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Discussion Papers | Journal Articles | Other Papers | Book Chapters | Books | Newspaper Articles |Plays

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1. Discussion papers and VoxEU pieces

"The financial alchemy that failed," CAGE Online Working Paper Series 398, Competitive Advantage in the Global Economy (CAGE), January, 2019.

"Subprime assets and financial crisis: theory, policy and the law," (with Lei Zhang & Songklod Rastapana),CAGE Online Working Paper Series 340, Competitive Advantage in the Global Economy (CAGE) 2017.

"A comedy of errors: misguided policy, mis-sold mortgages, and more," (with Songklod Rastapana & Lei Zhang) CEPR Discussion Papers 11533, 2016.

"Waiting for a hair cut? A bargaining perspective on sovereign debt restructuring", (with Sayantan Ghoshal and
Kannnika Thampanishvong), CEPR Discussion Papers 11710, November 2016.

"Farwell to the vultures? Argentine debt restructuring and bargaining theory", (with Sayantan Ghoshal) VoxEU, CEPR's Policy Portal, 8th January 2016.

"Writing-down debt with heterogeneous creditors: lock laws and late swaps", (with Sayantan Ghoshal) CEPR Discussion Paper series No. 20000, December 2015

"In the shadow of the Gulag: worker discipline under Stalin" (with Jennifer Smith) CAGE Online Working Paper Series 218, January 2015.

"To exit the Great Recession, central banks must adapt their policies and models", (with Lei Zhang), VoxEU, CEPR's Policy Portal, 10 September 2014.

“Macroeconomics after the crisis – hedgehog or fox?", (with Lei Zhang), presented at the ESRC Conference on Diversity in Macroeconomics at the University of Essex, February 2014. Now available as CEPR Discussion Paper Series No. 9974, May 2014.

“Macro coordination: Forward Guidance as 'cheap talk'” (with Lei Zhang), presented at the Bank of England, November 2013. Now available as CEPR Discussion Paper Series No. 9975, May 2014.

“Saving the Euro: self-fulfilling crisis and the 'Draghi Put'”(with Lei Zhang), August 2013, CEPR Discussion Paper Series No. 9976, and VoxEU, CEPR'S Policy Portal, 26 June 2014. (Published in Life after Debt, D. Heymann and J. Stiglitz (eds.), London: Palgrave, 2014.)

"Avoiding costly default with state-contingent contracts: issues of market power and moral hazard" (with Lei Zhang), December 2013.

"A random walk down Threadneedle Street: the lower bound, forward guidance, and more" (with Lei Zhang), October 2013.

"Inflexible sovereign debt contracts: Human Rights Concerns? (with Dania Thomas), October 2013.

"Fiscal Consolidation: Dr Pangloss meets Mr Keynes" (with Lei Zhang), September 2013.

"Eurozone Sovereign Debt Restructuring: promising legal prospects?" (with Dania Thomas), August 2013.

"The Invisible Hand and the Banking Trade: Seigniorage, Risk-shifting and More" (with Lei Zhang), June 2013.

"Whither Capitalism? Financial Externalities and Crisis" (with Lei Zhang), March 2012.

"The Eurozone game: conflicting policy preferences in an integrated capital market" (with Neil Rankin and Lei Zhang), February 2012.

"Prudent Banks and Creative Mimics: Can we tell the difference? "(with Andrew Powell and Antonia Maier), CAGE WP 76/2012, February 2012.

"Borrowing from thy neighbour: a European perspective on sovereign debt" (with Neil Rankin and Lei Zhang), January 2012.

"When bigger isn't better: Bail-outs and bank behaviour" (with Han Hao Li and Lei Zhang), CEPR DP8602 (also circulated as CAGE WP 66/2011), October 2011.

"When markets freeze: Tobin’s q and QE", (with John Driffill), VoxEU, CEPR's Portal, 27 September 2011.

“Liquidity when it matters most: QE and Tobin's q” (with John Driffill), CEPR DP8511 (also circulated as CAGE WP 68/2011), August 2011.

"Macro-Governance and the Great Game of International Monetary Reform", presented at International Monetary System RWB Conference, Paris, December 2010.

