Douglas Laxton

Director of Saddle Point Research and The Better Policy Project
Macroeconomics, Monetary Policy, Inflation Targeting, Fiscal Policy, Macroprudential Policy
 

Citation indices
Citations    10180
h-index (largest number of publications that have at least that many citations)    57
i10-index (number of publications with at least 10 citations)    123

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Books

 
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Publications and Working Papers

 

Papers in 2020

 
 
 
 

Papers in 2019 

 

Laxton D., A. Kostanyan, A. Liqokeli, G. Minasyan, A. Nurbekyan and T. Sopromadze, 2019, "Mind the Gaps! Financial-Cycle Output Gaps and Monetary-Policy-Relevant Output Gaps." London School of Economics and Political Science.

Laxton D., 2019, "Mind the Gaps! Output Gaps for Monetary Policy and Financial Stability Assessments," Special Feature B in the October 2019 Macroeconomic Review, Monetary Authority of Singapore.

Alichi, A., H. Avetisyan, D. Laxton, S. Mkhatrishvili, A. Nurbekyan, L. Torosyan, H. Wang, and J. Yao, 2019,  “Multivariate Filter Estimation of Potential Output for the United States:Extension with Labor Market Hysteresis,” IMF Working Paper 19/35.

Laxton D., K. Clinton, L. Pio Perez, A. Nurbekyan, T. Holub, and J. Beneš, 2019, “Evaluation of The Central Bank of Chile Forecasting and Policy Analysis System for Inflation-Forecast Targeting," IMF (For Official Use Only) 

Mkhatrishvili Sh., D. Laxton, D. Tutberidze, T. Sopromadze, S. Metreveli, L. Arevadze, T. Mdivnishvili and G. Tsutskiridze, “Solving non-linear dynamic models (more) efficiently: application to a simple monetary policy model,” NBG Working Papers, WP 01/2019 

Clinton K., R. S. Craig, D. Laxton, and H. Wang, 2019, “Strengthening the Monetary Policy Framework in Korea,” IMF Working Paper 19/103, International Monetary Fund, Washington, DC.

 

 

 

Papers in 2018

Zoli, E., D. Laxton, S. Mursula, H. Wang, and J. Yao, 2018, “A New Strategy for Korea’s Fiscal Policy in a Low-Growth Environment,” Republic of Korea: Selected Issues, IMF Country Report, No. 18/41. 

Zoli, E., D. Laxton, S. Mursula, H. Wang, and J. Yao, 2018, “A New Strategy for Korea’s Fiscal Policy in a Low-Growth Environment,” IMF Working Paper 18/91

Adrian, T., D. Laxton, and M. Obstfeld, 2018, “An Overview of Inflation-Forecast Targeting,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Adrian, T., D. Laxton, and M. Obstfeld, 2018, “A Robust and Adaptable Nominal Anchor,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “First Principles,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “Managing Expectations,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “Nuts and Bolts of a Forecasting and Policy Analysis System,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “Transparency and Communications,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “Canada: A Well-Established System,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “Czech Republic: Transition to the Frontier,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “India: Stabilizing Inflation,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., K. Clinton, D. Laxton, and H. Wang, 2018, “United States: Federal Reserve’s Dual Mandate,” in Advancing the Frontiers of Monetary Policy, ed. by T. Adrian, D. Laxton, and M. Obstfeld (Washington: International Monetary Fund).

Al-Mashat, R., A. Bulíř, N.N. Dinçer, T. Hlédik, T. Holub, A. Kostanyan, D. Laxton, A. Nurbekyan, and H. Wang, 2018, “An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank,” IMF Working Paper No 18/210.

 

 

 
Papers in 2017 

Alichi, A., O. Bizimana, D. Laxton, K. Tanyeri, H. Wang, J. Yao, and F. Zhang, 2017, “Multivariate Filter Estimation of Potential Output for the United States,” IMF Working Paper No. 17/106. 

Benes, J., K. Clinton, A. George, J. John, O. Kamenik, D. Laxton, P. Mitra, G.V. Nadhanael, H. Wang, and F. Zhang, 2017, “Inflation-Forecast Targeting for India: An Outline of the Analytical Framework,” IMF Working Paper No. 17/32.

Benes, J., K. Clinton, A. George, P. Gupta, J. John, O. Kamenik, D. Laxton, P. Mitra, G.V. Nadhanael, R. Portillo, H. Wang, and F. Zhang, 2017, “Quarterly Projection Model for India: Key Elements and Properties,” IMF Working Paper No. 17/33.

