UNPUBLISHED PAPERS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", Centre for Economic Policy Research Discussion Paper 12932, May 2018.
   
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. "The 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.
   
5. "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.
   
6. "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.
7. "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.
8. "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.
9. "Negative Interest Rates." Presentation. European Central Bank, Frankfurt, 18 May 2009.
   
10. "Lessons from the Financial Crisis for Social Democrats." Background paper. Dr. J.M. Den Uyllezing, de Rode Hoed, Amsterdam, 15 December 2008.
    
11. "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.
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. "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 presented at the 2006 Central Bank Governors' Symposium "Challenges to Monetary Theory," Bank of England, 23 Jun. 2006 and mimeo, European Institute, London School of Economics and Political Science, June 2006.
19. "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.
20. "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.
    
21. "What Accounts for the Bias in the Inflation Targeting Performance of the Bank of England?" Mimeo. Universiteit van Amsterdam. February 2005.
    
22. "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.
    
23. "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.
    
24. "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.
25. "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.
26. "Helicopter Money: Irredeemable Fiat Money and the Liquidity Trap," NBER Working Paper 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 after all?"
27. "Deflation: Prevention and Cure," NBER Working Paper W9623, Apr. 2003. For an abstract, click here. For a technical appendix, click here .
28. "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
    
29. "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.
30. "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.
    
31. "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.
32. "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.
33. "Spreads on Local Currency Loans vs. Spreads on Hard Currency Loans." Mimeo. European Bank for Reconstruction and Development, November 2001.
34. "No 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.
    
35. "The Liquidity Trap in an Open Economy," mimeo, European Bank for Reconstruction and Development, July 2001. For the Figures, click here.
    
36. "The Fallacy of the Fiscal Theory of the Price level, Again," Bank of England Working Paper Series No. 141, July 2001. For an abstract, click here.
"Liquidity Traps: Gesell's Solution," with Nikolaos Panigirtzoglou, mimeo, European Bank for Reconstruction and Development, May 2001. For the Figures, click here.
37. "Monetary Misconceptions." London School of Economics, Centre for Economic Performance, Discussion Paper 469, August 2000.
    
38. "Exchange Rate Regimes for Accession Countries," address given at a luncheon hosted by Deutsche Bank at the EBRD Annual General Meeting in Riga, Latvia, on 21 May 2000.
39. "Money Matters: The Effects of Relative Price Changes, Margin Changes and Productivity changes on Inflation and the Price level." Mimeo. Bank of England, March 2000.
40. "The Fallacy of the Fiscal Theory of the Price Level," NBER Working Paper No. W7302, Aug. 1999 and CEPR Discussion Paper No. 2205, Aug. 1999. For an abstract click here.
    
41. "Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales." Paper expanding a speech. Aberdeen Chamber of Commerce, 27 October 1999.
    
42. "Liquidity Traps: How 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. For an abstract click here.
    
43. "The Concept and Measurement of Domestically Generated Inflation." Mimeo. University of Cambridge, March 1998.
    
44. "The Young Person's Guide to Neutrality, price level indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level," NBER Working Paper No. W6396, Feb. 1998 and CEPR Discussion Paper No. 1799, Mar. 1998.
    
45. "Measuring Fiscal Sustainability," mimeo, University of Cambridge, Aug. 1995.
46. "A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises." With Giancarlo Corsetti and Paolo Pesenti. NBER Working Paper No. 5140, June 1995.
    
47. *"Economic Integration, Scale Effects, Market Structure and Growth," mimeo, Faculty of Economics and Politics, University of Cambridge, Oct. 1994.
    
48. *"International Portfolio Diversification, Regional and Global Growth and Real Interest Rates," mimeo, Faculty of Economics and Politics, University of Cambridge, Oct. 1994.
49. "Indian Public Finance in the 1990s: Challenges and Prospects." With Urjit R. Patel. Economic Growth Center, Yale University, Discussion Paper No. 706, December 1993.
50. "Consistency Checks on the Design of Fiscal, Financial and Monetary Policy," mimeo, Yale University, Revised Jan. 1991 and Oct. 1993, with QPFISMO, (a spreadsheet programme in Quattro Pro to evaluate the consistency of fiscal, financial and monetary plans) and FISMO, (a brief blurb). 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.
51. "Rational Speculative Bubbles in an Exchange Rate Target Zone," with Paolo Pesenti, NBER Working Paper, No. 3467, Oct. 1990, revised June 1993.
52. *"Stabilization and Structural Adjustment in Peru." Mimeo, June 1993.
    
53. "Public Debt in the USA; How Much, How Bad and Who Pays?" Economic Growth Center Discussion Paper No. 684, March 1993.
54. "Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt," with Kenneth M. Kletzer, NBER Working Paper No. 4076, May 1992.
    
55. "Fiscal Policy, Interdependence and Efficiency," with Kenneth M. Kletzer, NBER Working Paper No. 3328, Apr. 1990. For working paper version click here.
    
56. *"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, Sept. 1988, pp. 71-152.
57. "The Current Global Economic Situation, Outlook and Policy Options." CEPR Discussion Paper No. 210, November 1987.
    
58. "Granger-Causality and Policy Ineffectivenesss: A Rejoinder," NBER Technical Working Paper No. 61, October 1986.
    
59. "Macroeconomic Responses by Developing Countries to Changes in External Economic Conditions," NBER Working Paper No. 1836, Apr. 1986.
    
60. "Measuring Aspects of Fiscal and Financial Policy," NBER Working Paper No. 1332, Apr. 1984.
    
61. "Deficits, Crowding Out and Inflation: The Simple Analytics," London School of Economics, Centre for Labour Economics, Discussion Paper No. 143, Dec. 1982.
    
62. "On the Adequacy and Inadequacy of Keynesian Balance-of-Payment Theory: A Rejoinder," with J. Eaton, London School of Economics, Centre for Labour Economics, Discussion Paper No. 138, Nov. 1982.
    
63. *"A Program for Solving and Simulating Discrete Time Linear Rational Expectations Models," with R. Dunn, London School of Economics, Centre for Labour Economics, Discussion Paper No. 127, May 1982.
    
64. "A 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.
    
65. *"The Formulation of Economic Policy: Its Uses and Limitations." Memorandum for The Select Committee on The Treasury and Civil Service." February 1980.
    
66. "Feedback and the Use of Current Information: The Use of General Linear Policy Rules in Rational Expectations Models," NBER Working Paper No. 335, Apr. 1979.
    
67. *"Interest Rates and Expected Inflation: A Note," mimeo, Jan. 1977.
    
68. *"Capacity Constraints, Government Financing and the Short-Run and Long-Run Effects of Fiscal Policy," mimeo, 1976.
    
69. *"Financial Stocks and Flows and the Determination of Short-Run and Long-Run Equilibrium in an Open Economy," Working Papers in International Economics, Princeton University, July 1976.
70. "Economic Policy in Short-Run Models and in Long-Run Equilibrium; A Theoretical Framework and Some Applications", Econometric Research Program Research Memorandum No. 192, December 1975.
71. "The Long-Run Effects of Fiscal Policy", Princeton University Department of Economics Econometric Research Program Research Memorandum No. 187, October 1975.