Willem Buiter

Other Technical Articles

  1. "The Good and the Bad Fiscal Theory of the Price Level." Sixteenth C. D. Deshmukh Memorial lecture. Mumbai: Reserve Bank of India, 11 April 2017. Alternative link.

  2. "Why Economists (and Economies) Should Love Islamic Finance." Journal of King Abdelaziz University: Islamic Economics 28(1). Discussion Forum: Debt versus Equity Contracts in the Backdrop of Financial Crises (January 2015): 139–6. Complete issue. With Ebrahim Rahbari.

  3. "Central Banks: Powerful, Political and Unaccountable?" British Academy Keynes Lecture, 18 September 2014. Journal of the British Academy. Open-access journal publishing articles drawn from the Academy's lecture programme. Working paper version (longer than the published version).

  4. "Why Governments Default." In Rosa M. Lastra and Lee Buchheit eds. Sovereign Debt Management. Oxford: Oxford University Press, 2014, pp. 257–86. Working paper version. With Ebrahim Rahbari.

  5. "The Role of Central Banks in Financial Stability: How Has it Changed?" In Douglas D. Evanoff, Cornelia Holthausen, George G. Kaufman and Manfred Kremer, eds. The Role of Central Banks in Financial Stability. World Scientific Studies in International Economics. Volume 30. London: World Scientific Publishing Co., 2013, pp. 11–56.

  6. "Debt, Financial Crisis and Economic Growth." Conference on Monetary Policy and the Challenge of Economic Growth. South Africa Reserve Bank. Pretoria, South Africa, 1–2 November and December 2012. In Monetary Policy and the Challenge of Economic Growth: South African Reserve Bank Conference Series 2010. Pretoria: South African Reserve Bank, 2012, pp. 1–51. Complete volume. W
  7. ith Ebrahim Rahbari.

  8. "Fiscal Rules in India: Are They Effective?" In Chetan Ghate, ed. The Oxford Handbook of the Indian Economy. Oxford, Oxford University Press, 2012, ch. 21, pp. 621–55. Working paper version. With Urjit R. Patel.

  9. "The Icelandic Banking Crisis and What to Do About It: The Lender of Last Resort Theory of Optimal Currency Areas." In Robert Z. Aliber and Gylfi Zoega, eds. Preludes to the Icelandic Financial Crisis. London: Palgrave Macmillan, 2011, pp. 241–75. With Anne C. Sibert.

  10. "Greece and the Fiscal Crisis in the EMU." Greek Version in Gikas A. Hardouvelis, ed. From the International Crisis to the Greek and Euro Area Crisis: What Lies Ahead? Athens: Ekdotikos Oikos A. A. Libane, 21 March 2011. With Ebrahim Rahbari.

  11. "Reversing Unconventional Monetary Policy." 28th SUERF Colloquium—The Quest for Stability. SUERF, De Nederlandsche Bank, Rabobank and NIBE-SVV. Utrecht, the Netherlands, 3–4 September 2009.

  12. "Monetary Economics and the Political Economy of Central Banking: Inflation Targeting and Central Bank Independence Revisited." In Jorge Carrera, ed. Monetary Policy Under Uncertainty; Proceedings of the 2007 Money and Banking Seminar. Buenos Aires: Banco Central de la Republica Argentina, 2008, pp. 218–43. Working paper version. Slide presentation.

  13. "Central Banks and Financial Crises." Symposium on Maintaining Stability in a Changing Financial System. Federal Reserve Bank of Kansas City. Jackson Hole, Wyoming, 21-23 August 2008. Working paper version. Symposium webpage.

  14. "New Theories of Optimal Currency Areas and Their Application to Poland’s Adoption of the Euro: The Asymmetric-Shocks-on-its-Head and the Lender-of-Last-Resort-Theories of Optimal Currency Areas." With Anne C. Sibert.

  15. "Common Currency and Its Future: Lessons for the New Member State." Warsaw: Narodowy Bank Polski, 15 October 2008. In Raport Na Temat Pelnego Uczestnictwa Rzeczypospolitej Polskiej w Trzecim Etapi Unii Gospodarczej i Walutowej: Eseje, Zagranicznych i Polskich Ekonomistów. (Report on the Full Participation of the Republic of Poland in the Third Stage of the Economic and Monetary Union: Essays, Foreign and Polish Economists) Warsaw: National Bank of Poland, 2009, pp. 48–61.