 

Papers in 2016

Benes, J., D. Laxton, J. Mongardini, 2016, "Mitigating the Deadly Embrace in Financial Cycles: Countercyclical Buffers and Loan-toValue Limits," IMF Working Paper No 16/87.

 

Papers in 2015

 

Blagrave, P., R. Garcia-Saltos, D. Laxton, F. Zhang, 2015, "A Simple Multivariate Filter for Estimating Potential Output"  IMF Working Paper No. 15/79.

 

Papers in 2014

Laxton, D., J. Benes, M. Kumhof, D. Muir, S. Mursula, 2013, "The Benefits of International Policy Coordination Revisited,"  IMF Working Paper No. 13/262.

Kortelainen M., D. Laxton and J. Selody 2014, "Fiscal Adjustment, Growth and Imbalances," in C. Cottarelli, P. Gerson and A. Senhadji (eds.), Post-Crises Fiscal Policy, MIT Press, pp. 535–549.

Kortelainen M., D. Laxton and J. Selody 2014, "Coordination of Fiscal and Monetary Policies," in C. Cottarell, P. Gerson and A. Senhadji (eds.), Post-Crises Fiscal Policy, MIT Press, pp. 373–391.

 

 

Papers in 2013

Carabenciov, I., C. Freedman, R. Garcia-Saltos, O. Kamenik, D. Laxton and P. Manchev. 2013, "GPM6: The Global Projection Model with 6 Regions," IMF Working Paper No. 13/87.

Anderson, D., B. Hunt, M. Kortelainen, M. Kumhof, D. Laxton, D. Muir, S. Mursula, and S. Snudden. 2013, "Getting to Know GIMF – The Simulation Properties of the Global Integrated Monetary and Fiscal Model," IMF Working Paper No. 13/55.

 

 

Papers in 2012

 

 

Papers in 2011

Kumhof, M., D. Laxton, and K. Naknoi, 2011, "Does the Exchange Rate Belong in Monetary Policy Rules?, New Answers from a DSGE Model With Endogenous Tradability and Trade Frictions"  in Macroeconomic Performance in a Globalising Economy, ed. by R. Anderton and G. Kenny (Cambridge University Press), pp. 120-154.

 

 

Papers in 2010

Alichi, A., K. Clinton, J. Dagher, O. Kamenik, D. Laxton, and M. Mills, 2010, "A Model for Full-Fledged Inflation Targeting and Application to Ghana", IMF Working Paper 10/25 (January 2010).

Benes, J., K. Clinton, R. Garcia-Saltos, M. Johnson, D. Laxton, P. Manchev and T. Matheson, 2010 "Estimating Potential Output with a Multivariate Filter." IMF Working Paper 10/285.

Benes, J., K. Clinton, M. Johnson, D. Laxton and T. Matheson, "Structural Models in Real Time," IMF Working Paper 10/56 (March 2010).

Clinton, K., M. Johnson, O. Kamenik and D. Laxton, 2010, "International Deflation Risks Under Alternative Macroeconomic Policies," Journal of Japanese and International Economies.

Clinton, K., M. Kumhof, D. Laxton and S. Mursula, 2010, "Budget Consolidation: Short-Term Pain for Long-Term Gain", IMF Working Paper 10/163 (July 2010).

Coenen,G., C. Erceg, C. Freedman, D. Furceri, M. Kumhof, R. Lalonde, J. Linde, A. Mourougane, D. Muir, S. Mursula, J. Roberts, W. Roeger, C. de Resende, S. Smudden, M. Trabandt, in 't Veld, J. "Effects of Fiscal Stimulus in Structural Models, IMF Working Paper 10/73 (March 2010).

Freedman,C., M. Kumhof, D. Laxton, D.Muir, and S. Mursula, 2010, "Global Effects of Fiscal Stimulus During the Crisis," Journal of Monetary Economics, Bol. 57 (June), pp. 506-526, available at http://www.sciencedirect.com/science

Kozack, J., D. Laxton, and K. Srinivasan, 2010, "The Macroeconomic Impact of Sovereign Wealth Funds,"  Economics of Sovereign Wealth Funds, Chapter 14, pp. 187-204, (Washington, DC:  International Monetary Fund).

Kumhof, M., D. Laxton, D. Muir and S. Mursula, 2010, "The Global Integrated Monetary Fiscal Model (GIMF)---Theoretical Structure", IMF Working Paper 10/34 (February 2010)

Kumhof, M., D. Laxton, D. Leigh, 2010, "To Starve or Not to Starve the Beast', IMF Working Paper 10/199 (September 2010).

