Willem Buiter: Refereed Journal Articles
  1. "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.

  2. "Exchange Rate Implications of Border Tax Adjustment Neutrality."Economics, The Open-Access, Open-Assessment E-Journal (May 2017).

  3. "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).

  4. "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.

  5. "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.

  6. "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.

  7. "The Limits to Fiscal stimulus." Oxford Review of Economic Policy, vol. 26 (Spring 2010): 48–70. NBER working paper version.

  8. "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.

  9. "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.

  10. "Why the United Kingdom Should Join the Eurozone." International Finance, vol. 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. Working paper version.

  12. "Deflationary Bubbles." With Anne C. Sibert. Macroeconomic Dynamics 11(4), Sept. 2007, 431-454. Working paper version.

  13. "Seigniorage." Economics, the Open-Access, Open-Assessment E-Journal (2007-10).

  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, vol. 18, no. 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, vol. 44, no. 4 (2006): 687–710. Working paper version.

  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, vol. 2 (November 2005): 189–200. Working paper version.

  17. "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.

  18. "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.

  19. "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.

  20. "James Tobin: An Appreciation of His Contribution to Economics." Economic Journal, vol. 113 (November 2003): 585–631.Working paper version.

  21. "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.

  22. "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.

  23. "The Fiscal Theory of the Price Level: A Critique." Economic Journal, vol. 112 (July 2002): 459–80. Working paper version. Abstract.

  24. "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

  25. "Notes on 'A Code for Fiscal Stability'." Oxford Economic Papers, vol. 53 (January 2001): 1–19. Working paper version.

  26. "From Predation to Accumulation? The Second Transition Decade in Russia." Economics of Transition, vol. 8, no. 3 (2000): pp. 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, 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.

  28. "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.

  29. "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.

  30. "UDROP: A Contribution to the New International Financial Architecture." With Anne C. Sibert. International Finance, vol. 2 (July 1999): 22–47. Working paper version.

  31. "Alice in Euroland." Journal of Common Market Studies, vol. 37 (June 1999): 181–209. Working paper version.

  32. "Enterprise Performance and Macroeconomic Control." With Ricardo Lago and Nicholas Stern. Banca Nazionale del Lavoro Quarterly Review, no. 200 (March 1997): 3–22.

  33. "Generational Accounts, Aggregate Saving and Intergenerational Distribution." Economica, vol. 64 (1997): 605–26. Working paper version.

  34. "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.

  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, vol. 5, no. 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, vol. 105 (September/October 1995): 897-46. Working paper version of English translation.

  37. "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.

  38. "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.

  39. "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.

  40. "Who's Afraid of the Public Debt?" With Kenneth M. Kletzer. American Economic Review, Papers and Proceedings, vol. 82 (May 1992): 290–4.

  41. "Fiscal Policy Coordination as Fiscal Federalism." With Kenneth M.Kletzer. European Economic Review 36 (April 1992): 647–53. Working paper version.

  42. "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.

  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." With Kenneth M. Kletzer. Journal of the Japanese and International Economies, vol. 5 (December 1991): 325–53. Working paper version.

  44. "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.

  45. "Debt Neutrality, Professor Vickrey and Henry George's `Single Tax'." Economics Letters, vol. 29 (1989): 43–47. Working Paper version.

  46. "A Viable Gold Standard Requires Flexible Monetary and Fiscal Policy." Review of Economic Studies (January 1989): 101–17. Working Paper version.

  47. "Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy." Oxford Economic Papers, vol. 40 (1988): 220–45. Working Paper version.

  48. "Death, Birth, Productivity Growth and Debt Neutrality." Economic Journal, vol. 98 (June 1988): 279–93. Working Paper version.

  49. "Efficient 'Myopic' Asset Pricing in General Equilibrium: A Potential Pitfall in Excess Volatility Tests." Economics Letters, vol. 25 (1987): 143–8. Working Paper version.

  50. "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.

  51. "Borrowing to Defend the Exchange rate and the Timing and Magnitude of Speculative Attacks." Journal of International Economics, vol. 23 (August 1987): 221–39.

  52. "A Guide to Public Sector Debt and Deficits." Economic Policy, vol. 1 (November 1985): 13–79. Working Paper version.

  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 version.

  54. "Controllability and the Theory of Economic Policy, A Further Note." With M. Gersovitz. Journal of Public Economics, vol. 24 (1984): 127–9.

  55. *"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.

  56. *"Expectations and Control Theory (La Théorie du Contrôle Optimal en Termes d'Anticipations Rationnelles)." Économie Appliquée, vol. 36, no. 1 (1983): 129–56.

  57. "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.

  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 version.

  59. "Predetermined and Non-Predetermined Variables in Rational Expectations Models." Economics Letters (1982): 49–54. Working Paper version.

  60. "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.

  61. "Staggered Wage Setting with Real Wage relativities: Variations On a Theme of Taylor." With I. Jewitt. Manchester School (September 1981): 211–28.

  62. "The Superiority of Contingent Rules Over Fixed Rules in Models with Rational Expectations." Economic Journal vol. 91 (September 1981): 647–70. Working Paper version.

  63. "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.

  64. "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.

  65. "Issues in Controllability and the Theory of Economic Policy." With M. Gersovitz. Journal of Public Economics 15 (February 1981).

  66. "Keynesian Balance of Payments Models: Comment." With J. Eaton. American Economic Review, vol. 71 (September 1981): 784–95.

  67. "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.

  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 version.

  69. "Walras' Law and All That." International Economic Review, vol. 21 (February 1980): 1–16. Working Paper version.

  70. "Unemployment-Inflation Trade-offs with Rational Expectations in an Open Economy." Journal of Economic Dynamics and Control (June 1979): 117–41. Working Paper version.

  71. *"How Successful has Stabilization Policy Been in the Netherlands? A Neo-Keynesian Perspective." With R.F. Owen. De Economist (March 1979).

  72. "Short-Run and Long-Run Effects of External Disturbances Under a Floating Exchange Rate." Economica (August 1978). Working Paper version.

  73. "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).

  74. *"Some Unfamiliar Properties of a Familiar Macroeconomic Model." With H. Lorie. Economic Journal (December 1977): 743–54.

  75. "An Integration of Short-Run Neo-Keynesian Analysis and Growth Theory", De Economist, vol. 125 (August 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, vol. 7 (1977). Working Paper version.

  78. "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.