/Thousand Oaks/London, 2006.
  6. "Nature’s blessing or nature’s curse: the political economy of transition in resource-based economies", with Akram Esanov and Martin Raiser, in Richard M Auty and Indra de Soysa eds. Energy, Wealth and Governance in the Caucasus and Central Asia; Lessons not learned. Routledge, London and New York, 2006, pp. 39-56. For an abstract, click here.
  7. "Should We Worry about Deflation? Prevention and Cure",2003 McKenna Lecture on International Trade and Economics; Perspective on the Economy. Lowe Institute of Political Economy, Claremont, CA, 2004; for an abstract, click here .
  8. “Joys and Pains of Public Debt”, in P. de Gijsel and H. Schenk (eds.) Multidisciplinary Economics: the Birth of a New Economics Faculty in the Netherlands. Springer, the Netherlands, 2005, pp. 209-224.
  9. "To Purgatory and Beyond; When and how should the accession countries from Central and Eastern Europe become full members of the EMU?". For an abstract, click here .In Fritz Breuss and Eduard Hochreiter (eds.) Challenges for Central Banks in an Enlarged EMU, SpringerWienNewYork, 2005, pp. 145-186.
  10. "The return of deflation: what can central banks do?”, in Hugh Stevenson editor, Challenges for Europe, Palgrave Macmillan, Basingstoke, Hampshire 2004, pp. 46-74. For an abstract click here.
  11. "Corporate Governance in Developing, Transition and Emerging–Market Economies", with Charles Oman and Steven Fries, OECD Development Centre Policy Brief No. 23, 2003. For an abstract, click here.
  12. "The case of privatisation of network utilities", with Maria Vagliasindi, in Structural Challenges for Europe , Gertrude Tumpel-Gugerell and Peter Mooslechner eds., pp. 355-387. Edward Elgar, Cheltenham UK, 2003.
  13. “EMU or Ostrich?”, with Clemens Grafe, in H. M. Treasury, EMU study; Submissions on EMU from leading academics, pp. 23-42, HMSO, London, UK, June 2003.
  14. "Capital account liberalization and financial sector development in transition countries", with Anita Taci, in Age F. P. Bakker and Bryan Chapple eds. Capital Liberalization in Transition Countries: Lessons from the Past and for the Future , pp. 105-141. Edward Elgar, Cheltenham, UK, 2003
  15. "Reforming EMU's fiscal policy rules; some suggestions for enhancing fiscal sustainability and macroeconomic stability in an enlarged European Union", with Clemens Grafe, in Marco Buti ed. Monetary and Fiscal Policies in EMU: Interactions and Coordination, Cambridge University Press, 2003, 92-145. For an abstract click here .
  16. "Debt in Transition Economies: Where is it Heading, What can be Done About it?", with Ricardo Lago, Revue D'économie Financière, Special Issue, Ten Years of Transition in Eastern European Countries, Achievements and Challenges, 2001, pp. 191-213.
  17. Central Banking and the Choice of Currency Regime in Accession Countries, with Clemens Grafe. Lecture given on October 26, 2000 at the University of Warsaw. Published as the SUERF Studies No. 11, Société Universitaire Européenne de Recherches Financières, Vienna, 2001; republished in Revue D'économie Financière, Special Issue, Ten Years of Transition in Eastern European Countries, Achievements and Challenges, 2001, pp. 287-318.
  18. "Liquidity Traps: How to Avoid Them and How to Escape Them", with Nikolaos Panigirtzoglou, in Reflections on Economics and Econometrics, Essays in Honour of Martin Fase, edited by Wim F.V. Vanthoor and Joke Mooij, 2001, pp. 13-58, De Nederlandsche Bank NV, Amsterdam.
  19. "Designing a Monetary Authority", with Anne C. Sibert, in Challenges for Central Banking, edited by Anthony M. Santomero, Staffan Viotti and Andres Vredin, Kluwer Academic Publishers, Boston/Dordrecht/London, 2001, pp. 173-185.
  20. "International Financial Institutions - Adapting to a World of Private Capital Flows", with Hans Peter Lankes, mimeo European Bank for Reconstruction and Development, 2001, forthcoming in Dilip Das, Editor, Perspectives in Global Finance, Routledge, London & New York.
  21. "Is Iceland an Optimal Currency Area?", in Màr Gudmundsson, Tryggvi Thor Herbertsson and Gylfi Zoega, eds., Macroeconomic Policy; Iceland in an Era of Global Integration, University of Iceland Press, Reykjavik, 2000, pp. 33-55.
  22. "The New Economy and the Old Monetary Economics", Bank of England Quarterly Bulletin, Vol 40(2), May 2000, pp. 173-183.
  23. "Macroeconomic Influences on Transition and Financial Reforms", in Maria I. Blejer and Marko Skreb eds. Financial Sector Transformation: Lessons from Economies in Transition, Cambridge University Press, Cambridge UK, 1999, with Ricardo Lago and Hélène Rey.
  24. "Interpreting the ERM crisis: Country-specific and systemic issues", with Giancarlo Corsetti and Paolo Pesenti, Princeton Studies in International Finance No. 84, March 1998, International Finance Section, Department of Economics, Princeton University.
  25. "Aspects of Fiscal Performance in Some Transition Economies under Fund-Supported Programs", in Gary Saxonhouse and T.N. Srinivasan eds. Development, Duality, and the International Economic Regime: Essays in Honor of Gustav Ranis, University of Michigan Press, Ann Arbor, Michigan, 1998, pp. 398-451.
  26. "Transition Issues for the European Monetary Union", with Anne C. Sibert, in De EMU in Breed Perspectief; Preadviezen 1997, Koninklijke Vereniging voor de Staathuishoudkunde, pp. 1-17. Uitgeverij LEMMA BV, Utrecht, 1997.
  27. "Uses and Limitations of Public Debt", with Kenneth M. Kletzer, in Steven Brakman, Hans van Ees and Simon K. Kuipers eds. Market Behaviour and Macroeconomic Modelling, MacMillan Press Ltd, London, 1998, pp. 275-307.