 

 

 
Papers in 2009

Andrle, M., C. Freedman, R. Garcia-Saltos, K. Hermawan, D. Laxton, and H. Munandar, 2009, "Adding Indonesia to the Global Projection Model," IMF Working Paper 09/255 (November 2009).

Alichi, A., H. Chen, K. Clinton, C. Freedman, M.J. Johnson, O. Kamenik, Turgut Kisinbay, and D. Laxton, 2009, Inflation Targeting Under Imperfect Policy Credibility, IMF Working Paper 09/94 (April 2009).

Download Code for "Inflation Targeting Under Imperfect Policy Credibility" paper (requires Dynare++ 1.3.7 and Sirius)

Canales-Kriljenko, J., C. Freedman, R. Garcia-Saltos, M. Johnson, and D. Laxton, Adding Latin America to the Global Projection Model, IMF Working Paper 09/85 (April 2009).

Chen,H., K. Clinton, M. Johnson, O. Kamenik, and D. Laxton, 2009, "Constructing Forecast Confidence Bands During the Financial Crisis," IMF Working Paper 09/214 (September 2009).

Decressin, J. and D. Laxton, 2009, "Gauging Risks For Deflation," IMF Staff Position Paper No. 09/01 (Washington DC.: International Monetary Fund.

Freedman, C., and D. Laxton, 2009, Why Inflation Targeting?, IMF Working Paper No. 09/86 (Washington, DC.: International Monetary Fund) and Chapter 2 of On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What you Say, unpublished manuscript by C. Freedman, D. Laxton and I. Okter-Robe.

Freedman, C., and D. Laxton, 2009, IT Framework Design Parameters, IMF Working Paper No. 09/87 (Washington, DC.: International Monetary Fund) and Chapter 3 of On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What you Say, unpublished manuscript by C. Freedman, D. Laxton and I. Okter-Robe.

Freedman, C. and D. Laxton, 2009, "Inflation Targeting Pillars: Transparency and Accountability," IMF Working Paper No. 09/262 (Washington DC.: International Monetary Fund) and Chapter 4 of On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say, unpublished manuscript by C. Freedman, D. Laxton and I. Okter-Robe.

Freedman, C., M. Kumhof, D. Laxton, and J. Lee, 2009, The Case for Global Fiscal Stimulus, IMF Staff Position Paper No. 09/04 (Washington, DC.: International Monetary Fund).

Freedman C., M. Kumhof, D. Laxton, D. Muir and S. Mursula, 2009, "Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Term Costs of Fiscal Deficits," IMF Working Paper No. 09/255 (Washington DC.: International Monetary Fund).

Kumhof, M. and D. Laxton, 2009, "Fiscal Deficits and Current Account Deficits, "

Kumhof, M. and D. Laxton, 2009, Chiles Structural Fiscal Surplus Rule: A Model-Based Evaluation, IMF Working Paper 09/88 (April 2009).

Kumhof, M., K. Naknoi and D. Laxton, 2009, "Does the Exchange Rate Belong in Monetary Policy Rules?  New Answers from a DSGE Model with Endogenous Tradability and Trade Frictions," ECB Conference Volume, forthcoming, 2009. 

 
 
 
Papers in 2008 

Carabenciov, I., I. Ermolaev, C. Freedman, M. Juillard, O. Kamenik, D. Korsunmov, and D. Laxton, 2008, A Small Quarterly Projection Model of the U.S. Economy, IMF Working Paper No. 08/278 (Washington, DC.: International Monetary Fund).

Carabenciov, I., I. Ermolaev, C. Freedman, M. Juillard, O. Kamenik, D. Korsunmov, D. Laxton, and J. Laxton, 2008a, A Small Multi-Country Global Projection Model, IMF Working Paper No. 08/279 (Washington, DC.: International Monetary Fund).

Catão, L., D. Laxton, and A. Pagan, 2008, Monetary Transmission in an Emerging Targeter: The Case of Brazil, IMF Working Paper no. 08/191 (Washington, D.C.: International Monetary Fund).

Collyns, C., D. Laxton, and N. Tamirisa, 2008, Measuring Output Gaps Box 1.1 of Chapter 1 of the October 2008 World Economic Outlook, International Monetary Fund.

Danninger, S, M. Kumhof, and D. Laxton, 2008, When Does Fiscal Stimulus Work? Box 2.1 of Chapter 2 of the April 2008 World Economic Outlook, International Monetary Fund.

Faruqee, H., D. Laxton, D. Muir and P. Pesenti, 2008, Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis, Journal of Economic Dynamics and Control,8 (August), pp . 2651-2689 and NBER Working Paper No. 12704.

