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“The Architecture of Macroprudential Policy: Delegation and Coordination”, in Central Banks and Supervisory Architecture in Europe – Lessons from Crises in the 21st Century, eds. Robert Holzmann and Fernando Restoy, December 2021.

“A Review Essay: David Kynaston’s Till Time’s Last Sand: A History of the Bank of England, 1694-2013, Journal of Economic Literature, December 2019.


“Central Banking after the Great Recession”, Economic Affairs, February 2018.


“The Fed in International Crises”, in The Federal Reserve's Role in the Global Economy: A Historical Perspective, eds. Michael D. Bordo and Mark A. Wynne, Federal Reserve Bank of Dallas, 2016.


“Living with Low for Long”, Economic Journal, May 2016 (Presidential Lecture at the 2015 RES Annual Conference).


“Discussion of ‘Applying an Inflation Targeting Lens to Macroprudential Policy Institutions’”, International Journal of Central Banking, 2015.

"Global Aspects of Monetary Policy", in Global Dimensions of Unconventional Monetary Policy, Federal Reserve Bank of Kansas City, 2013.


“Monetary Policy After The Fall” (with Mathias Paustian, Adrian Penalver and Timothy Taylor), in Macroeconomic Challenges: The Decade Ahead, Federal Reserve Bank of Kansas City, 2011.


“The Great Moderation, the Great Panic and the Great Contraction”, Journal of the European Economic Association, April-May 2010 (Schumpeter Lecture at the 2009 EEA Annual Congress).


“‘The Meaning of Internal Balance’ Thirty Years On”, Economic Journal, November 2009.

“Globalisation and Inflation”, World Economics, Jan-March 2007.

“Is There a New Consensus in Monetary Policy?”, in Is There a New Consensus in Macroconomics?, ed. Philip Arestis, Palgrave Macmillan, Basingstoke, 2007.

"Commentary: The Impact of Globalisation on Monetary Policy", in The New Economic Geography: Effects and Policy Implications, Federal Reserve Bank of Kansas City, 2006.

"Commentary: Separating the Business Cycle from Other Economic Fluctuations", in The Greenspan Era: Lessons for the FutureFederal Reserve Bank of Kansas City, 2005.


“Monetary Policy in an Uncertain World”, World Economics, Jan-March 2005.

"Global Demographic Change: Some Implications for Central Banks", in Global Demographic Change: Economic Impacts and Policy ChallengesFederal Reserve Bank of Kansas City, 2004.

“Inflation Targeting: The UK Experience”, Perspektiven der Wirtschaftspolitik, 2004 5(4).

“Asset Prices, Financial Instability and Monetary Policy”, American Economic Review, May 2004.


“Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?”, in Asset Prices and Monetary Policy, eds. Anthony Richards and Tim Robinson, Reserve Bank of Australia, Sydney, 2003.

“Financial Frictions and the Monetary Transmission Mechanism: Theory, Evidence and Policy Implications”, in Monetary Policy Transmission in the Euro Area, eds. Ignazio Angeloni, Anil Kashyap, Benoit Mojon, Cambridge, 2003.

“The Australian Economic ‘Miracle’: A View from the North”, in The Australian Economy in the 1990s, Reserve Bank of Australia, Sydney, 2000.

“The Single Monetary Policy: One Size Fits All?”, in EMU: Realignments In and Out of the Eurozone, Royal Institute for International Affairs, London, October 1999.

“Australasian Monetary Policy: A Comparative Perspective”, Australian Economic Review, Spring 1999.


“Monetary Policy under EMU”, Oxford Review of Economic Policy, November, 1998.


“The Interaction of Aggregate Demand Policies and Labour Market Reform”, Swedish Economic Policy Review, November, 1998.

“The New UK Monetary Arrangements: A View from the Literature”, Economic Journal, November, 1998.

“British Economic Growth Since 1945: Relative Economic Decline...and Renaissance?” (with Nick Crafts), in Economic Growth in Post-1945 Europe, eds. Nick Crafts and Gianni Toniolo, Cambridge University Press, 1995.

“The Role of Demand Management Policies in Reducing Unemployment”, in Reducing Unemployment: Current Issues and Policy Options, Federal Reserve Bank of Kansas City, 1995.

