The Foreign Exchanges: Theory, Modelling and Policy, Macmillan, London, 1978.

A Neoclassical Analysis of Macroeconomic Policy, Cambridge University Press, 1980.


Peer-Reviewed Papers

  1. "Monetary Policy under Fixed Exchange Rates: The Case of West Germany," in S. Frowen et al (eds.), West German Financial Modelling, Surrey University Press, pp. 213-228, 1977.
  2. "Arbitrage, Speculation and Official Forward Intervention: The Case of Sterling and the Canadian Dollar," The Review of Economics and Statistics, pp. 135-139, February 1979.
  3. "A Quarterly Econometric Model of the UK Capital Account," with S. Bell, The Manchester School, pp. 33-62, March 1979.

4.         "Exchange Rate Objectives and Macroeconomic Adjustment in the UK," with T. Burns in R. Major (ed.), Britain's Trade and Exchange Rate Policies, pp. 96-122, Heinneman 1979.

5.         "The Application of Rational Expectations to the UK Foreign Exchange Market," with S Bell in D. Currie and W. Peters (eds.), Studies in Contemporary Economic Analysis, Vol. 2, Croom-Helm, pp. 105-126, 1980.

6. "Exchange Rate Expectations and Interest Rate Differentials," Review of Economics and Statistics, p.148, February 1981.

7.         With A.Longbottom, "The Term Structure of Interest Rates in a Small Open Economy," The Journal of Money, Credit and Banking, pp. 44-59, February 1981.

8.         With A. Budd and P. Warburton, "Expectations, Real Exchange Rate Dynamics and Monetary Policy,"  Oxford Economic Papers, pp.85-119, July Supplement 1981.

9. "Finance and International Direct Investment," in J. Black and J.H. Dunning (eds.), International Capital Movements, Macmillan, 1982.

10.       "Capital Market and Counter-Inflation Policies under Floating Exchange Rates in the United Kingdom, 1979-1981," in N. Bruck (ed.), Capital Markets Under Inflation, Praeger, New York, 1982.

11.       With P. Warburton, "UK Imports and the International Trading Order," Welwirtschaftliches Archiv (Review of World Economics) pp. 707-725, 1982.

12.      With A. Longbottom, "Money, Debt and Prices in the UK," Economica, pp. 389-408, November 1982.

13. "Rational Expectations and the Effects of Exchange Rate Intervention on the Exchange Rate," Journal of International Money and Finance, pp. 319-331, December 1983.

14 With A. Dalziel and P. Warburton, "Aggregate Investment and Output in the UK," Recherches Economiques de Louvain, Vol. 50, pp. 125-144, 1984.

15. "The Theory of Last Resort Lending," in Z. Res and G. Wood (eds.), Financial Crises, Macmillan, London, 1987.

16.    With A. Dalziel, P. Lewington and P. Warburton, "A Macroeconometric Model of Aggregate Supply and Demand for the UK," Economic Modelling, pp. 242-268, October 1986.

17.     With D. Blake and V. Brasse, "The Accuracy of UK Exchange Rate Forecasters," Economic Journal, December 1986.

18        "The General Theory, Secular Stagnation and the World Economy," in J. Burton (ed.), Keynes General Theory: Fifty Years On, Institute of Economic Affairs, Hobart Paperback 24, pp. 119-136, 1986.

19        With P. Lewington, "The Effects of Macroeconomic Policy on Aggregate Supply in the UK," in Economic Modelling of the OECD Economies, H. Motamen (ed.), Chapman & Hall, pp. 327-353, 1988.

20.     "The Determinants of the Money Multiplier in the United Kingdom", Journal of Money Credit and Banking, pp 464-480, November 1989.

21.       "Exchange Rate Dynamics" in D. Llewellyn and C. Milner (eds), Current Issues in International Monetary Economics, Macmillan, London, 1990.

22.    With C. Whitbread, "Fixed Investment and the Technological Gap in the United Kingdom", Applied Economics, pp 905-916, July 1990.

23.    With Y. Lavi and S. Ribon, "The Supply and Demand for Exports in Israel", Journal of                            Development Economics, 44, pp 330-350, 1994.

24.       With Y. Lavi and A. Offenbacher, "A Macroeconometric Model for Israel 1962- 1990: A                          Market Equilibrium Approach to Aggregate Demand and Supply", Economic Modelling, 11,                  pp 413-462, 1994.

25.      "Business Sector Production in the Short and Long-Run in Israel", Journal of Productivity                 Analysis, 8: 53-69, 1997.

26. With J. Fisher, The Macroeconomic Effects of Immigration: Israel in the 1990s”,                                 Weltwirtschaftliches Archiv (Reviiew of World Economics) 133: 330-358, 1997.

27.      With E. Azoulay, A. Offenbacher and O. Sulla " A Marcroeconometric Model with    Oligopolisitic Banks: Monetary Control, Inflation and Growth in Israel", Economic Modelling, 20: 455-486, 2003.

28.  "Monetary Policy under Banking Oligopoly", in P. Minford (ed) Money Matters: Essays in Honour of Alan Walters, Edward Elgar, Cheltenham UK, 2004.

29. "Market Foundations of the New Financial Architecture", P. Booth (ed) Verdict on the Crash: Causes and Policy Implications, Institute of Economic Affairs, London, 2009.

30. With A. Ilek "Wicksell's Classical Dichotomy: Is the Natural Rate of Interest independent of the Money Rate of Interest?" Journal of Macroeconomics, 32: 366-377, 2010.

31. With M. Khatib “Contagion and Correlation in Bank Credit Risk in Israel” Israel Economic Review, forthcoming 2017.