- "Towards an Enhanced Lender of Last Resort and a Market Maker of Last Resort." Paper presented at the International Finance and Banking Society conference, Oxford University, 13 September 2021.
- "The Financial System Ten
Years After The Financial Crisis: Lessons Learnt." Paper presented
at the NAEC Group Meeting. OECD, Paris, 13 September
Profit Taxes, Capital Expenditure and Real Wages: The Analytics Behind
a Contentious Debate", Centre
for Economic Policy Research Discussion Paper 12932, May 2018.
- "Central Bank
Independence: Mirage and Mythos." Powerpoint presentation. Bank of England Independence: 20 years on Conference. Bank of England, London,
29 September 2017.
Good and the Bad Fiscal Theory of the Price Level", Powerpoint
presentation for the C.
D. Deshmukh Memorial
lecture given at the Reserve Bank of India on 11 April 2017.
Redux: The Simple Accountancy and Slightly More Complex Economics of
Bundesbank Loss Exposure Through the Eurosystem." CEPR Discussion Paper No 9211,
November 2012. With
in Rich Nations: What Happens When Sovereigns, Households and Banks
Deleverage at the Same Time?" Powerpoint presentation. Debt of Nations Revisited,
Lecture 1. Frederico Caffè Lectures, Rome, 13–14 December
Bank as Quasi-Fiscal Player; Theory and Applications." Powerpoint presentation. Debt of
Nations Revisited, Lecture 2. Frederico Caffè Lectures, Rome, 13–14 December 2011.
There a Case for a Further Coordinated Fiscal Stimulus?"
Meeting on the theme: Are the
coordinated stimulus plans working and are they effective? Should we
continue with fiscal stimulus? Are there other approaches to aggregate
demand management? IMAG, New York, 16–17 September 2009.
- "Negative Interest Rates." Presentation. European Central Bank, Frankfurt, 18 May
from the Financial Crisis for Social Democrats." Background
Dr. J.M. Den Uyllezing, de Rode Hoed, Amsterdam, 15 December 2008.
North Atlantic Financial Crisis." Conference Paper. The Role of Money Markets. Columbia
Business School and the Federal Reserve Bank of New York, New York, 29–30 May
Bricks Without Straw: A Critique of Ravi Kanbur' s Modest Proposal for
Introducing Development Outcomes in IDA Allocation Procedures."
Initiative for Policy
Dialogue on the CPIA and Aid Allocation meeting. Columbia University, New York, 4 April
2007. Mimeo. European Institute, London School of Economics and
Political Science, March 2007.
and the Political Economy of Central Banking: The Twin Threats of
Sloppy Analysis and Institutional Hubris." Background paper
lecture. XI Meeting of the Research Network of Central
Banks of the Americas, Buenos Aires, 22 - 24 November 2006.
Targeting and Central Bank Independence." Background paper
Inaugural Lecture for the Chair of European Political Economy. European Institute, London School of Economics and Political
Science, London 26 October 2006. Shorter version.
Inflation." Mimeo. European Institute, London School of
and Political Science, 11 October 2006.
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, 11 October
Criterion for Eurozone Membership: What to Do When you Fail to Meet It."
Background paper for a panel discussion. Central
Banking and EU Enlargement. Central Bank of Turkey,
Annual Meeting of the Turkish Economic Association, 12 September 2006. Mimeo. European Institute, London School of Economics and Political
Science, September 2006. With Anne C. Sibert.
Robust is the
New Conventional Wisdom in Monetary Policy? The Surprising Fragility of
the Theoretical Foundations of Inflation Targeting and Central Bank
Independence," Paper presented at the 2006 Central Bank
Symposium "Challenges to Monetary Theory," Bank of England, 23 Jun.
2006 and mimeo, European Institute, London School of Economics and
Political Science, June 2006.
Beast; When Will the New EU Members from Central and Eastern Europe
Join the Eurozone?." Mimeo. London
Economics and Political Science, May 2006.With Anne C. Sibert.
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.
