1. "The Fallacy of the Fiscal Theory of the Price Level—One Last Time." Economics, The Open-Access, Open-Assessment E-Journal 12 (2018-48): 1–56. With Anne C. Sibert.
   
   
2. "Exchange Rate Implications of Border Tax Adjustment Neutrality."Economics, The Open-Access, Open-Assessment E-Journal 11 (2017-12): 1–41.
   
   
3. "Government Deficits and Large Open Economies: The Problem of Too Little Public Debt." Economics, The Open-Access, Open-Assessment E-Journal 10 (2016-2): 1–39. With Anne C. Sibert.
   
   
4. "The Simple Analytics of Helicopter Money: Why It Works—Always." Economics, The Open-Access, Open-Assessment E-Journal 8 (2014-28): 1-51. A link that includes both the original version of August 2014 and a revised version of September 2015, which responds to some comments by Fergus Cumming. The latest and quite radically revised version is dated August 12, 2016.
   
   
5. "The ECB as Lender of Last Resort for Sovereigns in the Euro Area." Journal of Common Market Studies 50. Special Issue: The JCMS Annual Review of the European Union in 2011 (September 2012): 6–35. Working paper published as CEPR Discussion Paper No. 8974, May 2012. With Ebrahim Rahbari.
   
   
6. "Housing Wealth Isn't Wealth." Economics, The Open-Access, Open-Assessment E-Journal 3 (2010-22):1–29. Unpublished working paper.
   
   
7. "The Limits to Fiscal stimulus." Oxford Review of Economic Policy 26 (Spring 2010): 48–70. Working paper published as CEPR Discussion Paper No. 7607.
   
   
8. "Negative Nominal Interest Rates; Three Ways to Overcome the Zero Lower Bound." North American Journal of Economics and Finance 20 (December 2009): 213–38. Working paper published as NBER Working Paper No. 15118.
   
   
9. "Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council." Open Economies Review 19 (November 2008): 579–612. Seminar paper presented at Preparing for GCC Currency Union: Institutional Framework and Policy Options. Dubai, UAE, 20–21 November 2007.
   
   
10. "Why the United Kingdom Should Join the Eurozone." International Finance 11 (Winter 2008): 269–82.
    
    
11. "Vergrijzing is een Verborgen Zegen." With Harry P. van Dalen, Sylvester C. W. Eijffinger, Joop Hartog, Kees Koedijk en Arjen van Witteloostuijn. Kwartaalschrift Economie, no. 4 (2007): 421–36. Unpublished working paper.
    
    
12. "Deflationary Bubbles." With Anne C. Sibert. Macroeconomic Dynamics 11(4), Sept. 2007, 431–54. Unpublished working paper.
    
    
13. "Seigniorage." Economics, the Open-Access, Open-Assessment E-Journal (2007-10): 1–49.
    
    
14. "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 18(2) (2007): 127–56.
    
    
15. "The 'Sense and Nonsense of Maastricht' Revisited: What Have We Learnt about Stabilization in EMU?" Journal of Common Market Studies 44(4) (2006): 687–710. Unpublished working paper.
    
    
16. "Overcoming the Zero Bound: Gesell vs. Eisler: Discussion of Mitsuhiro Fukao's."The Effects of 'Gesell' (Currency) Taxes in Promoting Japan's Economic Recovery." International Economics and Economic Policy 2 (November 2005): 189–200. Unpublished working paper.
    
    
17. "New Developments in Monetary Economics: Two Ghosts, Two Eccentricities, a Fallacy, a Mirage and a Mythos." Economic Journal 115 (March 2005): C1-C31. Presented as the Royal Economic Society 2004 Hahn Lecture.
    
    
18. "Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence." Fiscal Studies 25(3) (2004): 249–77. Presented as the Institute for Fiscal Studies 2003 Annual Lecture. Unpublished working paper.
    
    
19. "Patching Up the Pact: Some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union." Economics of Transition, 12(1) (2004): 67–102. With Clemens Grafe.
    
    
20. "James Tobin: An Appreciation of His Contribution to Economics." Economic Journal, vol. 113 (November 2003): 585–631. Unpublished working paper.
    
    
21. "Overcoming the Zero Bound on Nominal Interest Rates with Negative Interest on Currency: Gesell's Solution." Economic Journal 113 (October 2003): 723–46. Unpublished working paper. Abstract. With Nikolaos Panigirtzoglou.
    