”Macro-governance” Queries No. 01 (4) 2011, pp. 39-46. Proceedings of IPD Conference, Washington DC

“Delay and Haircuts in Sovereign Debt: Recovery and Sustainability” (with K. Thampanishvong, S. Ghosal), presented at Royal Economic Society annual meeting April 2010.

"Black holes and financial crises: Is there any escape?", VoxEU, CEPR's Portal, 03 October 2009.

‘Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?’ (with Joseph Stiglitz) mimeo, University of Warwick, November, 2008. Presented at ISI Conference, Delhi, December, 2008

‘Eastern caution, Western ebullience and global imbalances’, (with Paolo Santos-Monteiro and Lei Zhang) mimeo, University of Warwick, November, 2008. Presented at ISI Conference, Delhi, December, 2008

‘House prices and inflation: deregulation, overshooting and asset bubbles’ (with Ishita Mohanty and Lei Zhang) mimeo, University of Warwick, November, 2008. Presented at MMF Conference, London, September, 2008

"Punishment without crime? The Gulag as a worker-discipline device", (with Jennifer Smith), VoxEU, CEPR's Portal, 10 January 2008.

'The fickle fortunes of global finance' A short play in three acts by Marcus Miller (prepared for a meeting of the Franco-British Council in Paris, 16 March, 2007)

'Punishment Without Crime? Prison as a Worker-Discipline Device', (with Jennifer C Smith), CEPR Discussion Paper no. 6621, 2007

"When credibility fails: anticipated devaluation and recession" (with Lei Zhang), mimeo, University of Warwick, 2007

'Capital Flows, Interest Rates and Precautionary Behaviour: a model of Global Imbalances,' (with Lei Zhang), MMF Research Paper no. 152, 2007

'Monitoring Bands and Monitoring Rules: how currency intervention can change market composition', (with Luisa Corrado and Lei Zhang), Research Paper Series no. 91, Tor Vergata University, CEIS, 2007

'Fear and Market Failure: Global Imbalances and 'Self-insurance' (with Lei Zhang) CEPR Discussion Paper no. 6000, 2006

‘Supply Shocks and Currency Crises: The Policy Dilemma Reconsidered,’ (with Lei Zhang and Javier Garcia-Fronti) CEPR Discussion Paper no. 5905, 2006

‘Sovereign Debt Restructuring: the Judge, the Vultures and Creditor Rights,’ ( with Dania Thomas) CEPR Discussion Paper no. 5710, 2006

'Crises in Global Financial Markets: career-concerned traders and insured elites?' (with Sayantan Ghosal), Preliminary Draft (May 2006)

“Bargaining and Sustainability: The Argentine Debt Swap of 2005”, (with Amrita Dhillon, Javier García-Fronti and Sayantan Ghosal). CEPR Discussion Paper no. 5236. (September 2005).

“Capital flows and the US ‘New Economy’: consumption smoothing and risk exposure” (with Olli Castrén and Lei Zhang). ECB Working Paper No. 459 (March 2005)

“Case study: Restructuring Argentine debt: a renegotiation game?” (with Javier Garcia Fronti) CSGR Discussion Papers February 2005

“Credit Crunch and Keynesian Contraction: Argentina in Crisis”, (with Javier Garcia Fronti and Lei Zhang). CEPR Discussion Paper, No.4889 (January 2005).

“World Finance and the US 'New Economy': Risk Sharing and Risk Exposure”, (with Lei Zhang). CEPR Discussion Paper, No. 4855 ( January 2005).

“Argentina in Default: the Renegotiation Game” (with J Garcia Fronti) (February 2004) CSGR Discussion Papers.

“Growth Expectations, Capital Flows and International Risk Sharing” (with Olli Castrén, and Roger Stiegert), June 2003, (ECB Working Paper No. 237)

“Coordination failure, moral hazard and sovereign bankruptcy procedures” (with Sayantan Ghosal). CEPR Discussion Paper, No. 3729 (Feb 2003).

“Learning to forget? Contagion and political risk in Brazil” (with Kannika Thampanishvong and Lei Zhang). CEPR Discussion Paper No. 3785 (March 2003).

“Sovereign Default by Argentina: ‘Slow Motion Train Crash’ or Self-fulfilling Crisis?” (with Lei Zhang and Javier Fronti). CEPR Discussion Paper No. 3399 (May 2002).

