(For full biography)


   Born: October 15, 1943

   Family Status: Married, three children

   Degrees: B.Sc. (Econ) London University, 1965 (London School of Economics)

M.Sc. (Econ) London University, 1966 (London School of Economics)

Ph.D. Massachusetts Institute of Technology, 1969

Doctor Honoris Causa, Tbilisi State University, Georgia, 1996

Doctor Honoris Causa, Ben Gurion University, Israel 1998

Doctor Honoris Causa, Tel Aviv University, 2001

Doctor Honoris Causa, University of Sofia, Bulgaria, 2004


Governor, Bank of Israel, May 2005–Present

Vice Chairman, Citigroup, February 2002–April 2005

Chairman of Country Risk Committee, Citigroup, 2002–2005

President, Citigroup International, 2002–2004

Head, Public Sector Client Group, Citigroup, February 2004–2005

First Deputy Managing Director, International Monetary Fund, 1994–2001

Head, Department of Economics, M.I.T., 1993–1994

Elizabeth and James Killian Class of 1926 Professor, M.I.T., 1992–1995

Professor, Department of Economics, M.I.T., 1977–1999

Vice President, Development Economics and Chief Economist World Bank, January 1988–August 1990

Associate Professor, Department of Economics, M.I.T. 1973–77

Assistant Professor, Department of Economics, University of Chicago, 1970–73

Postdoctoral Fellow, Department of Economics, University of Chicago, 1969–70

Instructor, Department of Economics, M.I.T., 1969

Adjunct Senior Fellow, Council on Foreign Relations, 1994

Director, World Economy Laboratory, M.I.T., 1991–1993

Max Bogen Visiting Professor of Economics, Hebrew University, Jerusalem, 1984

Visiting Scholar, Hoover Institution, 1981–82

Fellow, Institute for Advanced Studies, Hebrew University, Jerusalem, 1976–77

Visiting Senior Lecturer, Department of Economics, Hebrew University, Jerusalem, 1972

   Activities and
Honorary Fellow, London School of Economics

Research Associate, National Bureau of Economic Research

Fellow of the Econometric Society

Fellow, American Academy of Arts and Sciences

Member, Council on Foreign Relations

Member, Group of 30

Guggenheim Fellow

Member, Financial Stability Forum Chairman's Advisory Council, 2002–

Member, Board of Directors, Institute for International Economics, 2002–

Member, International Advisory Board, New Economic School, Moscow, 2002–

Member, Board of Directors, Women's World Banking, 2003–

Member, Board of Trustees, International Crisis Group, 2004–

Vice-President, American Economic Association, 1995

Member, Executive Committee of the American Economic Association,

Chairman, Fellowship Committee, Gasparini Institute for Economic Research, Milan, Italy, 1990–1994.

Honorary Adviser, Institute for Monetary and Economic Studies, Bank of Japan, 1987–1994

Member, Board of Trustees, Hebrew University, Jerusalem, 1986–1994.

Member, Visiting Committee of MIT Economics Department, 2003–

Member, Advisory Council of the Woodrow Wilson School, Princeton University, 1990–1994.

Member, Visiting Committee, Kennedy School of Government, Harvard University, 1991–1997

Member, Board of Trustees, Falk Institute for Economic Research in Israel, 1987–1998

Member, Academic Advisory Council, Federal Reserve Bank of New York, 1992–1994; 2002–

Member, Academic Advisory Council, Congressional Budget Office, 1993–1994.

Member, Brookings Panel on Economic Activity, 1981–82, 1991–92.

Member, Panel for Economic Policy, 1992–93.

Member, National Science Foundation Economics Panel, 1978–80.

Consultant: U.S. Treasury, U.S. State Department, World Bank, International Monetary Fund, Bank of Israel.

   Books: Macroeconomics, ninth edition, McGraw Hill, 2004, with R. Dornbusch and R. Startz.

IMF Essays From A Time of Crisis: The International Financial System, Stabilization, and Development, M.I.T. Press, 2004.

Lectures on Macroeconomics, M.I.T. Press, 1989, with O. Blanchard.

Economics, second edition, McGraw-Hill, New York, 1987, with R. Dornbusch and R. Schmalensee.

Indexing, Inflation, and Economic Policy, (Collected papers), M.I.T. Press, 1986.

Editor of Securing Peace in the Middle East: Project on Economic Transition, (with L. Hausman, A. Karasik, and T. Schelling), M.I.T. Press, 1994.

Editor of The Economics of Middle East Peace, (with Dani Rodrik and Elias Tuma), M.I.T. Press, 1993.

Editor of Monetary Theory and Thought: Essays in Honor of Don Patinkin, (with Haim Barkai and Nissan Liviatan), Macmillan, London, 1993.

Editor of Adjustment Lending Revisited, (with Vittorio Corbo and Steven Webb), World Bank, 1992.

Editor of Economic Reform in Sub-Saharan Africa, (with A. Chhibber), World Bank, 1991.

Editor of Lessons of Economic Stabilization and Its Aftermath, (with M. Bruno, E. Helpman, N. Liviatan and L. Meridor), M.I.T. Press, 1990.

Editor of Inflation Stabilization (with P. Aspe, M. Bruno and R. Dornbusch), M.I.T. Press, 1988.

Editor of Macroeconomics and Finance: Essays in Honor of Franco Modigliani, (with R. Dornbusch and J. Bossons), M.I.T. Press, 1987.