    
22. "Anchor, Float or Abandon Ship: Exchange rate Regimes for the Accession Countries." Banca Nazionale del Lavoro Quarterly Review no. 221 (June 2002): 1-32.Working paper version. Abstract. Italian version: "Anchorare, Fluttuare o Abbandonare la Nave: I Regimi Valutari dei Paesi Candidati all'Unione Europea." Moneta e Credito 55 (2002): 127–64. With Clemens Grafe.
    
    
23. "The Fiscal Theory of the Price Level: A Critique." Economic Journal 112 (July 2002): 459–80. Unpublished working paper. Abstract.
    
    
24. "Quelle Devrait être la Mission des Banques Multilatérales de Développement?" Revue d'économie du développement 16 (2002/1): 171–204. With Steven Fries.
    
    
25. "Notes on 'A Code for Fiscal Stability'." Oxford Economic Papers 53 (January 2001): 1–19. Unpublished working paper.
    
    
26. "From Predation to Accumulation? The Second Transition Decade in Russia." Economics of Transition 8(3) (2000): 603–22.
    
    
27. "Optimal Currency areas: Why Does the Exchange Rate Regime Matter? With an Application to UK Membership in EMU." Scottish Journal of Political Economy 47 (August 2000): 213–50. Version presented as the Sixth Royal Bank of Scotland/Scottish Economic Society Annual Lecture. Edinburgh, Royal College of Physicians, 26 October 1999.
    
    
28. "Six Months in the Life of the Euro: What Have We Learnt?" Tijdschrift voor Politieke Economie 21 (October 1999): 4–25. Unpublished working paper.
    
    
29. "The EMU and the NAMU: What is the Case for North American Monetary Union?" Canadian Public Policy/Analyse de Politiques 25 (September 1999): 285–305. Unpublished working paper.
    
    
30. "UDROP: A Contribution to the New International Financial Architecture." International Finance 2 (July 1999): 22–47. Working paper published as CEPR Working Paper no. 2138. With Anne C. Sibert.
    
    
31. "Alice in Euroland." Journal of Common Market Studies 37 (June 1999): 181–209. Working paper version.
    
    
32. "Enterprise Performance and Macroeconomic Control." Banca Nazionale del Lavoro Quarterly Review, no. 200 (March 1997): 3–22. With Ricardo Lago and Nicholas Stern.
    
    
33. "Generational Accounts, Aggregate Saving and Intergenerational Distribution." Economica 64 (November 1997): 605–26. Working paper published as NBER Working Paper No. 5087.
    
    
34. "A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economies." Economics of Transition 5(1) (1997): 1997, 63–96. Working paper published as NBER Working Paper No. 5882. With Hélène Rey and Ricardo Lago.
    
    
35. "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): 10–35. Also in Proceedings of the Royal Netherlands Academy of Sciences, Amsterdam, 1996.
    
    
36. "Politique Macroéconomique dans la Période de Transition Vers l'Union Monétaire." Revue d'Economie Politique 105 (September/October 1995): 897-46. Working paper published in English as CEPR Working Paper no. 261.
    
    
37. "Capital Mobility, Fiscal Policy and Growth with Self-Financing of Human Capital Formation." Canadian Journal of Economics 28 (November 1995): S163–S194. Special issue in Memory of Doug Purvis. M.Devereux and A. Gregory, eds. Working paper published as NBER Working Paper No. 5120. With Kenneth M. Kletzer.
    
    
38. "Permanent International Productivity Growth Differentials in an Integrated Global Economy." Scandinavian Economic Journal 95 (1993): 467–93. Working paper published as NBER Working Paper No. 4220. With Kenneth M. Kletzer.
    
    
39. "Excessive Deficits: Sense and Nonsense in the Treaty of Maastricht." Economic Policy 8 (April 1993): 57–100. Italian version: "Disavanzo Eccessivo,Ragionevolezza e Nonsensov nel Trattato di Maastricht."Rivista Di Politica Economica (June 1993): 3–82. Reprinted in Paul de Grauwe, ed. The Political Economy of Monetary Union. Cheltenham: Edward Elgar, 2001, pp. 297–331. Working paper published as Yale University Economic Growth Center Discussion Paper No. 674. With Giancarlo Corsetti and Nouriel Roubini.
    