  16. "How the Eurosystem's Open-Market Operations Weaken Financial Market Discipline (and What to Do About It)." In Fiscal Policy and the Road to the Euro. Warsaw: National Bank of Poland, 2006, pp. 29–58. With Anne C. Sibert.

  17. "Stabilisation policy in New Zealand: Counting Your Blessings, One by One." In Bob Buckle and Aaron Drew, eds. Testing Stabilisation Policy Limits in a Small Open Economy Proceedings from a Macroeconomic Policy Forum, E-book: Reserve Bank of New Zealand and The Treasury, 2006, pp. 37–74. Complete volume.

  18. "Excessive Budget Deficits, a Government-Abused Financial System, and Fiscal Rules." Brookings Institution-NCAER India Policy Forum Second Conference, Delhi, India July 2005. In Suman Bery, Barry Bosworth and Arvind Panagariya, eds. India Policy Forum 2005/2006. London: SAGE Publications, 2006, pp. 1–54. With Urjit R. Patel.

  19. "Nature's Blessing or Nature's Curse: The Political Economy of Transition in Resource-Based Economies." In Richard M Auty and Indra de Soysa, eds. Energy, Wealth and Governance in the Caucasus and Central Asia; Lessons not Learned, London: Routledge, 2006, pp. 39–56. Abstract. With Akram Esanov and Martin Raiser.

  20. "Het Binnenhof en de Raad van Economisch Adviseurs." Economisch Statistische Berichten, vol. 90 (16 December 2005): 533–5. With Hendrik P. van Dalen.

  21. "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. Netherlands: Springer, 2005, pp. 209–24.

  22. "To Purgatory and Beyond; When and How Should the Accession Countries from Central and Eastern Europe Become Full Members of the EMU?" In Fritz Breuss and Eduard Hochreiter, eds. Challenges for Central Banks in an Enlarged EMU. Vienna: Springer, 2005, pp. 145–86. Abstract.

  23. "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, California, 2004. Abstract.

  24. "The Return of Deflation: What Can Central Banks Do?" In Hugh Stevenson, ed. Challenges for Europe. Baskingstoke, Hampshire: Palgrave Macmillan, 2004, pp. 46–74. Abstract.

  25. "UEM Ou Politique de L'Autruche? Les Candidats à L'UE(M) Face aux Questions de Politiques Budgétaire et Monétaire." Revue d'Économie Financière, No. 72, pp. 83–106, 2003.

  26. "Corporate Governance in Developing, Transition and Emerging Market Economies." OECD Development Centre Policy Brief No. 23, 2003. Abstract. French version: La Gouvernance d’Entreprise Dans les Pays en Développement, en Transition et les Economies Emergentes." Centre de Développement de L'Ocde. Cahier de Politique Économique No. 23, 2003. With Charles Oman and Steven Fries.

  27. "The Case of Privatisation of Network Utilities." In Gertrude Tumpel-Gugerell and Peter Mooslechner, eds. Structural Challenges for Europe. Cheltenham, U.K.: Edward Elgar, 2003, pp. 355–387. With Maria Vagliasindi.

  28. "EMU or Ostrich?." H. M. Treasury. EMU Study; Submissions on EMU from Leading Academics. London: HMSO, June 2003, pp. 23–42. With Clemens Grafe.

  29. "Capital Account Liberalization and Financial Sector Development in Transition Countries." In Age F. P. Bakker and Bryan Chapple, eds. Capital Liberalization in Transition Countries: Lessons from the Past and for the Future. Cheltenham, U.K.: Edward Elgar, 2003, pp. 105–41. With Anita Taci.

  30. "Reforming EMU's Fiscal Policy Rules; Some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union." In Marco Buti, ed. Monetary and Fiscal Policies in EMU: Interactions and Coordination. Cambridge: Cambridge University Press, 2003, pp. 92–145. Abstract. With Clemens Grafe.

