Willem H Buiter
Dados Biográficos
| ID | 951211 |
|---|---|
| NOME | Willem H Buiter |
| PRENOMES | Willem H |
| SOBRENOME | Buiter |
| ASSINATURA | BUITER W H |
| AFILIAÇÕES | London School of Economics and Political Science |
| ORCID | 0000-0002-5974-6291 |
| VERIFICADO | Sim |
| TOTAL DE OBRAS | 27 |
| TOTAL DE CITAÇÕES | 185 |
| TOTAL COMO AUTOR | 27 |
| TOTAL COMO EDITOR | 0 |
| PRIMEIRO ANO DE PUBLICAÇÃO | 1977 |
| ANO MAIS RECENTE DE PUBLICAÇÃO | 2026 |
| ÍNDICE H | 9 |
Gesell's Stamp Scrip in the 21st Century
Gesell's advocacy of possibly deeply negative interest rates on money to stimulate aggregate demand has become highly relevant between the Great Financial Crisis (GFC) of 2007–2010 and the inflationary recovery from the Covid Pandemic in 2021. Central bank policy rates were constrained by the effective lower bound (ELB) on nominal interest rates created by the existence of a monetary asset with a zero rate of interest—paper currency and coins—wit…
The European Central Bank as Lender of Last Resort for Sovereigns in the Eurozone
Country ownership
The term ‘country ownership’ refers to a property of the conditionality attached to programmes, processes, plans, or strategies involving both a ‘domestic’ party (generally a nation state) and a foreign party (generally the IMF, the World Bank, the Regional Development Banks, and other multilateral and bilateral institutions). Under what circumstances and how can the concept of country ownership be relevant to a country with a myriad heterogeneou…
The 'Sense and Nonsense of Maastricht' Revisited
This retrospective argues that old criticisms of the Stability and Growth Pact survive intact, but emphasizes two further features. First, the Pact imposes constraints on national fiscal autonomy, but there are no clear cross-border externalities that warrant debt and deficit limits. Second, the Pact cannot address E(M)U-wide stabilization and the fiscal-monetary policy mix
New Developments in Monetary Economics
Monetary theory and policy are part of intertemporal public finance. The two "ghosts" are the liquidity trap and the real balance effect. The "eccentricities" are negative nominal interest rates and the helicopter drop of money. The "fallacy" is the Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government's intertemporal budget constraint and the general price level. The "mirage" is the prediction that …
James Tobin
Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin's influence on macroeconomic theory is so pervasive - so much part of our professional 'acquis'- that many younger economists often are not even aware that it is his ideas they are elaborating, testing, criticising, refuting or re-inventing. In this Appreciation…
Overcoming the Zero Bound on Nominal interest Rates with Negative Interest on Currency
Journal Article Overcoming the Zero Bound on Nominal interest Rates with Negative Interest on Currency: Gesell's Solution Get access Willem H. Buiter, Willem H. Buiter European Bank for Reconstruction and Development, NBER, CEPR and CEP Search for other works by this author on: Oxford Academic Google Scholar Nikolaos Panigirtzoglou Nikolaos Panigirtzoglou Bank of England Search for other works by this author on: Oxford Academic Google Scholar The…
The Fiscal Theory of the Price Level
Journal Article The Fiscal Theory of the Price Level: A Critique Get access Willem H. Buiter Willem H. Buiter European Bank for Reconstruction and Development, CEPR and NBER Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 112, Issue 481, July 2002, Pages 459–480, https://doi.org/10.1111/1468-0297.00726 Published: 21 August 2002 Article history Received: 01 June 2000 Accepted: 01 August 2001 Pu…
Optimal Currency Areas Scottish Economic Society/Royal Bank of Scotland Annual Lecture, 1999
Microeconomic efficiency and market transparency argue in favour of UK membership in EMU and for Scotland’s membership in the UK monetary union and also in EMU. UK seigniorage (government revenues from money issuance) would be boosted by EMU membership. Lender of last resort arrangements would not be substantially affected by UK membership in EMU. The UK is too small and too open to be an optimal currency area. The same point applies even more em…
The EMU and the Namu
Cet article examine les avantages et inconvénients qui s'expriment dans le débat sur l'union monétaire entre le Canada et les États-Unis.On compare le système actuel avec un taux de change flexible et un niveau cible d'inflation, avec l'adoption unilatérale du dollar américain ainsi qu'avec une union monétaire symmétrique et complète.Au niveau microéconomique, la réduction des coûts de transactions favorise ces deux types d'union.Les considératio…