Accounts for the Bias in the Inflation Targeting Performance of the
Bank of England?" Mimeo. Universiteit van Amsterdam. February
for Europe." Remarks. Launch of Hugh Stephenson, ed. Challenges
for Europe. London: Palgrave MacMillan, 2004. London School of
Political Science, 6 December 2004. Mimeo. Office of the Chief
Economist. European Bank for Reconstruction and Development.
Financial Instability Risks for Countries Targeting Eurozone Membership."
CEPR/ESI Eighth Annual Conference: EMU
Enlargement to the East and the West. Magyar Nemzeti Bank, Budapest,
Hungary, 24–25 September 2004.
Have We learnt
From Fifteen Years of Transition in Central and Eastern Europe?"
International Policy Conference on Transition
Economies. Hanoi, Vietnam, 31 May and 1 June 2004. Mimeo. Office of
the Chief Economist, European Bank for Reconstruction and Development,
and Sustainable Growth in the Early Transition Countries: The Role of
the Private Sector in Poverty Reduction." Mimeo. Early Transition
Countries Strategic Review Meeting. Office of the Chief
Economist, European Bank for Reconstruction and Development, 30 June 2004.
Irredeemable Fiat Money and the Liquidity Trap," NBER Working
No. W10163, Dec. 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
Prevention and Cure," NBER Working Paper W9623, Apr. 2003.
Abstract. Technical appendix.
Multilateral Development Banks Do?." With Steven Fries.
Bank for Reconstruction and Development Working Paper No. 74, June
2002. Abstract. French
être la Mission des Banques Multilatérales de Développement?" Revue d'économie du développement, vol. 16, no. 1 (
2002): 171–204. DOI : 10.3917/edd.161.0171
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. Abstract.
Subsidies: An Economic Analysis of the Use of Grants and Other
Subsidies in Project Finance by Multilateral Development Banks." With Mark Schankerman. Mimeo. European Bank for Reconstruction and
Development, June 2002. Abstract.
Integration; A View From Eastern Europe and the FSU." House of
Lords, Session 2001–02 Select Committee on Economic Affairs. Globalisation,
Oral Evidence up to 13 March 2002, pp. 83–96, London: Stationary
Britain's Economic and Financial Policy; Towards Greater Economic
Stability by HM Treasury." Presented at the launch
volume. H.M. Treasury, London, 5 December 2001.
Currency Loans vs. Spreads on Hard Currency Loans." Mimeo.
Bank for Reconstruction and Development, November 2001.
Pain, No gain? The
Simple Analytics of Efficient Disinflation in Open Economies." With
Clemens Grafe, Mimeo. European Bank for Reconstruction and Development,
September 2001. Abstract.
in an Open Economy," mimeo, European Bank for Reconstruction
Development, July 2001. For the Figures, click here.
Fallacy of the Fiscal Theory of the Price level, Again," Bank
England Working Paper Series No. 141, July 2001. For an abstract, click here.
Gesell's Solution," with Nikolaos Panigirtzoglou, mimeo,
Bank for Reconstruction and Development, May 2001. For the Figures,
Misconceptions." London School of Economics, Centre for
Economic Performance, Discussion Paper 469, August 2000.
Rate Regimes for Accession Countries," address given at a
hosted by Deutsche Bank at the EBRD Annual General Meeting in Riga,
Latvia, on 21 May 2000.
Effects of Relative Price Changes, Margin Changes and Productivity
changes on Inflation and the Price level." Mimeo. Bank of
Fallacy of the
Fiscal Theory of the Price Level," NBER Working Paper No.
Aug. 1999 and CEPR Discussion Paper No. 2205, Aug. 1999. For an
abstract click here.
Misconceptions: New and Old Paradigmata and Other Sad Tales."
expanding a speech. Aberdeen Chamber of Commerce, 27 October 1999.
to Avoid them and How to Escape Them," with Nikolaos
Panigirtzoglou, mimeo, Bank of England, March 1999, NBER Working Paper
No. W7245, Jul. 1999 and CEPR Discussion Paper No. 2203, Aug. 1999. For
the Figures and Tables click here.
abstract click here.