  28. "Monetary Union and the Role of Automatic Stabilizers", with Kenneth M. Kletzer, in Jean-Olivier Hairault, Pierre-Yves Hénin and Franck Portier eds., Business Cycles and Macroeconomic Stability, Kluwer Academic Publishers, Boston, Dordrecht, London, 1997, pp. 109-147.
  29. "Promoting an Effective Market Economy in a Changing World", with Ricardo Lago and Nicholas Stern, in Istvàn P. Székely and Richard Sabot eds, Development Strategy and Management of the Market Economy, Volume II, pp. 11-90, Clarendon Press, Oxford, 1997.
  30. "Solvency and Fiscal Correction in India: an Analytical Discussion, with Urjit R. Patel., in Public Finance; Policy Issues for India, S. Mundle ed., pp. 30-75, Oxford University Press, 1997.
  31. "Budgetary aspects of stabilization and structural adjustment in India: the painful road to a sustainable fiscal-financial- monetary plan", with Urjit R. Patel, in Mario I Blejer and Teresa Ter-Minassian eds. Macroeconomic Dimensions of Public Finance; Essays in Honor of Vito Tanzi, 1998.
  32. "Saving and Endogenous Growth: A Survey of Theory and Policy", in A. Heertje ed. World Savings, Theory and Policy, Blackwell Publishers, 1993, pp.64-99.
  33. "Anomalous Speculative Attacks on Fixed Exchange Rate Regimes; Possible Resolutions of the "Gold Standard Paradox"", with Vittorio U. Grilli, in Paul Krugman and Marcus Miller eds. Exchange Rates and Currency Bands, Cambridge University Press, Cambridge, U.K., 1991, pp. 140-176.
  34. "Reflections on the fiscal implications of a common currency", with Kenneth M. Kletzer, in Alberto Giovannini and Colin Mayer eds., European Financial Integration, Cambridge University Press, Cambridge, 1991, pp.221-244.
  35. "Can Public Spending Cuts be Inflationary?", in W.H. Buiter, Principles of Budgetary and Financial Policy, MIT Press, 1990.
  36. "Some Thoughts on the Role of Fiscal Policy in Stabilization and Structural Adjustment in Developing Countries", in W.H. Buiter, Principles of Budgetary and Financial Policy, MIT Press 1990.
  37. "Debt Neutrality, Redistribution and Consumer Heterogeneity: A Survey and Some Extensions," in Money, Macroeconomics and Economic Policy; Essays in Honor of James Tobin, W.C. Brainard et al. (eds.), MIT Press, 1991.
  38. "The Right Combination of Demand and Supply Policies: The Case for a Two-Handed Approach," in Macro and Micro Policies for More Growth and Employment, H. Giersch (ed.), Kiel Institute of World Economics, 1988, 305-345.
  39. "Fiscal Prerequisites for a Viable Managed Exchange Rate Regime," in Wisselkoersen in een Veranderende Wereld, Preadvies van de Vereniging voor de Staathuishoudkunde, 1986, Stenfert Kroese, Leiden, Antwerpen, 1986, 99-117.
  40. "Fiscal Policy in Open Interdependent Economies," in Economic Policy in Theory and Practice, A. Razin and E. Sadka (eds.), Macmillan, London, 1987, 101-144.
  41. "Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies," International Monetary Fund Staff Papers, September 1986, 541-582; also in International Aspects of Fiscal Policies, J.A. Frenkel (ed.), University of Chicago Press, 1988.
  42. "Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models: Some Recent Developments", in Prices, Competition and Equilibrium, M.H. Peston and R.E. Quandt (eds.), 1986, Barnes & Noble Books, 84-108.
  43. "International Monetary Policy to Promote Economic Recovery", in Monetary Conditions for Economic Recovery, C. van Ewijk and J.J. Klant (eds.), Financial and Monetary Policy Studies 11, Martinus Nijhoff Publishers, Dordrecht, 1985.
  44. "Allocative and Stabilization Aspects of Budgetary Financial Policy: An Inaugural Lecture", London School of Economics and Political Science, 1984. Also in W.H. Buiter, Principles of Budgetary and Financial Policy, MIT Press, 1990.
  45. "The Trade-Off Between inflation and Unemployment," with Marcus H. Miller, in Out of Work: Perspectives on Mass Unemployment, Department of Economics, University of Warwick, 1984.
  46. "The Theory of Optimum Deficits and Debt," in The Economics of Large Government Deficits, Federal Reserve Bank of Boston, Conference Series No. 27, October 1983, 4-69.
  47. "Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues", in Inflation and Unemployment: Theory, Experience and Policy-Making, V.E. Argy and J.W. Nevile (eds.), George Allen & Unwin, London, 1985, 11-38.
  48. "Changing the Rules: Economic Consequences of the Thatcher Regime, with M.H. Miller, Brookings Papers on Economic Activity, 2, 1983.
  49. "International Balance of Payments Financing and Adjustment," with J. Eaton, in International Money and Credit: The Policy Roles, G. von Furstenberg (ed.), International Monetary Fund, Washington, DC 1983.
  50. "Policy Decentralization and Exchange Rate Management in Interdependent Economies," with J. Eaton, in J.S. Bhandari (ed.), Exchange Rate Management Under Uncertainty, pp. 31-54, Cambridge, Mass, MIT Press, 1985.
  51. "Measurement of the Public Sector Deficit and Its Implications for Policy Evaluation and Design," International Monetary Fund Staff Papers, June 1983.
  52. "Monetary and Fiscal Policy with Flexible Exchange Rates," with William H. Branson, in Economic Interdependence and Flexible Exchange Rates, Jagdeep S. Bhandari and Bluford H. Putnam, with Jay H. Levin (eds.), MIT University Press, 1983, 351-381.
  53. "Real Exchange Rate Overshooting and the Output Costs of Bringing Down Inflation: Some Further Results," with M. Miller, in Exchange Rates and International Macroeconomics, Jacob Frenkel (ed.), Chicago University Press, 1983.