Helbling, T., D. Laxton, V. Mercer-Blackman and I. Tytell, 2008, Is Inflation Back? Commodity Prices and Inflation Chapter 3 of the October 2008 World Economic Outlook, International Monetary Fund.

Iakova, D., D. Laxton, and D, Muir, “The effects of cutting taxes on gasoline,” Box 6 of Chapter 2 of the October 2008 European Regional Economic Outlook, International Monetary Fund, available at www.imf.org

Juillard, M., O. Kamenik, D. Laxton, and M. Kumhof, 2008, Optimal Price Setting and Inflation Inertia in a Rational Expectations Model, Journal of Economic Dynamics and Control, 8 (August), pp . 2584-2621.

Kamenik, O., H. Kiem, V. Klyuev, and D, Laxton, 2008, Why is Canadas Price Level so Predictable? IMF Working Paper 08/25 (January 2008).

Karam, P., D. Laxton, D. Rose, and N. Tamirisa, 2008, “The Macroeconomic Costs and Benefits of Adopting the Euro,” IMF Staff Papers, Vol. 55, No. 2, pp. 339–55.

Kumhof, M., D. Laxton, and D. Muir, 2008, Monetary Policy Regimes and Commodity Prices Box 3.3 of Chapter 3 of the October 2008 World Economic Outlook, International Monetary Fund.

Kumhof, M. and D. Laxton, 2008, South Asia: Illustrative Impact of an Abrupt Climate Shock Box 4.2 of Chapter 4 of the April 2008 World Economic Outlook, International Monetary Fund.

Kumhof, M.. D. Laxton. and K. Naknoi, 2008, "Does the Exchange Rate Belong in Monetary Policy Rules? New Answers from a DSGE Model with Endogenous Tradability and Trade Frictions," paper prepared for an ECB Conference on Globalisation and the Marcoeconomy, July 23–34, 2007 in Frankfurt, Germany.

Laxton, D., 2008, “Getting to Know the Global Economy Model and Its Philosophy,” IMF Staff Papers, Vol. 55, No. 2, pp. 213–42.

 Laxton, D., D. Rose and A. Scott, 2008, “Developing a Structured Forecasting and Policy Analysis System,” Chapter prepared for a book on implementation issues for Inflation Targeting. Draft available from authors.

 

 

  
Papers in 2007

Argov, E., N. Epstein, P. Karam, D. Laxton, and D. Rose, 2007, Endogenous Monetary Policy Credibility in a Small Structural Model of Israel, IMF Working Paper 07/207 (August 2007).

Botman, Dennis, Philippe Karam, Doug Laxton and David Rose, 2007, DSGE Modeling at the Fund: Applications and Further Developments. IMF Working Paper 07/200 (August 2007).

Elekdag, Selim, René Lalonde, Douglas Laxton, Dirk Muir, and Paolo Pesenti, 2007, “Oil Price Movements and the Global Economy: A Model-Based Assessment,” paper prepared for an IMF Workshop on Open Economy Models for Policy Evaluation, April 18-21, 2007 (Washington, D.C.: Washington Plaza Hotel), Bank of Canada Working Paper, 2007-34, forthcoming in IMF Staff Papers.

Elekdag, S. and D. Laxton, 2007, Understanding the Link Between Oil Prices and the World Economy, Box 1.2 in Chapter 1 of the April 2007 World Economic Outlook, International Monetary Fund.

Gray, Gavin, Thomas Harjes, Andy Jobst, Douglas Laxton, Natalia Tamirisa, and Emil Stavrev, 2007, The Euro and New Member States, in IMF Staff Country Report, No. 07/259, (Washington: International Monetary Fund) pp. 545.

Helbling, T., P. Berezin, A. Kose, M. Kumhof., D. Laxton, and N. Spatafora, 2007, Decoupling the Train? Spillovers and Cycles in the Global Economy? Chapter 4 of the April 2007 World Economic Outlook, International Monetary Fund.

Juillard, M., O. Kamenik, M. Kumhof, and D. Laxton, 2007, Measures of Potential Output from an Estimated DSGE Model of the United States paper presented at a workshop on Issues in Measuring Potential Output, Ankara Turkey, January 16, 2007.

Kumhof, M. and D. Laxton, 2007, "A Party Without a Hangover? On the Effects of U.S. Fiscal Deficits" IMF Working Paper 07/202 (August 2007).

Kumhof, M. and D. Laxton, 2007, Improved Macroeconomic PerformanceGood Luck or Good Policies Box 5.2 of Chapter 5 of the October 2007 World Economic Outlook, International Monetary Fund.

