UNPUBLISHED PAPERS

1. "The Financial System Ten Years After The Financial Crisis: Lessons Learnt." Paper presented at the NAEC Group Meeting. OECD, Paris, 13 September 2018.
2. "Corporate Profit Taxes, Capital Expenditure and Real Wages: The Analytics Behind a Contentious Debate." With Anne C. Sibert. CEPR Discussion Paper 12932, May 2018. Abstract.
   
3. "Central Bank Independence: Mirage and Mythos." Powerpoint presentation. Bank of England Independence: 20 years on Conference. Bank of England, London, 29 September 2017.
   
4. "Target2 Redux: The Simple Accountancy and Slightly More Complex Economics of Bundesbank Loss Exposure Through the Eurosystem." With Ebrahim Rahbari, CEPR Discussion Paper No 9211, November 2012.
   
5. "Excessive Debt 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 2011.
6. "The Central Bank as Quasi-Fiscal Player; Theory and Applications." Powerpoint presentation. Debt of Nations Revisited, Lecture 2. Frederico Caffè Lectures, Rome, 13–14 December 2011.
7. "Is 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.
8. "Negative Interest Rates." Presentation. European Central Bank, Frankfurt, 18 May 2009.
   
9. "Lessons from the Financial Crisis for Social Democrats." Background paper. Dr. J.M. Den Uyllezing, de Rode Hoed, Amsterdam, 15 December 2008.
   
10. "Lessons from the 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 2008.
11. "How Robust is the New Conventional Wisdom in Monetary Policy? The Surprising Fragility of the Theoretical Foundations of Inflation Targeting and Central Bank Independence." Paper. 2006 Central Bank Governors' Symposium: Challenges to Monetary Theory. Bank of England, 23 June 2006. Mimeo. European Institute, London School of Economics and Political Science, June 2006.
12. "No Bricks Without Straw: A Critique of Ravi Kanbur' s Modest Proposal for Introducing Development Outcomes in IDA Allocation Procedures." Note. 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.
    
13. "Monetary Economics and the Political Economy of Central Banking: The Twin Threats of Sloppy Analysis and Institutional Hubris." Background paper for a lecture. XI Meeting of the Research Network of Central Banks of the Americas, Buenos Aires, 22 - 24 November 2006.
    
14. "Rethinking Inflation Targeting and Central Bank Independence." Background paper for an Inaugural Lecture for the Chair of European Political Economy. European Institute, London School of Economics and Political Science, London 26 October 2006. Shorter version.
    
15. "Prospects for Global Inflation." Mimeo. European Institute, London School of Economics and Political Science, 11 October 2006.
    
16. "Threats 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 2006.
    
17. "The Inflation Criterion for Eurozone Membership: What to Do When you Fail to Meet It." With Anne C. Sibert. 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.
    
18. "Beauties and the Beast; When Will the New EU Members from Central and Eastern Europe Join the Eurozone?." With Anne C. Sibert, Mimeo. London School of Economics and Political Science, May 2006.
19. "The 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. 609, April 2006.
    
20. "What Accounts for the Bias in the Inflation Targeting Performance of the Bank of England?" Mimeo. Universiteit van Amsterdam. February 2005.
    
21. "Challenges for Europe." Remarks. Launch of Hugh Stephenson, ed. Challenges for Europe. London: Palgrave MacMillan, 2004. London School of Economics and Political Science, 6 December 2004. Mimeo. Office of the Chief Economist. European Bank for Reconstruction and Development.
    
22. "En Attendant Godot? 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.
    
23. "What 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, July 2004.
24. "Transition 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.
25. "Deflation: Prevention and Cure." NBER Working Paper W9623, April 2003. Abstract. Technical Appendix.
26. "What Should the Multilateral Development Banks Do?." With Steven Fries. European Bank for Reconstruction and Development Working Paper No. 74, June 2002. Abstract. French version: Quelle Devrait 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
    
27. "Capital 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.
28. "Blended Finance and 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.
    
29. "Spreads on Local Currency Loans vs. Spreads on Hard Currency Loans." Mimeo. European Bank for Reconstruction and Development, November 2001.
30. "Globalisation and Regional 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 Office Ltd.
31. "Comments on Reforming Britain's Economic and Financial Policy; Towards Greater Economic Stability by HM Treasury." Presented at the launch of the volume. H.M. Treasury, London, 5 December 2001.
32. "Exchange Rate Regimes for Accession Countries." Luncheon hosted by Deutsche Bank, EBRD Annual General Meeting, Riga, Latvia, 21 May 2000.
33. "Monetary Misconceptions." London School of Economics, Centre for Economic Performance, Discussion Paper 469, August 2000.
    
34. "Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales." Paper expanding a speech. Aberdeen Chamber of Commerce, 27 October 1999.
    
35. "The Concept and Measurement of Domestically Generated Inflation." Mimeo. University of Cambridge, March 1998.
    
36. "Measuring Fiscal Sustainability." Mimeo. University of Cambridge, August 1995.
    
37. Indian Public Finance in the 1990s: Challenges and Prospects." With Urjit R. Patel. Economic Growth Center, Yale University, Discussion Paper No. 706, December 1993.
38. *"Stabilization and Structural Adjustment in Peru." Mimeo, June 1993.
    
39. "Public Debt in the USA; How Much, How Bad and Who Pays?" Economic Growth Center Discussion Paper No. 684, March 1993.
40. *"Does an Improvement in the 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 Global Society, NIRA, Tokyo, September 1988, pp. 71–152.
41. "The Current Global Economic Situation, Outlook and Policy Options." CEPR Discussion Paper No. 210, November 1987.
    
42. "Macroeconomic Responses by Developing Countries to Changes in External Economic Conditions." NBER Working Paper No. 1836, April 1986.
    
43. *"The Formulation of Economic Policy: Its Uses and Limitations." Memorandum for The Select Committee on The Treasury and Civil Service." February 1980.