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Research

Recent Working Papers

  • Liquidity Constraints and Non-Market Clearing: A Recipe for Recession? with Marcus Miller, July 2009
  • Global Re-balancing, June 2009 (A paper given at the conference 'The Global Economy after the Crisis: Macroeconomic and Geopolitical Implications', at the University of Trento, 25-27 June 2009.  Conference web site)
  • Adjustment in Euro-zone Labour and Capital Markets after Ten Years of the Euro: A View from Outside, May 2009
  • Real options with priced regime-switching risk, with Turalay Kenç and Martin Sola, 2009
  • Macroeconomic Theory and the Global Economic Crisis, October 2008
  • Central Banks as Trustees rather than Agents, July 2008 (A paper given at the Conference in Honour of Marcus Miller, University of Warwick, July 2008)
  • Optimal Monetary Policy with a Regime-Switching Exchange Rate in a Forward-Looking Model, with Fernando Alexandre and Pedro Baçao, November 2007, Núcleo de Investigação em Políticas Económicas (NIPE), University of Minho, Portugal, working paper no 26/2007.
  • The Specification of Monetary Policy Inertia in Empirical Taylor Rules, with Zeno Rotondi, revised, September 2006. A more recent version, November 2007, entitled 'Inertia in Taylor Rules', Birkbeck Working Papers in Economics and Finance, no 720, November 2007, may be found here.
  • Exchange Rate Target Zones, September 2006. A draft entry for the New Palgrave Dictionary of Economics 2nd Edition, Steven Durlauf and Lawrence Blume (eds.) Palgrave-MacMillan, forthcoming 2007
  • The Centralization of Wage Bargaining:Revisited. November 2005, revised June 2006. A note prepared for a seminar at the European Institute, London School of Economics, 28th Nov 2005.
  • Monetary Policy and Financial Stability: What Role for the Futures Market? with Zeno Rotondi, Paolo Savona, and Christano Zazzara, March 2005
  • Monetary Policy and Lexicographic Preferences, with Zeno Rotondi, provisional version: May 2003. Revised version circulated as CEPR Discussion Paper 4247, February 2004.
  • On Model Selection and Markov Switching: An Empirical Examination of Term Structure Models with Regime Shifts, with Turalay Kenç, Martin Sola, and Fabio Spagnolo, CEPR Discussion Paper 4165, January 2004.
  • Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem, with Zeno Rotondi, May 2003. Circulated as CEPR Discussion Paper 3923, June 2003.
  • An Empirical Examination of Term Structure Models with Regime Shifts, with Turalay Kenc and Martin Sola, January 2003.
  • Option Pricing and Regime-Switching. Birkbeck College, with Martin Sola, October 2000.
  • No Credit For Transition: Efficiency Wages, the Maastricht Treaty and German Unemployment. University of Warwick, with Marcus Miller, CSGR Working Paper, March 1998.
  • The Term Structure of Interest Rates: Structural Stability and Macroeconomic Policy: Changes in the UK. Tilburg University, CentER Discussion Papers, 1990.

Downloadable working papers are available at the ESRC research project page (Imperfect Financial Markets, Business Cycles and Growth).
Department of Economics, Mathematics and Statistics, Birkbeck, University of London, Malet Street, London WC1E 7HX.