Alice in Euroland
The article contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is, ‘Great idea, shame about the execution’. A number of improvements are then proposed. Some of these require amending the Treaty, includin…
Generational Accounts, Aggregate Saving and Intergenerational Distribution
Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life‐cycle model of household consumption. Second, even if the life‐cycle model holds, generational accounts ignore the intergenerational redistribution associated with the government's provision of public goods and services and…
Macroeconomic Theory and Stabilization Policy
Journal Article Macroeconomic Theory and Stabilization Policy Get access Macroeconomic Theory and Stabilization Policy. By H. BUITER WILLEM (Manchester: Manchester University Press, 1989. Pp. vi + 377. £35.00 hardback. ISBN 0 7190 2992 9).International Macroeconomics. By H. BUITER WILLEM (Oxford: Clarendon Press, 1990. Pp. viii + 356. £35.00 hardback. ISBN 0 19 828693 7).Principles of Budgetary and Financial Policy. By H. BUITER WILLEM (New York …
Some thoughts on the Brady plan
Death, Birth, Productivity Growth and Debt Neutrality
Journal Article Death, Birth, Productivity Growth and Debt Neutrality Get access Willem H. Buiter Willem H. Buiter Yale University and London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 391, 1 June 1988, Pages 279–293, https://doi.org/10.2307/2233369 Published: 01 June 1988
Rewarding the profligate and punishing the prudent and poor
International Economic Policy Coordination
The Economic Consequences of President Mitterrand
France under Mitterrand Jeffrey Sachs and Charles Wyplosz While French economic performance has not conformed to the enthusiastic promises of early 1981, this paper argues that the widely held view that it has been an unmitigated failure is unwarranted. First, the general deterioration can largely be dated back to the early seventies. Second, the early and unfortunate attempt at a demand-led expansion was both moderate in size and quickly reverse…
International Economic Policy Co-ordination
Journal Article International Economic Policy Co-ordination Get access International Economic Policy Co-ordination. Edited by WILLEM H. BUITER and RICHARD MARSTON. (Cambridge: Cambridge University Press, 1985. Pp. xvi + 386. £27.50 hardback.) John Driffill John Driffill Institute for International Economic Studies, University of Stockholm Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 96, Iss…
Granger-Causality and Policy Effectiveness
It is generally recognized that, if a set of monetary and fiscal policy variables Granger-cause1 economic variables, this does not imply that alternative deterministic rules for determining the values of these policy instruments will alter the joint density function of the variables.2 It has, however, also been asserted that (letting X denote a (suitably restricted) vector of real economic aggregates, g a list of monetary and fiscal policy variab…
Rational Expectations and Econometric Practice
Journal Article Rational Expectations and Econometric Practice Get access Rational Expectations and Econometric Practice. Edited by ROBERT E. LUCAS Jnr and THOMAS J. SARGENT (London: George Allen and Unwin, 1981. Pp. xi + 689. £25.00 hardback, £9.95 paperback.) Willem H. Buiter Willem H. Buiter London School of Economics and Political Science Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93,…
Time Preference and International Lending and Borrowing in an Overlapping-Generations Model
Two economies, represented by Diamond-type overlapping-generations models and differing only in their pure rates of time preference, are joined together. Capital formation, balance-of-payments behavior, and welfare are compared under autarky and openness. With a positive natural rate of growth, the low-time-preference country runs a current account surplus in the steady state but not necessarily outside it. If preexisting capital is not shiftable…
The Superiority of Contingent Rules Over Fixed Rules in Models with Rational Expectations
The paper investigates the robustness of the proposition that in stochastic models contingent or feddback rules dominate fiped or openloop rules. Four arguments in favour of fixed rules are considere`. 1) The presence of an incompetent op malevolent policy maker. 2) A trade-off between flexibility and simplicity or credibility. 3) The New Classical proposition that only unanticipated (stabilization) policy has real effects. 4) The "time-inconsist…
The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics
Journal Article The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics Get access Willem H. Buiter Willem H. Buiter University of Bristol and N.B.E.R. Date of receipt of final typescript: August 1979 Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 90, Issue 357, 1 March 1980, Pages 34–50, https://doi.org/10.2307/2231654 Published: 01 March 1980
Short-Run and Long-Run Effects of External Disturbances under a Floating Exchange Rate
number of ways. Both in the short run and in the long run the model respects the flow of funds and balance sheet identities or stock-flow constraints that characterize all properly specified sequential temporary (or momentary) general equilibrium,1 open-economy models with money and other financial claims. The so-called approach to the balance of payments represents the simple end of the wide spectrum occupied by this class of models.2 The determ…
Alice in Euroland
The article contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is, ‘Great idea, shame about the execution’. A number of improvements are then proposed. Some of these require amending the Treaty, includin…
The European Central Bank as Lender of Last Resort for Sovereigns in the Eurozone
The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics
Journal Article The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics Get access Willem H. Buiter Willem H. Buiter University of Bristol and N.B.E.R. Date of receipt of final typescript: August 1979 Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 90, Issue 357, 1 March 1980, Pages 34–50, https://doi.org/10.2307/2231654 Published: 01 March 1980
Death, Birth, Productivity Growth and Debt Neutrality
Journal Article Death, Birth, Productivity Growth and Debt Neutrality Get access Willem H. Buiter Willem H. Buiter Yale University and London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 391, 1 June 1988, Pages 279–293, https://doi.org/10.2307/2233369 Published: 01 June 1988
The Fiscal Theory of the Price Level
Journal Article The Fiscal Theory of the Price Level: A Critique Get access Willem H. Buiter Willem H. Buiter European Bank for Reconstruction and Development, CEPR and NBER Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 112, Issue 481, July 2002, Pages 459–480, https://doi.org/10.1111/1468-0297.00726 Published: 21 August 2002 Article history Received: 01 June 2000 Accepted: 01 August 2001 Pu…
Time Preference and International Lending and Borrowing in an Overlapping-Generations Model
Two economies, represented by Diamond-type overlapping-generations models and differing only in their pure rates of time preference, are joined together. Capital formation, balance-of-payments behavior, and welfare are compared under autarky and openness. With a positive natural rate of growth, the low-time-preference country runs a current account surplus in the steady state but not necessarily outside it. If preexisting capital is not shiftable…
Country ownership
The term ‘country ownership’ refers to a property of the conditionality attached to programmes, processes, plans, or strategies involving both a ‘domestic’ party (generally a nation state) and a foreign party (generally the IMF, the World Bank, the Regional Development Banks, and other multilateral and bilateral institutions). Under what circumstances and how can the concept of country ownership be relevant to a country with a myriad heterogeneou…
The 'Sense and Nonsense of Maastricht' Revisited
This retrospective argues that old criticisms of the Stability and Growth Pact survive intact, but emphasizes two further features. First, the Pact imposes constraints on national fiscal autonomy, but there are no clear cross-border externalities that warrant debt and deficit limits. Second, the Pact cannot address E(M)U-wide stabilization and the fiscal-monetary policy mix
Rewarding the profligate and punishing the prudent and poor
International Economic Policy Co-ordination
Journal Article International Economic Policy Co-ordination Get access International Economic Policy Co-ordination. Edited by WILLEM H. BUITER and RICHARD MARSTON. (Cambridge: Cambridge University Press, 1985. Pp. xvi + 386. £27.50 hardback.) John Driffill John Driffill Institute for International Economic Studies, University of Stockholm Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 96, Iss…
James Tobin
Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin's influence on macroeconomic theory is so pervasive - so much part of our professional 'acquis'- that many younger economists often are not even aware that it is his ideas they are elaborating, testing, criticising, refuting or re-inventing. In this Appreciation…
