Mr. Blanchard is the Economic Counselor, and Director of the Research Department of the International Monetary Fund. He is also a Class of 1941 Professor at the Massachusetts Institute of Technology.

Fluent In: French.

Education:

1977: Ph.D. (Economics), Massachusetts Institute of Technology

1972: DES (Economics)

Previous Experience:

2008-Present:
International Monetary Fund
Economic Counselor, and Director, Research Department

1994-Present (on leave):
Class of 1941 Professor, Massachusetts Institute of Technology

Past positions:
Visiting Scholar, Russell Sage Foundation (2004)
Chairman, Department of Economics, Massachusetts Institute of Technology (1998-2003)
Visiting Taussig Professor, Harvard University (1997-1998)
Professor, Massachusetts Institute of Technology (1985-1993)
Associate Professor, Massachusetts Institute of Technology (1983-1985)
Associate Professor, Harvard University (1981-1983)
Assistant Professor, Harvard University (1977-1981)
Instructor, Massachusetts Institute of Technology (1977)

Current Position:

Membre du Conseil d'Analyse Economique aupres du Premier Ministre, Paris, since 1997

Davidson Institute Research Fellow, since 1997

Academic Advisory Panel, Federal Reserve Bank of Boston, since 1995

Member, American Academy of Arts and Sciences, since 1990

Member, Brookings Panel on Economic Activity, since 1986

Fellow, Econometric Society, since 1985

National Science Foundation grants, since 1979

Research Associate, National Bureau of Economic Research, since 1982

IMF Books and Working Papers:

Rethinking Macro Policy II: Getting Granular, Staff Discussion Notes No. 13/3, April 15, 2013

Labor Market Policies and IMF Advice in Advanced Economies during the Great Recession, Staff Discussion Notes No. 13/2, March 29, 2013

Growth Forecast Errors and Fiscal Multipliers, Working Paper No. 13/1, January 03, 2013

(Why) Should Current Account Balances Be Reduced?, Staff Discussion Notes No. 11/3, March 01, 2011

Rethinking Macroeconomic Policy, Staff Position Note No. 2010/3, February 12, 2010

The Crisis: Basic Mechanisms and Appropriate Policies, Working Paper No. 09/80, April 01, 2009

Other IMF Publications

“Current Account Deficits in Rich Countries,” Mundell Fleming lecture, IMF Staff Papers, September 2007, Vol. 2, pp. 191-219

"Federalism with and without political centralization: China versus Russia", 2001, IMF Staff Papers, Volume 48, pp. 171-180 (with Andrei Shleifer)

Other/Non-IMF Publications

Restoring Europe's Prosperity; Macroeconomic Papers from the Centre for European Policy Studies, 1986, MIT Press (with Rudiger Dornbusch and Richard Layard)

Lectures on Macroeconomics, 1989, MIT Press (with Stanley Fischer)

World Imbalances, 1989, Wider World Economy Group Report, WIDER

Reform in Eastern Europe, Wider World Economy Group 1990 Report, 1991, WIDER and MIT Press

Competitive disinflation, the Mark, and fiscal policies in Europe, 1993, International Policy Group at OFCE, Oxford University Press

Spanish unemployment; is there a solution?, CEPR group on Spanish Unemployment, CEPR, 1995

East-West Migration, Wider World Economy Group, 1991 report, WIDER and MIT Press, 1992; also in Italian, Est-Ovest: la Grande Migrazione, Edizioni die Comunita, Milano, 1994

Pour l'Emploi et Cohesion Sociale, International Policy Group at OFCE, Presse de la Fondation Nationale des Sciences Politiques, 1994

The Transition in Eastern Europe, editor with Kenneth Froot and Jeffrey Sachs, Volumes I and II, NBER and University of Chicago Press, 1994

Taux d'interet et Chomage, International Policy Group at OFCE, Presse de la Fondation Nationale deSciences Politiques, 1993

Post Communist Reform, Wider World Economy Group 1992 report, 1993, WIDER and MIT Press