Editor of Rational Expectations and Economic Policy, University of Chicago Press, 1980.

   Journals:Editor, NBER Macroeconomics Annual, 1986 to 1994; (1989–93, joint with O. Blanchard; 1994, joint with J. Rotemberg).

Associate Editor, Journal of Monetary Economics, 1975–1994; member Advisory Board, 1995–

Member, Editorial Advisory Board, The World Economy, 1990–

Member, Editorial Board, Journal of Policy Reform, 1994–

Associate Editor, Journal of Comparative Economics, 1994–

Associate Editor, Journal of Economic Perspectives, 1986–88.

Associate Editor, Econometrica, 1975–1987.

Associate Editor, Journal of Economic Literature, 1982–1984.

Associate Editor, Journal of Money, Credit and Banking, 1973–5.

Associate Editor, Journal of Economic Theory, 1973–75.

   Articles: "Assets, Contingent Commodities and the Slutsky Equation," Econometrica, (March 1972), 371–86.

"Money, Income, Wealth and Welfare," Journal of Economic Theory, (April 1972), 289–312.

"Simulation of Monetary Rules in the FRB-M.I.T.-Penn Model," (with J.P. Cooper), Journal of Money Credit and Banking, (May 1972), 384–96.

"International Capital Movements Along Balanced Growth Paths: Comments and Extensions," (with J.A. Frenkel), Economic Record, (June 1972), 266–71.

"Investment, The Two Sector Model, and Trade in Debt and Capital Goods," (with J.A. Frenkel), Journal of International Economics, (August 1972), 211–34.

"Stabilization Policy and Lags: Summary and Extension," (with J.P. Cooper), Annals of Economic and Social Measurement, (October 1972), 407–18.

"Stochastic Simulation of Monetary Rules in Two Macro- Econometric Models," (with J.P. Cooper), Journal of the American Statistical Association, (December 1972), 750–60.

"Keynes-Wicksell and Neoclassical Models of Money and Growth," American Economic Review, (December 1972), 880–90.

"A Life Cycle Model of Life Insurance Purchases," International Economic Review, (February 1973), 274-77.

"The Use of the Secant Method in Econometric Models," (with J.P. Cooper), Journal of Business, (April 1973), 274–77.

"Stabilization Policy and Lags," (with J.P. Cooper), Journal of Political Economy, (July/August 1973), 847–77.

"Monetary and Fiscal Policy in the Fully Stochastic St. Louis Model," (with J.P. Cooper), Journal of Money, Credit and Banking, (February 1974), 1–22.

"Interest Rate Equalization and Patterns of Production, Trade and Consumption in a Two-Country Model of Economic Growth," (with J.A. Frenkel), Economic Record, (December 1974), 555–80.

"Economic Growth and Stages of the Balance of Payments: A Theoretical Model," (with J.A. Frenkel), in Trade, Stability and Macroeconomics, Essays in Honor of Lloyd A. Metzler, George Horwich and Paul Samuelson (eds.), Academic Press, 1974.

"Money and the Production Function," Economic Inquiry, (December 1974), 517–33.

"A Method of Stochastic Control of Non-Linear Models and an Application," (with J.P. Cooper), Econometrica, (January 1975), 147–62.

"Recent Developments in Monetary Theory," American Economic Review, Papers and Proceedings, (May 1975), 157–66.

"The Demand for Index Bonds," Journal of Political Economy, (June 1975), 509-34. (Reprinted in M. Sarnat (ed.), Inflation and Capital Markets, Ballinger, 1978.)

"Recent Developments in Monetary Theory," (with R.J. Barro), Journal of Monetary Economics, (April 1976), 133-84. (This is an extended version of my paper of the same title in May 1975 AER.)

"An Analysis of Alternative Nonstandard Mortgages," (with R.A. Cohn) in Conference Series #14, F. Modigliani and D. Lessard, (eds.), Federal Reserve Bank of Boston, 1976.

"Long-Term Contracts, Rational Expectations and the Optimal Money Supply Rule," Journal of Political Economy, (February 1977), 191-206. (Reprinted in R. Lucas and T. Sargent (eds.), Rational Expectations and Econometric Practice, University of Minnesota Press, 1981.

"Stability and Exchange Rate Systems in a Monetarist Model of the Balance of Payments," in Political Economy of Monetary Reform, R.Z. Aliber (ed.), Macmillan, 1977.

"Wage Indexation and Macro-Economic Stability," in Stabilization of the Domestic and International Economy, Vol. 5 in Carnegie-Rochester Public Policy Series, North-Holland, 1977. 107–148.

"Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods," (with R. Dornbusch and P.A. Samuelson), American Economic Review, (December 1977), 823–39.

"On the Non-Existence of Privately Issued Index Bonds in the United States Capital Market," in Inflation Theory and Anti-Inflation Policy, Erik Lundberg (ed.), Macmillan, 1977. (Reprinted in R. Dornbusch and M. Simonsen (eds.) Inflation, Debt and Indexation, M.I.T. Press 1983.)

"Call Option Pricing When the Exercise Price is Uncertain, and the Valuation of Index Bonds," Journal of Finance, (March 1978), 169–76.

"Towards an Understanding of the Real Effects and Costs of Inflation," (with F. Modigliani), Weltwirtschaftliches Archiv, (1978), 810–32.

"Anticipations and the Non-Neutrality of Money," Journal of Political Economy, (April 1979), 225–52.