  54. "The Thatcher Experiment: An Interim Report," with M. Miller, Brookings Papers on Economic Activity, 1981, II, 315-367; translated in abbreviated form, "I Primi Due Anni Dell Esperimento Thatcher," in Problemi del Socialismo/26, Crisi Dello Sviluppo E. Politiche Dell 'Offerta Negli Anni '80, Franco Angeli (ed.), January-April 1983, 52-63.
  55. "Macroeconomic Modelling for Policy Evaluation and Design," in Bank of England, The Usefulness of Macroeconomic Models; papers presented to the Panel of Academic Consultants, No. 14, March 1981, 15-38.
  56. "Monetary, Financial and Fiscal Policy Under Rational Expectations," International Monetary Fund Staff Papers, 27, December 1980, 758-813.
  57. "Oil, Disinflation and Export Competitiveness: A Model of the 'Dutch Disease'," with Douglas D. Purvis, in Economic Interdependence and Flexible Exchange Rates, Jagdeep S. Bhandari and Bluford H. Putnam with Jay H. Levin (eds.), MIT University Press, 1983, 221-247.
  58. "The Role of Economic Policy After the New Classical Macroeconomics" in Macroeconomic Analysis, D. Currie, R. Nobay and D.A. Peel (eds.), Croom Helm, London, 1981, 233-295.
  59. "Implications for the Adjustment Process of International Asset Risks," in The Internationalization of Financial Markets and National Economic Policy, R.G. Hawkins, R.M. Levich and G.G. Wihlborg (eds.), Jai Press, Inc., 1983, 69-102.
  60. "Debt Neutrality: A Brief Review of Doctrine and Evidence," with J. Tobin, in Social Security Versus Private Saving, G. von Furstenberg (ed.), Ballinger, Cambridge, Massachusetts, 1979.
  61. "Government Finance in an Overlapping Generations Model with Gifts and Bequests," in Social Security Versus Private Saving, G. von Furstenberg (ed.), Ballinger, Cambridge, Massachusetts, 1979.
  62. "Fiscal and Monetary Policies, Capital Formation and Economic Activity," with J. Tobin, in The Government and Capital Formation, G. von Furstenberg (ed.), Ballinger, Cambridge, Massachusetts, 1980.
  63. "Optimal Foreign Exchange Market Intervention with Rational Expectations," in Trade and Payments Adjustment Under Flexible Exchange Rates, J. Martin and A. Smith (eds.), Macmillan, 1979.
  64. "Long-Run Effects of Fiscal and Monetary Policy on Aggregate Demand," with J. Tobin, Ch. IV in Monetarism: Studies in Monetary Economics, North-Holland, 1976.
    65.

ACADEMIC BOOK REVIEWS, COMMENTS AND DISCUSSIONS

  1. "Central Banks as Economic Institutions: a Roundtable Debate", based on my contribution to the Roundtable: Central Banks as Economic Institutions, held in Paris at the headquarters of the Saint-Gobain Group, on November 30 and December 1, 2006, at the Conference Central Banks as Economic Institutions, organised by the Cournot Centre for Economic Studies; forthcoming in the conference volume for this Conference.
  2. “Comment” on “Regional Banks and Regionalism: A New Frontier for Development Financing”, by Robert Devlin and Lucio Castro, in Nancy Birdsall and Liliana Rojas-Suarez eds. Financing Development, the Power of Regionalism, Center for Global Development, Washington DC, September 2004, pp. 91-95.
  3. “Comments on Kenneth M. Kletzer: “Sovereign bond restructuring: collective action clauses and official crisis intervention”, in Andrew G. Haldane ed. Fixing Financial Crises in the Twenty-first Century , Routledge International Studies in Money and Banking, Routledge, London and New York, 2004, pp. 254-257.
  4. "Discussion of “Macroeconomic Adjustment to Structural Change” by Gabriel Fagan, Vitor Gaspar and Alfredo Pereira, forthcoming in György Szapáry ed. , Edward Elgar Publishing, 2003.
  5. "Comment on 'Current Account Deficits in the Euro Area. The End of the Feldstein Horioka Puzzle?'", by Olivier Blanchard and Francesco Giavazzi, Brooking Papers on Economic Activity, 2002, II, pp. 187-196.
  6. "Discussion of Jose M. Campa, P.H. Kevin Chang and Robert L. Leider, 'ERM Bandwiths for EMU and after: evidence from foreign exchange options'", Economic Policy, 24, April 1997, pp 81-83.
  7. "Comment on Richard N. Cooper, 'Is growth in developing countries beneficial to developed countries?'", in Annual World Bank Conference on Development Economics, 1995, pp. 276-283, Washington D.C., the World Bank.
  8. "Comment on Peter Garber, 'The Collapse of the Bretton Woods Fixed Exchange Rate Regime'",in Michael D. Bordo and Barry Eichengreen eds. A Retrospective on the Bretton Woods System, University of Chicago Press, Chicago, pp.485-493.
  9. "Comment on Sweder van Wijnbergen, 'Growth, External Debt and the Real Exchange Rate'", in Mexico's Search for a New Development Strategy, Westview Press, 1990, 244-250.
  10. "Comment on J.A. Frenkel, A. Razin and S. Symansky, 'International Spillovers of Taxation'", in International Aspects of Taxation, J. Slemrod (ed.), University of Chicago Press, 1990.
  11. "Comment on J.C. Siebrand, 'Macroeconomic Modelling for Economic Policy'", in Challenges for Macroeconomic Modelling, W. Driehuis, M.M.G. Fase and H. Den Hartog (eds.), North-Holland, Amsterdam, 1988, 137-145.
  12. "Comment on Charles R. Bean, 'Sterling Misalignment and British Trade Performance'", in Misalignment of Exchange Rates: Effects on Trade and Industry, University of Chicago Press, 1988, 69-75.