 
 
 
Papers in 2006

Berg, A., P. Karam, and D. Laxton, 2006, A Practical Model-Based Approach to Monetary Policy AnalysisOverview, IMF Working Paper 06/080 (April 2006).

Berg, A., P. Karam, and D. Laxton, 2006, Practical Model-Based Monetary Policy AnalysisA How-to Guide, IMF Working Paper 06/081 (April 2006).

Botman, D., D. Muir, D. Laxton, and A. Romanov, 2006, A New-Open-Economy-Macro Model for Fiscal Policy Evaluation, IMF Working Paper 06/045 (February 2006).

Epstein, N., D. Laxton, P. Karam, and D. Rose, 2006, A Simple Forecasting and Policy Analysis System for Israel: Structure and Applications in Israel: Selected Issues, IMF Country Report, No. 06/121 (March 2006).

Juillard, M., P. Karam, D. Laxton, and P. Pesenti, 2006, A Simple Welfare-Based Monetary Policy Rule in an Estimated DSGE Model of the US Economy, ECB Working Paper No. 613.

Kumhof, M. and D. Laxton, 2006, How Will Global Imbalances Adjust? Box 1.3 of Chapter 1 of the September 2006 World Economic Outlook, International Monetary Fund.

Kumhof, M., D. Laxton and W. Schule, 2006, "Optimized Fiscal Rules for a Monetary Union" prepared for a conference at the European Commission on Fiscal Policy Issues. Draft available from authors.

Laxton, D., P. NDiaye, and P. Pesenti, 2006, Shocks, Monetary Rules: A Scenario Analysis for Japan, Journal of Japanese and International Economies, doi: 10.1016/j.jjie.2006.08.004.

http://www.cnb.cz/en/research/research_publications/cnb_wp/2006/cnbwp_2006_11.html

 
 
 
Papers in 2005

Batini, N., K. Kuttner, and D. Laxton, 2005, Does Inflation Targeting Work in Emerging Markets? Chapter 4 of the September 2005 World Economic Outlook, International Monetary Fund.

Faruqee, H., D. Laxton, D. Muir, and P. Pesenti, 2005, Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing, NBER Working Paper No. 11583.

Goretti, M., and D. Laxton, 2005, Long-Term Inflation Expectations and Credibility, Box 4.2 in Chapter 4 of the September 2005 World Economic Outlook, International Monetary Fund.

Laxton, D. and Gian Maria Milesi-Ferretti, 2005, How Will Global Imbalances Adjust? Appendix 1.2 of Chapter 1 of the September 2005 World Economic Outlook, International Monetary Fund.

Karam. P., D. Laxton and N. Tamirisa, 2005, Monetary Policy Implications of Capital Account Volatility Under an Inflation Targeting Regime, in Czech Republic: Selected Issues, IMF Country Report, No. 05/275 (August 2005).

Kumhof, M., D. Laxton, and D. Muir, 2005, Consequences of U.S. Fiscal Consolidation for the U.S. Current Account in United States: Selected Issues, IMF Country Report, No. 05/258 (July 2005).

 
 
Papers in 2004

Bayoumi, T., D. Laxton, H. Faruqee, B. Hunt, P. Karam, J. Lee, A. Rebucci and I. Tchakarov, 2004, GEM: A New International Macroeconomic Model, Occasional Paper, No. 239, (Washington: International Monetary Fund).

Bayoumi, T., M. Kumhof, D. Laxton and K. Naknoi, 2004, "Exchange Rate Regimes, International Linkages and the Macroeconomic Performance of the New Member States," policy version prepared for a high level conference at the ECB in October and an extended more analytical version was prepared for the IMF Annual Research Conference, November 2004.

Bayoumi, T., D. Laxton and P. Pesenti, 2004, Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment, ECB Working Paper No. 341 and NBER Working Paper No. 10416.

 
 
 
Papers in 2003

Coats, W., D. Laxton and D. Rose, 2003, The Czech National Banks Forecasting and Policy Analysis System, (Prague, Czech Republic: Czech National Bank).

Laxton, D., and P. Pesenti, 2003, Monetary Policy Rules for Small, Open, Emerging Economies, Journal of Monetary Economics, Vol. 50 (July), pp. 1109-1146.

Hunt, B. and D. Laxton, 2003, The Zero-Interest-Rate Floor and Its Implications for Monetary Policy in Japan, in Japans Lost Decade: Policies for Economic Revival,

Hunt, B. and D. Laxton, 2003, “The Zero-Interest-Rate Floor and Its Implications for Monetary Policy in Japan,” in Japan’s Lost Decade: Policies for Economic Revival, ed. by Tim Callen and Jonathan Ostry (Washington, D.C.: International Monetary Fund).