"Capital Accumulation on the Transition Path in a Monetary Optimizing Model," Econometrica, (November 1979), 1433–40.

"Sterling and the External Balance," (with R. Dornbusch), in Britain's Economic Prospects Revisited, Richard Caves and Lawrence Krause (ed.), Brookings Institution, 1980.

"Dynamic Inconsistency, Co-Operation, and the Benevolent Dissembling Government," Journal of Economic Dynamics and Control, 2, 1980, 93–107.

"The Heckscher-Ohlin Trade Model with a Continuum of Goods," (with R. Dornbusch and P.A. Samuelson), Quarterly Journal of Economics, XCV, 2 (Sept. 1980), 960–71.

"On Activist Monetary Policy with Rational Expectations," in S. Fischer, (ed), Rational Expectations and Economic Policy, University of Chicago Press, 1980, 211–235.

"Exchange Rates and the Current Account," (with R. Dornbusch), American Economic Review, 71, 5 (December 1980), 90–71.

"Is There a Real-Balance Effect in Equilibrium?", Journal of Monetary Economics, 8, 1 (July 1981), 25–40.

"Inventories, Rational Expectations, and the Business Cycle," (with A. Blinder), Journal of Monetary Economics, 8, 3 (November 1981), 277–304.

"Budget Deficits and Inflation," (with R. Dornbusch), Development in an Inflationary World, M.J. Flanders and A. Razin (eds.), Academic Press, 1981.

"Monetary Policy in Israel," Bank of Israel Bulletin (in Hebrew), (July 1981), 3–21, (in English) Bank of Israel Economic Review (May 1982), 5–30.

"Towards an Understanding of the Costs of Inflation: II," in Karl Brunner and Allan H. Meltzer, (eds.), The Costs and Consequences of Inflation, Carnegie-Rochester Conference Series on Public Policy, Vol. 15, (Autumn 1981), North-Holland, 5–42.

"Relative Shocks, Relative Price Variability, and Inflation," Brookings Papers on Economic Activity, 2, 1981, 381–431.

"Relative Price Variability and Inflation in the United States and Germany," European Economic Review, 18, (1982), 171–196.

"Inflation, Unemployment, and Public Opinion Polls," (with J. Huizinga), Journal of Money, Credit, and Banking (February 1982), Vol. 14, 1, 1–19.

"Seigniorage and the Case for a National Money," Journal of Political Economy (April 1982), Vol. 90, 2, 295–313.

"Adapting to Inflation in the United States Economy," in Robert E. Hall (ed), Inflation: Causes and Effects, University of Chicago Press, 1982, 169-189.

"Stabilization Policy for Israel" (with J A. Frenkel), Economics Quarterly, (Hebrew) 29, 114 (Sept.), 246–255.

"Seigniorage and Fixed Exchange Rates: An Optimal Inflation Tax Analysis," in R. Dornbusch and M. Obstfeld, (eds), Developing Countries in the World Financial Markets, 1982.

"Indexing and Inflation," Journal of Monetary Economics (Nov. 1983), 12, 4, 519–542; also (in Portuguese) in M. Simonsen (ed), Inflation in the World Economy, 1982.

"A Framework for Monetary and Banking Analysis," Economic Journal, Conference Papers, March 1983, pp. 1–16.

"Investing for the Short and the Long Term," in Zvi Bodie and John Shoven (eds), Financial Aspects of the United States Pension System, University of Chicago Press, 1983, 153–174.

"The SDR and the IMF: Toward a World Central Bank?" in George van Furstenberg, (ed), International Money and Credit: The Policy Roles, IMF, 1983, 179–200.

"Welfare Aspects of Government Issue of Indexed Bonds," in Rudiger Dornbusch and Mario Henrique Simonsen (eds), Inflation, Debt, and Indexation, M.I.T. Press, 1983, 223–246.

"Inflacion y Crecimiento," (Inflation and Growth), Cuadernos de Economia, (Dec. 1983), 20, 61, 267–278 (Sidrauski Memorial Lecture).

"The Economy of Israel," in Carnegie–Rochester Conference Series on Public Policy, Vol. 20, Spring 1984.

"Macroeconomics and Finance: The Role of the Stock Market," (with R. Merton), in Carnegie-Rochester Conference Series on Public Policy, Vol. 21, 1984.

"The Australian Macro-Economy," (with R. Dornbusch), in R. Caves and L. Krause (eds), The Australian Economy, Brookings Institution, 1984.

"The Benefits of Price Stability," in Price Stability and Public Policy, Federal Reserve Bank of Kansas City, 1984.

"Supply Shocks, Wage Stickiness, and Accommodation," Journal of Money, Credit, and Banking, 17, 1, (Jan. 1985), 1–15.

"Israeli Inflation and Indexation," in J. Williamson, ed., Inflation and Indexation: Argentina, Brazil and Israel, Institute for International Economic Affairs, 1985.

"Contracts, Credibility and Disinflation", in V. Argy and J.W. Nevile (eds.) Inflation and Unemployment: Theory, Experience and Policy-Making, Allen and Unwin, 1985.

"The World Debt Problem: Origins and Prospects," (with R. Dornbusch), Journal of Development Planning, 16 (1985), 57–82.

"Stopping Hyperinflations Past and Present", (with R. Dornbusch), Weltwirtschaftliches Archiv, Vol. 122 (1), 1986, 1–47.

