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(Click here for Published Papers by Year)

• "Collective Moral Hazard and the Interbank Market," with Levent Altinoglu, NBER Working Paper No. 29807, February 2022.
• "The Economics of Immense Risk, Urgent Action and Radical Change: Towards New Approaches to the Economics of Climate Change," with Nicholas Stern and Charlotte Taylor, NBER Working Paper No. 28472, February, 2022. Previous version, February, 2021.
• "Land Speculation and Wobbly Dynamics with Endogenous Phase Transitions," with Tomohiro Hirano, NBER Working Paper No. 29745, February, 2022.
• "Macroeconomic Stabilization for a Post-Pandemic World," with Anton Korinek, Hutchins Center Working Paper No. 78, Brookings Institution, August 2022.
• "Optimal Bailouts and the Doom Loop with a Financial Network," with Agostino Capponi and Felix C. Correll, NBER Working Paper No. 27074, January, 2022. Previous version, May 2020.
• "The Wobbly Economy: Global Dynamics with Phase and State Transitions," with Tomohiro Hirano, NBER Working Paper No. 29806, February, 2022.

• "Artificial Intelligence, Globalization, and Strategies for Economic Development," with Anton Korinek, NBER Working Paper No. 28453, February, 2021.
• "Artificial Intelligence, Globalization, and Strategies for Economic Development," with Anton Korinek, Centre for Economic Policy Research Discussion Paper 15772, February, 2021.
• "Economic Fluctuations and Pseudo-Wealth," NBER Working Paper No. 28415, January, 2021.
• "The Economics of Immense Risk, Urgent Action and Radical Change: Towards New Approaches to the Economics of Climate Change," with Nicholas Stern and Charlotte Taylor, NBER Working Paper No. 28472, February, 2021, revised February 2022.
• "Income-Contingent Loans As an Unemployment Benefit," with Jungyoll Yun and Haaris Mateen, NBER Working Paper No. 29198, August, 2021.

• "Bilateral Information Disclosure in Adverse Selection Markets with Nonexclusive Competition." with Jungyoll Yun and Andrew Kosenko, NBER Working Paper No. 27041, April 2020.
• "Four Priorities for Pandemic Relief Efforts," Roosevelt Institute Working Paper, April, 2020.
• "Optimal Bailouts and the Doom Loop with a Financial Network," with Agostino Capponi and Felix C. Correll, NBER Working Paper No. 27074, May 2020, revised January 2022.
• "The Pandemic Economic Crisis, Precautionary Behavior, and Mobility Constraints: An Application of the Dynamic Disequilibrium Model with Randomness," NBER Working Paper No. 27992, October 2020.
• "Rational Heuristics? Expectations and Behaviors in Evolving Economies with Heterogeneous Interacting Agents," with Giovanni Dosi, Mauro Napoletano, Andrea Roventini and Tania Trebich, NBER Working Paper No. 26922, April 2020.
• "Towards a Dynamic Disequilibrium Theory with Randomness," with Martin M. Guzman, NBER Working Paper No. 27453, June 2020.
• "Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?" with Cameron Hepburn, Brian O’Callaghan, Nicholas Stern and Dimitri Zenghelis, Oxford Smith School of Enterprise and the Environment Working Paper No. 20-02, May 2020.

• "Addressing Climate Change through Price and Non-Price Interventions, " NBER Working Paper No. 25939, June 2019.
• "Characterization, Existence, and Pareto Optimality in Markets with Asymmetric Information and Endogenous and Asymmetric Disclosures: Basic Analytics of Revisiting Rothschild-Stiglitz," (update and revision of “Equilibrium in a Competitive Insurance Market Under Adverse Selection with Endogenous Information,” and update of Working Paper No. 24711, June 2018), with Jungyoll Yun and Andrew Kosenko, NBER Working Paper No. 26251, September, 2019. 

• An Analysis of Puerto Rico's Debt Relief Needs to Restore Debt Sustainability," with Pablo Gluzmann and Martin Guzman, NBER Working Paper No. 25256, November, 2018, and published in Espacios Abiertos, January.
• "Bail-Ins and Bail-Outs: Incentives, Connectivity, and Systemic Stability," with Bernard, Benjamin, Agostino Capponi, NBER Working Paper No. 23747, August 2017, revised November, 2021.
• "From Manufacturing-Led Export Growth to a Twenty-First-Century Inclusive Growth Strategy," WIDER Working Paper 2018/176  Helsinki: UNU-WIDER, December 2018.
• "Inequality and Finance in a Rent Economy," with Alberto Botta, Eugenio Caverzasi, Alberto Russo and Mauro Gallegati, June 1, 2018.
• "Overcoming Wealth Inequality by Capital Taxes that Finance Public Investment," with L. Mattauch, D. Klenert, and O. Edenhofer, NBER Working Paper 25126, October 2018.