East-West Migration, Wider World Economy Group, 1991 report, WIDER and MIT Press, 1992; also in Italian, Est-Ovest: la Grande Migrazione, Edizioni die Comunita, Milano, 1994

L’Europe declassee? Collection En Temps Reel, Flammarion, Paris, 2005 (with Jean Pisani-Ferry and Charles Wyplosz)

Le Sursaut. Vers une nouvelle croissance pour la France,” 2004 (Rapport Camdessus), La Documentation Francaise (Member of the groupe de travail)

La Protection de l’Emploi, La Documentation Francaise, September 2003 (with Jean Tirole, Conseil d’Analyse Economique)

The Consequences of saying no, An independent report on the economic consequences of saying no to the euro, London, May 2003 (with David Begg and others)

Monitoring the European Central Bank: Defining a Macroeconomic Framework for the Euro Area, CEPR, 2001 (with Alberto Alesina, Jordi Gali, Francesco Giavazzi, and Harald Uhlig)

La disocupazione in Europa: Il ruolo degli shock e delle istituzioni, Lezioni Paolo Baffi di Moneta e Finanza, Banca d'Italia, Edizioni dell'Elefante, Roma, 1999

Macroeconomic Policy in the first year of Euroland, First Annual CEPS Report on the European Economy of the CEPS Macroeconomic Policy Group, December 1998 (with Daniel Gros, Guido Tabellini, Hans-Werner Sinn, Gilles Saint-Paul, Michael Emerson and Thomas Mayer)

Croissance et Chomage with Jean-Paul Fitoussi, Rapport au Conseil d’Analyse Economique, Paris, La Documentation Francaise, Janvier 1998, also as ”La croissance pour vaincre le chomage; Elements d’une nouvelle politique,” Notes de la Fondation Saint-Simon, Mars 1998

The Economics of Post-Communist Transition, Clarendon Lectures, Oxford University Press, Oxford, July 1997

Macroeconomics, Prentice Hall, 1997, 2000, 2003, 2005, 2008

Presentations (slides):

The Crisis: Basic Mechanisms, and Appropriate Policies, Prepared for The Munich Lectures in Economics, November 2008

A Macroeconomic Survey of Europe, May 2008

France's Economic Health, May 2007

Global Imbalances, May 2007

A Macroeconomic Survey of Europe, September 2006

The Macroeconomics of Oil, September 2006

Portugal, Italy, Spain, and Germany: The Implications of a Suboptimal Currency Area, April 2006

A Macroeconomic Survey of Europe, November 2005

Rebalancing Growth in China: A Three-Handed Approach Olivier Blanchard and Francesco Giavazzi, December 2005

Non-technical slides for the U.S. Current Account and the Dollar, April 2005

A Macroeconomic Survey of Europe, December 2004

Short Run Prospects in Europe and the United States, September 2003

European Growth Over The Next Decade, September 2003

A Macroeconomic Survey of Europe, June 2003

Articles:

"Why are the 2000s so Different from the 1970s? A Structural Interpretation of Changes in the Macroeconomic Effects of Oil Prices," October 2009, (with Marianna Riggi), NBER Working Paper Series No. 15467

"The State of Macro," 2009, NBER Working Paper No. W14259 Annual Review of Economics, Volume 1, forthcoming; translated "L’Etat Actuel de la Macroeconomie," 2009 Revue Francaise d’Economie, Volume 24, pp. 3-40

"News, Noise, and Fluctuations: An Empirical Exploration," May 2009,(with Jean-Paul L'Huillier, and Guido Lorenzoni)

"The Crisis: Basic Mechanisms, and Appropriate Policies," 2009, CESIFO

"Fiscal Policy for the Crisis," 2009, (with Carlo Cottarelli, Antonio Spilimbergo, and Steven Symansky) February 7

"Cracks in the System: Repairing the Damaged Global Economy," Finance and Development, December 2008

"The Joint Design of Unemployment Insurance and Employment Protection: A First Passa," 2008, (with Jean Tirole), Journal of the European Economic Association (March)