"Monetary Rules and Commodity Money Schemes Under Uncertainty", Journal of Monetary Economics, 17 (1) (Jan. 1986), 21–36.

"Friedman versus Hayek on Private Money: Review Essay", Journal of Monetary Economics, 17 (3), (May 1986), 433–440.

"Issues in Medium-Term Macroeconomic Adjustment", World Bank Research Observer, 1 (2), (July 1986), 163–182.

"1944, 1963, and 1985", in R. Dornbusch, S. Fischer and J. Bossons (eds), Macroeconomics and Finance: Essays in Honor of Franco Modigliani, M.I.T. Press, 1986.

"The Inflationary Process: Shocks and Accommodation" (with M. Bruno) in Y. Ben-Porath (ed), The Israeli Economy, Harvard University Press, 1986.

"Third World Debt", (with R. Dornbusch), Science, Vol. 234, (Nov. 1986), 836-841.

"Sharing the Burden of the International Debt Crisis" AER Papers and Proceedings, May 1987, 165–170.

"The Israeli Stabilization Program 1985-86", AER Papers and Proceedings, May 1987, 275–278.

"Paul Samuelson", in The New Palgrave, 1987, Vol. 4, 234–241.

"The New Classical Macroeconomics", in The New Palgrave, 1987, Vol. 3, 647–651.

"International Capital Flows and the World Debt Problem" (with R. Dornbusch), in A. Razin and E. Sadka (eds), Economic Policy in Theory and Practice . Macmillan, 1987.

"Monetary Policy", in R. Dornbusch and R. Layard (eds), The Performance of the British Economy, Oxford University Press, 1987.

"Devaluation and Inflation", in R. Dornbusch and F.L.C.H. Helmers (eds), The Open Economy, Oxford University Press, 1988.

"International Macroeconomic Policy Coordination", in M. Feldstein (ed), International Economic Co-Operation, University of Chicago Press, 1988.

"Real Balances, the Exchange Rate, and Indexation: Real Variables in Disinflation", in Quarterly Journal of Economics, (Feb 1988), 27–50.

"Monetary Policy and Performance in the U.S., Japan and Europe, 1973–86", in Y. Suzuki and M. Okabe (eds), Toward a World of Economic Stability, University of Tokyo Press, 1988. (Reprinted in Finanzmarkt und Portfolio Management, 2,4, 1988.)

"Recent Developments in Macroeconomics", Economic Journal (June 1988), 294–339.

"Economic Development and the Debt Crisis", in The International Monetary System and Economic Development, Drager Foundation, Nomos Press, Baden-Baden 1988.

"Resolving the International Debt Crisis," in J. Sachs (ed), Developing Country Debt and Economic Performance, Volume 1, University of Chicago Press, l989.

"Should Governments Learn to Live with Inflation?" (with L. Summers), American Economic Review Papers and Proceedings (May 1989), 382–387.

"El Ajuste Estructural: Una Vision Global", Revista Incae, Vol. III, No. 1, (1989), 7–16

"Factor Mobility and the International Monetary System", Bank of Japan, Monetary and Economic Studies, (August 1989), 15–24.

"Seigniorage, Operating Rules, and the High Inflation Trap", (with M. Bruno), Quarterly Journal of Economics (May 1990), 353–374.

"Managing the Debt Crisis in the 1990s", (with I. Husain), Finance and Development, (June 1990), 24–27.

"The Economics of the Government Budget Constraint", (with W. Easterly), World Bank Research Observer, (July 1990), 127–142.

"Rules versus Discretion in Monetary Policy", in B. Friedman and F. Hahn, (eds), Handbook of Monetary Economics, North-Holland, 1990.

"Growth, Macroeconomics, and Development", NBER Macroeconomics Annual, 1991, 329–363.

"Economic Reform in the USS and the Role of Aid", Brookings Papers on Economic Activity, 1991, 2, 289–302.

"The Process of Socialist Economic Transformation" (with A. Gelb), Journal of Economic Perspectives, (Fall 1991), 91–106. (Also published in P. Marer and S. Zecchini (eds) The Transition to a Market Economy, Volume 1, OECD, 1991; and in Polish in Ekonomista, 1991, 2–3.)

"Lessons from Moderate Inflations", in Bank of Japan Monetary and Economic Studies, 10, 1 (Feb 1992), 21–34. (Reprinted in K. Shigehara (ed), Price Stabilization in the 1990s, Macmillan, 1993.)

"Macroeconomic Issues of Soviet Reform" (with J. Frenkel), American Economic Review, Papers and Proceedings, 82, 2 (May), 37–42.

"Stabilization and Economic Reform in Russia", Brookings Papers on Economic Activity, 1992, 1, 77–112. (Reprinted in A. Solimano, O. Sunkel and M. Blejer (eds), Rebuilding Capitalism, University of Michigan Press, 1994.)

"Adjustment Programmes and World Bank Support: Rationale and Main Results", (with V. Corbo), in P. Mosley (ed), Development Finance and Policy Reform, St. Martin's Press, 1992.

"Privatization in East European Transformation", in C. Clague and G.C. Rausser (eds), The Emergence of Market Economies in Eastern Europe, Blackwell, 1992.

"Macroeconomic Stability and Growth", Cuadernos de Economia, No. 87 (Aug. 1992), 171–186.