Hunt, B. and D. Laxton, 2003b, Some Simulation Properties of the Major Euro Area Economies in MULTIMOD, IMF Working Paper 03/31 (February 2003).

Hunt, B., P. Isard and D. Laxton, 2003, “Inflation Targeting and the Role of the Exchange Rate”, unpublished draft available from authors.

 
 
Papers in 2002

Hunt, Benjamin, Peter Isard, and Douglas Laxton, 2002, The Macroeconomic Effects of Higher Oil Prices, National Institute Economic Review, Vol. 179, No. 1, pp. 87-103.

Boone, Laurence, Michel Juillard, Douglas Laxton and Papa N’Diaye, 2002, “How Well Do Alternative Time-Varying Models of the NAIRU Help Policymakers Forecast Unemployment?,” unpublished draft available from authors.

Bleaney Michael and Douglas Laxton, 2002, “Real Interest Rates and Real Exchange Rates: Evidence from Indexed Bonds,” Manchester School (U.K.); 71, No. 1:65-77, January.

Laxton, Douglas and Papa NDiaye, 2002, Monetary Policy Credibility and the Unemployment-Inflation Nexus: Some Evidence from Seventeen OECD Countries, IMF Working Paper 02/220 (Washington: International Monetary Fund).

 
 
 
Papers in 2001

Laxton, Douglas and Eswar Prasad, 2001, Possible Effects of European Monetary Union on Switzerland A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor, Journal of Policy Modeling, Vol. 23, Issue 5 (July) pp. 531-51.

Hunt, Benjamin, Peter Isard, and Douglas Laxton, 2001, The Zero Interest Rate Floor (ZIF) and Its Implications for Monetary Policy in Japan, IMF Working Paper No. 01/186 (Washington: International Monetary Fund).

Hunt, Benjamin, Peter Isard, and Douglas Laxton, 2001, The Macroeconomic Effects of Higher Oil Prices, IMF Working Paper No. 01/14 (Washington: International Monetary Fund).

Clark, Peter, Douglas Laxton, and David Rose, 2001, An Evaluation of Alternative Monetary Policy Rules in a Model with Capacity Constraints, Journal of Money Credit and Banking, Vol. 33, No. 1 (February), pp. 42-64.

Isard, Peter, Douglas Laxton and Ann-Charlotte Eliasson, 2001, Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility, Journal of Economic Dynamics and Control, Vol. 25, pp. 115-48.

 
 
Papers in 2000

Isard, Peter and Douglas Laxton, 2000b, Inflation-Forecast Targeting and the Role of Macroeconomic Models, in Inflation Targeting in Transition Economies: The Case of the Czech Republic, ed. by Warren Coates (Prague: Czech National Bank), pp. 105-137.

Faruqee, Hamid and Douglas Laxton, 2000, Life-Cycles, Dynasties, Saving: Implications for Closed and Small, Open Economies, IMF Working Paper 00/126, July, (Washington: International Monetary Fund).

Isard, Peter and Douglas Laxton, 2000, Issues Relating to Inflation Targeting and the Bank of Englands Framework, in IMF Staff Country Report, No. 00/106, (Washington: International Monetary Fund) pp. 5-45.

 
 
 
Papers in 1999 

Isard Peter, and Douglas Laxton, 1999, “Monetary Policy with NAIRU Uncertainty and Endogenous Credibility: Perspectives on Policy Rules and the Gains from Experimentation and Transparency,” in Monetary Policy Uncertainty edited by Benjamin Hunt and Andrew Orr (Reserve Bank of New Zealand: Wellington).

Eliasson, Ann-Charlotte, Peter Isard, and Douglas Laxton, 1999, “Simple Monetary Policy Rules Under Model Uncertainty,” in International Finance and Financial Crises: Essays in Honor of Robert P. Flood, Jr., ed. by Peter Isard, Assaf Razin, and Andrew K. Rose (Washington: International Monetary Fund).

Isard, Peter, D. Laxton, and A. Eliasson, 1999, Simple Monetary Policy Rules Under Model Uncertainty, International Tax and Public Finance, Vol. 6, pp. 537-577.

Ford, Robert, and Douglas Laxton, 1999, World Public Debt and Real Interest Rates, Oxford Review of Economic Policy, Vol. 15, No. 2, pp. 77-94.