    
40. "Who's Afraid of the Public Debt?" American Economic Review 82, Papers and Proceedings (May 1992): 290–4. With Kenneth M. Kletzer.
    
    
41. "Fiscal Policy Coordination as Fiscal Federalism." European Economic Review 36 (April 1992): 647–53. Working paper published as NBER Working Paper No. 3328. With Kenneth M.Kletzer.
    
    
42. "Debt, Deficits and Inflation: An Application to the Public Finances of India." Journal of Public Economics 47 (March 1992): 171–205. Reprinted in Amaresh Bagchi and Nicholas Stern, eds. Tax Policy and Planning in Developing Countries. Oxford: Oxford University Press, 1994, pp. 94–131. Working paper published as NBER Working Paper No. 3287. With Urjit R. Patel.
    
    
43. "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." Journal of the Japanese and International Economies 5 (December 1991): 325–53. Working paper published as NBER Working Paper No. 3637. With Kenneth M. Kletzer.
    
    
44. "The Welfare Economics of Cooperative and Non-Cooperative Fiscal Policy." Journal of Economic Dynamics and Control 15 (1991): 215–44. Reprinted in the International Journal of Development Banking 10 (July 1992): 3–21. Working paper published as NBER Working Paper No. 3329. With Kenneth M. Kletzer.
    
    
45. "Debt Neutrality, Professor Vickrey and Henry George's 'Single Tax'." Economics Letters 29(1) (1989): 43–47. Working paper published as NBER Working Paper No. 2673.
    
    
46. "A Viable Gold Standard Requires Flexible Monetary and Fiscal Policy." Review of Economic Studies 56 (January 1989): 101–17. Working paper published as NBER Working Paper No. 1903.
    
    
47. "Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy." Oxford Economic Papers 40 (June 1988): 220–45. Working paper published as NBER Working Paper No. 2023.
    
    
48. "Death, Birth, Productivity Growth and Debt Neutrality." Economic Journal 98 (June 1988): 279–93. Working paper published as NBER Working Paper No. 2027.
    
    
49. "Efficient 'Myopic' Asset Pricing in General Equilibrium: A Potential Pitfall in Excess Volatility Tests." Economics Letters 25(2) (1987): 143–8. Working paper published as NBER Working Paper No. 2251 .
    
    
50. "A Fiscal Theory of Hyperdeflations? Some Surprising Monetarist Arithmetic." Oxford Economic Papers 39 (September 1987): 111–8. Reprinted in P.J.N. Sinclair, ed. Prices, Quantities and Expectations. Oxford: Clarendon Press, 1987, pp. 111–8.
    
    
51. "Borrowing to Defend the Exchange rate and the Timing and Magnitude of Speculative Attacks." Journal of International Economics 23 (August 1987): 221–39.
    
    
52. "A Guide to Public Sector Debt and Deficits." Economic Policy 1 (November 1985): 13–79. Working paper published as Yale University Economic Growth Center Discussion Paper No. 493.
    
    
53. "Granger-Causality and Policy Effectiveness." Economica 51 (May 1984): 151–62. Reprinted in M.J.M. Neuman, ed. Monetary Policy and Uncertainty, Baden-Baden: Nomos Verlagsgesellschaft, 1986, 161–72. Working paper published as NBER Technical Paper No. 10.
    
    
54. "Controllability and the Theory of Economic Policy, A Further Note." Journal of Public Economics 24 (June 1984): 127–9. With Mark Gersovitz.
    
    
55. "Government Debt in an Overlapping Generations Model with Bequests and Gifts: A Rejoinder." American Economic Review 74 (September 1984): 762–5. With Jeffrey Carmichael.
    
    
56. *"Expectations and Control Theory (La Théorie du Contrôle Optimal en Termes d'Anticipations Rationnelles)." Économie Appliquée 36(1) (1983): 129–56.
    
    
57. "Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples." Econometrica 52 (May 1984): 665–80. Working paper published as NBER Technical Paper No. 20.
    
    
58. "Real Effects of Anticipated and Unanticipated Money: Some Problems of Estimation and Hypothesis Testing." Journal of Monetary Economics (March 1983): 207–24. Working paper published as NBER Working Paper No. 601.
    