"Crescita:il ruolo dei fattori macroeconomici", Rivista di Politica Economica, 82, 3 (Dec. 1992), 477–508. (Translation of "Growth: The Role of Macroeconomic Factors.")

"Moderate Inflation" (with R. Dornbusch), World Bank Economic Review, 7, 1 (Jan. 1993), 1–44 (also published in Economia Mexicana, 1, 1 (January–June 1992), 5–70, in Spanish).

"Socialist Economy Reform: Lessons of the First Three Years", American Economic Review Papers and Proceedings, 83, 2 (May 1993), 390–395.

"Prospects for Regional Integration in the Middle East", in J. de Melo and A. Panagariya (eds), New Dimensions in Regional Integration . Cambridge University Press, 1993.

"The Role of Macroeconomic Factors in Growth", Journal of Monetary Economics, 32, 3 (Dec. 1993), 485-512.

"Building Palestinian Prosperity", Foreign Policy, 93, Winter 1993–94, 60–75.

"Prospects for Russian Stabilization in the Summer of 1993", in A. Aslund (ed), Economic Transformation in Russia . London: Pinter Publishers, 1994.

"Russia and the Soviet Union Then and Now", in Olivier J. Blanchard et al, The Transition in Eastern Europe . University of Chicago Press, 1994.

"Lessons from the Chilean Stabilization and Recovery" (with V. Corbo), in B. Bosworth, R. Dornbusch and R. Laban (eds), The Chilean Economy. Washington, DC: Brookings Institution, 1994.

"The Costs and Benefits of Disinflation", in J. Wijnholds, S. Eijffinger and L. Hoogduin (eds), A Framework for Monetary Stability . Boston: Kluwer, 1994.

"International Capital Flows, the International Agencies, and Financial Stability", Bank of Japan Monetary and Economic Studies, 12, 1 (July) 1994, 17–34.

"Modern Central Banking", in Forrest Capie (et al) The Future of Central Banking. Cambridge: Cambridge University Press, 1994.

"How Independent Should a Central Bank Be?" (with Guy Debelle), in Goals, Guidelines, and Constraints Facing Monetary Policymakers, Federal Reserve Bank of Boston, Conference Series No. 38 (1994).

"Growth: The Role of Macroeconomic Factors", in M. Baldassari (ed), International Differences in Growth Rates . New York: St. Martin's Press, 1994, 441-469.

"Central-Bank Independence Revisited", American Economic Review, Papers and Proceedings, 85, 2 (May) 1995, 201-206.

"The IMF and the World Bank at Fifty", in H. Genberg (ed), The International Monetary System . Heidelberg: Springer-Verlag, 1995, 171-200.

"The Unending Search for Monetary Salvation", NBER Macroeconomics Annual, 1995, 275-286.

"The Soviet Economic Decline" (with William Easterly), World Bank Economic Review, 9, 3 (Sept. 1995), 341-372.

"The United States Role in the Israeli Stabilization Program", (in Hebrew), Economic Quarterly (Tel Aviv), 42, 4 (December 1995), 589-597.

"Robert Lucas's Nobel Memorial Prize", Scandinavian Journal of Economics, 98, 1 (March 1996), 11-31.

"Stabilization and Growth in Transition Economies: The Early Experience", (with R. Sahay and C. Végh) Journal of Economic Perspectives, 10, 2 (Spring 1996), 45-66.

"Economies in Transition: The Beginnings of Growth", American Economic Review Papers and Proceedings, (May 1996), 229-233.

"Why Are Central Banks Pursuing Long-Run Price Stability?", in Achieving Price Stability, Federal Reserve Bank of Kansas City, 1996, 7-34.

"Don Patinkin", The Economic Quarterly (Hebrew), April 1997, 62-65.

"Applied Economics in Action: IMF Programs", American Economic Review Papers and Proceedings, (May 1997), 23-27.

"How Far is Eastern Europe from Brussels?" (with R. Sahay and C. Végh), in H. Siebert (ed), Quo Vadis Europe?, Tübingen: J.C.B. Mohr (1997), 97-145.

"Ending Moderate Inflations" (with D. Burton), in C. Cottarelli and G. Szapáry (eds), Moderate Inflation: The Experience of Transition Economie s. Washington, DC: IMF and National Bank of Hungary (1998), 15-96.

"Surveillance, International Banking Standards and the Role of the International Monetary Fund", (with Carl-Johan Lindgren), BNL Quarterly Review, Special Issue (March 1998).

"Capital-Account Liberalization and the Role of the IMF", Should the IMF Pursue Capital-Account Convertibility? . Princeton: Princeton University, Essays in International Finance No. 207, (May 1998), 1-10.

"The Asian Crisis: a View from the IMF", Journal of International Financial Management & Accounting . Oxford, UK: Blackwell Publishers, (June 1998), 167-176

"Conditionality, Selectivity and IFI Lending" (with Allan Drazen) The Economic Quarterly (in Hebrew), 45, 3-4 (December 1998), 624-636

"On the Need for an International Lender of Last Resort", Journal of Economic Perspectives . Fall 1999, Volume 13, Number 4, 85-104

"Reforming the International Financial System", Economic Journal . 109 (November 1999), F557-F576

"Strengthening the International Financial System: Key Issues" (with D. Citrin), World Development . Volume 28, Number 6 (June 2000), 1133-1142

"Is MENA a Region? The Scope for Regional Integration" (with M. El-Erian), in J.W. Wright Jr. and Laura Drake (eds), Economic and Political Impediments to Middle East Peace . London: Macmillan Press (2000), 70-86

"Inflation and the Poor" (with W. Easterly), Journal of Money, Credit and Banking . Volume 33, No. 2 (May 2001, Part 1), 160-178

"Exchange Rate Regimes: Is the Bipolar View Correct?" Journal of Economic Perspectives . Spring 2001, Volume 15, Number 2, 3-24. (A shortened version is published in Finance and Development (June 2001), 18-21)

"Ecuador and the International Monetary Fund", in Alberto Alesina and Robert J. Barro (eds), Currency Unions . Stanford, Hoover Institution Press (2001), 1-10.