"The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so Different from the 1970s?," 2007 (with Jordi Gali), August

"Productivity and Unemployment," 2007, with Robert Solow, and Beth Anne Wilson

"Adjustment Within the Euro: The Difficult Case of Portugal," 2007, Portuguese Economic Journal, 6-1, pp. 1-22 (April)

"Real Rigidities and the New Keynesian Model," February 2007, (with Jordi Gali) Journal of Money, Credit, and Banking, pp. 35-66

"Current Account Deficit in Rich Countries," 2007 (January)

"Adjustment within the Euro. The Difficult Case of Portugal," November 2006

"Rebalancing growth in China:.A three-handed approach," Journal of World Economy" (with Francesco Giavazzi)(in Chinese), 2006-3, pp. 4-20, also in "China and the World Economy," July-August 6, 14-4, pp. 1-20 (in English)

"European Unemployment: The Evolution of Facts and Ideas," 2006, Economic Policy, pp. 1-54

"A New Keynesian Model with Unemployment," July 2006 (Jordi Gali)

"Monetary Policy; Science or Art?" April 2006

"Real Wage Rigidities and the New Keynesian Model," October 2005 (with Jordi Gali)

"The U.S. Current Account and the Dollar,” 2005, (with Francesco Giavazzi and Filipa Sa) Brookings Papers on Economic Activity, 1, pp. 1-66

"Redesigning the Employment Protection System," 2004, (with Jean Tirole), De Economist, 152, 1, pp. 1-20

"The Economic Future of Europe,"2004, Journal of Economic Perspectives, pp 3-26

"Peut-on eliminer le chomage en Europe?" April 2004, Revue Francaise d’Economie, 18-4, pp 3-32

"Fiscal Dominance and Inflation Targeting: Lessons from Brazil," March 2004 (with Jean Tirole) in "Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003," Francesco Giavazzi, Ilan Goldfajn, and Santiago Herrera eds, MIT Press, 2005, pp. 49-84

"Data and Programs for Fiscal Dominance and Inflation Targeting: Lessons from Brazil," March 2004

"Contours of Employment Protection Reform," November 2003, in "Macroeconomic theory and economic policy. Essays in honor of Jean Paul Fitoussi," Vela Velupilai ed, Routledge, 2004, pp. 48-87

"Improving the SGP Through A Proper Accounting of Public Investment," May 2003 (with Francesco Giavazzi)

"A Discussion of Inflation Targeting," April 2003

"Dynamic efficiency, the riskless rate, and debt Ponzi schemes under uncertainty," November 2002, (with Philippe Weil) BE Press, Advances in Macroeconomics

"The Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets,” August 2003, (with Francesco Giavazzi) Quarterly Journal of Economics, 118-3, pp 879-909

"Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty," November 2002 (with Philippe Weil)

"An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," November 2002, QJE, 117-4, pp. 1329-1368 (with Roberto Perotti)

"Current account deficits in the Euro Area. The end of the Feldstein Horioka puzzle?" (with Francesco Giavazzi), Brookings papers on Economic Activity, 2002-2, pp. 147-209

Figures for "Current Account Deficits in the Euro Area. The End of the Feldstein Horioka Puzzle?" October 2002 (with Francesco Giavazzi)

OECD data for "Current Account Deficits in the Euro Area. The End of the Feldstein Horioka Puzzle?" October 2002 (with Francesco Giavazzi)

Regression data for "Current Account Deficits in the Euro Area. The End of the Feldstein Horioka Puzzle?" March 2002 (with Francesco Giavazzi)

"An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," November 2001 (with Roberto Perotti)

"The perverse effects of partial labor market reform: Fixed duration contracts in France," 2002, (with Augustin Landier)Economic Journal, (June) 112, pp. F214-244

"The long and large decline in U.S. output volatility", 2001, (with John Simon) Brookings Papers on Economic Activity, 1, pp. 135-174