  13. "Comment on K. Kletzer, 'External Borrowing by LDCs: A Survey of Theoretical Issues'", in The State of Development Economics, G. Ranis and T. Paul Schultz (eds.), Basil Blackwell, 1988, G13-G16.
  14. "Comment on Rubinstein and Fershtman", in R.C. Bryant and R. Portes (eds.), Global Macroeconomics, Macmillan Press, 1987, 66-72.
  15. "Comment on Paul H. Courant, 'Fiscal Policy and European Economic Growth'", in Barriers to European Growth, A Transatlantic View, R.Z. Lawrence and C.L. Schultze (eds.), The Brookings Institution, Washington, DC, 1987, 492-501.
  16. "An Empirical Investigation of the Long-Run Behavior of Real Exchange Rates. Comment on the Huizinga Paper", Carnegie-Rochester Conference Series on Public Policy, 27 Autumn 1987, 215-223.
  17. "Comment on M.P. Dooley, 'The Role of Reserves in the International Monetary System'", in Problems of International Money, 1972-85, M. Posner, (ed.), International Monetary Fund, Washington, DC, 1986, 109-112.
  18. "The Role of Economic Management," Catalyst 1(1), Spring 1985, 73-86.
  19. "Comment on L. Katseli, 'Real Exchange Rates in the 1970s'", in Exchange Rate Theory and Practice, J.F.O. Bilson and R.C. Marston (eds.), NBER, University of Chicago Press, 1984, 321-330.
  20. "Comment on T.J. Sargent and N. Wallace, 'Some Unpleasant Monetarist Arithmetic'," in Monetarism in the United Kingdom, B. Griffiths and G.E. Wood (eds.), Macmillan, London, 1984, 42-60.
  21. "Comment on W.H. Branson, 'Exchange Rate Policy after a Decade of Floating'", in Exchange Rate Theory and Practice, J.F.O. Bilson and R.C. Marston (eds.), NBER, University of Chicago Press, 1984, 108-112.
  22. "Review of R.E. Lucas and T.J. Sargent, 'Rational Expectations and Econometric Practice'", Economic Journal, June 1983, 442-445.
  23. "Discussion of R. Dornbusch, 'Flexible Exchange Rates and Interdependence'", International Monetary Fund Staff Papers, 30 March 1983, 35-38.
  24. "Comment on Paul Krugman, 'The Real Wage Gap and Employment'", Annales de l'INSéE, 47-48 July-December 1982, 71-80.
  25. "Discussion of David Currie, 'Macroeconomic Policy and the Government Financing Requirement: A Survey of Recent Developments'", in Studies in Contemporary Economic Analysis, Vol. 1, Michael Artis and R. Nobay (eds.), Croon Helm, London, 1978.
  26. "Review of 'The Monetary Approach to the Balance of Payments, A Collection of Research Papers by Members of the International Monetary Fund'", De Economist, 126(3), 1978, 418-422.
    27.

NON-TECHNICAL PUBLICATIONS

  1. "The Overwhelming Economic Case for the United Kingdom Adopting the Euro" , in Britain Should Join the Euro: Essays on the 10th Anniversary of the Launch of the European Single Currency, edited by Graham Bishop, Willem H. Buiter, Brendan Donnelly and Will Hutton. John Stevens Publisher, London, UK. ISBN: 0956179908, EAN/ISBN13: 9780956179906.
  2. "The Icelandic banking crisis and what to do about it: The lender of last resort theory of optimal currency areas", CEPR Policy Insight No. 26, October 2008.
  3. "Can Central Banks Go Broke?", CEPR Policy Insight No. 24, May 2008.
  4. "Lessons from the 2007 financial crisis"; paper submitted in evidence to the UK Treasury Select Committee in connection with my appearance before the Committee on Tuesday, 13 November 2007; abstract here; published as CEPR Policy Insight No. 18, December 2007.
  5. "Clipping central bankers' wings", Central Banking, Vol. XVIII.2, pp. 28-32, November 2007.
  6. "Targets, Instruments and Institutional Arrangements for an Effective Monetary Authority", Seventh L.K. Jha Memorial Lecture, Reserve Bank of India, October 2000, Mumbai, India, with Anne C. Sibert. in L.K. Jha Memorial Lecture Series, Reserve Bank of India, pp. 117 - 146; 2007, Mumbai, India.
  7. "Over goede intenties en de harde wetten van de woningmarkt", with Harry van Dalen, Sylvester Eijffinger, Kees Koedijk, Coen Teulings and Arjen van Witteloostuijn, Tijdschrift voor Politieke Economie, 27, 6, 2006, pp. 20-42.
  8. "When Should the New Central European Members Join the Eurozone?", with Anne C. Sibert, Ban?ni vestnik - The Journal for Money and Banking of the Bank Association of Slovenia, Special Issue, Small Economies in the Euro Area: Issues, Challenges and Opportunities, 11/2006, pp. 5-11.
  9. "The ECB and M3: From Pillar to Post?", with Erik F. Nielsen and Daniel Vernazza, in Goldman Sachs European Weekly Analyst, Issue No: 06/29, July 27, 2006. GS Global Economic Website, Economic Research from the GS Institutional Portal at https://portal.gs.com .
  10. "Eurozone Entry of New EU Member States from Central Europe: Should They? Could They?", with Anne C. Sibert, in Development & Transition, UNDP-LSE Newsletter, 4, June 2006, pp. 16 -19.
  11. It’s a Long Way to Copenhagen; Turkey’s Membership of and Convergence with the European Union. Background note for comments made on the occasion of the presentation of the World Bank's 2006 Country Economic Memorandum “Promoting Sustained Growth and Convergence with the European Union", presented in Ankara on March 6, 2006 and in Brussels on March 9, 2006. Published as Centre for European Policy Studies Policy Brief No. 96, March 2006
  12. "Dark Matter or Cold Fusion?”, Goldman Sachs Global Economics Paper No. 136, Monday January 16, 2006, pp. 1-16.
