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Author: Willem H. Buiter

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CEP discussion paper
Seigniorage

In this paper I analyse four different but related concepts, each of which highlights some aspect of the way in which the state acquires command over real resources through its ability to issue fiat money. They are (1) s...Read more...

Willem H. Buiter

April 2007

CEP discussion paper
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numeraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the ze...Read more...

Willem H. Buiter

January 2007

CEP discussion paper
Monetary Misconceptions

The paper identifies a number of misconceptions about the monetary policy process and the monetary transmission mechanism in the UK. Among the misconceptions about the process are the alleged lack of regional and sectora...Read more...

Willem H. Buiter

August 2000

CEP discussion paper
Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? (With an Application to UK Membership in EMU)

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) w...Read more...

Willem H. Buiter

July 2000

CEP discussion paper
The Fallacy of the Fiscal Theory of the Price Level

It is not common for an entire scholarly literature to be based on a fallacy, that is, 'on faulty reasoning; misleading or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford,...Read more...

Willem H. Buiter

March 2000

CEP discussion paper
UDROP: A Small Contribution to the International Financial Architecture

The purpose of the UDROP proposal is to prevent debt rollover crises for foreign-currency-enominated debt instruments. For such liabilities, there is no international analogue to the domestic lender of last resort or to ...Read more...

Willem H. Buiter and A Sibert

May 1999

CEP discussion paper
Alice in Euroland

The paper 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: th...Read more...

Willem H. Buiter

April 1999

CEP discussion paper
Enterprises in Transition: Macroeconomic Influences on Enterprise Decision-Making and Performance

This paper analyses the theoretical arguments and empirical evidence linking enterprise performance in transition economies to the macroeconomic environment. Macroeconomic instability is traced to the unsustainability of...Read more...

Willem H. Buiter, R Lagos and H Rey

March 1997

CEP discussion paper
Promoting an Effective Market Economy in a Changing World

In this paper we examine the main challenges in promoting an effective market economy. While the paper ranges widely across the spectrum of economic institutions and policies, the central theme is the importance of macro...Read more...

Willem H. Buiter, R Lagos and Nicholas Stern

March 1997

CEP discussion paper
Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs

This paper contains a selective review of some of the key fiscal issues faced by transition economies. The twelve countries that provide the empirical background for this study have all been under Fund programs for at le...Read more...

Willem H. Buiter

March 1997

CEP discussion paper
Interpreting the ERM Crisis: Country-Specific and Systemic Issues

Most interpretations of the Exchange Rate Mechanism crisis in 1992-93 ignore the key role played by structural policy spillovers among European countries, and overlook the effects of coordination (or lack thereof) of mon...Read more...

Willem H. Buiter, G Corsetti and P Pesenti

January 1997

CEP discussion paper
A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economics

This paper takes a systematic look at the portfolio choice problem faced by Investment Banks or Funds investing in transition economies. We relate the performance of projects in the transition economies to the broader ma...Read more...

Willem H. Buiter, R Lagos and H Rey

January 1997

CEP discussion paper
Macroeconomic Policy During a Transition to Monetary Union

The main conclusions of the paper are the following: - In order to minimize switching costs, the name of the new EU currency should be the D-mark - Differential national requirements for seigniorage revenue provide a wea...Read more...

Willem H. Buiter

August 1995

CEP discussion paper
Budgetary Aspects of Stabilization and Strucutral Adjustment in India: The Painful Road to a Sustainable Fiscal-Financial-Monetary Plan

This study updates and extends to the period 88/89-92-93 our earlier analysis of the public finances of India. With the collapse of the communist regimes in the former Soviet Union and Eastern Europe, India found itself,...Read more...

Willem H. Buiter and U Patel

June 1995

CEP discussion paper
A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises

The paper analyzes the modalities and consequences of a breakdown of cooperation between the monetary authorities of inflation-prone Periphery Countries that use an exchange rate peg as an anti-inflationary device, when ...Read more...

Willem H. Buiter, G Corsetti and P Pesenti

June 1995

CEP discussion paper
Capital Mobility

This paper considers the effect of fiscal and financial policy on economic growth in open and closed economies, when human capital formation by young households is constrained by the illiquidity of human wealth. Both end...Read more...

Willem H. Buiter and K Kletzer

May 1995

CEP discussion paper
Generational Accounts

Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources (when augmented with generation-specific propensities to consume out of life-time resources) on aggr...Read more...

Willem H. Buiter

April 1995