 
 
 
Papers in 1998

Juillard, Michel, Douglas Laxton, Hope Pioro and Peter McAdam, 1998, An Algorithm Competition: First-Order Techniques Versus Newton-Based Techniques, Journal of Economic Dynamics and Control, Vol. 22, Issue 8-9, pp. 1291-1318.

Laxton, Douglas, 1998, MULTIMOD Mark III: The Equations and Documentation."

Laxton, Douglas, Hamid Faruqee, Hamid, Peter Isard, Eswar Prasad, and Bart Turtelboom, 1998, MULTIMOD Mark III: The Core Dynamic and Steady-State Models, IMF Occasional Paper, No. 164, May, (Washington: International Monetary Fund).

Bayoumi, Tamim, Douglas Laxton, and David T. Coe, 1998, Liberating Supply: Fiscal Policy and Technological Innovation in a Multicountry Model, IMF Working Paper 98/95, June, (Washington: International Monetary Fund).

Armstrong, John, Richard Black, Douglas Laxton, and David Rose, 1998, A Robust Method for Simulating Forward-Looking Models, Journal of Economic Dynamics and Control, Vol. 22, Issue 4, pp. 489-501.

 
 
 
Papers in 1997

Debelle, Guy, and Douglas Laxton, 1997, “Is the Phillips Curve Really a Curve? Some Evidence for Canada, The United Kingdom and the United States,” Staff Papers, International Monetary Fund, Vol. 44, No. 2, June, pp. 249–82.


Papers in 1996

Faruqee, Hamid, Douglas Laxton, and Steven Symansky, 1996, Government Debt, Lifecycle Income and Liquidity Constraints: Beyond Approximate Ricardian Equivalence, IMF Working Paper 96/140, December, (Washington: International Monetary Fund).

Isard, Peter, and Douglas Laxton, 1996, “Strategic Choice in Phillips Curve Specification: What if Bob Gordon is Wrong?,” prepared for a conference on the Macroeconomic Aspects of European Unemployment sponsored by the European University Institute in Florence, Italy, November.

Laxton, Douglas, Hope Pioro, and Peter McAdam, 1996, “Solving MULTIMOD with First-Order and Newton-Based Techniques,” released as a University of Strathclyde Discussion Paper in Economic Modeling, October.

Juillard, Michel, and Douglas Laxton, 1996, “A Robust and Efficient Method for Solving Nonlinear Rational Expectations Models,” IMF Working Paper 96/106, September, (Washington: International Monetary Fund).

Clark, Peter, and Douglas Laxton, 1996, “Phillips Curves, Phillips Lines and the Unemployment Costs of Overheating,” prepared for a conference on Computational Economics in Geneva, Switzerland, May.

Clark, Peter, Douglas Laxton, and David Rose, 1996, “Asymmetry in the U.S. Output-Inflation Nexus: Issues and Evidence,” IMF Staff Studies, Vol. 46, March, (Washington: International Monetary Fund).


Papers in 1995

Buckberg, E., Douglas Laxton, and others, 1995, “United States Background Papers,” IMF Staff Country Report No. 95/94, September, (Washington: International Monetary Fund).

Laxton, Douglas, Guy Meredith, and David Rose, 1995, “Asymmetric Effects of Economic Activity on Inflation: Evidence and Policy Implications,” IMF Staff Papers, Vol. 42, June, (Washington: International Monetary Fund).

Clark, Peter, Douglas Laxton, and David Rose, 1995, “Capacity Constraints, Inflation and the Transmission Mechanism: Forward-Looking Versus Myopic Policy Rules,” IMF Working Paper 95/75, July, (Washington: International Monetary Fund).

Black, Richard, Douglas Laxton, David Rose, and Robert Tetlow, 1995, The Bank of Canada's New Quarterly Projection Model: The Steady-State Model, Technical Report No. 72, (Ottawa: Bank of Canada), January.

 
 
 
Papers in 1994

Bayoumi, Tamim, and Douglas Laxton, 1994, Government Debt, Deficits, and the Business Cycle, Deficit Reduction: What Gain, What Pain?, (C.D. Howe Institute).

 
 
 
Papers in 1993

Laxton, Douglas, David Rose, and Robert Tetlow, 1993, Problems in Identifying Nonlinear Phillips Curves: Some Further Consequences of Mismeasuring Potential Output, Working Paper 93/6, (Ottawa: Bank of Canada), June.

Laxton, Douglas, David Rose, Robert Tetlow, 1993, Is the Canadian Phillips Curve Non-Linear?, Working Paper No. 93/7, (Ottawa: Bank of Canada), July.