  31. "Debt in Transition Economies: Where is it Heading, What Can Be Done About It?" Revue D'économie Financière, Special Issue, Ten Years of Transition in Eastern European Countries, Achievements and Challenges (2001): 191–213. French version: La Dette des Economies en Transition: Evolution et Marche à Suivre". With Ricardo Lago.

  32. "Central Banking and the Choice of Currency Regime in Accession Countries." With Clemens Grafe. SUERF Studies No. 11, 2001. Reprinted in Revue D'économie Financière, Special Issue, Ten Years of Transition in Eastern European Countries, Achievements and Challenges, 2001, pp. 287–318. Abstract. Working paper version. French version: "Banque Centrale et Choix de Régimes de Change Pour les Pays Candidats à l'Adhésion."

  33. "Liquidity Traps: How to Avoid Them and How to Escape Them." With Nikolaos Panigirtzoglou. In Wim F.V. Vanthoor and Joke Mooij, eds. Reflections on Economics and Econometrics, Essays in Honour of Martin Fase. Amsterdam: De Nederlandsche Bank NV, 2001, pp. 13–-58.

  34. "Designing a Monetary Authority." With Anne C. Sibert. In Anthony M. Santomero, Staffan Viotti and Andres Vredin, eds. Challenges for Central Banking. London: Kluwer Academic Publishers, 2001, pp. 173–85.

  35. "International Financial Institutions— Adapting to a World of Private Capital Flows." Mimeo. European Bank for Reconstruction and Development, 2001. Forthcoming in Dilip Das, ed. Perspectives in Global Finance. London: Routledge, 2003. With Hans Peter Lankes.

  36. "Is Iceland an Optimal Currency Area?" In Mar Gudmundsson, Tryggvi Thor Herbertsson and Gylfi Zoega, eds. Macroeconomic Policy; Iceland in an Era of Global Integration. Reykjavik: University of Iceland Press, 2000, pp. 33–55. Working paper version.

  37. "The New Economy and the Old Monetary Economics." Bank of England Quarterly Bulletin 40(2) (May 2000): 173–83.

  38. "Financial Reforms and Economic Transition: An Overview of the Major Issues." In Blejer, Mario I. and Skreb, Marko, eds. Financial Sector Transformation: Lessons From Economies in Transition. Cambridge: Cambridge University Press, 1999, pp. 1–18. With Hélène Rey and Ricardo Lago.

  39. "Interpreting the ERM Crisis: Country-Specific and Systemic Issues." Princeton Studies in International Finance, No. 84, International Finance Section, Department of Economics, Princeton University, March 1998. With Giancarlo Corsetti and Paolo Pesenti.

  40. "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. Ann Arbor: University of Michigan Press, 1998, pp. 398–451.

  41. "Uses and Limitations of Public Debt." In Steven Brakman, Hans van Ees and Simon K. Kuipers, eds. Market Behaviour and Macroeconomic Modelling. London: MacMillan, 1998, pp. 275–307. Earlier working paper version. With Kenneth M. Kletzer.

  42. "Budgetary Aspects of Stabilization and Structural Adjustment in India: The Painful Road to a Sustainable Fiscal-Financial-Monetary Plan." In Mario I. Blejer and Teresa Ter-Minassian, eds. Macroeconomic Dimensions of Public Finance; Essays in Honor of Vito Tanzi. Routledge Studies in the Modern World Economy. London: Routledge, 1997, 355–401. Working paper version. With Urjit R. Patel.

  43. "Transition Issues for the European Monetary Union." De EMU in Breed Perspectief; Preadviezen 1997, Koninklijke Vereniging voor de Staathuishoudkunde. Utrecht: Uitgeverij LEMMA BV, 1997, pp. 1–17. Working paper version. With Anne C. Sibert.

  44. "Monetary Union and the Role of Automatic Stabilizers." In Jean-Olivier Hairault, Pierre-Yves Hénin and Franck Portier eds. Business Cycles and Macroeconomic Stability. London: Kluwer Academic Publishers, 1997, pp. 109–47. With Kenneth M. Kletzer.

  45. "Promoting an Effective Market Economy in a Changing World." In Istvan Székely and Richard Sabot, eds. Development Strategy and Management of the Market Economy. Vol. 2. Oxford: Clarendon Press, 1997, pp. 11–90. Working paper version. With Ricardo Lago and Nicholas Stern.

