Research publications since 2000:
Monetary policy and financial imbalances: facts and fiction. (With K. Assenmacher-Wesche.) December 2009. Forthcoming in Economic Policy. (The publisher does not permit this paper to be posted on the web.)
Swiss Monetary Policy 2000-2009. (With H. Genberg.) December 2009. Forthcoming in Swiss Journal of Economics.
Interpreting euro area inflation at high and low frequencies. (With K. Assenmacher-Wesche.) European Economic Review, 2008, 52, 964-986. Revised version of BIS Working Paper 195.
Monetary factors and inflation in Japan. (With K. Assenmacher-Wesche and T. Sekine.) Journal of the Japanese and International Economies, 2008, 22, 343-363.
Money growth, output gaps and inflation at low and high frequency: Spectral estimates for Switzerland. (With K. Assenmacher-Wesche.) Journal of Economic Dynamics and Control, 2008, 32, 411-435.
Interest rate setting by the ECB: Words and deeds. International Journal of Central Banking, 2007, 3, 1-45.
Money at low frequencies. (With K. Assenmacher-Wesche.) Journal of the European Economic Association, 2007, 5, 534-542.
Understanding the link between money growth and inflation in the euro area. (With K. Assenmacher-Wesche.) May 2006. In: The travails of the eurozone: Economic policies, economic developments, ed. by David Cobham, Palgrave MacMillan, 2007.
Output gaps and inflation in Mainland China. (With W. Peng.) China Economic Review, 2006, 17, 210-225.
Monetary operations by Hong Kong's currency board. Journal of Asian Economics, 2005, 15, 1119-1135.
Estimates of real economic activity in Switzerland, 1886-1930. (With P. Gerlach-Kristen.) Empirical Economics, 2005, 30(3), 763-781. Estimates of economic activity.
A dynamic factor model of economic activity in Hong Kong. (With M. Yiu.) Pacific Economic Review, 2005, 10, 279-292.
Bank lending and property prices in Hong Kong. (With W. Peng.) Journal of Banking and Finance, 2005, 29, 461-481. Appendix using property loans.
The two pillars of the ECB. Economic Policy, 2004, 40, 389-439. (This is a new paper which developed from my earlier paper on The ECB's two pillars. October 2002.) Data, data description.
Estimating output gaps in Asia: A cross-country study. (With M. Yiu.) Journal of the Japanese and International Economies, 2004, 18, 115-136. (Earlier title: "Unobservable-component estimates of output gaps in five Asian economies. February 2002.)
Money and inflation in the euro-area: A case for monetary indicators? (With L.E.O. Svensson.) Journal of Monetary Economics, 2003, 50, 1649-1672. Word file with data.
Recession aversion, output and the Kydland-Prescott Barro-Gordon model. Economic Letters, 2003, 81, 389-394.
The inflation bias revisited: Theory and some international evidence. (With A. Cukierman.) The Manchester School, 2003, 71(5), 541-565.
Interpreting the term structure of interbank rates in Hong Kong. Pacific-Basin Finance Journal, 2003, 11 (5), 593-609.
Inflation targeting in emerging market and transition economies: Lessons after a decade. (With J. D. Amato.) European Economic Review, 2002, 46, 781-790.
MCIs and monetary policy. (With F. Smets.) European Economic Review, 2000, 1677-1700.
The Taylor rule and interest rates in the EMU area. (With G. Schnabel.) Economics Letters, 2000, 67, 165-171.
Recent policy publications:
Monetary policy and Exchange Rates: Theory and Practice. (With C. Tille.) September 2008. Forthcoming in Ch. Wyplosz, ed., The New International Monetary System: Essays in Honour of Alexander Swoboda, Routledge.
The impact of the euro on international stability and volatility. (With M. Hoffmann.) March 2008. European Economy, Economic Papers 309, European Commission.
Monetary policy regimes and macroeconomic outcomes: Hong Kong and Singapore. (With P. Gerlach-Kristen.) November 2005. In: Monetary policy in Asia: Approaches and implementation, BIS Papers No. 31, December 2006.
150 years of financial markets volatility. (With S. Ramaswamy and M. Scatigna.) BIS Quarterly, September 2006, 77-91.
The recent behaviour of financial market volatility. (With F. Panetta (Chair), P. Angelini, G. Grande, A Levy, R. Perli, P. Yesin, S. Ramaswamy and M. Scatigna.) BIS Papers No. 29, August 2006.
Procyclicality of financial systems in Asia. Ed. with Paul Gruenwald. Palgrave MacMillan, 2006.
Some older papers:
Estimating central bank reaction functions with ordered probit: A note. (With H. Genberg.) September 2004.
Asymmetric policy reactions and inflation. April 2000.
Output gaps and inflation: Unobservable-components estimates for the G-7 countries. (With F. Smets.) January 1997. Preliminary and incomplete draft of a BIS working paper.
The monetary transmission mechanism: Evidence from the G-7 countries. (With F. Smets.) July 1995. CEPR working paper 1219.