(For full biography)
|| October 15, 1943
| Family Status:
Married, three children
B.Sc. (Econ) London University, 1965 (London School
M.Sc. (Econ) London University, 1966 (London School
Ph.D. Massachusetts Institute of Technology, 1969
Doctor Honoris Causa, Tbilisi State University,
Doctor Honoris Causa, Ben Gurion University, Israel
Doctor Honoris Causa, Tel Aviv University, 2001
Doctor Honoris Causa, University of Sofia, Bulgaria, 2004
Governor, Bank of Israel, May 20052013
Vice Chairman, Citigroup, February 2002April 2005
Chairman of Country Risk Committee, Citigroup, 20022005
President, Citigroup International, 20022004
Head, Public Sector Client Group, Citigroup, February 20042005
First Deputy Managing Director, International Monetary Fund, 19942001
Head, Department of Economics, M.I.T., 19931994
Elizabeth and James Killian Class of 1926 Professor,
Professor, Department of Economics, M.I.T., 19771999
Vice President, Development Economics and Chief
Economist World Bank, January 1988August 1990
Associate Professor, Department of Economics, M.I.T.
Assistant Professor, Department of Economics, University
of Chicago, 197073
Postdoctoral Fellow, Department of Economics, University
of Chicago, 196970
Instructor, Department of Economics, M.I.T., 1969
Adjunct Senior Fellow, Council on Foreign Relations,
Director, World Economy Laboratory, M.I.T., 19911993
Max Bogen Visiting Professor of Economics, Hebrew
University, Jerusalem, 1984
Visiting Scholar, Hoover Institution, 198182
Fellow, Institute for Advanced Studies, Hebrew University,
Visiting Senior Lecturer, Department of Economics,
Hebrew University, Jerusalem, 1972
| Activities and
Honorary Fellow, London School of Economics
Research Associate, National Bureau of Economic
Fellow of the Econometric Society
Fellow, American Academy of Arts and Sciences
Member, Council on Foreign Relations
Member, Group of 30
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
Chairman, Fellowship Committee, Gasparini Institute
for Economic Research, Milan, Italy, 19901994.
Honorary Adviser, Institute for Monetary and Economic
Studies, Bank of Japan, 19871994
Member, Board of Trustees, Hebrew University, Jerusalem, 19861994.
Member, Visiting Committee of MIT Economics Department, 2003
Member, Advisory Council of the Woodrow Wilson School,
Princeton University, 19901994.
Member, Visiting Committee, Kennedy School of Government,
Harvard University, 19911997
Member, Board of Trustees, Falk Institute for Economic
Research in Israel, 19871998
Member, Academic Advisory Council, Federal Reserve
Bank of New York, 19921994; 2002
Member, Academic Advisory Council, Congressional
Budget Office, 19931994.
Member, Brookings Panel on Economic Activity, 198182,
Member, Panel for Economic Policy, 199293.
Member, National Science Foundation Economics Panel,
Consultant: U.S. Treasury, U.S. State Department,
World Bank, International Monetary Fund, Bank of Israel.
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; (198993, joint with O. Blanchard; 1994, joint with J.
Associate Editor, Journal of Monetary Economics,
19751994; member Advisory Board, 1995
Member, Editorial Advisory Board, The World Economy,
Member, Editorial Board, Journal of Policy Reform,
Associate Editor, Journal of Comparative Economics,
Associate Editor, Journal of Economic Perspectives,
Associate Editor, Econometrica, 19751987.
Associate Editor, Journal of Economic Literature,
Associate Editor, Journal of Money, Credit and
Associate Editor, Journal of Economic Theory,
"Assets, Contingent Commodities and the Slutsky
Equation," Econometrica, (March 1972), 37186.
"Money, Income, Wealth and Welfare," Journal
of Economic Theory, (April 1972), 289312.
"Simulation of Monetary Rules in the FRB-M.I.T.-Penn
Model," (with J.P. Cooper), Journal of Money Credit and
Banking, (May 1972), 38496.
"International Capital Movements Along Balanced
Growth Paths: Comments and Extensions," (with J.A. Frenkel),
Economic Record, (June 1972), 26671.
"Investment, The Two Sector Model, and Trade
in Debt and Capital Goods," (with J.A. Frenkel), Journal
of International Economics, (August 1972), 21134.
