Michael's Bank publications
Towards a new monetary theory of exchange...
Towards a new monetary theory of exchange rate determination
Banks are not intermediaries of loanable...
Banks are not intermediaries of loanable funds - facts, theory and evidence
Banks, money and the zero lower bound on...
Banks, money and the zero lower bound on deposit rates
Michael's selected academic publications
Risky Bank Lending and Countercyclical Capital Buffers, with J Benes, Journal of Economic Dynamics and Control (2015)
Inequality, Leverage and Crises, with R Ranciere, American Economic Review (2015)
The Future of Oil: Geology versus Technology, with J Benes et al, International Journal of Forecasting (2015)
Trade Openness and Exchange Rate Regimes, with O Kamenik, Journal of Money, Credit and Banking (2014)
To Starve or not to Starve the Beast?, with D Leigh and D Laxton, Journal of Macroeconomics (2014)
Fiscal Deficits and Current Account Deficits, with D Laxton, Journal of Economic Dynamics and Control (2013)
Oil and the World Economy: Some Possible Futures, with D Muir, Philosophical Transactions of the Royal Society A (2012)
Effects of Fiscal Stimulus in Structural Models, with Coenen et al, American Economic Journal: Macroeconomics (2012)