Willem Buiter: Refereed Journal Articles
- "The Fallacy of the Fiscal Theory of the Price Level—One Last Time." With Anne C.
Sibert. Economics,
The Open-Access,
Open-Assessment E-Journal, vol. 12
(2018-48): 1–56.
- "Exchange
Rate Implications of Border Tax Adjustment Neutrality."Economics, The Open-Access,
Open-Assessment E-Journal (May 2017).
- "Government
Deficits and Large Open Economies: The Problem of Too Little Public Debt." With Anne C. Sibert. Economics, The Open-Access,
Open-Assessment E-Journal, vol. 8 (2016-2).
- "The Simple
Analytics of Helicopter Money: Why It Works—Always."Economics, The Open-Access,
Open-Assessment E-Journal, vol. 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.
- "The
ECB as
Lender of Last Resort for Sovereigns in the Euro Area." With
Ebrahim Rahbari. CEPR Discussion Paper No. 8974, May 2012. Journal
of Common Market Studies, vol. 50.
Special Issue: The JCMS Annual Review of the European Union in 2011
(September 2012). Issue Supplement
s2:
6–35.
- "Housing
Wealth Isn't
Wealth." Economics, the Open-Access,
Open-Assessment
E-Journal, vol. 3, 2010-22 (August 2010). For abstract, click here.
Working paper version.
- "The Limits to
Fiscal stimulus." Oxford
Review of Economic Policy, vol. 26 (Spring 2010): 48–70. NBER
working paper version.
- "Negative
Nominal Interest Rates; Three Ways to Overcome the Zero Lower Bound."
North
American Journal of Economics and Finance, vol. 20 (December
2009): 21338. NBER working paper version.
- "Economic,
Political, and Institutional Prerequisites for Monetary Union Among the
Members of the Gulf Cooperation Council." Open
Economies Review, vol. 19 (November 2008): 579–612. Version version presented at the seminar
Preparing for GCC Currency Union: Institutional Framework and Policy
Options. Dubai, UAE, 20–21 November 2007.
- "Why
the United
Kingdom Should Join the Eurozone." International
Finance, vol.
11 (Winter 2008): 269–82.
- "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. Working paper version.
- "Deflationary
Bubbles." With Anne C. Sibert. Macroeconomic Dynamics 11(4),
Sept. 2007, 431-454.
Working paper version.
- "Seigniorage."
Economics,
the Open-Access, Open-Assessment
E-Journal
(2007-10).
- "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, vol. 18, no. 2 (2007):
127–56.
- "The 'Sense and Nonsense of Maastricht'
Revisited: What Have We Learnt about Stabilization in EMU?" Journal
of Common Market Studies, vol. 44, no. 4 (2006): 687–710. Working
paper version.
- "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, vol. 2 (November 2005): 189–200. Working paper version.
- "New
Developments in Monetary Economics: Two Ghosts, Two Eccentricities, a
Fallacy, a Mirage and a Mythos." Economic Journal, vol.
115 (March 2005):
C1-C31, presented as the Royal Economic Society 2004 Hahn
Lecture. Abstract.
- "Two Naked Emperors?
Concerns about the
Stability
and Growth Pact and Second Thoughts About Central Bank Independence."
Fiscal
Studies, vol. 25 (September 2004): 249–77. Presented as the
Institute for
Fiscal Studies 2003 Annual Lecture. Working paper version. Abstract.
- "Patching
Up the Pact:
Some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic
Stability in an Enlarged European Union." With Clemens Grafe. Economics
of Transition, vol. 12, no. 1 (2004): 67–102.Abstract.
- "James Tobin: An Appreciation of His
Contribution
to Economics." Economic Journal, vol. 113 (November
2003): 585–631.Working paper version.
- "Overcoming the Zero Bound on Nominal
Interest
Rates with Negative Interest on Currency: Gesell's Solution." With
Nikolaos Panigirtzoglou. Economic Journal, vol. 113 (October 2003):
723–46. Working paper version.
Abstract.
- "Anchor, Float
or Abandon Ship: Exchange
rate
Regimes for the Accession Countries." With Clemens Grafe.
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, vol. 55 (2002): 127–64.
- "The Fiscal Theory of the Price Level: A
Critique." Economic Journal, vol. 112 (July 2002):
459–80. Working paper version. Abstract.
- "Quelle
Devrait
être la Mission des Banques Multilatérales de Développement?." With
Steven Fries. Revue d'économie du développement, vol. 16 (2002/1): 171–204. DOI : 10.3917/edd.161.0171
- "Notes on 'A Code for Fiscal Stability'." Oxford
Economic Papers, vol. 53 (January 2001): 1–19. Working paper version.
