Professor of Economics
MA (Cambridge), PhD (Princeton)
- International macroeconomics
- Role of financial market imperfections in business cycles and growth
- Liquidity when it Matters: QE and Tobin's Q, with Marcus Miller, Oxford Economic Papers, 2013.
- Handling Liquidity Shocks: QE and Tobin's Q, with Marcus Miller, pp.108-116 in Interest Rates, Asset Prices and Liquidity: Lessons from the Financial Crisis, Jagjit Chadha and Sean Holly (eds.), Cambridge: Cambridge University Press, October 2011
- Liquidity When it Matters Most: QE and Tobin's Q, with Marcus Miller, CEPR Discussion Paper no 8511, August 2011.
- The Future of Macroeconomics: Introductory Remarks (pp. 1-4) and General Discussion (pp. 36-38), The Manchester School, vol. 79, Supplement Issue s2, September 2011.
- Bubbles in Exchange Rates and Monetary Policy, with Fernando Alexandre and Pedro Bação, Scottish Journal of Political Economy, vol.58 no 1, Feb 2011, pp. 29-50
- Beyond the Dollar: Re-Thinking the International Monetary System. Editor, with Paola Subacchi. Chatham House, March 2010.
- Model Selection of Markov Switching Interest Rates, with Turalay Kenç, Martin Sola and Fabio Spagnolo, Studies in Nonlinear Dynamics & Econometrics, Volume 13.1, 2009.
- Exchange Rate Target Zones, The New Palgrave Dictionary of Economics, Eds. Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan, 2008
- The Centralization of Wage Bargaining Revisited: What Have We Learned? Journal of Common Market Studies, vol. 44 no 4, November 2006, 731-756.
- Target Zones for Exchange Rates and Policy Changes, with Martin Sola, Journal of International Money and Finance, vol. 25 no 6, October 2006, 912-931. Working paper version including appendix.
- Credibility of Optimal Monetary Delegation: A Comment, with Zeno Rotondi, American Economic Review, vol. 96 no 4, September 2006, 1361-1366. Typescript, including appendix
- Monetary Policy and Financial Stability: What Role for the Futures Market? with Zeno Rotondi, Paolo Savona, and Christano Zazzara, Journal of Financial Stability, vol. 2 no 1, April 2006, 95-112.
- Investment Under Uncertainty with Stochastically Switching Profit Streams: Entry and Exit over the Business Cycle, with Marzia Raybaudi and Martin Sola, Studies in Non-linear Dynamics and Econometrics, volume 7 issue 1 article 1, 2003.
- Growth and Finance, The Manchester School, vol. 71 no 4, Special Issue 2003, 363-380.
- What moves OECD real interest rates?, with Andrew Snell, Journal of Money, Credit and Banking, vol. 35 no 3, June 2003, 375 - 402.
- No Credit for Transition: European Institutions and German Unemployment, with Marcus Miller, Scottish Journal of Political Economy, vol. 50 no 1, February 2003, 41-60.
- The Order of Financial Liberalization: Lessons from the Polish Experience, with Tomasz Mickiewicz, in Emilio Colombo and John Driffill (eds.) The Role of Financial Markets in the Transition Process, Physica-Verlag: Heidelberg, 2003, pp13-41.
- The Role of Financial Markets in the Transition Process, Emilio Colombo and John Driffill (eds.) Physica-Verlag: Heidelberg, 2003.
- Inflation Targeting, Exchange Rate Volatility, and International Policy Co-ordination, with Fernando Alexandre and Fabio Spagnolo, The Manchester School, vol. 70, no 4, Special Issue, 2002, pp 546-569.
- Economics, J. Stiglitz and J. Driffill, W. W. Norton and Co (New York and London), 2000.
- Testing the Present Value Hypothesis from a Vector Autoregression with Stochastic Regime-Switching, with M. Sola, in Philip Rothman (ed), Non-Linear Time-Series Analysis of Economic and Financial Data, Kluwer Academic Press, 1999, 209-229.
- On Testing the Expectations Model of the Term Structure Using Instrumental Variables, with Z. Psaradakis and M. Sola, International Journal of Finance and Economics, 3, 1998, 321-325.
- Intrinsic Bubbles and Regime Switching, with M. Sola, Journal of Monetary Economics, vol 42, October 1998, 357-373.
- A resolution of some paradoxical empirical results on the term structure of interest rates, with Z Psaradakis and M Sola, Oxford Bulletin of Economics and Statistics, vol 59 no 1, Feb 1997, 29-42.