Laxton,Douglas, David Rose, Robert Tetlow, 1993, Monetary Policy, Uncertainty and the Presumption of Linearity, Technical Report No. 63, (Ottawa: Bank of Canada), August. http://www.bankofcanada.ca/en/res/tr/1993/tr63-e.html

Laxton, Douglas, Nick Ricketts, and David Rose, 1993, Uncertainty, Learning and Policy Credibility, Economic Behavior and Policy Choice Under Price Stability, Proceedings of a Conference held at the Bank of Canada, 30-31 October.

 
 
 
Papers in 1992

Laxton, Douglas, Kevin Shoom, and Robert Tetlow, 1992, Should the Change in the Gap Appear in the Phillips Curve?: Some Consequences of Mismeasuring Potential Output, Working Paper 92/1, (Ottawa: Bank of Canada), January.

Laxton, Douglas, and Robert Tetlow, 1992, “Government Debt in an Open Economy,” Technical Report No. 58, (Ottawa: Bank of Canada), January.
 
 
 
 

Workshops and Courses

[1] Inflation Targeting Workshop for central bankers in Latin America in Mexico, 2001 (with Alain Ize, MFD, IMF)

[2] Bank of Finland Modeling Workshop for Central Bank Modelers, 2001 (with Chris-Marie Rasi, Bank of Finland)

[3] Inflation Targeting Workshop for central bankers in Eastern Europe in Turkey, 2002 (with Warren Coats, MFD, IMF)

[4] Bank of Finland Modeling Workshop for Central Bank Modelers, 2002 (with Chris-Marie Rasi, Bank of Finland)

[5] Bank of Finland Modeling Workshop for Central Bank Modelers, 2003 (with Chris-Marie Rasi, Bank of Finland)

[6] Inflation Targeting Workshop for central bankers in Eastern Europe in Ukraine, 2004 (with Inci Otker Robe, MFD, IMF)

[7] IMF DSGE Modeling Conference, Washington, DC July 2004

[8] Inflation Targeting: Policy and Implementation Issues Workshop for central bankers in eastern europe Istanbul, Turkey, September 12-19, 2005 (with Inci Otker Robe, MFD, IMF)

[9] Inflation Targeting in Theory and Practice: Saying What You Do and Doing What You Say, IMF Institute Course, November 21–23, 2005 (with Tiff Macklem, Deputy Governor, Bank of Canada)

[10] The Interface between Monetary Policy and Macro Modeling, Reserve Bank of New Zealand, March 13-15, 2006 (with Aaron Drew, David Hargreaves, and Sharon McCaw).

[11] Inflation Targeting in Theory and Practice: Saying What You Do and Doing What You Say, IMF Institute Course, October3-5, 2006 (with Tiff Macklem, Deputy Governor, Bank of Canada)

[12] IMF Global Economy Modeling Course, Washington, DC October, 2006

[13] Inflation Targeting: Policy and Implementation Issues Workshop for central bankers in Asia, Chiang Mai, Thailand, November 6-13, 2006 (with Karl Habermeier, MFD, IMF)

[14] Uses of DSGE Models at the Fund, Washington, DC April, 2007

[15] Workshop and Training on the Global Integrated Monetary Fiscal Model (GIMF) and Small Empirically-Based Global Projection Models (GPMs), Washington, DC March, 2008

[16] Inflation Targeting in Theory and Practice: Saying What You Do and Doing What You Say, IMF Institute Course, February 4–6, 2008 (with Oistein and Kristen Solberg-Johansen, Norges Bank)

[17] Workshop and Training on the Global Integrated Monetary Fiscal Model (GIMF) and Small Empirically-Based Global Projection Models (GPMs), Washington, DC, March, 2008.

[18] IMF RES Workshop on Macro-Financial Linkages, Oil Prices and Deflation, Washington DC, January, 2009


[19]  Inflation Targeting in Theory and Practice:  Saying What You Do and Doing What You Say, IMF Institute Course, February 2-4, 2009 (with Amund Holmsen, Norges Bank}.

[20]   FAD/RES Fiscal Multiplier Comparison Workshop, IMF, May 13, 2009 (with T. Baunsgaard and M. Kumar)

 

[21]  FAD/RES Workshop on Fiscal Policy, IMF, June 2, 2009 (with T. Baunsgaard and M. Kumar)

[22]  RES Workshop on Structural Models in Real Time, IMF, November 2-5, 2009

[23]  HKMA Workshop on GPM and GIMF, Hong Kong, March 15-19, 2010.

[24]  RES Workshop on Hot Topics in Macro Modeling, Washington DC, April 1-9, 2010.

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