- "From
Predation to Accumulation? The
Second Transition Decade in Russia." Economics of
Transition,
vol. 8, no. 3 (2000): pp. 603–22.
- "Optimal Currency
areas: Why Does the Exchange Rate Regime
Matter? With an Application to UK Membership in EMU." Scottish
Journal of Political Economy, vol. 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.
- "Six
Months in the Life of the Euro: What Have We
Learnt?." Tijdschrift voor Politieke Economie, vol.
21 (October 1999):
4–25. Working paper version.
- "The EMU and the NAMU: What is the Case for
North
American Monetary Union?" Canadian Public Policy/Analyse de
Politiques (September 1999). Working paper version.
- "UDROP:
A Contribution to the New International Financial Architecture." With Anne C. Sibert. International Finance, vol. 2 (July 1999): 22–47.
Working paper version.
- "Alice in
Euroland." Journal of Common
Market
Studies, vol. 37 (June 1999): 181–209. Working
paper version.
- "Enterprise
Performance and Macroeconomic
Control." With Ricardo Lago and Nicholas Stern. Banca
Nazionale del
Lavoro Quarterly Review, no. 200 (March 1997): 3–22.
- "Generational Accounts, Aggregate Saving and
Intergenerational Distribution." Economica, vol. 64 (1997): 605–26.
Working paper version.
- "A Portfolio Approach to a Cross-Sectoral
and
Cross-National Investment Strategy in Transition Economies." With
Hélène Rey and Ricardo Lago. Economics of Transition, vol.
5, no. 1 (1997): 1997, 63–96. Working paper version.
- "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, vol. 5, no. 4 (1997): 10–35. Also in Proceedings of
the Royal
Netherlands Academy of Sciences,
Amsterdam, 1996.
- "Politique Macroéconomique dans la
Période de Transition Vers l'Union Monétaire." Revue
d'Economie Politique, vol. 105 (September/October 1995):
897-46. Working paper version of English translation.
- "Capital Mobility, Fiscal Policy and Growth
with
Self-Financing of Human Capital Formation." With Kenneth M. Kletzer. Canadian
Journal of Economics, vol. 28 (November 1995), special issue in Memory of Doug
Purvis,
edited by M.Devereux and A. Gregory, , S163–S194. Working
paper version.
- "Permanent International Productivity Growth Differentials in an Integrated Global Economy." With Kenneth M.
Kletzer. Scandinavian Economic Journal, vol. 95 (1993):
467–93. Working paper version.
- "Excessive
Deficits: Sense and Nonsense in
the
Treaty of Maastricht." With Giancarlo Corsetti and Nouriel Roubini.
Economic
Policy, no. 1 (1993). 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 Publishing Ltd,
2001, pp. 297–331. Working paper version.
- "Who's Afraid of
the Public
Debt?" With
Kenneth M. Kletzer. American Economic Review,
Papers and
Proceedings, vol. 82 (May 1992): 290–4.
- "Fiscal Policy
Coordination
as Fiscal
Federalism." With Kenneth M.Kletzer. European Economic Review
36 (April 1992): 647–53. Working paper version.
- "Debt, Deficits and Inflation: An
Application to
the Public Finances of India." With Urjit R. Patel. Journal
of
Public Economics, vol. 47 (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 version.
- "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, vol. 5 (December 1991): 325–53. Working
paper version.
- "The Welfare
Economics of Cooperative and
Non-Cooperative Fiscal policy." With Kenneth M. Kletzer. Journal
of
Economic Dynamics and Control, vol. 15 (1991): 215–44. Reprinted in
the International
Journal of Development Banking, vol. 10 (July 1992):
3–21. Working paper version.
- "Debt Neutrality, Professor Vickrey and
Henry
George's `Single Tax'." Economics Letters, vol. 29 (1989):
43–47. Working Paper version.
- "A Viable Gold Standard Requires Flexible
Monetary and Fiscal Policy." Review of Economic Studies
(January
1989): 101–17. Working Paper version.
- "Structural and Stabilization Aspects of
Fiscal
and Financial Policy in the Dependent Economy." Oxford
Economic
Papers, vol. 40 (1988): 220–45. Working Paper version.
- "Death, Birth, Productivity Growth and Debt
Neutrality." Economic Journal, vol. 98 (June 1988):
279–93. Working Paper version.
- "Efficient 'Myopic' Asset Pricing in General
Equilibrium: A Potential Pitfall in Excess Volatility Tests." Economics
Letters, vol. 25 (1987): 143–8. Working Paper version.