"What hides behind an unemployment rate. Comparing Portuguese and US unemployment,” 2001, (with Pedro Portugal) American Economic Review, 91-1 (March) pp. 187-207, reprinted in ``Recent Developments in Labor Economics," John Addison ed, Volume 3, Chapter 10, 241-264, Edward Elgar, 2007

"In Honor of Andrei Shleifer: Winner of the John Bates Clark Medal," 2001, Journal of Economic Perspectives, (February)

Data set for "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," 2001 (with Roberto Perotti)

"The Role of Shocks and Institutions In The Rise of European Unemployment: The Aggregate Evidence," 2000, Economic Journal, 110 (March) pp. 1-33, reprinted in “Monetary policy and unemployment. The US, Euro-area, and Japan”, Willi Semmler ed, Routledge, 2005, pp. 25-56, reprinted in ``Recent Developments in Labor Economics,” John Addison ed, Volume 3, Chapter 9, pp. 208-240, Edward Elgar, 2007

"Country Adjustments within Euroland. Lessons after Two Years," March 2001, written for CEPR annual report on the European Central Bank

"The Long and Large Decline in U.S. Output Volatility," March 2001, for Brookings Meeting on Economic Activity (with John Simon)

"Reducing Spanish unemployment under the EMU," 1999, (with Juan Francisco Jimeno) in "El Euro y SUS Repercusiones Sobre la Economia Espanola," Fundacion BBV, pp. 41-90

"Wage Dynamics. Reconciling theory and evidence," 1999, (with Larry Katz) AEA Proceedings, American Economic Review (May) pp. 69-74

"Revisiting European Unemployment: Employment, Capital Accumulation, and Factor Prices”, 1998, Geary lecture, ESRI (June)

"The Optimal Speed of Disinflation. The Case of Hungary," 1998, in C. Cottarelli and G. Szapary eds, “Moderate Inflation. The experience of Transition Economies,” IMF and National Bank of Hungary, pp. 132-149 (Washington, DC)

"A Numerical Model of Transition," 1998, (with John Keeling)in S. Commander ed, "Enterprise Restructuring and Unemployment in Models of Transition," Economic Development Institute of the World Bank, pp. 193-226

"On Privatization Methods in Eastern Europe, and their Implications," 1998, (with Philippe Aghion) Economics of Transition, volume 6 (1), pp. 87-99

"Bubbles, Liquidity Traps, and Monetary Policy," February 2000

"What We Know and Do Not Know About the Natural Rate of Unemployment," 1997, (with Lawrence Katz) Journal of Economic Perspectives, (Winter) 11-1, pp. 51-73

"Is There a Core of Usable Macroeconomics?" 1997, American Economic Review, Papers and Proceedings, (May) 87-2, pp. 244-247, reprinted in Gospodarka Narodowa, 5-6, 1998, pp. 125-128

"Automatic Fiscal Stabilizers," April 2000

"Disorganization," 1997, (with Michael Kremer) Quarterly Journal of Economics, (November) 112-4, pp. 1091-1126

"The Medium Run”, 1997, Brookings Papers on Economic Activity, 2, pp. 89-158

"On Insider Privatization," 1996, (with Philippe Aghion) European Economic Review, 40, pp. 759-766

"Theoretical Aspects of Transition,",a> 1996, American Economic Review Papers and Proceedings, (May) pp. 117-122

"Structural unemployment: Spain versus Portugal," 1995, American Economic Review, (May) 85-2, pp. 212-218

"The Economics of Enterprise Restructuring in Central and Eastern Europe," 1994, Discussion Paper, CEPR, 1058, November (with Philippe Aghion and Wendy Carlin), in John Roemer editor, Property Rights, Incentives and Welfare, MacMillan

"The Debt Burden and Debt Maturity,” 1994, (with Alessandro Missale) American Economic Review, 84-1 (March) pp. 309-319

"The Behavior of State Firms in Eastern Europe, Pre-privatization," 1994, (with Philippe Aghion and Robin Burgess), European Economic Review, Vol. 38-6, pp. 1327-1350