• "Artificial Intelligence, Worker-Replacing Technological Progress and Income Distribution," with Anton Korinek, NBER Working Paper No. 24174, December 2017 and to be published in Economics of Artificial Intelligence, NBER/University of Chicago Press. (Paper presented in NBER AI conference September 13-14, 2017.)
• "Inequality, Stagnation, and Market Power: The Need for a New Progressive Era," Roosevelt Working Paper, November 2017.
• "The Revolution in Information Economics: The Past and the Future," NBER Working Paper No. 23780, September 2017.
• "Equilibrium in a Competitive Insurance Market Under Adverse Selection with Endogenous Information," with Jungyoll Yun and Andrew Kosenko, NBER Working Paper No. 23556, June 2017.
• "Macro-Economic Management in an Electronic Credit/Financial System," NBER Working Paper No. 23032, January 2017.

• "Pseudo-Wealth and Consumption Fluctuations," with Martin Guzman, NBER Working Paper No. 22838, November 2016.
• "The Theory of Credit and Macro-economic Stability," NBER Working Paper No. 22837, November 2016.

• "New Theoretical Perspectives on the Distribution of Income and Wealth Among Individuals: Part I. The Wealth Residual," NBER Working Paper 21189, May 2015.
• "New Theoretical Perspectives on the Distribution of Income and Wealth Among Individuals: Part II. Equilibrium Wealth Distributions," NBER Working Paper 21190, May 2015.
• "New Theoretical Perspectives on the Distribution of Income and Wealth Among Individuals: Part III. Life Cycle Savings vs. Inherited Savings," NBER Working Paper 21191, May 2015.
• "New Theoretical Perspectives on the Distribution of Income and Wealth Among Individuals: Part IV. Land and Credit," NBER Working Paper 21192, May 2015.

• "In Praise of Frank Ramsey's Contribution to the Theory of Taxation," NBER Working Paper 20530, October, 2014.
• "Intellectual Property Rights, the Pool of Knowledge, and Innovation," NBER Working Paper 20014, March, 2014.
• "Reconstructing Macroeconomic Theory to Manage Public Policy," NBER Working Paper 20517, September 2014.
• "Unemployment and Innovation," NBER Working Paper 20670, November 2014.

 

• "Crises: Principles and Policies: With an Application to the Eurozone Crisis," forthcoming in the proceedings of the International Economics Association's 2012 Buenos Aires roundtable on international debt and debt restructuring.
• "The Indian Microfinance Crisis," with Antara Haldar.
• "International Lending, Soverign Debt, and Joint Liability," with Kaushik Basu, World Bank Policy Research Working Paper WPS6555, August, 2013.
• "Monetary Policy in a Multipolar World," forthcoming in the proceedings of the International Economics Association's 2012 Izmir roundtable.
• "Optimal Provision of Loans and Insurance Against Unemployment From Lifetime Perspective," with Jungyoll Yun, NBER Working Paper 19064, May 2013.
• "Optimality and Equilibrium In a Competitive Insurance Market Under Adverse Selection and Moral Hazard," with Jungyoll Yun, August 2013. Also NBER Working Paper 19317, August 2013.

• "Dynamic Aggregation of Heterogeneous Interacting Agents and Network: An Analytical Solution for Agent Based Models," with Corrado Di Guilmi, Mauro Gallegati, and Simone Landini.

• "The Role of Cognitive Frames in Societal Rigidity and Change," with K. Hoff
• "A Short Note on Surveillance and How Reforms in Surveillance Can Help the IMF to Promote Global Financial Stability," International Monetary Fund, July 2011.

• "An Agenda for Reforming Economic Theory," presentation for the Institute for New Economic Thinking, April 10, 2010.
• "Evolutionary Theory and the Current Economic Crisis," presented at ASSA, January 2010.
• "Good Growth and Governance for Africa: Rethinking Development Strategies," with Akbar Noman.
• "Principles and Guidelines for Deficit Reduction," The Roosevelt Institute, December 2, 2010, Working Paper No. 6.
• "A Social Democratic Agenda for a More Dynamic Indian Economy: Creating an Innovative and Learning Society, The 2010 Jawaharlal Nehru Memorial Lecture, New Delhi, India, November 18, 2010.
• "UN-Due Credit: Is Formal Law Essential for Development?," with Antara Haldar. Earlier verision appeared as "The Dialectics of Law and Development," with Antara Haldar, presented at the Institute for Policy Dialogue's China Task Force Meeting, June, 2008.

• "Financial Liberalization, Financial Restraint, and Entrepreneurial Development," with M. Shahe Emran, Institute for International Economic Policy Working Paper Series, Elliott School of International Affairs, The George Washington University, January 2009.
• Interpreting the Causes of the Great Recession of 2008, lecture to have been delivered to the Bank of International Settlements conference, Basel, Switzerland, June 2009.

