Macroeconomics, international finance and behavioral economics, with a special interest in transparency of monetary policy.

Publications

"Price and Financial Stability: Dual or Duelling Mandates?", in: Oesterreichische Nationalbank (2010), Central Banking after the Crisis, proceedings of the 38th Economics Conference of the Oesterreichische Nationalbank "Central banking after the crisis: Responsibilities, Strategies, Instruments", pp. 56-63.

"Talking Numbers: Central Bank Communications on Monetary Policy and Financial Stability", in: European Central bank (2011), Central Bank Statistics - What Did the Financial Crisis Change?, proceedings of the Fifth ECB Conference on Statistics, pp. 162-179.

"ECB Credibility and Transparency", in: Marco Buti, Servaas Deroose, Vítor Gaspar and João Nogueira Martins (eds., 2010), The Euro - The First Decade, chapter 6, European Commission and Cambridge University Press. [Working paper]

"Trends in Monetary Policy Transparency", International Finance 12(2), Summer 2009, pp. 235-268. [Working paper]

"Transparency and Governance" (with Francesco Giavazzi and Charles Wyplosz), Monitoring the European Central Bank (MECB) Report 6, Centre for Economic Policy Research (CEPR), February 2008. [Available via CEPR; summary; press release; presentation slides and handout]

"The Mystique of Central Bank Speak", International Journal of Central Banking 3(1), March 2007, pp. 37-80.

"Transparency of Monetary Policy: Theory and Practice", CESifo Economic Studies 52(1), March 2006, pp. 111-152.

"How Transparent Are Central Banks?" (with Sylvester Eijffinger), European Journal of Political Economy 22(1), March 2006, pp. 1-21. [Unabridged working paper; data]

"Transparency and Reputation: The Publication of Central Bank Forecasts", Topics in Macroeconomics 5(1), Article 1, February 2005, pp. 1-26. [Available via B.E. Press, or as working paper]

"An Independent Review of Monetary Policymaking in Norway" (with Hilde Bjørnland, Thomas Ekeli and Kai Leitemo), Norges Bank Watch Report Series 5, April 2004, Centre for Monetary Economics (CME), BI Norwegian School of Management. [Executive Summary]

"Central Bank Transparency", Economic Journal 112 (483), November 2002, pp. F532-F565. [Available via Blackwell, Ingenta, or as working paper]

"Instructor's Manual Accompanying Introduction to Classical Econometric Theory by Paul A. Ruud'' (with Paul Ruud, forthcoming), Oxford University Press. [web site]

"Shareholders' Choice'' (with Hans H. Haller), Journal of Economics 68 (2), June 1998, pp. 111-135. [Available via Springer]
 

Working Papers

"Transparency, Flexibility and Macroeconomic Stabilization", mimeo, September 2010.

"Commitment, Transparency and Monetary Policy'', May 2007 (revision of Bundesbank Discussion Paper 12/01, September 2001).

"Political Pressures and Monetary Mystique", May 2007 (revision of Cambridge Working Papers in Economics (CWPE) 0557, December 2005).

"Does Central Bank Transparency Reduce Interest Rates?" (with Sylvester Eijffinger and Carin van der Cruijsen), April 2006 (revision of CEPR Discussion Paper 5526, March 2006).

"Intertemporal Substitution and Hyperbolic Discounting", April 2006 (revision of Cambridge Working Papers in Economics (CWPE) 0515, April 2005).

"Modeling Stochastic Relative Preferences", June 2005 (revision of Cambridge Working Papers in Economics (CWPE) 0468, November 2004).

"Inflation and Its Variation: An Alternative Explanation'', October 2006 (revision of CIDER Working Paper C99-105, Department of Economics, University of California, Berkeley, July 1999). 

"To Quit or not to Quit: A Country's Decision to Leave an Exchange-Rate Mechanism'' (with Gianluca Benigno and Marcelo Sanchez), mimeo, September 1998.