“Sovereign Debt Restructuring: New Articles, New Contracts--or No Change?” PIIE International Economic Policy Brief, No. PB02-3 (April 2002), Institute for International Economics, Washington D.C.

“Exchange Rate Monitoring Bands: Theory and Evidence” (with Luisa Corrado and Lei Zhang). CEPR Discussion Paper No. 3337 (April 2002).

“Growth Expectations, Capital Flows and International Risk Sharing” (with Olli Castren and Roger Stiegert), November 2001, ECB working paper (June 2003).

“Moral Hazard and the US Stock Market: the idea of a ‘Greenspan Put’” (with P. Weller and L. Zhang). CEPR Discussion Paper No. 3041 (November 2001).

“Global Financial Crises: Mechanisms and Incentives” (with M. Kumar and P. Masson). IMF Working Paper No. 00/105, Research Department, IMF, 2000. (Revise and resubmit from IMF Staff Papers.)

“Bankruptcy Protection Against Macroeconomic Shocks: The Case for a Super Chapter 11” (with Joseph Stiglitz), Mimeo, University of Warwick, 1999.

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2. Journal Articles (since 1990)

"The blind monks and the elephant: contrasting narratives of financial crisis" (with Songklod Rastapana & Lei Zhang) Manchester School, vol.86(S1) ,pp. 83-109, 2018

"Writing-Down Debt with Heterogeneous Creditors: Lock Laws and Late Swaps". (with Sayantan Gohsal), Journal of Globalization and Development, Special Issue on Sovereign Debt Restructuring, vol. 6, Issue 2, pp. 239-255, December 2015.

'In the shadow of the Gulag: worker discipline under Stalin' (with Jennifer Smith), Journal of Comparative Economics. vol. 43(3) pp. 531-548, August 2015

"The Hedgehog and the Fox: from DSGE to Macro Pru" (with Lei Zhang) Manchester School vol. 483, pp. 31-55, August 2015

'The Invisible Hand and the Banking Trade: seigniorage, risk-shifting, and more' (with Lei Zhang), Brussel Economics Review, vol. 56(3-4): pp. 365-388, December 2013.

'Eurozone sovereign debt restructuring: keeping the vultures at bay' (with Dania Thomas), Oxford Review of Economic Policy, vol. 29 (4): pp. 745-763, December 2013.

'When bigger isn't better: bailouts and bank reform' (with Lei Zhang and Hanhao Li), Oxford Economic Papers, vol. 65 (suppl 1): i7-i41, April 2013.

'Liquidity When it Matters: QE and Tobin's Q' (with John Driffill), Oxford Economic Papers, vol. 65 (suppl 1): pp. i115-145, April 2013.

'Macroeconomics: a discipline not a science', Manchester School, vol. 79,(S2):pp. 1-24, 2011.

'Towards new microfoundations for macro', Central Banking, vol. 20(1):pp. 53-58, 2009.

'UK external imbalances and the sterling: are they on a sustainable path?' (with Eleni Iliopulos), Open Economies Review, vol. 18(5):pp. 539-557, November 2007.

'Sovereign Debt Restructuring: Judge Griesa, the vultures and creditor rights' (with Dania Thomas), The World Economy, vol. 30(10):pp. 1491-1509, October 2007.

'Bulls, Bears and excess volatility: can currency intervension help?' (with Luisa Corrado, Lei Zhang), International Journal Of Finance And Economics, vol. 12(2):pp. 261-272, March 2007.

'Irrational exuberance' and capital flows for the US New Economy: a simple global model' (with Olli Castrén and Lei Zhang), International Journal Of Finance And Economics, vol. 12(1):pp. 89-105, January 2007.

'Debt Restructuring and Economic Recovery: Analysing the Argentine Swap' (with Amrita Dhillon, Javier Garcia-Fronti and Sayantan Ghosal), The World Economy, vol. 29(4):pp. 377-398, April 2006.

'Financial crises: And what to do about them', Economic Journal, vol. 113(488):pp. F385-F387, 2003.

'Co-ordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures' (with S. Ghosal), Economic Journal, vol. 113(487):pp. 276-304 ,April 2003.

'No Credit for Transition: European institutions and German unemployment' (with J. Driffill), Scottish Journal of Political Economy, vol. 50(1):pp. 41-60, 2003.

