Archived Research

US Debt Issuance since 1951 and the Fallacy of Issuing Floating Rate Notes

w/Manmohan Singh, Vox Europa 14 May 2012,


Central Bank Reserve Creation in the Era of Negative Money Multipliers

w/Manmohan Singh, Vox Europa 7 May 2012,


Money and Collateral (with Manmohan Singh) IMF Working Paper 12/95, April 2012


Governance and Monetary Policy Decision-Making at the ECB

(w/ Jerome Vandenbussche), in The European Central Bank at 10, edited by Jakob de Haan and Helge Berger. Published by Springer Verlag, 2010.


Central Bank Financial Strength and Macroeconomic Policy Performance, in

The Capital Needs of Central Banks, edited by Sue Milton and Peter Sinclair. Routledge International Studies in Money and Banking, 2010.


Minimising Monetary Policy

Bank for International Settlements Working Paper #330, 2010


The Transformation of the Federal Reserve System Balance Sheet and its Implications in Lessons from the Financial Crisis: Causes, Consequences and Our Economic Future

Edited by Robert W. Kolb. Published by John Wiley and Sons, 2010.


The Federal Reserve System Balance Sheet: What Happened and Why it Matters,

IMF Working Paper 09/120, 2009.


Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn (w/Alexandre Chailloux, Simon Gray, Ulrich Kluh, and Seiichi Shimizu)

IMF Working Paper 08/120, 2008.


Issues in Central Bank Finance and Independence

(with Ake Lonnberg) IMF Working Paper 08/37, 2008.


Central Bank Financial Strength, Policy Constraints and Inflation

IMF Working Paper 08/49, 2008.


Central Bank Financial Strength and Policy Performance: An Econometric Evaluation

(with Ulrich Klueh), IMF Working Paper 08/176, 2008.


Central Bank Financial Independence and Policy Credibility

IMF Staff Papers, Special Section (contributing editor), Volume 52, Number 2, 2005.


Why Central Banks Need Financial Strength

Central Banking, Volume XIV, Number 2, November 2003.

Transparency and Ambiguity in Central Bank Safety Net Operations (with Charles Enoch and May Khamis), IMF Working Paper 97/138, 1997


Do Central Banks Need Capital?

IMF Working Paper 97/83, 1997.


Amalgamating Central Bank and Fiscal Deficits (with David J. Robinson)

In How to Measure the Fiscal Deficit edited by Blejer and Cheasty, IMF, 1993


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