  13. “Country Ownership: a Term Whose Time Has Gone” , remarks prepared for the Development Policy Forum “Conditionality Revisited”, organised by the World Bank at the World Bank Conference Center, Paris, France on July 5, 2004. Published in Conditionality Revisited; Concepts, Experiences and Lessons, Edited by Stefan Koeberle, Harold Bedoya, Peter Silarszky and Gero Verheyen, The World Bank, Washington DC, 2005, pp. 27-32. Also published in Development in Practice, Volume 17, Issue 4 & 5 August 2007 , pages 647 - 652.
  14. Minutes of Evidence given to the Economic Affairs Committee of the House of Lords, Tuesday 10 February 2004, in Monetary and Fiscal Policy: Present Successes and Future Problems, Volume 2: Evidence, House of Lords Select Committee on Economic Affairs, 3rd Report of Session 2003-04, HL Paper 176-II, pp. 121-130, November 11, 2004.
  15. "Fiscal Sustainability" , paper presented at the Egyptian Center for Economic Studies in Cairo on 19 October 2003, mimeo, European Bank for Reconstruction and Development, January 2004. For an abstract, click here .
  16. Minutes of Evidence Taken before the European Union Committee (Sub-Committee A) of the House of Lords on Tuesday 10 December 2002, in House of Lords, Select Committee on the European Union, Session 2002-03, 13th Report, The Stability and Growth Pact, with Evidence, London, the Stationary Office Limited, March 11 2003.
  17. "How to reform the Stability and Growth Pact"", in Central Banking, Vol XIII, No. 3, February 2003, pp. 49-58.
  18. "Ten Commandments for a Fiscal Rule in the E(M)U", Oxford Review of Economic Policy, Vol. 19, No. 1, Spring 2003, pp. 84-99 For an abstract click here .
  19. Why Britain should join the euro, with Richard Layard, Christopher Huhne, Will Hutton, Peter Kenen and Adair Turner, Britain in Europe, London, October 2002.
  20. "Globalisation and Regional Integration; A View from Eastern Europe and the FSU", in House of Lords, Session 2001-02, Select Committee on Economic Affairs, Globalisation, Oral Evidence up to 13 March 2002, pp. 83-96, London, the Stationary Office Ltd.
  21. "Opportunities and Challenges for Estonia's Economic Convergence to the EU", with Vanessa Mitchell-Thomson, in Postimees (Estonia's largest daily newspaper), July 2002.
  22. "Comments on Reforming Britain’s Economic and Financial Policy; Towards Greater Economic Stability, by HM Treasury, presented at the launch of the volume at H.M. Treasury, December 5, 2001, mimeo.
  23. "Recession and Financial Crisis: How Prepared Are We?", forthcoming under the title "Ugly Things Can Happen", in The World Today, May 2001.
  24. The case for the euro, with Richard Layard, David Currie, Christopher Huhne, Will Hutton, Peter Kenen, Robert Mundell and Adair Turner, Britain in Europe, 12 June, 2000.
  25. "Exchange Rate Regimes for Accession Countries", address given at a luncheon hosted by Deutsche Bank at the EBRD Annual General Meeting in Riga, Latvia, on Sunday, May 21, 2000.
  26. "Le Royaume-Uni et l'UEM", Politique étrangère, 1/1999, pp. 45-62.
  27. "Weathering the International Storm", The Business Economist, Vol 30 No 1, 1999, pp. 13-22.
  28. "Europa kan Maastricht overleven", ("Europe can survive Maastricht"), Socialisme en Democratie, 53, no. 7/8, 1996, pp. 411-416.
  29. "Examination of Witness, Minutes of Evidence taken before the European Communities (Sub-Committee A) of the House of Lords, in Select Committee on the European Communities, an EMU of 'Ins and Outs', Volume II, Evidence, pp. 206-212, London, HMSO, June 1996 HMSO, June 1996.
  30. "Two cheers for EMU", Memoranda by Professor Willem H. Buiter, House of Lords, Select Committee on the European Communities, an EMU of 'Ins and Outs', Volume II, Evidence, pp. 201-205, London HMSO, June 1996, also in European Economic Perspectives, No. 9, July 1996, pp.5-7.
  31. "Nederland uit de Verte: Beeld en werkelijkheid van Nederland in het buitenland", ("The Netherlands from a Distance: Appearance and Reality of the Netherlands Abroad"), in Frans Becker, Win van Henekelen, Bart Tromp en Marjet van Zuylen, Nederland in de wereld, pp.23-29, de Arbeiderspers, Amsterdam, 1995.
  32. "Options for UK fiscal policy", with David Currie, Oxford Review of Economic Policy, Vol. 9, No. 3, 1993.
  33. "Antwoord aan de Haas", (reply to de Haas) Economisch Statistische Berichten, May 1992.
  34. "Moeten wij ons zorgen maken over de fiscale voodoo van Maastricht?" Economisch Statistische Berichten, March 1992; English version: "Should we worry about the fiscal numerology of Maastricht?" Yale University Economic Growth Center Discussion Paper No.Mimeo, March 1992.
  35. "The Plain Man's Guide to Fiscal and Financial Policy", with Charles R. Bean, in Conquering Unemployment: The Case for Economic Growth, The Macmillan Press, Ltd., Hampshire, UK, 1989.
  36. "Some Thoughts on the Brady Plan: Putting a Fourth Leg on the Donkey?" with Kenneth Kletzer and T.N. Srinivasan, World Development, 17(10), 1989, 1161-1164.
  37. "Rewarding the Profligate and Punishing the Prudent and Poor: Some Recent Proposals for Debt Relief," with T.N. Srinivasan, World Development, 15(3), April 1987, 411-417.
  38. "Academisch Economisch Onderzoek in Nederland: Productie, Productiviteit en Profilering," Eindrapport van de Verkenningscommissie Economische Wetenschappen (Academic Economic Research in the Netherlands: Production, Productivity and Profile," Final Report of the Investigative Committee, Economic Sciences), with F. de Roos, A.P. Barten, H. Daems and J. Snippe, August 1986.