'Moral Hazard and the US Stock Market: Analysing the 'Greenspan Put'' (with P. Weller and L. Zhang), Economic Journal, vol. 112:(472)pp. 171-86, March 2002.

'The End of History" and the Stock Market Boom: a cautionary tale of capitalist triumphalism', European Business Review, vol. 14(1):pp. 71-74, 2002.

'Sovereign Liquidity Crises: The strategic case for a payments standstill' (with Lei Zhang), Economic Journal, vol. 110(460):pp. 335-362,January, 2000.

'Asset bubbles, Leverage and 'Lifeboats': Elements of the East Asian Crisis' (with Hali J. Edison and Pongsak Luangaram), Economic Journal, Vol. 110(460):pp. 309-334, January 2000.

'Designing Monetary Policy when Unemployment Persists' (with Ben Lockwood and Lei Zhang), Economica, Vol.65(259):pp.327-345, August 1998.

'Financial crisis in East Asia: Bank runs, asset bubbles and antidotes' (with P Luangaram), National Institute Economic Review, vol. 165(1):pp. 66-82, July 1998.

'Shareholders and Stakeholders:Human Capital and Industry Equilibrium' (with Roberto Ippolito and Lei Zhang), Economic Journal, vol. 108:pp. 490-508, March,1998.

'The 'laissez faire' bias of managed floating' (with L Papi), Journal of International Money and Finance, Vol.16(6):pp. 989-1000, Dec 1997.

'Hyperinflation and stabilization: Cagan revisited' (with Lei Zhang) Economic Journal, vol. 107:pp. 441-454, March 1997.

'Debt in industry equilibrium' (with Steven Fries and William Perraudin), Review of Financial Studies, vol. 10:pp. 39-67, January 1997.

'Stochastic saddlepoint systems: stabilization policy and the stock market' (with Paul Weller), Journal of Economic Dynamics and Control, vol. 19:pp. 279-302, 1995.

'Deficits, inflation and the political economy of Ukraine' (with Oleh Havrylyshyn and William Perraudin), Economic Policy, pp. 354-401,October 1994.

'Speculative anticipations and the return to Gold in 1925' (with Alan Sutherland), Economic Journal, vol. 104:pp. 804-812, July 1994.

'Why have a target zone?' (with Paul Krugman), Carnegie Rochester Conference on Public Policy (Supplement to Journal of Monetary Economics) vol. 38:pp. 279-314, 1993.

'Contracts, Credibility and Common Knowledge' (with Alan Sutherland), IMF Staff Papers, vol. 40:pp. 178-200, March 1993. Reprinted in F. Torres; G. Francesco (eds.) Adjustment and growth in the European Monetary Union, pp. 93-115, Cambridge: Cambridge University Press, 1993

'Learning and Inflation Convergence in the ERM' (with John Driffill), Economic Journal, vol. 103:pp. 369-378, March 1993.

'Inflation Convergence with Realignments in a Two-Speed Europe' (with Luisa Lambertini, and Alan Sutherland), Economic Journal, vol. 102:pp.333-341, March 1992.

'Exchange Rate Bands with Price Inertia' (with Paul Weller), Economic Journal, vol. 101:pp. 1380-1399, November 1991.

'The Walter’s Critique’ of the EMS : a Case of Inconsistent Expectations?' (with Alan Sutherland), The Manchester School of Economics and Social Studies, vol. 59(Supplement):pp. 23-37, 1991.

'Currency Bands, Target Zones and Price Flexibility' (with Paul Weller), IMF Staff Papers, vol.38:pp.184-215, March 1991.

'Currency Bubbles which Affect Fundamentals: A Qualitative Treatment' (with Paul Weller), Economic Journal, vol. 100(Supplement):pp. 170-179, 1990.

'When Does Coordination Pay?' (with Mark Salmon), Journal of Economic Dynamic and Control, vol. 14(3-4):pp. 553-569, July-Oct 1990.