• "Financially Constrained Fluctuations in an Evolving Network Economy," with Domenico Delli Gatti, Mauro Gallegati, Bruce Greenwald, and Alberto Russo, NBER Working Paper 14112, June 2008.
• "Political Economy in a Contestable Democracy: The Case of Dividend Taxation," with Anton Korinek, January 20, 2008.
• "Sharing the Burden of Saving the Planet: Global Social Justice for Sustainable Development," Keynote speech at the June 2008 meeting of the International Economic Association, Istanbul (see the powerpoint here).

• "Japan and the World at the Beginning of the 21st Century," forward for collection of articles to be translated into Japanese, September 2007.
• "Policies and Institutional Engineering in Developing Economies," with Mario Cimoli, Giovanni Dosi, and Richard Nelson, forthcoming in Innovation Systems in Developing Countries - Building Domestic Capabilities in a Global Setting, B. Lundvall, K.J. Joseph, C. Chaminade, and J. Vang, eds, Edward Elgar: UK.
• "Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a Financially Fragile Environment," with Domenicao Delli Gatti, Mauro Gallegati, and Bruce Greenwald.
• "Globalization and the Challenges of Migration," speech at the Fundacion Sistema's 6th Forum Debate on "Migration and its Causes," Salamanca, Spain, June 20, 2007.
• "Growth with Responsibility in a Globalized World - Findings of the Shadow G-8," with Stephany Griffith-Jones, Friedrich-Ebert-Stiftung Dialogue on Globalization Occasional Paper No. 31, May 2007.
• "The Asymmetric Effect of Diffusion Processes: Risk Sharing and Contagion," with Matteo Richiardi, Mauro Gallegati, and Bruce Greenwald, April 2007.

• "Aid for Trade," with Andrew Charlton, paper prepared for the Annual World Bank Conference on Development Economics, Tokyo, Japan, May 29-30, 2006.
• "Aid for Trade," with Andrew Charlton, a report prepared for the Commonwealth Secretariat, March 2006.
• "The Economic Costs of the Iraq War," with Linda Bilmes, NBER Working Paper 12054, February 2006, originally presented at the Allied Social Sciences Association annual conference, January 2006, Boston, MA
• "Institutions and Policies Shaping Industrial Development," with Mario Cimoli, Giovanni Dosi, and Richard Nelson, LEM Working Paper, January 2006.
• "Microfinance and Missing Markets," with M. Shahe Emran and AKM Mahbub Morshed, October 2006.
• "A Progressive Tariff Reduction Scheme," with Andrew Charlton, to published in a volume about the "WTO at Ten" Conference.
• "What is the Role of the State?" paper prepared for the Resource Curse task force of the Initiative for Policy Dialogue.

• "Modigliani, the Modigliani-Miller Theorem, and Macroeconomics," paper presented to a conference, "Franco Modigliani and the Keynesian Legacy," New School University, April 14-15, 2005.
• "Samuelson and the Factor Bias of Technological Change: Towards a Unified Theory of Growth and Unemployment," May 2005.

• "The Doha Round of Trade Negotiations: An Agenda to Promote Development and Facilitate Adjustment," with Andrew Charlton, Commonwealth Finance Ministers Reference Report 2004, pp. 174-183
• "The Future of Global Governance," Initiative for Policy Dialogue Working Paper Series, Task Force on Governance of Globalization, November 2004.
• "The Post Washington Consensus Consensus," Initiative for Policy Dialogue Working Paper Series, Task Force on Governance of Globalization, November 2004.
• "Price Neutral Tax reform With an Informal Economy", with M. Shahe Emran, 2004, Public Economics 0407010, Economics Working Paper Archive at WUSTL.
• "Towards a Pro-Development and Balanced Intellectual Property Regime," Keynote address presented at the Ministerial Conference on Intellectual Property for Least Developed Countries, World Intellectual Property Organization (WIPO), Seoul, October 25.
• "The Transition from Communism: A Diagrammatic Exposition of Obstacles to the Demand for the Rule of Law", with Karla Hoff, 2004, Policy Research Working Paper Series 3352, The World Bank.
• "The Role of Cooperatives in Globalization," Università di Genova Working Paper n.9/2004, July 2004. (Paper prepared for the Legacoop International Conference, The Culture of Development, Globalization, Cooperative Enterprises, Genoa, July 2004).

• "Development Oriented Tax Policy," Initiative for Policy Dialogue Working Paper.

• "After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies," with Karla Hoff, Columbia University Department of Economics Discussion Paper and NBER Working Paper 9282, Oct 2002.
• "Development Policies in a World of Globalization," presented at the seminar "New International Trends for Economic Development" at the Social Development Bank (BNDES), Rio Janeiro, September 12-13, 2002.

• "Optimal Fire Departments: Evaluating Public Policy in the Face of Externalities," with Peter R. Orszag, The Brookings Institution, Jan. 4, 2002.

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• "Rethinking Pension Reform: Ten Myths About Social Security Systems," with Peter Orszag, presented at the conference on "New Ideas About Old Age Security," World Bank, Washington, DC, September 14-15, 1999.