Concept and Measurement of Domestically Generated Inflation."
Mimeo. University of Cambridge, March 1998.
Guide to Neutrality, price level indeterminacy, Interest Rate Pegs, and
Fiscal Theories of the Price Level," NBER Working Paper No.
Feb. 1998 and CEPR Discussion Paper No. 1799, Mar. 1998.
- "Measuring Fiscal
Sustainability," mimeo, University of Cambridge, Aug. 1995.
- "A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises." With Giancarlo Corsetti and
Paolo Pesenti. NBER
Working Paper No. 5140, June 1995.
- *"Economic Integration,
Structure and Growth," mimeo, Faculty of Economics and Politics,
University of Cambridge, Oct. 1994.
- *"International Portfolio
Regional and Global Growth and Real Interest Rates," mimeo, Faculty of
Economics and Politics, University of Cambridge, Oct. 1994.
Public Finance in
1990s: Challenges and Prospects." With Urjit R.
Patel. Economic Growth Center, Yale University, Discussion Paper No.
on the Design of Fiscal, Financial and Monetary Policy,"
Yale University, Revised Jan. 1991 and Oct. 1993, with QPFISMO,
spreadsheet programme in Quattro Pro to evaluate the consistency of
fiscal, financial and monetary plans) and FISMO, (a
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.
Speculative Bubbles in an Exchange Rate
Target Zone," with Paolo Pesenti, NBER Working Paper, No.
1990, revised June 1993.
- *"Stabilization and
Structural Adjustment in
Peru." Mimeo, June 1993.
USA; How Much, How Bad and
Who Pays?" Economic Growth Center Discussion Paper No. 684,
Ponzi Finance and the Redundancy and Usefulness of Public Debt,"
with Kenneth M. Kletzer, NBER Working Paper No. 4076, May 1992.
Policy, Interdependence and Efficiency,"
with Kenneth M. Kletzer, NBER Working Paper No. 3328, Apr. 1990. For
working paper version click here.
- *"Does an Improvement in
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
Society, NIRA, Tokyo, Sept. 1988, pp. 71-152.
Current Global Economic Situation, Outlook
and Policy Options." CEPR
Paper No. 210, November 1987.
and Policy Ineffectivenesss: A
Rejoinder," NBER Technical Working Paper No. 61, October 1986.
Responses by Developing Countries
to Changes in External Economic Conditions," NBER Working
1836, Apr. 1986.
Aspects of Fiscal and Financial
Policy," NBER Working Paper No. 1332, Apr. 1984.
Crowding Out and Inflation: The Simple
Analytics," London School of Economics, Centre for Labour
Discussion Paper No. 143, Dec. 1982.
the Adequacy and Inadequacy of Keynesian
Balance-of-Payment Theory: A Rejoinder," with J. Eaton,
of Economics, Centre for Labour Economics, Discussion Paper No. 138,
- *"A Program for
and Simulating Discrete
Time Linear Rational Expectations Models," with R. Dunn, London School
of Economics, Centre for Labour Economics, Discussion Paper No. 127,
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.
- *"The Formulation
Economic Policy: Its Uses and
Limitations." Memorandum for The Select Committee on The Treasury and
Civil Service." February 1980.
and the Use of Current Information: The
Use of General Linear Policy Rules in Rational Expectations Models,"
NBER Working Paper No. 335, Apr. 1979.
- *"Interest Rates and
Inflation: A Note,"
mimeo, Jan. 1977.
- *"Capacity Constraints,
Government Financing and
the Short-Run and Long-Run Effects of Fiscal Policy," mimeo, 1976.
- *"Financial Stocks and
and the Determination
of Short-Run and Long-Run Equilibrium in an Open Economy," Working
Papers in International Economics, Princeton University, July 1976.
in Short-Run Models and in Long-Run Equilibrium; A Theoretical
Framework and Some Applications", Econometric Research
Research Memorandum No. 192, December 1975.
Long-Run Effects of Fiscal Policy", Princeton University Department
of Economics Econometric
Program Research Memorandum No. 187, October 1975.