'Entering a Preannounced Currency Band' (with Masaki Ichikawa and Alan Sutherland), Economics Letters, 34(4):pp. 363-368, 1990. Reprinted in P. Krugman and M. Miller (eds.) Exchange Rate Targets and Currency Bands, Cambridge CUP (1991)

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3. Recent papers in conference volumes/festschrifts and book chapters

3.1. Papers in Conference Volumes/Festschrifts, etc

"The financial alchemy that failed". In R.Z. Aliber and G Zoega (eds.) The 2008 Global Financial Crisis in Retrospect: Causes of the Crisis and National Regulatory Responses. Palgrave Macmillan,(forthcoming, 2019)

"Cross-border banking and monetary independence: difficult partners". In P.Hartmann, H. Huang and D. Schoenmaker (eds.) The Changing Fortunes of Central Banking. Cambridge,UK: Cambridge University Press, 2018

"Whither Capitalism? Financial Externalities and Crisis" (with Lei Zhang). In F. Allen, M. Aoki, N. Kiyotaki, R. Gordon, J. Stiglitz and J-P.Fitoussi (eds.) The Global Macro Economy and Finance. IEA Conference Volume Number 150-III. Palgrave Macmillan , 2013.

"Target Zones and Monitoring Bands". In Global Economics in Extraordinary Times: Essays in Honor of John Williamson. Washington DC: PIIE, pp. 83 -106, 2012.

“Learning to Trust Lula: Contagion and Political Risk in Brazil” (with Kannika Thampanishvong and Lei Zhang). In F. Giavazzi, I. Goldfajn and S. Herrera (eds) Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003, Cambridge MA, 2005 

Discussion of “Exchange rate regimes in theory and practice” by Andrew Crockett and “Is foreign exchange intervention effective?” by Takatoshi Ito. In Paul Mizen (ed.), Monetary History, Exchange Rates and Financial Markets: Essays in Honour of Charles Goodhart, Volume 2. Cheltenham: Edward Elgar, 2003.

"Coping with Crises: Is there a Silver Bullet?" (with Amar Bhattacharya). Chapter 11 in P. Agenor et al. (eds.) The Asian Financial Crisis, Cambridge University Press, pp 357-385. 1999

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3.2 Book chapters

“Handling liquidity shocks: QE and Tobin’s q” (with John Driffill) .In J. Chadha and S. Holly (eds.) Interest Rates, Prices and Liquidity. Cambridge: Cambridge University Press, 2012.

"Sovereign Debt Restructuring: The Judge, the Vultures, and Creditor Rights" (with Dania Thomas). In Robert W. Kolb (ed.) Sovereign Debt: From Safety to Default. New Jersey: John Wiley & Sons, pp. 211-226, 2011 

‘Crises and Recovery in Emerging Markets: 'Phoenix miracles' or endogenous growth?’ (with Lei Zhang). LSE, Financial Markets Group. Special Paper 183, Cycles Contagion and Crises, November, 2008.

“Co-ordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures” (with S. Ghosal). In Andrew G. Haldane (ed.) Fixing Financial Crises in the Twenty-first Century. London Routledge. pp. 281-312 with comments by David Vines pp 313 – 319. May 2003

“Managing Financial Crisis in Emerging Markets: New Developments in Review”, (with S. Ghosal). In A G. A. Valladao and P da Motta Veiga (eds): Political issues in the EU-Mercosur Negotiations. Paris: Chaire Mercosur De Sciences Po, pp. 54-94, 2003

“Sovereign Liquidity Crises: the Strategic Case for a Payments Standstill” (with L. Zhang, Reprinted, with Postscript added). In Vinod Aggarwal and Brigitte Granville (eds.): Sovereign Debt: Origins, Crises and Restructurings. London: Chatham House, pp. 152-198. 2003

“Bail outs, Bail ins and Contracts: the Evolving New Architecture” (with Mohan Kumar). In G Underhill and X Zhang (eds.): International Financial Architecture under Stress: Global Structures vs. National Imperatives. Cambridge: Cambridge University Press, 2003.

“Sequencing of capital account liberalisation: A challenge to the Washington consensus” (with L. Zhang). Journal of the World Economy, 2000, 11, pp. 8-13 (in Chinese). Also published in D. Dasgupta, M. Uzan, D. Wilson (eds) Capital Flows without Crisis? Reconciling Capital Mobility and Economic Stability, London: Routledge, May 2001.