"The Vanishing Equity Premium," 1994, Amex Bank Review, Finance and the International Economy, 7, pp. 22-39

"Unemployment and restructuring in Eastern Europe," 1994, (with Fabrizio Coricelli and Simon Commander)Unemployment in Transition Countries: Transient or Persistent?, OECD, Paris. Also in Unemployment, Restructuring and the labor market in Eastern Europe and Russia, eds., EDI Development Studies, World Bank, 1995, pp. 289-330. Also in (short version) Finance and Development, December 1994, pp. 6-10

"On the speed of transition in Central Europe," 1994, (with Philippe Aghion), NBER Macroeconomics Annual, pp. 283-330, reprinted in The transition to the market economy, Paul Hare and Junior R. Davis, eds, Routledge, 1997

"What do firms do with cash windfalls?" 1994, (with Florencio Lopez de Silanes and Andrei Shleifer) Journal of Financial Economics, reprinted in The international library of critical writings in financial economics, Empirical corporate finance, Richard Roll ed, Edwar Elgar, 2000

"Ranking, Unemployment Duration and Wage Determination," 1994, Review of Economic Studies, Vol. 61-3, No. 208 (July) pp. 417-434. Also published as "Criteri di Selezione, Durata della Disoccupazione e Salari", Rivista di Politica Economica, 83-3, February 1993, pp. 3-56

"The Debt Burden and Debt Maturity,” 1994, (with Alessandro Missale) American Economic Review, 84-1 (March) pp. 309-319

"The Behavior of State Firms in Eastern Europe, Pre-privatization," 1994, (with Philippe Aghion and Robin Burgess) European Economic Review, Vol. 38-6, pp. 1327-1350

"Stabilization and Transition: Poland 1990-1991", 1994, (with Andrew Berg) in "The Transition in Eastern Europe," Olivier Blanchard, Ken Froot and Jeffrey Sachs editors, NBER and the University of Chicago Press, pp. 51-92

"Consumption and the Recession of 1990-1991," 1993, American Economic Review Papers and Proceedings, (May) 83-2, pp. 270-275

"Movements in the Equity Premium," 1993, Brookings Papers on Economic Activity, 2, pp. 75-138

"Competitiveness through Disinflation; An Assessment of French Macroeconomic Policy since 1983", 1993, (with Pierre Alain Muet), Economic Policy, Volume 16 (April), pp. 12-56

"The Stock Market, Profit and Investment", 1993, (with Changyong Rhee and Lawrence Summers) Quarterly Journal of Economics, 108-1, (February) pp. 115-136

"Fundamentalness and the Interpretation of Time Series Evidence. Reply to Lippi and Reichlin," 1993, (with Danny Quah) American Economic Review, 83-3 (June), pp. 653-658

"Post-Stabilization Inflation in Poland," 1992, (with Richard Layard), Wage Policy during the transition to a market economy: Poland 1990-91, World Bank discussion papers, Fabrizio Coricelli and Ana Revenga, eds., pp. 51-72

"For a return to Pragmatism," 1992, (with Richard Layard)in The Business Cycle: Theories and Evidence, Federal Reserve Bank of Saint Louis, Michael Belongia and Michele Garfinkel, eds., pp. 121-132. Translated in Portuguese, "Novos Classicos e Novos Keynesianos : a longa pausa," in Literatura economica, (June) pp. 16-30

"Regional Evolutions," 1992, (with Lawrence Katz), Brookings Papers on Economic Activity, 1, pp. 1-75

"The Flow Approach to Labor Markets," 1992, (with Peter Diamond), American Economic Review Papers and Proceedings, (May) 82-2, pp. 354-359

"How to Privatize", 1992, (with Richard Layard) in The transfomartion of socialist economies, Horst Siebert ed., J.C.B. Mohr, Tubingen (February) pp. 27-43

"Mercato Azionario, Profitti ed Investimenti," 1991, (with Lawrence Summers and Chang Yong Rhee), Rivista di Politica Economica (March) pp. 3-44