  39. "The Role of Economic Management," Catalyst 1(1), Spring 1985, 73-86.
  40. "Public Debt and Fiscal Responsibility," with Olivier J. Blanchard and R. Dornbusch, Centre for European Policy Studies Papers No. 22, 1985.
  41. "Europe: "The Case for Unsustainable Growth," with Richard Layard, Giorgio Basevi, Olivier Blanchard, and Rudiger Dornbusch, Centre for European Policy Studies Papers No. 8/9, May 1984.
  42. "Macroeconomic Prospects and Policies for the European Community," with Giorgio Basevi, Olivier Blanchard, Rudiger Dornbusch and Richard Layard, Economics Paper No. 12, April 1983, Commission of the European Communities, Directorate-General for Economic and Financial Affairs; and Centre for European Policy Studies Papers No. 1, April 1983.
  43. "Competitiveness" in House of Commons Select Committee on the Treasury and Civil Service, Memoranda on Monetary Policy, 3 February 1981.
    44.

EDITED VOLUME

International Economic Policy Coordination, with R. Marston, Cambridge University Press, 1984.

UNPUBLISHED PAPERS

  1. "Negative Nominal Interest Rates; three ways to overcome the zero lower bound", Paper presented Center for Financial Studies at the Goethe University, Frankfurt on 6th May 2009, at the European Central Bank on 18th May 2009, and at the 13th International Conference on Macroeconomic Analysis and International Finance at the University Campus of the University of Crete in Retymno Crete, May 28-30, 2009.
  2. "Lessons from the global financial crisis for regulators and supervisors", Paper presented at the 25th anniversary Workshop " The Global Financial Crisis: Lessons and Outlook" of the Advanced Studies Program of the IFW, Kiel on May 8/9, 2009.
  3. "Lessons from the financial crisis for social democrats", background paper for the Dr. J.M. Den Uyllezing 2008, given on December 15, 2008 in de Rode Hoed, Amsterdam.
  4. "Housing wealth isn't wealth", National Bureau of Economic Research Working Paper No. 14204, July 2008. Revised May 2009.
  5. "Lessons from the North Atlantic Financial Crisis", paper presented at the conference “The Role of Money Markets" jointly organised by Columbia Business School and the Federal Reserve Bank of New York on May 29-30, 2008.
  6. No bricks without straw: a critique of Ravi Kanbur’s ‘Modest Proposal for Introducing Development Outcomes in IDA Allocation Procedures'"; note prepared for the meeting at Columbia University on April 5th, 2007, organised by the Initiative for Policy Dialogue at Columbia University on the CPIA and Aid Allocation. Mimeo, European Institute, London School of Economics and Political Science, March 2007.
  7. "Monetary Economics and the Political Economy of Central Banking: The Twin Threats of Sloppy Analysis and Institutional Hubris" , Background paper for a lecture given at the XI Meeting of the Research Network of Central Banks of the Americas, Buenos Aires, 22 - 24 November 2006.
  8. "Rethinking Inflation Targeting and Central Bank Independence", Background paper for an Inaugural Lecture for the Chair of European Political Economy in the European Institute at the London School of Economics and Political Science, given on Thursday, 26th October 2006, at 18:30, in the Old Theatre, London School of Economics and Political Science. For a shorter version of the paper click here.
  9. "Prospects for global inflation", Mimeo, European Institute, London School of Economics and Political Science, October 11, 2006.
  10. "Threats to the orderly resolution of global imbalances: trade disputes, abrupt corrections of global asset market anomalies, and past, present and future monetary policy errors by the Fed" , Mimeo, European Institute, London School of Economics and Political Science, October 11, 2006.
  11. "The Inflation Criterion for Eurozone Membership: What to do when you fail to meet it" , with Anne C. Sibert. Background paper for a panel discussion on Central Banking and EU Enlargement sponsored by the Central Bank of Turkey at the Annual Meeting of the Turkish Economic Association on September 12, 2006. Mimeo, European Institute, London School of Economics and Political Science, September 2006.
  12. "How Robust is the New Conventional Wisdom in Monetary Policy? The surprising fragility of the theoretical foundations of inflation targeting and central bank independence" , mimeo, European Institute, London School of Economics and Political Science, June 2006. Paper presented at the 2006 Central Bank Governors' Symposium "Challenges to Monetary Theory", at the Bank of England, on June 23 2006.
  13. "Beauties and the Beast; when will the new EU members from Central and Eastern Europe join the Eurozone?" , with Anne C. Sibert, mimeo, London School of Economics and Political Science, May 2006.
  14. “En Attendant Godot? Financial instability risks for countries targeting Eurozone membership". Paper presented at the CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West , Budapest. Hosted By: Magyar Nemzeti Bank, September 24-25, 2004.
  15. "The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Why New Keynesian Central Bankers Should Validate Core Inflation", European Central Bank Working Paper Series No. 609, April 2006.
  16. "Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap" , NBER Working Paper No. W10163, December 2003. For an abstract, click here . For an appendix on a cash-in-advance version of the representative agent model click here . For an appendix on the continuous time version of the model, click here . A more recent, shorter version, can be found here "Helicopter Money: Irredeemable fiat money and the liquidity trap; Or: is money net wealth after all?".
  17. "Cross-Border Tax Externalities: Are Budget Deficits Too Small?", with Anne C. Sibert, NBER Working Paper No. W10110, November 2003. Revised October 2005. For an abstract, click here.
  18. "Deflation; Prevention and Cure" , NBER Working Paper W9623, April 2003. For an abstract, click here . For a technical appendix, click here .
  19. "What Should the Multilateral Development Banks Do?", with Steven Fries, European Bank for Reconstruction and Development Working Paper No. 74, June 2002. For an abstract click here .
  20. "Capital Flight and Capital Outflows from Russia: Symptom, Cause and Cure", with Ivan Szegvari, European Bank for Reconstruction and Development Working Paper No. 73, June 2002. For an abstract click here .