Overcoming the Zero Bound on Nominal interest Rates with Negative Interest on Currency
Journal Article Overcoming the Zero Bound on Nominal interest Rates with Negative Interest on Currency: Gesell's Solution Get access Willem H. Buiter, Willem H. Buiter European Bank for Reconstruction and Development, NBER, CEPR and CEP Search for other works by this author on: Oxford Academic Google Scholar Nikolaos Panigirtzoglou Nikolaos Panigirtzoglou Bank of England Search for other works by this author on: Oxford Academic Google Scholar The…
The EMU and the Namu
Cet article examine les avantages et inconvénients qui s'expriment dans le débat sur l'union monétaire entre le Canada et les États-Unis.On compare le système actuel avec un taux de change flexible et un niveau cible d'inflation, avec l'adoption unilatérale du dollar américain ainsi qu'avec une union monétaire symmétrique et complète.Au niveau microéconomique, la réduction des coûts de transactions favorise ces deux types d'union.Les considératio…
Optimal Currency Areas Scottish Economic Society/Royal Bank of Scotland Annual Lecture, 1999
Microeconomic efficiency and market transparency argue in favour of UK membership in EMU and for Scotland’s membership in the UK monetary union and also in EMU. UK seigniorage (government revenues from money issuance) would be boosted by EMU membership. Lender of last resort arrangements would not be substantially affected by UK membership in EMU. The UK is too small and too open to be an optimal currency area. The same point applies even more em…
Generational Accounts, Aggregate Saving and Intergenerational Distribution
Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life‐cycle model of household consumption. Second, even if the life‐cycle model holds, generational accounts ignore the intergenerational redistribution associated with the government's provision of public goods and services and…
Granger-Causality and Policy Effectiveness
It is generally recognized that, if a set of monetary and fiscal policy variables Granger-cause1 economic variables, this does not imply that alternative deterministic rules for determining the values of these policy instruments will alter the joint density function of the variables.2 It has, however, also been asserted that (letting X denote a (suitably restricted) vector of real economic aggregates, g a list of monetary and fiscal policy variab…
Some Unfamiliar Properties of a Familiar Macroeconomic Model
Journal Article Some Unfamiliar Properties of a Familiar Macroeconomic Model Get access Willem H. Buiter, Willem H. Buiter London School of Economics and Princeton University Search for other works by this author on: Oxford Academic Google Scholar H. R. Lorie H. R. Lorie London School of Economics and University of Pennsylvania Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 87, Issue 348, 1 D…
Some thoughts on the Brady plan
Rational Expectations and Econometric Practice
Journal Article Rational Expectations and Econometric Practice Get access Rational Expectations and Econometric Practice. Edited by ROBERT E. LUCAS Jnr and THOMAS J. SARGENT (London: George Allen and Unwin, 1981. Pp. xi + 689. £25.00 hardback, £9.95 paperback.) Willem H. Buiter Willem H. Buiter London School of Economics and Political Science Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93,…
The Superiority of Contingent Rules Over Fixed Rules in Models with Rational Expectations
The paper investigates the robustness of the proposition that in stochastic models contingent or feddback rules dominate fiped or openloop rules. Four arguments in favour of fixed rules are considere`. 1) The presence of an incompetent op malevolent policy maker. 2) A trade-off between flexibility and simplicity or credibility. 3) The New Classical proposition that only unanticipated (stabilization) policy has real effects. 4) The "time-inconsist…
On Two Specifications of Asset Equilibrium in Macroeconomic Models
The continuous version of the end-of-period equilibrium specification is shown to exist when there is a sequence of temporary equilibria. This is also a sufficient condition for the continuous versions of the beginning-of-period and end-of-period specifications to be equivalent. This refutes Foley's contention that perfect foresight is a necessary condition for these results
Some Unfamiliar Properties of a Familiar Macroeconomic Model
Journal Article Some Unfamiliar Properties of a Familiar Macroeconomic Model Get access Willem H. Buiter, Willem H. Buiter London School of Economics and Princeton University Search for other works by this author on: Oxford Academic Google Scholar H. R. Lorie H. R. Lorie London School of Economics and University of Pennsylvania Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 87, Issue 348, 1 D…