"Wage Bargaining and Unemployment Persistence, " 1991, Money, Credit and Banking Lecture, Journal of Money, Credit and Banking, 23-3-1, pp. 277-292 (with Lawrence Summers and Chang Yong Rhee)

"Getting the Questions Right--and Some of the Answers," 1991, in Charles Bean and Jacques Dreze (eds.), Europe's Unemployment Problem", MIT Press, pp. 66-89

"Two Tools for Analyzing Unemployment," 1990, Issues in Contemporary Economics, Marc Nerlove ed., MacMillan/International Economics Association, Volume 2, pp. 102-127

"The Cyclical Behavior of the Gross Flows of US Workers," 1990, (with Peter Diamond), Brookings Papers on Economic Activity,2, pp. 85-143

"The Sustainability of Fiscal Policies: New Answers to an Old Question," 1990, OECD Economic Studies, Autumn, No. 15, pp. 7-36. Also, "La Soutenabilite de la Politique Budgetaire: Reponses Nouvelles a une Question Ancienne", Revue Economique de l'OCDE, Automne 1990, No. 15, pp. 8-38 (with J.C Chouraqui, R. Hagemann and N. Sartor)

"The Aggregate Matching Function," 1990, (with Peter Diamond) in Productivity, Growth and Unemployment, P. Diamond ed., MIT Press, pp. 159-201

"Economic Reform in Poland," 1990, (with Richard Layard), Center for Research into Communist Economies (July), pp. 63-83

"Money and Output: A Survey," 1990, In Benjamin Friedman and Frank Hahn (eds.), Handbook of Monetary Economics, Volume II, Chapter 15, pp. 780-835

"Unemployment and Wages; What have we learned from the European Experience?" 1990, Employment Institute Lecture, London (May)

"Spanish Unemployment," 1990, (with Samuel Bentolila), Economic Policy, Volume 10 (April), pp. 233-281

"A Traditional Interpretation of Macroeconomic Fluctuations," American Economic Review, 1989, 79-5 (December), pp. 1146-1164

"Les Courbes de Beveridge et de Phillips comme outils d'analyse du chomage," 1989, Lecture au Congres de la Societe Canadienne de Sciences Economiques, L'Actualite Economique, 65-3, (Septembre), pp. 387-422

"The Beveridge Curve," 1989, (with Peter Diamond), Brookings Papers on Economic Activity, 1, pp. 1-76, reprinted in The Economics of Unemployment, P.N. Junankar editor, Edward Elgar Publisher

"The Dynamic Effects of Aggregate Demand and Aggregate Supply Shocks," 1989, (with Danny Quah), American Economic Review, 79-4 (September), pp. 655-673,

"The US Economy in the 1980's and Beyond," 1989, (with Rudiger Dornbusch) in Rivista di Politica Economica, Aprile pp. 109-136, reprinted in Keynes and the Economic Policies of the 1980's, Mario Baldassari editor, St. Martin's Press, New York, pp. 109-136

"Beyond the Natural Rate Hypothesis," 1988, (with Lawrence H. Summers), American Economic Review 78, 2 (May), pp. 182-187

"Consumption: Beyond Certainty Equivalence," 1988, (with N. Gregory Mankiw), American Economic Review 78, 2 (May), pp. 173-177

"Investment and Sales: Some Empirical Evidence," 1988, in William Barnett, Ernst Berndt, and Hal White (eds.), Dynamic Econometric Modeling. Cambridge University Press

"Monopolistic Competition and the Effects of Aggregate Demand," 1987, (with Nobuhiro Kiyotaki), American Economic Review, 77, 4 (September), pp. 647-666, reprinted in The New Keynesian Economics, N. Gregory Mankiw and David Romer editors, MIT Press, in Macroeconomics and Imperfect Competition, J.P Benassy ed, Edward Elgar Publishing, in Business Cycle Theory, F. Kydland ed, Edward Elgar Publishing