  21. "Spreads on Local Currency Loans vs Spreads on Hard Currency Loans", mimeo, European Bank for Reconstruction and Development, November 2001.
  22. "Blended Finance and Subsidies: An Economic Analysis of the Use of Grants and Other Subsidies in Project Finance by Multilateral Development Banks", with Mark Schankerman, European Bank for Reconstruction and Development, mimeo, June 2002; for an abstract, click here .
  23. "No Pain, No Gain? The Simple Analytics of Efficient Disinflation in Open Economies", with Clemens Grafe, European Bank for Reconstruction and Development, mimeo, September 2001; for an abstract, click here .
  24. "The Liquidity Trap in an Open Economy", European Bank for Reconstruction and Development Mimeo, July 2001. For the Figures, click here.
  25. "Liquidity Traps; Gesell's Solution", with Nikolaos Panigirtzoglou, European Bank for Reconstruction and Development Mimeo, May 2001. For the Figures, click here.
  26. "The Fallacy of the Fiscal Theory of the Price Level, Again", Bank of England Working Paper Series No. 141, July 2001. For an abstract, click here .
  27. "Money Matters; the effects of relative price changes, margin changes and productivity changes on inflation and the price level.", mimeo, Bank of England, March 2000.
  28. "Monetary Misconceptions; New and Old Paradigmata and Other Sad Tales", Paper expanding on a speech given at the Aberdeen Chamber of Commerce on Wednesday, October 27, 1999.
  29. "The Fallacy of the Fiscal Theory of the Price Level", NBER Working Paper No. W7302, August 1999; CEPR Discussion Paper No. 2205, August 1999. For an abstract click here .
  30. "Liquidity Traps: How to Avoid Them and How to Escape Them", with Nikolaos Panigirtzoglou, mimeo, Bank of England, March 1999; NBER Working Paper No. W7245, July 1999; CEPR Discussion Paper No. 2203, August 1999. For the Figures and Tables click here . For an abstract click here .
  31. "The Concept and Measurement of Domestically Generated Inflation", mimeo, University of Cambridge, March 1998.
  32. "The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level", NBER Working Paper No. W6396, February 1998; CEPR Discussion Paper No. 1799, March 1998.
  33. "Maastricht on its Head? A Neoclassical Model of International Public Debt Spillovers Among Distorted Economies", with Anne C. Sibert, mimeo, University of Cambridge, March 1998.
  34. "Measuring Fiscal Sustainability", Mimeo, Cambridge University, August 1995.
  35. "A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises", with Giancarlo Corsetti and Paolo Pesenti, Mimeo, Cambridge University, April 1995.
  36. "Economic integration, scale effects, market structure and growth", University of Cambridge, Faculty of Economics and Politics, mimeo, October 1994.
  37. "International portfolio diversification, regional and global growth and real interest rates", University of Cambridge, Faculty of Economics and Politics mimeo, October 1994.
  38. "Stabilization and structural adjustment in Peru", Mimeo, June 1993.
  39. "Public debt in the USA; How much, how bad and who pays?", Economic Growth Center Discussion Paper No. 684, March 1993.
  40. "Consistency Checks on the Design of Fiscal, Financial and Monetary Policy," Mimeo, Yale University, Revised January 1991 and October 1993, with QPFISMO, (a spreadsheet programme in Quattro Pro to evaluate the consistency of fiscal, financial and monetary plans) and FISMO, (a brief blurb). The spreadsheet is in Quattro Pro, not in ADOBE PDF format, so you will have to save it and then open it in your spreadsheet programme.
  41. "Rational Speculative Bubbles in an Exchange Rate Target Zone," with Paolo Pesenti, NBER Working Paper, No. 3467, October 1990, revised June 1993.
  42. "Fiscal Policy, Interdependence and Efficiency," with Kenneth M. Kletzer, NBER Working Paper No. 3328, April 1990.
  43. "The Current Global Economic Situation, Outlook and Policy Options," Centre for Economic Policy Research Discussion Paper No. 210, November 1987.
  44. "Does an Improvement in the Trade Balance or the Current Account at Full Employment Require a Depreciation of the Real Exchange Rate?" in The State and the Private Enterprise in a Global Society, NIRA, Tokyo, September 1988, 71-152.
  45. "Granger-Causality and Policy Ineffectivenesss: A Rejoinder," August 1986.
  46. "Macroeconomic Response by Developing Countries to Changes in External Economic Conditions," National Bureau of Economic Research Working Paper No. 1836, April 1986.
  47. "Measuring Aspects of Fiscal and Financial Policy, National Bureau of Economic Research Working Paper No. 1332, April 1984.
  48. "Deficits, Crowding Out and Inflation: The Simple Analytics," London School of Economics, Centre for Labour Economics, Discussion Paper No. 143, December 1982.
  49. "On the Adequacy and Inadequacy of Keynesian Balance-of-Payment Theory: A Rejoinder," with J. Eaton, London School of Economics, Centre for Labour Economics, Discussion Paper No. 138, November 1982.
  50. "A Program for Solving and Simulating Discrete Time Linear Rational Expectations Models," with R. Dunn, London School of Economics, Centre for Labour Economics, Discussion Paper No. 127, May 1982.
  51. "A Note on the Solution of a Two-Point Boundary Value Problem Frequently Encountered in Rational Expectations Models," University of Bristol, Department of Economics Discussion Paper No. 101/01, May 1981.
  52. "The Formulation of Economic Policy: Its Uses and Limitations," Memorandum for The Select Committee on The Treasury and Civil Service," February 1980.
  53. "Feedback and The Use of Current Information: The Use of General Linear Policy Rules in Rational Expectations Models," National Bureau of Economic Research Working Paper No. 335, April 1979.
  54. "Interest Rates and Expected Inflation: A Note," mimeo, January 1977.
  55. "Capacity Constraints, Government Financing and the Short-Run and Long-Run Effects of Fiscal Policy," mimeo, 1976.