Short-Run and Long-Run Effects of External Disturbances under a Floating Exchange Rate
number of ways. Both in the short run and in the long run the model respects the flow of funds and balance sheet identities or stock-flow constraints that characterize all properly specified sequential temporary (or momentary) general equilibrium,1 open-economy models with money and other financial claims. The so-called approach to the balance of payments represents the simple end of the wide spectrum occupied by this class of models.2 The determ…
The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics
Journal Article The Macroeconomics of DR Pangloss A Critical Survey of the New Classical Macroeconomics Get access Willem H. Buiter Willem H. Buiter University of Bristol and N.B.E.R. Date of receipt of final typescript: August 1979 Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 90, Issue 357, 1 March 1980, Pages 34–50, https://doi.org/10.2307/2231654 Published: 01 March 1980
Time Preference and International Lending and Borrowing in an Overlapping-Generations Model
Two economies, represented by Diamond-type overlapping-generations models and differing only in their pure rates of time preference, are joined together. Capital formation, balance-of-payments behavior, and welfare are compared under autarky and openness. With a positive natural rate of growth, the low-time-preference country runs a current account surplus in the steady state but not necessarily outside it. If preexisting capital is not shiftable…
The Superiority of Contingent Rules Over Fixed Rules in Models with Rational Expectations
The paper investigates the robustness of the proposition that in stochastic models contingent or feddback rules dominate fiped or openloop rules. Four arguments in favour of fixed rules are considere`. 1) The presence of an incompetent op malevolent policy maker. 2) A trade-off between flexibility and simplicity or credibility. 3) The New Classical proposition that only unanticipated (stabilization) policy has real effects. 4) The "time-inconsist…
Rational Expectations and Econometric Practice
Journal Article Rational Expectations and Econometric Practice Get access Rational Expectations and Econometric Practice. Edited by ROBERT E. LUCAS Jnr and THOMAS J. SARGENT (London: George Allen and Unwin, 1981. Pp. xi + 689. £25.00 hardback, £9.95 paperback.) Willem H. Buiter Willem H. Buiter London School of Economics and Political Science Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 93,…
Granger-Causality and Policy Effectiveness
It is generally recognized that, if a set of monetary and fiscal policy variables Granger-cause1 economic variables, this does not imply that alternative deterministic rules for determining the values of these policy instruments will alter the joint density function of the variables.2 It has, however, also been asserted that (letting X denote a (suitably restricted) vector of real economic aggregates, g a list of monetary and fiscal policy variab…
The Economic Consequences of President Mitterrand
France under Mitterrand Jeffrey Sachs and Charles Wyplosz While French economic performance has not conformed to the enthusiastic promises of early 1981, this paper argues that the widely held view that it has been an unmitigated failure is unwarranted. First, the general deterioration can largely be dated back to the early seventies. Second, the early and unfortunate attempt at a demand-led expansion was both moderate in size and quickly reverse…
International Economic Policy Co-ordination
Journal Article International Economic Policy Co-ordination Get access International Economic Policy Co-ordination. Edited by WILLEM H. BUITER and RICHARD MARSTON. (Cambridge: Cambridge University Press, 1985. Pp. xvi + 386. £27.50 hardback.) John Driffill John Driffill Institute for International Economic Studies, University of Stockholm Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 96, Iss…
Rewarding the profligate and punishing the prudent and poor
International Economic Policy Coordination
Death, Birth, Productivity Growth and Debt Neutrality
Journal Article Death, Birth, Productivity Growth and Debt Neutrality Get access Willem H. Buiter Willem H. Buiter Yale University and London School of Economics Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 98, Issue 391, 1 June 1988, Pages 279–293, https://doi.org/10.2307/2233369 Published: 01 June 1988
Some thoughts on the Brady plan
Macroeconomic Theory and Stabilization Policy