"Reaganomics," 1987, Economic Policy 5, pp. 15-56

"Aggregate and Individual Price Adjustment," 1987, Brookings Papers on Economic Activity, 1, pp. 57-122, reprinted in "Recent Developments in Macroeconomics", Edmund Phelps editor, Edward Elgar, 1990

"Hysteresis in Unemployment," 1987, (with Lawrence Summers), European Economic Review, 31, 1/2 , pp. 288-295, reprinted in "Economic Models of Trade Unions", Chapman and Hall, in The New Keynesian Economics, N. Gregory Mankiw and David Romer editors,, MIT Press, in "Recent Developments in Macroeconomics", Edmund Phelps editor, Edward Elgar, 1990, in "Time in Economic Theory", Stefano Zamagni and Elettra Agliardi, Edward Elgar, 2002

"Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment," 1987, (with Lawrence Summers), European Economic Review, 31, pp. 543-566

"Pourquoi les Taux d'Interet Sont-ils Aussi Eleves?" 1986, (with Lawrence Summers), Annales d'economie et de Statistique (July-September), pp. 53-100

"Hysteresis and European Unemployment," 1986, (with Lawrence Summers) in Stanley Fischer (ed.), NBER Macroeconomics Annual. MIT Press (September), pp. 15-77. Reprinted in R. Cross (ed.), Unemployment, Hysteresis and the Natural Rate Hypothesis. Basil Blackwell, 1988, pp. 306-364

"The Cyclical Behavior of Prices and Quantities; The Case of the Automobile Industry," 1986, (with Angelo Melino), Journal of Monetary Economics, 17, pp. 379-407

"The Wage Price Spiral." 1986, Quarterly Journal of Economics, (August), pp. 543-565

"Are Business Cycles All Alike?" 1986, (with Mark Watson) in Robert Gordon (ed.), Continuity and Change in the American Business Cycle. NBER and the University of Chicago Press, September

"The Expected Present Discounted Value of Profits and the Cyclical Variability of Investment," 1986, (with Andrew Abel), Econometrica 54, 2 (March), pp. 249-272

"Methods of Solution for Dynamic Rational Expectations Models: A Survey," 1985, Journal of Mathematical Programming, 23, pp. 210-225

"Public Debt and Fiscal Responsibility," 1985 (with Rudiger Dornbusch and Willem Buiter), Center for European Policy Studies (July). Reprinted in Restoring Europe's Prosperity

"Why are World Real Interest Rates so High?" 1985, (with Larry Summers) in Europe and the Dollar. San Paolo Bank, pp. 177-198

"Employment and Growth: A Two-handed Approach," 1985, (with Rudiger Dornbusch, Jacques Dreze, Herbert Giersch, Richard Layard and Mario Monti), Center for European Policy Studies, 21 (June). Reprinted in Restoring Europe's Prosperity, listed above. Reprinted as "Occupazione e crescita in Europa : un intervento su due fronti", in Giornale degli Economisti e annali di economica, November-December 1985, pp. 3-36

"Debt, Deficits, and Finite Horizons." 1985, Journal of Political Economy, 93, 2 (April), pp. 223-247. Reprinted in Fiscal and Monetary Policy, Thomas Mayer and Steven Sheffrin eds, Edward Elgar Publishing

"Credibility, Disinflation and Gradualism," 1985, Economic Letters 17, pp. 211-217

"Perspectives on High World Interest Rates," 1984, (with Larry Summers), Brookings Papers on Economic Activity (2), pp. 273-334

"Europe: The Case for Unsustainable Growth," 1984, (with Giorgio Basevi, Willem Buiter, Rudiger Dornbusch and Richard Layard), Center for European Policy Studies, 8/9 (May). Reprinted in Restoring Europe's Prosperity

"Bulles, Anticipations Rationelles et Marches Financiers," 1984, Annales de l'INSEE 54 (May), pp. 79-99

"The Lucas Critique and the Volcker Deflation." 1984, American Economic Papers and Proceedings 74, 2 (May), pp. 211-216, reprinted in Kevin Hoover ed, The New Classical Macroeconomics, Volume 2, Edward Elgar Publishing, 1992, reprinted in Kevin Hoover, ed, The legacy of Robert Lucas, Edward Elgar Publishing.