"Ten Years of Transition: Looking Back and Looking Forward", Transition Economies: How Much Progress? Washington, D.C.: IMF Staff Papers, Volume 48 (2001), 1-8

"Economic Challenges in Israel", (in Hebrew), Economic Quarterly (Tel Aviv), 48, 4 (December 2001), 507-511.

"Strengthening Crisis Prevention: The Role of Contingent Credit Lines", in Banco de Mexico Stabilization and Monetary Policy: The International Experience. (May 2002), 61-76.

"Israeli Inflation from an International Perspective" (with D.W.H. Orsmond), in Avi Ben-Bassat (ed.), The Israel Economy, 1985 - 1998: From Government Intervention to Market Economics. Cambridge: MIT Press (2002), 157-188.

"Modern Hyper- and High Inflations" (with R. Sahay and C. Végh), Journal of Economic Literature. September 2002, Volume XL, Number 3, 837-880.

"Financial Crises and Reform of the International Financial System", Review of World Economics. Springer-Verlag Press, Volume 139, Number 1 (2003), 1-37.

"Globalization and Its Challenges", American Economic Review Papers and Proceedings, (May 2003), 1-32.

"Financial Crisis: Review of Eichengreen and Tirole", Journal of Economic Literature. December 2004, Volume XLII, Number 4, 1094-1097.


With others, "The Educational Opportunity Bank: An EconomicAnalysis of a Contingent Repayment Loan Program for Higher Education," National Tax Journal, (March 1968), 2-45.

"The Brookings Model: Some Further Results," Journal of Economic Literature, (September 1970), Review.

"Puzzles and Problems: Substitution and Complementarity," Journal of Political Economy, (September/October 1971), 1178-1179.

"A Neoclassical Monetary Growth Model: Comment," Journal of Money, Credit and Banking, (May 1973), 704-706.

"Comments on Tobin and Buiter," in Monetarism, J. Stein (ed.), North-Holland, 1976.

"Comments," in Henry J. Aaron (ed), Inflation and the Income Tax, Brookings Institution, 1976, 145-147.

"Comment on R. Dornbusch," in Scandinavian Journal of Economics, 78, 1976, No. 2, 276-279.

"Long-Term Contracts, Sticky Prices, and Monetary Policy: A. Comment," Journal of Monetary Economics, (J Karl Brunner and Allan H. Meltzer, (eds.), Policies for Employment, Prices, and Exchange Rates, Carnegie-Rochester Conference Series, Vol. 11, (1979), North Holland, 169-176.

Book Review of J. Niehans, The Theory of Money, Zeitschrift fur die Gesamte Staatswissenschaft, Vol. 135, No. 2, June 1979.

Comments on Sachs, Brookings Papers on Economic Activity, 1981, 1, 273-280.

"Comments on the Chapters by Fama, Friend and Hasbrouck, and Modigliani and Cohn," in M. Sarnat and G. Szego (eds.), Saving, Investment, and Capital Markets in an Inflationary Economy, Ballinger Publishing Co., 1982, 167-174.

Comments on Taylor, Brookings Papers on Economic Activity, 1982, 1, 102-105.

"Indexation," in Douglas Greenwald (ed), Encyclopedia of Economics, McGraw Hill, 1982, 499-503.

Comments on "The Effects of Risk on Interest Rates: A Synthesis of the Macroeconomic and Financial Views," in R. Hawkins, R. Levich and C. Wihlborg (eds), Research in International Business and Finance, Jai Press Inc., Vol. 3, 1982, 321-325.

"Comments on Nordhaus," in J. Tobin (ed), Macroeconomics, Prices and Quantities, Brookings Institution, 1983, 267-276.

"Comments on Lucas and Stokey," Journal of Monetary Economics, (July 1983), 12, 1, 95-100.

Comments on Shiller, Brookings Papers on Economic Activity, 1984, 2, 499-504.

"The Problem of Disinflation," Zeitschrift fur Wirtschafts und Sozialwissenschaten, 105, 2/3, (1985), 123-131.

Comments on Sachs, Brookings Papers on Economic Activity, (1985), 1, 186-190.

"Comments on Driffill," Scandinavian Journal of Economics, 87, 2 (1985), 327-331.

Symposium on Exchange Rates, Trade, and Capital Flows: Summary, Brookings Papers on Economic Activity, 1986 (1), 227-232.

"Comments on Meltzer", in C. Campbell and W. Dougan (eds), Alternative Monetary Regimes. Baltimore, MD: Johns Hopkins University Press, 161-167.

"Miguel Sidrauski", in The New Palgrave, 1987, Vol.4, 329-330.

"Comments on Sargent and Wallace", in A. Razin and E. Sadka (eds), Economic Policy in Theory and Practice. MacMillan (1987). 203-207.