"Stabilization Policy and Lags: Summary and
Extension," (with J.P. Cooper), Annals of Economic and Social
Measurement, (October 1972), 40718.
"Stochastic Simulation of Monetary Rules in
Two Macro- Econometric Models," (with J.P. Cooper), Journal
of the American Statistical Association, (December 1972), 75060.
"Keynes-Wicksell and Neoclassical Models of
Money and Growth," American Economic Review, (December
"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
"Stabilization Policy and Lags," (with
J.P. Cooper), Journal of Political Economy, (July/August
"Monetary and Fiscal Policy in the Fully Stochastic
St. Louis Model," (with J.P. Cooper), Journal of Money,
Credit and Banking, (February 1974), 122.
"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
"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
"Money and the Production Function," Economic
Inquiry, (December 1974), 51733.
"A Method of Stochastic Control of Non-Linear
Models and an Application," (with J.P. Cooper), Econometrica,
(January 1975), 14762.
"Recent Developments in Monetary Theory,"
American Economic Review, Papers and Proceedings, (May 1975),
"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,
"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
"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), 16976.
"Towards an Understanding of the Real Effects
and Costs of Inflation," (with F. Modigliani), Weltwirtschaftliches
Archiv, (1978), 81032.
"Anticipations and the Non-Neutrality of Money,"
Journal of Political Economy, (April 1979), 22552.
"Capital Accumulation on the Transition Path
in a Monetary Optimizing Model," Econometrica, (November
"Sterling and the External Balance," (with
R. Dornbusch), in Britain's Economic Prospects Revisited,
Richard Caves and Lawrence Krause (ed.), Brookings Institution,
"Dynamic Inconsistency, Co-Operation, and the
Benevolent Dissembling Government," Journal of Economic
Dynamics and Control, 2, 1980, 93107.
"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), 96071.
"On Activist Monetary Policy with Rational
Expectations," in S. Fischer, (ed), Rational Expectations
and Economic Policy, University of Chicago Press, 1980, 211235.
"Exchange Rates and the Current Account,"
(with R. Dornbusch), American Economic Review, 71, 5 (December
"Is There a Real-Balance Effect in Equilibrium?",
Journal of Monetary Economics, 8, 1 (July 1981), 2540.
"Inventories, Rational Expectations, and the
Business Cycle," (with A. Blinder), Journal of Monetary
Economics, 8, 3 (November 1981), 277304.
"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), 321, (in English) Bank of
Israel Economic Review (May 1982), 530.
"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,
"Relative Shocks, Relative Price Variability,
and Inflation," Brookings Papers on Economic Activity,
2, 1981, 381431.
"Relative Price Variability and Inflation in
the United States and Germany," European Economic Review,
18, (1982), 171196.
"Inflation, Unemployment, and Public Opinion
Polls," (with J. Huizinga), Journal of Money, Credit, and
Banking (February 1982), Vol. 14, 1, 119.
"Seigniorage and the Case for a National Money,"
Journal of Political Economy (April 1982), Vol. 90, 2, 295313.
"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.),
"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, 519542; 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. 116.
"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,
"The SDR and the IMF: Toward a World Central
Bank?" in George van Furstenberg, (ed), International Money
and Credit: The Policy Roles, IMF, 1983, 179200.
"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, 223246.
"Inflacion y Crecimiento," (Inflation
and Growth), Cuadernos de Economia, (Dec. 1983), 20, 61,
267278 (Sidrauski Memorial Lecture).
"The Economy of Israel," in CarnegieRochester
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),
"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
"Stopping Hyperinflations Past and Present",
(with R. Dornbusch), Weltwirtschaftliches Archiv, Vol. 122
(1), 1986, 147.
"Monetary Rules and Commodity Money Schemes
Under Uncertainty", Journal of Monetary Economics, 17
(1) (Jan. 1986), 2136.
"Friedman versus Hayek on Private Money: Review
Essay", Journal of Monetary Economics, 17 (3), (May
"Issues in Medium-Term Macroeconomic Adjustment",
World Bank Research Observer, 1 (2), (July 1986), 163182.
"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
"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, 165170.
"The Israeli Stabilization Program 1985-86",
AER Papers and Proceedings, May 1987, 275278.
"Paul Samuelson", in The New Palgrave,
1987, Vol. 4, 234241.