  46. *"Solvency and Fiscal Correction in India: An Analytical Discussion." In S. Mundle, ed. Public Finance; Policy Issues for India. Oxford: Oxford University Press, 1997, pp. 30–75. With Urjit R. Patel.

  47. "Saving and Endogenous Growth: A Survey of Theory and Policy." In A. Heertje, ed. World Savings, Theory and Policy. London: Blackwell Publishers, 1993, pp. 64–99. Working paper version.

  48. "Anomalous Speculative Attacks on Fixed Exchange Rate Fegimes: Possible Fesolutions of the 'Gold Standard Paradox'." In Paul Krugman and Marcus Miller, eds. Exchange Rates and Currency Bands. Cambridge: Cambridge University Press, 1991, pp. 140–76. Working paper version. With Vittorio U. Grilli.

  49. "Reflections on the Fiscal Implications of a Common Currency." In Alberto Giovannini and Colin Mayer, eds. European Financial Integration. Cambridge: Cambridge University Press, 1991, pp. 221–44. With Kenneth M. Kletzer.

  50. "Debt Neutrality, Redistribution and Consumer Heterogeneity: A Survey and Some Extensions." In W.C. Brainard et al., eds. Money, Macroeconomics and Economic Policy; Essays in Honor of James Tobin. Cambridge: MIT Press, 1991. Working paper version.

  51. "Can Public Spending Cuts Be Inflationary?" in W.H. Buiter, Principles of Budgetary and Financial Policy. Cambridge: MIT Press, 1990, pp. 368–403. Working paper version.

  52. "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, pp. 407–48. Working paper version.

  53. "The Right Combination of Demand and Supply Policies: The Case for a Two-Handed Approach." in H. Giersch, ed. Macro and Micro Policies for More Growth and Employment. Kiel Institute of World Economics, 1988, 305–45. Working paper click version.

  54. "Fiscal Policy in Open Interdependent Economies." in A. Razin and E. Sadka, eds. Economic Policy in Theory and Practice. London: Macmillan, 1987, pp. 101–44. Working paper version.

  55. "Fiscal Prerequisites for a Viable Managed Exchange Rate Regime." In Wisselkoersen in een Veranderende Wereld, Preadvies van de Vereniging voor de Staathuishoudkunde. Leiden: Stenfert Kroese, 1986, pp. 99–117. Working paper version.

  56. "Macroeconomic Policy Design in an Interdependent World Economy: An Analysis of Three Contingencies." International Monetary Fund Staff Papers, vol. 33 (September 1986): 541–82. In J.A. Frenkel, ed. International Aspects of Fiscal Policies. Chicago: University of Chicago Press, 1988.

  57. "Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models: Some Recent Developments." in M.H. Peston and R.E. Quandt, eds. Prices, Competition and Equilibrium. London: Philip Allan, pp. 84–108.

  58. "International Monetary Policy to Promote Economic Recovery." In C. van Ewijk and J.J. Klant, eds. Monetary Conditions for Economic Recovery. Financial and Monetary Policy Studies. Vol. 11, Dordrecht: Martinus Nijhoff Publishers, 1985 and Ebook: Springer, 1985, pp. 129–60

  59. "Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues." in V.E. Argy and J.W. Nevile, eds. Inflation and Unemployment: Theory, Experience and Policy-Making. London: George Allen & Unwin, 1985, 11–38.

  60. "Policy Decentralization and Exchange Rate Management in Interdependent Economies." in J.S. Bhandari, ed. Exchange Rate Management Under Uncertainty. Cambridge, Massachuetts, MIT Press, 1985, pp. 31–54. Working paper version. With Jonathan Eaton.

  61. "Allocative and Stabilization Aspects of Budgetary Financial Policy: An Inaugural Lecture." London School of Economics and Political Science, 1984. In W.H. Buiter. Principles of Budgetary and Financial Policy. Cambridge, Massachusetts: MIT Press, 1990, pp. 25–46. Working paper version.

  62. *"The Trade-Off Between Inflation and Unemployment." In Keith Cowling and Paul Stoneman, eds. Out of Work: Perspectives on Mass Unemployment. Warwick: Department of Economics, University of Warwick, 1984. With Marcus H. Miller.