    
59. "Predetermined and Non-Predetermined Variables in Rational Expectations Models." Economics Letters (1982): 49–54. Working paper published as NBER Technical Paper No. 21.
    
    
60. "Real Exchange Rate Overshooting and the Output Cost of Bringing Down Inflation." European Economic Review 18 (May/June 1982): 85–123. Working paper published as NBER Working Paper No. 749. With Marcus Miller.
    
    
61. "Staggered Wage Setting with Real Wage relativities: Variations On a Theme of Taylor." Manchester School (September 1981): 211–28. With Ian Jewitt.
    
    
62. "The Superiority of Contingent Rules Over Fixed Rules in Models with Rational Expectations." Economic Journal 91 (September 1981): 647–70. Working paper published as NBER Technical Paper No. 9.
    
    
63. "Monetary Policy and International Competitiveness: The Problems of Adjustment." Oxford Economic Papers 33 (July 1981) Supplement, 143–4. Also in W.A. Eltis and P.J.N. Sinclair, eds. The Money Supply and the Exchange Rate. Oxford: Clarendon Press, 1981. Working paper published as NBER Working Paper No. 591. With Marcus Miller.
    
    
64. "Time Preference and International Lending and Borrowing in an Overlapping Generations Model." Journal of Political Economy 89 (August 1981): 769–97. Working paper published as NBER Working Paper No. 352.
    
    
65. "Issues in Controllability and the Theory of Economic Policy." Journal of Public Economics 15 (February 1981). With M. Gersovitz.
    
    
66. "Keynesian Balance of Payments Models: Comment." American Economic Review 71 (September 1981): 784–95. With Jonathan Eaton.
    
    
67. "Crowding Out of Private Capital Formation by Government Borrowing in the Presence of Intergenerational Gifts and Bequests." Greek Economic Review 2 (August 1980): 111–42.
    
    
68. "The Macroeconomics of Dr. Pangloss: A Critical Survey of the New Classical Macroeconomics." Economic Journal (March 1980): 34–50. Italian version: "La Macroeconomica Del Dott. Pangloss: Un Esame Critico Della Nuova Macroecomnomica Classica." Instituto Nazionale per Lo Studio Della Conguiuntura, Rassegna Della Letteratura Sui Cicli Economici, Le Aspettative Razionali e La Teoria Macroeconomica, 135–61. Reprinted in Paul Whiteley, ed. Economic Policy, Edwar Elgar Publishing Ltd, 1997. Working paper published as Princeton University Econometrics Program Memorandum 241.
    
    
69. "Walras' Law and All That." International Economic Review 21 (February 1980): 1–16. Working paper published as Princeton University Econometrics Program Memorandum 221.
    
    
70. "Unemployment-Inflation Trade-offs with Rational Expectations in an Open Economy." Journal of Economic Dynamics and Control (June 1979): 117–41. Working paper published as Princeton University Econometrics Program Memorandum 223.
    
    
71. *"How Successful has Stabilization Policy Been in the Netherlands? A Neo-Keynesian Perspective." De Economist (March 1979). With Robert F. Owen.
    
    
72. "Short-Run and Long-Run Effects of External Disturbances Under a Floating Exchange Rate." Economica (August 1978): 251–72. Working paper published as Princeton University Econometrics Program Memorandum 217.
    
    
73. "A Didactic Note on the Transactions Demand for Money and Behavior Towards Risk." Journal of Money, Credit and Banking (November 1978): 529–38. With Clive A. Armstrong.
    
    
74. "Some Unfamiliar Properties of a Familiar Macroeconomic Model." Economic Journal (December 1977): 743–54. With Henri R. Lorie.
    
    
75. "An Integration of Short-Run Neo-Keynesian Analysis and Growth Theory," De Economist 125 (September 1977): 340–59.
    
    
76. "Short-Run and Long-Run Disequilibrium in Dynamic Macromodels." Southern Economic Journal (July 1977).
    
    
77. "'Crowding Out' and the Effectiveness of Fiscal Policy." Journal of Public Economics 7 ( June 1977): 309–28. Working paper published as Princeton University Econometrics Program Memorandum 191.
    
    
78. "On Two Specifications of Asset Equilibrium in Macroeconomic Models: A Note." Journal of Political Economy 85 (April 1977): 395–400. Working paper published as Princeton University Econometrics Program Memorandum 185. With Geoffrey R. Woglom.

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