“European Unemployment: A Survey”, Journal of Economic Literature, June 1994.

“European Unemployment: A Retrospective”, European Economic Review (Supplement), May 1994.

“The Case for an Independent Central Bank”, New Economy, Autumn 1993.

“Government Policy and Economic Growth”, in Advanced Lectures in Quantitative Economics II, ed. Aart de Zeeuw, Academic Press, 1993.

“Unemployment, Consumption and Growth”, European Economic Review, May 1993.

“Economic and Monetary Union in Europe”, Journal of Economic Perspectives, Fall 1992.

“L'UEM: Avantages au Plan Interne et Consequences Internationales” (“European Monetary Union: Domestic Benefits and International Implications”) in Vers l'Union Economique et Monetaire Europeene (Towards European Economic and Monetary Union), Ministry of Finance and Budget, Paris, 1991.


“The External Constraint in the UK”, in External Constraints on Macroeconomic Policy in Europe, eds. George Alogoskoufis, Lucas Papademos and Richard Portes, Cambridge University Press, 1991.

“Skill Shortages and Structural Unemployment in Britain: A (Mis)Matching Approach” (with Christopher Pissarides), in Mismatch and Labour Mobility, ed. Fiorella Padoa-Schioppa, Cambridge, 1991.

“Outsiders, Capacity Shortages and Unemployment in the United Kingdom” (with Andrea Gavosto), in Europe's Unemployment Problem, eds. Jacques Dreze and Charles Bean, MIT Press, 1991.

“European Unemployment: Lessons from a Multi-country Econometric Study” (with Jacques Dreze), Scandinavian Journal of Economics, June 1990.

“Endogenous Growth and the Procyclical Behaviour of Productivity”, European Economic Review (Supplement), May 1990.

“Ten Years of Mrs T.” (with Jim Symons), NBER Macroeconomics Annual, 1989.

“Why Does Unemployment Persist?” (with Richard Layard), Scandinavian Journal of Economics, June 1989.

“Capacity Constraints and Persistent Unemployment”, Economic Policy, April 1989.


“Employment in the Coal Industry: A Test of the Labour Demand Model” (with Peter Turnbull), Economic Journal, December 1988.

“Real Wage Rigidity and the Effect of an Oil Discovery”, Oxford Economic Papers, December 1988.

“Sterling Misalignment and British Trade Performance”, in Misalignment of Exchange Rates; Effects on Trade and Industry ed. Richard Marston, University of Chicago Press, August 1988.

“The Impact of North Sea Oil”, in Britain's Economic Performance, eds. Rudiger Dornbusch and Richard Layard, Oxford University Press, August 1987.

“Salaires, Demande et Chomage: Une Perspective Internationale” (Wages, Demand and Unemployment: An International Perspective), Revue Economique, May 1987.


“The Rise in Unemployment: A Multi-Country Study” (with Richard Layard and Steve Nickell), Economica (Supplement), August 1986.

“The Estimation of 'Surprise' Models and the 'Surprise' Consumption Function”, Review of Economic Studies, August 1986.

“The Terms of Trade, Labour Supply and the Current Account”, Economic Journal (Supplement), March 1986.

“Macroeconomic Policy Co-ordination:  Theory and Evidence”, Recherches Economiques de Louvain, December 1985.

“Crecimiento Economico y Desarrollo del Reino Unido: De la Post-Guerra al Casa de la Senora Thatcher” (Economic Growth and Development in the United Kingdom:  from the Post-War Period to the Case of Mrs Thatcher), Desarrollo y Sociedad, September 1984.

“A Little Bit More Evidence on the Natural Rate Hypothesis from the UK”, European Economic Review, August 1984.

“Optimal Wage-Bargains”, Economica, May 1984. (Reprinted in Macroeconomics and Imperfect Competition, ed. Jean-Pascal Benassy, Edward Elgar, 1995.)

“Targeting Nominal Income: An Appraisal”, Economic Journal, December 1983.

“A New Approach to the Empirical Investigation of Investment Expenditures: A Comment”, Economic Journal, March 1981.

“An Econometric Model of Manufacturing Investment in the UK”, Economic Journal, March 1981.

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