  63. "Changing the Rules: Economic Consequences of the Thatcher Regime." Brookings Papers on Economic Activity, (1983, no. 2): 305–79. With Marcus H. Miller.

  64. "International Balance of Payments Financing and Adjustment." In G. von Furstenberg, ed. International Money and Credit: The Policy Roles. Washington, D.C.: International Monetary Fund, 1983. Working paper version. With Jonathan Eaton.

  65. "The Theory of Optimum Deficits and Debt." In The Economics of Large Government Deficits: Proceedings of a Conference Held in October 1983. Conference Series No. 27. Boston: Federal Reserve Bank of Boston, 1983, 46–69. Working paper version.

  66. "Measurement of the Public Sector Deficit and Its Implications for Policy Evaluation and Design." International Monetary Fund Staff Papers, vol. 30 (June 1983). Working paper version.

  67. "Monetary and Fiscal Policy with Flexible Exchange Rates." In Jagdeep S. Bhandari and Bluford H. Putnam, with Jay H. Levin, eds. Economic Interdependence and Flexible Exchange Rates. Cambridge, Massachusetts: MIT University Press, 1983, pp. 351–81. Working paper version. With William H. Branson.

  68. "Real Exchange Rate Overshooting and the Output Costs of Bringing Down Inflation: Some Further Results." With M. Miller. In Jacob Frenkel, ed. Exchange Rates and International Macroeconomics. Chicago: University of Chicago Press, 1983, pp. 317–68.

  69. "The Thatcher Experiment: The First Two Years." Brookings Papers on Economic Activity (1981, no. 2): 315–67. In Italian, in abbreviated form:."I Primi Due Anni Dell Esperimento Thatcher." in Franco Angeli, ed. Problemi del Socialismo/26, Crisi Dello Sviluppo E. Politiche Dell 'Offerta Negli Anni '80, January–April 1983, pp. 52–-63. With Marcus H. Miller.

  70. "Oil, Disinflation and Export Competitiveness: A Model of the 'Dutch Disease." With Douglas D. Purvis. In Jagdeep S. Bhandari and Bluford H. Putnam with Jay H. Levin, eds. Economic Interdependence and Flexible Exchange Rates. Cambridge, Massachusetts: MIT University Press, 1983, pp. 221–47. Working paper version.

  71. "Implications for the Adjustment Process of International Asset Risks." In R.G. Hawkins, R.M. Levich and G.G. Wihlborg eds. The Internationalization of Financial Markets and National Economic Policy. Greenwich, Connecticut: JAI Press, 1983, 69–102. Working paper version.

  72. "The Role of Economic Policy After the New Classical Macroeconomics." In D. Currie, R. Nobay and D.A. Peel eds. Macroeconomic Analysis. London: Croom Helm, 1981, pp. 233–95. Working paper version.

  73. "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. Working paper version.

  74. "Fiscal and Monetary Policies, Capital Formation and Economic Activity." In G. von Furstenberg, ed. The Government and Capital Formation. Cambridge, MA: Ballinger, 1980, pp. 73–151. With James Tobin.

  75. "Monetary, Financial and Fiscal Policy Under Rational Expectations." International Monetary Fund Staff Papers, vol. 27 (December 1980): 758–813. Working paper version.

  76. "Debt neutrality: A Brief Review of Doctrine and Evidence." With J. Tobin. In G. von Furstenberg, ed. Social Security Versus Private Saving. Cambridge, MA: Ballinger, 1979, pp. 1–27.

  77. "Government Finance in an Overlapping Generations Model with Gifts and Bequests." In G. von Furstenberg, ed. Social Security Versus Private Saving. Cambridge, MA: Ballinger, 1979.

  78. "Optimal Foreign Exchange Market Intervention with Rational Expectations." In J. Martin and A. Smith eds. Trade and Payments Adjustment Under Flexible Exchange Rates. London: Macmillan 1979, pp. 1–37. Working paper version. Volume can be borrowed from Open Library

  79. "Long-Run Effects of Fiscal and Monetary Policy on Aggregate Demand." In Monetarism: Studies in Monetary Economics. North-Holland, 1976, pp. 273–309. Working paper version. With James Tobin.

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