  56. "Financial Stocks and Flows and the Determination of Short-Run and Long-Run Equilibrium in an Open Economy," Working Papers in International Economics, Princeton University, July 1976.
    57.

REFLECTIONS, RUMINATIONS, RANTS AND RAVES: Letters to the Editor, Editorials, Op-Ed pieces, unpublished lectures, presentations, interviews and other odds 'n ends

  1. "Bail-out that will damage Bank’s credibility", with Anne C. Sibert, Financial Times, Comments & Analysis page, Comment, September 16, 2007.
  2. "Three steps to calm the storm", with Anne C. Sibert, Financial Times, Comments & Analysis page, Comment, September 6, 2007.
  3. "Put the NHS out of its misery and allow competition", with Anne C. Sibert, Daily Telegraph, Business News, Comment, September 3, 2007.
  4. "How to starve the terrorists of funds: legalise all drugs", Financial Times, Comments & Analysis page, Comment, August 7, 2007. 
  5. "The Folly of the Fed or: Why is the Fed so Hardcore?", in Maverecon, my blog, which can be found here.
  6. "A new chance to raise gilt issuance", with Ros Altmann and Jon Moynihan, Financial Times, Leaders & Letters page, Tuesday, June 26, 2007.
  7. "EU governments are stepping off the streetcar", Financial Times, Leaders & Letters page, Monday, June 11, 2007.
  8. "A European constitution must be approved by referendum", Financial Times, Leaders & Letters page, Tuesday, June 5, 2007.
  9. "Global Imbalances". Powerpoint presentation to introduce a two-hour debate on 'Global Imbalances' on the occasion of the award to Hélène Rey of the 2006 “Premio German Bernacer de Economia Monetaria" for the best European Monetary Economist under 40 , on Monday 21st May 2007 at the Bank of Spain, Madrid.
  10. "The browning of Chindia", Mint, daily business newspaper published by India's HT Media Ltd in association with The Wall Street Journal,in New Delhi and Mumbai, Views, Thursday April 12, 2007.
  11. "Too many cheers for Chindia", Mint, daily business newspaper published by India's HT Media Ltd in association with The Wall Street Journal,in New Delhi and Mumbai, Views, Wednesday April 11, 2007.
  12. "IMF made political recommendations outside its remit", Financial Times, Leaders & Letters page, Monday, March 12, 2007.
  13. "High degree of ECB independence in securities sector is undesirable", Financial Times, Leaders & Letters page, Friday, January 19, 2007.
  14. "Let us debate whether the UK can be financed with taxes that do not exceed 33 per cent of GDP", with Anne C. Sibert, Financial Times, Leaders & Letters page, Wednesday, 1st November 2006.
  15. "A wave of unilateral "euro-isations" would confound the EU's mean-spirited legal nitpickers", with Anne C. Sibert, Commentary on Georgi Angelov: " How to gate-crash the eurozone", Europe's World, Autumn Issue, 2006.
  16. "UK facing three-pronged assault on its labour market flexibility" , Financial Times, Leaders & Letters page, Thursday 28 September 2006.
  17. "Lithuania exclusion from eurozone violates spirit of the entry treaty", with Anne Sibert , Financial Times, Leaders & Letters page, Friday, 19 May 2006.
  18. "Europe must relax its inflation test for euro entrants”, with Anne C. Sibert, Financial Times, Comment & Analysis/Comment page, Thursday, May 4, 2006.
  19. "Minimum wage does not correct a distortion; it is a distortion”, Financial Times, Leaders & Letters page, Tuesday 28 March 2006.
  20. "New MPC member must be professional economist”, Financial Times, Leaders & Letters page, Saturday 25 February/Sunday 26 February 2006.
  21. "Official response to low yields is like hunting tigers with pea-shooter”, Financial Times, Leaders & Letters page, Thursday January 26, 2006.
  22. “'Heads I win, tails I win' way to seek higher yields”, Financial Times, Leaders & Letters page, Monday January 16, 2006.
  23. "The OECD's response to soaring oil prices must be heavily qualified with regard to the output gap" (not my title!), Financial Times, Leaders & Letters page, Friday September 9, 2005.
  24. "The UK and the Euro", paper written by Chris Mulhearn and Howard R. Vane and published in The World Economy, Vol. 28, No. 2, February 2005, pp. 243-258. The article draws on and quotes from interviews with Patrick Minford and myself.
  25. "Right to free inquiry trampled" , Financial Times, Leaders & Letters page, Saturday March 19/Sunday March 20, 2005.
  26. "What accounts for the bias in the inflation targeting performance of the Bank of England?" , Mimeo, Universiteit van Amsterdam.
  27. "Challenges for Europe" , remarks made on 6th December 2004 at the LSE, at the launch of the volume Challenges for Europe edited by Hugh Stephenson, Palgrave MacMillan, 2004. Mimeo, Office of the Chief Economist, European Bank for Reconstruction and Development.
  28. "How Good is the Bank’s of England’s Inflation Targeting Record? ", with Anne C. Sibert. Mimeo, Birkbeck College, Department of Economics, December 2004.
  29. “Transition and Sustainable Growth in the Early Transition Countries: The Role of the Private Sector in Poverty Reduction” , Early Transition Countries Strategic Review Meeting. Mimeo, Office of the Chief Economist, EBRD, June 30, 2004.
  30. "What have we learnt from fifteen years of transition in Central and Eastern Europe?" , paper prepared for the International Policy Conference on Transition Economies, 31 May and 1 June 2004, Hanoi, Vietnam. Mimeo, Office of the Chief Economist, European Bank for Reconstruction and Development, July 2004.
  31. "The Failure of Cancun" , printed with slight edits in the Financial Times Leaders and Letters, Tuesday September 16, 2003, under the heading "If anything is to to rescued from Cancún, politics must take precedence over economics". Note: not my heading. It doesn't make sense to me either.
  32. "Obituary of Professor James Tobin" , The Independent, Thursday March 14, 2002.
    33.