"The New Classical Macroeconomics", in
The New Palgrave, 1987, Vol. 3, 647651.
"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,
"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
"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), 2750.
"Monetary Policy and Performance in the U.S.,
Japan and Europe, 197386", in Y. Suzuki and M. Okabe (eds),
Toward a World of Economic Stability, University of Tokyo
Press, 1988. (Reprinted in Finanzmarkt und Portfolio Management,
"Recent Developments in Macroeconomics",
Economic Journal (June 1988), 294339.
"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), 382387.
"El Ajuste Estructural: Una Vision Global",
Revista Incae, Vol. III, No. 1, (1989), 716
"Factor Mobility and the International Monetary
System", Bank of Japan, Monetary and Economic Studies,
(August 1989), 1524.
"Seigniorage, Operating Rules, and the High
Inflation Trap", (with M. Bruno), Quarterly Journal of Economics
(May 1990), 353374.
"Managing the Debt Crisis in the 1990s",
(with I. Husain), Finance and Development, (June 1990), 2427.
"The Economics of the Government Budget Constraint",
(with W. Easterly), World Bank Research Observer, (July 1990),
"Rules versus Discretion in Monetary Policy",
in B. Friedman and F. Hahn, (eds), Handbook of Monetary Economics,
"Growth, Macroeconomics, and Development",
NBER Macroeconomics Annual, 1991, 329363.
"Economic Reform in the USS and the Role of
Aid", Brookings Papers on Economic Activity, 1991, 2,
"The Process of Socialist Economic Transformation"
(with A. Gelb), Journal of Economic Perspectives, (Fall 1991),
91106. (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, 23.)
"Lessons from Moderate Inflations", in
Bank of Japan Monetary and Economic Studies, 10, 1 (Feb 1992),
2134. (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), 3742.
"Stabilization and Economic Reform in Russia",
Brookings Papers on Economic Activity, 1992, 1, 77112. (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
"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), 171186.
"Crescita:il ruolo dei fattori macroeconomici",
Rivista di Politica Economica, 82, 3 (Dec. 1992), 477508.
(Translation of "Growth: The Role of Macroeconomic Factors.")
"Moderate Inflation" (with R. Dornbusch),
World Bank Economic Review, 7, 1 (Jan. 1993), 144 (also
published in Economia Mexicana, 1, 1 (JanuaryJune 1992), 570,
"Socialist Economy Reform: Lessons of the First
Three Years", American Economic Review Papers and Proceedings,
83, 2 (May 1993), 390395.
"Prospects for Regional Integration in the
Middle East", in J. de Melo and A. Panagariya (eds), New
Dimensions in Regional Integration . Cambridge University Press,
"The Role of Macroeconomic Factors in Growth",
Journal of Monetary Economics, 32, 3 (Dec. 1993), 485-512.
"Building Palestinian Prosperity", Foreign
Policy, 93, Winter 199394, 6075.
"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
"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, 1734.
"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)
"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),
"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),
"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.
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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.
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"Recent Developments in the Problem of the
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Comments on Kenen, in W. Branson, J. Frenkel, and
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"Eastern Europe's Transition", in Challenge (Sept/Oct 1990), 6-8.
Comments on Williamson, in J. Williamson (ed), Latin
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Comments on Dornbusch, Sturzenegger and Wolf, in
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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,
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Comments on inflation stabilization, in N. Liviatan
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"Proposals and IMF Actions to Reduce the Frequency
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"Opening Remarks: The IMF and the Financial Sector",
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| Reports, etc:
World Bank: Responsibility
World Development Report, 1988, 1989, 1990
Report on Adjustment Lending, I, 1988, II,
Report on Trade Policy Reform, 1989
Participated in joint (IMF, IBRD, OECD, EBRD) study
of the Soviet economy, 1990.
"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,
"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,
"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
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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,
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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.
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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,
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A Symposium of Views, in The International Economy, July/Aug.
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& Development, Dec. 1995, 48.
"Structural Adjustment Lessons from the 1980s",
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and Prospect . Westport, CT: Praeger. 21-31.
"What Useful Role can the SDR Play in the Evolving
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"Central Banking: The Challenges Ahead--Maintaining
Price Stability", Finance and Development, (December
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System Soundness", Finance & Development, (March
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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.
Messaggero, Rome, Italy, monthly, Jan 1990 - Dec 1993