Journal Article Macroeconomic Theory and Stabilization Policy Get access Macroeconomic Theory and Stabilization Policy. By H. BUITER WILLEM (Manchester: Manchester University Press, 1989. Pp. vi + 377. £35.00 hardback. ISBN 0 7190 2992 9).International Macroeconomics. By H. BUITER WILLEM (Oxford: Clarendon Press, 1990. Pp. viii + 356. £35.00 hardback. ISBN 0 19 828693 7).Principles of Budgetary and Financial Policy. By H. BUITER WILLEM (New York …
Generational Accounts, Aggregate Saving and Intergenerational Distribution
Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life‐cycle model of household consumption. Second, even if the life‐cycle model holds, generational accounts ignore the intergenerational redistribution associated with the government's provision of public goods and services and…
The EMU and the Namu
Cet article examine les avantages et inconvénients qui s'expriment dans le débat sur l'union monétaire entre le Canada et les États-Unis.On compare le système actuel avec un taux de change flexible et un niveau cible d'inflation, avec l'adoption unilatérale du dollar américain ainsi qu'avec une union monétaire symmétrique et complète.Au niveau microéconomique, la réduction des coûts de transactions favorise ces deux types d'union.Les considératio…
Alice in Euroland
The article contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is, ‘Great idea, shame about the execution’. A number of improvements are then proposed. Some of these require amending the Treaty, includin…
Optimal Currency Areas Scottish Economic Society/Royal Bank of Scotland Annual Lecture, 1999
Microeconomic efficiency and market transparency argue in favour of UK membership in EMU and for Scotland’s membership in the UK monetary union and also in EMU. UK seigniorage (government revenues from money issuance) would be boosted by EMU membership. Lender of last resort arrangements would not be substantially affected by UK membership in EMU. The UK is too small and too open to be an optimal currency area. The same point applies even more em…
The Fiscal Theory of the Price Level
Journal Article The Fiscal Theory of the Price Level: A Critique Get access Willem H. Buiter Willem H. Buiter European Bank for Reconstruction and Development, CEPR and NBER Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 112, Issue 481, July 2002, Pages 459–480, https://doi.org/10.1111/1468-0297.00726 Published: 21 August 2002 Article history Received: 01 June 2000 Accepted: 01 August 2001 Pu…
James Tobin
Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin's influence on macroeconomic theory is so pervasive - so much part of our professional 'acquis'- that many younger economists often are not even aware that it is his ideas they are elaborating, testing, criticising, refuting or re-inventing. In this Appreciation…
Overcoming the Zero Bound on Nominal interest Rates with Negative Interest on Currency
Journal Article Overcoming the Zero Bound on Nominal interest Rates with Negative Interest on Currency: Gesell's Solution Get access Willem H. Buiter, Willem H. Buiter European Bank for Reconstruction and Development, NBER, CEPR and CEP Search for other works by this author on: Oxford Academic Google Scholar Nikolaos Panigirtzoglou Nikolaos Panigirtzoglou Bank of England Search for other works by this author on: Oxford Academic Google Scholar The…
New Developments in Monetary Economics
Monetary theory and policy are part of intertemporal public finance. The two "ghosts" are the liquidity trap and the real balance effect. The "eccentricities" are negative nominal interest rates and the helicopter drop of money. The "fallacy" is the Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government's intertemporal budget constraint and the general price level. The "mirage" is the prediction that …
The 'Sense and Nonsense of Maastricht' Revisited
This retrospective argues that old criticisms of the Stability and Growth Pact survive intact, but emphasizes two further features. First, the Pact imposes constraints on national fiscal autonomy, but there are no clear cross-border externalities that warrant debt and deficit limits. Second, the Pact cannot address E(M)U-wide stabilization and the fiscal-monetary policy mix
Country ownership
The term ‘country ownership’ refers to a property of the conditionality attached to programmes, processes, plans, or strategies involving both a ‘domestic’ party (generally a nation state) and a foreign party (generally the IMF, the World Bank, the Regional Development Banks, and other multilateral and bilateral institutions). Under what circumstances and how can the concept of country ownership be relevant to a country with a myriad heterogeneou…
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