Comments on Greenwald and Stiglitz, Brookings Papers on Economic Activity, 1988, I, 265-267.

"Comments on Miller and Williamson", European Economic Review, 3, 1988.

"Symposium on the Slowdown in Productivity Growth: Introduction", Journal of Economic Perspectives, Fall, 1988.

"The Key Question is the Bargaining", in R. Dornbusch, J. Makin and D. Zlowe (eds), Alternative Solutions to Developing Country Debt Problems, American Enterprise Institute, 1989.

"Comments on Mullins and Wadhwani", European Economic Review, 1989, 5, 956-959.

"Recent Developments in the Problem of the External Debt of Developing Countries", Rivista Di Politica Economica, August 1989.

Comments on Kenen, in W. Branson, J. Frenkel, and M. Goldstein (eds), International Policy Coordination and Exchange Rate Fluctuations, University of Chicago Press, 1990.

"Eastern Europe's Transition", in Challenge (Sept/Oct 1990), 6-8.

Comments on Williamson, in J. Williamson (ed), Latin American Adjustment, Institute for International Economics, 1990.

Comments on Lipton and Sachs, in Brookings Papers on Economic Activity, I, 1990, 134-138.

Comments on Dornbusch, Sturzenegger and Wolf, in Brookings Papers on Economic Activity, 1990, II, 65-68.

"Soviet Aid and Its Coordination", International Economic Insights.

"Agricultural Reform in the Soviet Crisis", Choices, fourth quarter 1991, p14.

"Overview: The Conventional Wisdom and the New Growth Theory", in Federal Reserve Bank of Kansas City, Policies for Long-Run Economic Growth, 1992, 231-236.

Comments on Edwards, in M. Bordo and B. Eichengreen (eds), A Retrospective on the Bretton Woods System, University of Chicago Press, 1993, 456-458.

Comments on the Bretton Woods system, in M. Bordo and B. Eichengreen (eds), A Retrospective on the Bretton Woods System, University of Chicago Press, 1993, 593-597.

Comments on Eichengreen, in Economic Policy, 17, Oct. 1993, 347-350.

Comments on inflation stabilization, in N. Liviatan (ed), Proceedings of a Conference on Currency Substitution and Currency Boards, World Bank Discussion Paper # 207, Oct. 1993.

Comments on Boycko, Shleifer and Vishny, in Brookings Papers on Economic Activity, 1993, 2, 182-184.

Comments on Sachs and Woo, in Economic Policy, 18, April 1994, 131-135.

Comments on Dornbusch and Werner, in Brookings Papers on Economic Activity, 1994, 1, 303-309.

Comments on Nordhaus, in Brookings Papers on Economic Activity, 1994, 2, 206-211.

Comments on Bean, in Federal Reserve Bank of Kansas City, Reducing Unemployment, 1994, 133-137.

Comments on Sachs and Warner, in Brookings Papers on Economic Activity, 1995, 1, 100-105.

"Second-Generation Issues in Transition", Annual Bank Conference on Development Economics, World Bank, 1995, 364-367.

Comments on Aslund, Boone, and Johnson, in Brookings Paper on Economic Activity, 1996, 1, 292-298.

"Summing Up" in Calvo and Goldstein (eds), Private Capital Flows to Emerging Markets After the Mexican Crisis, Institute for International Economics, 1996, 321-325.

"Lessons from East Asia and the Pacific Rim", Brookings Papers on Economic Activity, 1996 (2), 345-350.

Comments on Campbell and Shiller, in NBER Macroeconomics Annual, 1996, 197-201.

Comments on Crockett, "Why Is Financial Stability a Goal of Public Policy", in Maintaining Financial Stability in a Global Economy. A Symposium Sponsored by the Fed. Res. Bank of Kansas City, Aug. 1997, 37-45.

"In Memoriam: A Tribute to Michael Bruno", in Annual World Bank Conference on Development Economics, 1997, 11-13.

"In Defense of the IMF: Specialized Tools for a Specialized Task", in Foreign Affairs, July/August 1998, 103-106.

"Michael Bruno", The Economic Quarterly (in Hebrew), 45, 3-4 (December 1998), 488-489.

"Comment on Feldstein", pp 40-43, in M. Feldstein (ed), The Costs and Benefits of Price Stability. Chicago: University of Chicago Press, 1999.

"Comment on Currency Crises", pp 453-458, in M. Feldstein (ed), International Capital Flows. Chicago and London: University of Chicago Press, 1999.

"Overview", in New Challenges for Monetary Policy. A Symposium Sponsored by the Federal Reserve Bank of Kansas City, August, 1999, 389-395

"Comment on The End of Stabilization", in G. L. Perry and J. Tobin (eds), Economic Events, Ideas, and Policies. Brookings Institution (2000), 99-104.

"Proposals and IMF Actions to Reduce the Frequency of Crises", in E. S. Rosengren and J. S. Jordan (eds), Building an Infrastructure for Financial Stability.

Federal Reserve Bank of Boston (June 2000), 223-227.

"Overview", in Global Economic Integration: Opportunities and Challenges. A Symposium Sponsored by the Federal Reserve Bank of Kansas City, August, 2000, 311-318.

"Interview: Stanley Fischer", in Central Banking, XII, 2, November 2001, 33-39.

"What I Learned at the IMF", Newsweek International, December 2001-February 2002, 86-87.