- "A
Fiscal Theory of Hyperdeflations? Some
Surprising Monetarist Arithmetic." Oxford Economic
Papers, vol.
39, no 3. (1987): 111–8. Reprinted in P.J.N. Sinclair, ed. Prices,
Quantities and Expectations. Oxford: Clarendon Press, 1987,
pp.
111–8.
- "Borrowing
to Defend the Exchange rate and the
Timing and Magnitude of Speculative Attacks." Journal
of
International Economics, vol. 23 (August 1987): 221–39.
- "A Guide to Public Sector Debt and
Deficits."
Economic Policy, vol. 1 (November 1985): 13–79. Working Paper version.
- "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 version.
- "Controllability
and the
Theory of Economic
Policy, A Further Note." With M. Gersovitz. Journal of Public
Economics, vol. 24 (1984): 127–9.
- *"Government Debt in an
Overlapping Generations
Model with Bequests and Gifts: A Rejoinder." With J. Carmichael. American
Economic Review, vol. 74, no. 1 (1984): 762–5.
- *"Expectations and Control Theory (La Théorie du Contrôle
Optimal
en Termes d'Anticipations Rationnelles)." Économie Appliquée, vol.
36, no. 1 (1983): 129–56.
- "Saddlepoint
Problems in Continuous Time
Rational
Expectations Models: A General Method and Some Macroeconomic Examples."
Econometrica, vol. 52 (May 1984): 665–80. For a working
paper
version click here.
- "Real Effects of
Anticipated and
Unanticipated
Money: Some
Problems of Estimation and Hypothesis Testing." Journal
of Monetary Economics (March 1983): 207–24. Working Paper version.
- "Predetermined and Non-Predetermined
Variables in
Rational Expectations Models." Economics Letters
(1982): 49–54.
Working Paper version.
- "Real
Exchange Rate Overshooting and the
Output
Cost of Bringing Down Inflation." With M. Miller. European
Economic
Review, vol. 18 (May/June 1982): 85–123. Working Paper version.
- "Staggered
Wage
Setting with Real Wage relativities: Variations On a Theme of Taylor." With I. Jewitt. Manchester School (September 1981):
211–28.
- "The Superiority of Contingent Rules Over
Fixed
Rules in Models with Rational Expectations." Economic Journal
vol. 91 (September 1981): 647–70. Working Paper version.
- "Monetary Policy and International
Competitiveness: The Problems of Adjustment." With M. Miller. Oxford
Economic Papers vol. 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 version.
- "Time Preference and
International Lending
and
Borrowing in an Overlapping Generations Model." Journal of
Political Economy vol. 89 (August 1981): 769–97. Working paper version.
- "Issues
in Controllability and the Theory of
Economic Policy." With M. Gersovitz. Journal of
Public Economics
15 (February 1981).
- "Keynesian
Balance of Payments Models: Comment." With J. Eaton. American Economic Review, vol. 71 (September
1981): 784–95.
- "Crowding
Out of Private
Capital Formation by
Government Borrowing in the Presence of Intergenerational Gifts and
Bequests." Greek Economic Review, vol. 2 (August 1980):
111–42.
- "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 version.
- "Walras' Law and All That." International
Economic Review, vol. 21 (February 1980): 1–16. Working Paper version.
- "Unemployment-Inflation Trade-offs with
Rational
Expectations in an Open Economy." Journal of Economic
Dynamics and
Control (June 1979): 117–41. Working Paper version.
- *"How Successful has
Stabilization Policy Been in
the Netherlands? A Neo-Keynesian Perspective." With R.F. Owen. De
Economist (March 1979).
- "Short-Run and Long-Run Effects of External
Disturbances Under a Floating Exchange Rate." Economica
(August
1978). Working Paper version.
- "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).
- *"Some Unfamiliar
Properties of a Familiar
Macroeconomic Model." With H. Lorie. Economic
Journal (December
1977): 743–54.
- "An Integration of Short-Run Neo-Keynesian
Analysis and Growth Theory", De
Economist, vol. 125 (August 1977): 340–59.
- "Short-Run
and Long-Run Disequilibrium in Dynamic
Macromodels." Southern Economic Journal (July 1977).
- "'Crowding Out' and the Effectiveness of
Fiscal
Policy." Journal of Public Economics, vol. 7
(1977). Working Paper version.
- "On Two Specifications of Asset Equilibrium
in
Macroeconomic Models: A Note." With G. Woglom. Journal of
Political
Economy vol. 85, no. 2 (1977). Earlier working paper version.