"U.S. Deficits, the Dollar and Europe," 1984, (with Rudiger Dornbusch), Center for European Policy Studies 6 (January), and in Banca Nazionale del Lavoro Quarterly Review (March), pp. 89-113. Reprinted in Restoring Europe's Prosperity.

"Current and Anticipated Deficits, Interest Rates and Economic Activity," 1984, European Economic Review, 20, 1-2 (May-June). Reprinted in International Volatility and Economic Growth, G. de Menil and R. Gordon eds, North Holland, 1991, pp. 357-390

"Methods of Solution and Simulation for Dynamic Rational Expectations Models," 1983, Economie Appliquee, 36,1, pp. 27-46

"What do we Know about Macroeconomics that Fisher and Wicksell did not?," 2000, Quarterly Journal of Economics, 115-4 (November) pp. 1375-1411, also in De Economist 148-5, 2000, pp. 571-601

"Price Asynchronization and Price Level Inertia," 1983, in Rudiger Dornbusch and Mario Simonsen (eds.), Inflation, Debt and Indexation. MIT Press, 1983, pp. 3-25. Reprinted in The New Keynesian Economics, N. Gregory Mankiw and David Romer eds, MIT Press

"Dynamic Effects of a Shift in Savings: the Role of Firms," 1983, Econometrica, 51-5 (September), pp. 1583-1592

"Debt and the Current Account Deficit in Brazil," 1983, in Pedro Aspe, Rudiger Dornbusch and Maurice Obstfeld (eds.), Financial Policies and the World Capital Market: The Problem of Latin American Countries. University of Chicago Press and NBER

"The Production and Inventory Behavior of the U.S. Automobile Industry," 1983, Journal of Political Economy, 91-3 (June), pp. 365-400

"An Intertemporal Equilibrium Model of Saving and Investment," 1983, (with Andrew Abel), Econometrica 51-3 (May), pp. 675-692

"Macroeconomic Prospects and Policies for the European Community," 1983, (with Giorgio Basevi, Willem Buiter, Rudiger Dornbusch and Richard Layard) Center for European Policy Studies, 1 (April). Reprinted in Restoring Europe's Prosperity

"Anticipations, Recessions and Policy, An Intertemporal Disequilibrium Model," 1982, (with Jeffrey Sachs), Annales de l'INSEE (December), pp. 117-144

"Bubbles, Rational Expectations and Financial Markets," 1982, (with Mark Watson) in Paul Wachtel (ed.), Crises in the Economic and Financial Structure. Lexington Books, pp. 295-316

"What is Left of the Multiplier Accelerator?" 1981, American Economic Association Papers and Proceedings, 71-2 (May), pp. 150-155

"An Empirical Structural Model of Aggregate Demand," 1981, (with Charles Wyplosz), Journal of Monetary Economics, 7, pp. 1-28

"Output, the Stock Market and Interest Rates," 1981, American Economic Review, 71-1 (March), pp. 132-143

"The Solution of Linear Difference Models under Rational Expectations," 1980, (with Charles Kahn) Econometrica, 48-5 (July), pp. 1305-1313

"The Monetary Mechanism in the Light of Rational Expectations," 1980, in Stanley Fischer (ed.), Rational Expectations and Economic Policy. University of Chicago Press, pp. 75-116

"Speculative Bubbles, Crashes and Rational Expectations," 1979, Economic Letters, 3, pp. 387-389

"Backward and Forward Solutions for Economies with Rational Expectations," 1979, American Economic Association Papers and Proceedings 69-2 (May), pp. 114-119

"Wage indexing Rules and the Behavior of the Economy," 1979, Journal of Political Economy, 87-4 (August), pp. 798-816

"A Note on the Gross Substitutability of Financial Assets," 1977, Econometrica, 45-3 (April), pp. 769-773