Comment on "Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration", in J. Frankel and P. Orszag (eds.), American Economic Policy in the 1990s. Cambridge, Massachusetts: MIT Press, 2002.

"Opening Remarks: The IMF and the Financial Sector", in O. Johnson (ed.), Financial Risks, Stability, and Globalization. Washington, D.C.: International Monetary Fund, 2002.

"Basel II: Risk Management and Implications for Banking in Emerging Market Countries" in Proceedings of the 12th International Conference of Banking Supervisors. Cape Town: South Africa, September 16-20, 2002, pp. 26-33.

Comment on "IMF Stabilization Programs", in Martin Feldstein (ed.), Economic and Financial Crises in Emerging Market Economies. National Bureau of Economic Research, Chicago: University of Chicago Press, 2003.

"Comments on Kletzer," India Policy Forum 2004, Brookings Institution Press, 264-267.

   Reports, etc: World Bank: Responsibility for

World Development Report, 1988, 1989, 1990

Report on Adjustment Lending, I, 1988, II, 1990

Report on Trade Policy Reform, 1989

Participated in joint (IMF, IBRD, OECD, EBRD) study of the Soviet economy, 1990.

   Other: "The Determinants and Effects of Changes in Interest Rates," (with R. Dornbusch), prepared for the Trustees of the Banking Research Fund Association of Reserve City Bankers, 1979.

"Savings, Capital Formation, and Social Security," March 1980. Prepared for the National Commission on Social Security.

"Inflation, Monetary Policy, and Gradualism in the U.S. in the 1970's," July 1981. Prepared for the Conference on Problems of Fiscal and Monetary Policies in the U.S. and Japan.

"The Economics of Deflation," in Shock Therapy or Gradualism, Group of Thirty, Occasional Paper #8, 1981.

"The Administration's Budget Message," Testimony to the Senate Budget Committee, February 1983.

"The Inflation Outlook," delivered at Federal Reserve Board Academic Consultants' Meeting, May 1983.

"The Budget and the Economy," Testimony to the Senate Budget Committee, February 1984.

"The Israeli Supplementary Aid Request," Congressional Testimony, April 1985.

"International Debt and the Baker Plan," Testimony to Joint Economic Committee, January 1986.

"Resolving the International Debt and Growth Crises", presented at State Department conference, February 1986.

"Macroeconomic Policy Research," Report in National Research Council, The Behavioral and Social Sciences: Achievements and Opportunities, National Academy Press, 1988.

"Socialist Economy Reform," presented at Federal Reserve Board Academic Consultants' Meeting, June 1990.

"Soviet Economic Reform and the Role of the West," Testimony to the Senate Foreign Relations Subcommittee on European Affairs, June 1991.

"Window of Opportunity" ("The Grand Bargain"), Soviet Reform Plan.

"The Israeli Loan Guarantees," Testimony to the Foreign Operations Subcommittee of the House Appropriations Committee, February 1992.

Securing Peace in the Middle East: Project on Economic Transition (Co-chair of Steering Committee), Institute for Social and Economic Policy in the Middle East, Kennedy School, June 1993.

"Manna in the Promised Land", The International Economy, Jan/Feb 1994, 26-29, 61.

"Living on Borrowed Time: Lessons of the Soviet Economy's Collapse", (with William Easterly) Transition (World Bank), 5, 4 (April 1994), 1-3.

Interview, in B. Snowdon, H. Vane and P. Wynarczyk (eds), A Modern Guide to Macroeconomics . Aldershot, England: Edward Elgar, 1994.

"The Free Trade Path to Mideast Peace", The Senior Economist, Nov. 1994, 3-5.

Interview on the Middle East peace process, in WorldLink, Nov/Dec 1994, 8-13.

"Higher Rates", A Symposium of Views, in The International Economy, Feb. 1995, 21-22.

"The IMF's New Blueprint", in The Banker, June 1995, 14-16.

Interview, in IMF Staff News, June 1995, 1-4.

"Have Global Markets Become Too Powerful", A Symposium of Views, in The International Economy, July/Aug. 1995, 33-34.

Comments on the IMF and the Environment, Finance & Development, Dec. 1995, 48.

"Structural Adjustment Lessons from the 1980s", in Daniel M. Schydlowsky (ed), Structural Adjustment: Retrospect and Prospect . Westport, CT: Praeger. 21-31.

"What Useful Role can the SDR Play in the Evolving Global Economy", IMF Survey, April 1, 1996, 105-107.

"Central Banking: The Challenges Ahead--Maintaining Price Stability", Finance and Development, (December 1996), 34-37.

"Central Banking: The Challenges Ahead--Financial System Soundness", Finance & Development, (March 1997), 14-16.

"Currency Boards: What Have We Learned?", in G. Perry (ed), Currency Boards and External Shocks, World Bank, (1997) 19-22.

"Emerging Markets: The Outlook, and the Role of the Fund", delivered at the Spring Membership Meeting of the Institute for International Finance, April 1997.

"Banking Soundness and the Role of the Fund", in C. Enoch and J. H. Green (eds), Banking Soundness and Monetary Policy: Issues and Experiences in the Global Economy . Washington, DC: IMF, (1997), 22-34.

"The Asian Crisis Countries and International System Improvements", Berlin 1998: The Annual Meeting of the Trilateral Commission, (1998), 3-9.

Il Messaggero, Rome, Italy, monthly, Jan 1990 - Dec 1993

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