'Creditor panic, asset bubbles and sharks: three view of the Asian crisis' (with Lei Zhang), Chapter 10 in U. Dadush et al. (eds) Private Capital Flows in the Age of Globalization, pp. 222-240. Cheltenham, UK: E Elgar, 2000

"Choosing a target zone: rules versus discretion" (with Lei Zhang). Chapter 5 in Christian Bordes et al (eds.) European Currency Crises and After, Manchester University Press, 1995, pp 89-105

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4. Books and monographs

Exchange Rate Targets and Currency Bands, P. Krugman and M. Miller (eds.) Cambridge: Cambridge University Press, 1992, pp.xxii, 247.

Blueprints for Exchange Rate Management, M. Miller, B. Eichengreen and R. Portes (editors), London; Harcourt Brace Jovanovich Academic Press 1989, pp.xviii, 329.

The European Monetary System, F. Giavazzi, S. Micossi and M. Miller (editors), Cambridge : CUP 1988. (Also published in Italian, 1992).

Targets and Indicators : A Blueprint for the International Coordination of Economic Policy (with John Williamson) Policy Analyses in International Economics no.22 Washington, DC: Institute for International Economics, September, 1987, pp.xii. 108. (Also published in Japanese, 1988).

Essays in Fiscal and Monetary Policy, (co-edited with M. J. Artis). Oxford: OUP, 1981

Monetary Policy & Economic Activity in West Germany, (co-edited with S.F.Frowen and A.S.Courakis) Surrey University Press, 1977.

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 5. Newspaper Articles

'Across Europe, austerity policies have caused stagnation and despair',(with Robert Skidelsky), The New Statesman, 27 June 2013.
'How Keynes would solve the eurozone crisis', (with Robert Skidelsky), The Financial Times, May 15 2013.

'The fall of Richard Fausto—a play', (with Nicholas Beale), Prospect Magazine, April 2013. See also the play performed by MSc students here.

'Toxic banks did not add to GDP data', The Financial Times, March 21 2013.

 'Change gear - or get another driver' (with Robert Skidelsky), The Financial Times, February 26 2013.

'Supply matters - but so does demand' (with Robert Skidelsky), The Financial Times, February 18 2013.

'Case for monetary and fiscal expansion is robust' (with Robert Skidelsky), The Financial Times, July 1 2012.

'Chancellor's high-risk experiment has failed UK' (with Robert Skidelsky), The Financial Times, June 6 2012.

 'How Keynes would solve the eurozone crisis" (with Robert Skidelsky), The Financial Times, May 15 2012.

'Growth bonds a win-win for trouble eurozone' (with Stephany Griffith-Jones and Robert Akerlof), The Financial Times, Dec 9 2011.

'Is it mad to protect against excessive bank risk-taking?', The Financial Times, March 15 2011.

'Put the nation's interests first' (with Robert Skidelsky and Danny Blanchflower), The Financial Times, March 17 2010.

'Do not rush to switch off the life support' (with Robert Skidelsky), The Financial Times, March 3 2010.

'First priority must be to restore robust growth' (with Robert Skidelsky and others), The Financial Times, Jan 18 2010.

'Models can never replace basic, prudent banking', The Financial Times, March 18 2008.

'Superfund would prevent collapse of asset prices', The Financial Times, Oct 30 2007.

'Constructive ambiguity' and central banks' (with Sayantan Ghosal), The Financial Times, Oct 24 2007.

'How central banks adopt 'constructive ambiguity' approach' (with Sayantan Ghosal), The Financial Times, Oct 24 2007.

6. Short Plays

"Desdemona of Cyprus: a Mediterranean tale" (with Nicholas Beale). Performed by BSc students at the University of Leicester, March, 2018.

"Volpone or The fox out-foxed" (with Nicholas Beale). Performed at University of Glasgow, 23 May, 2014. Updated for Sovereign Debt Conference, Imperial College, March 26/7, 2015.

'The fall of Richard Fausto—a play', (with Nicholas Beale), Prospect Magazine, April 2013. Performed by MSc students at the University of Warwick, February 2013, see here.

'How OMT came to be: a midsummer miracle play', Presented to Conference on Public Debt, University La Sapienza, Rome, October 12, 2012.

'How the Euro was saved: a mid-winter miracle play ' In one act with three scenes, Prepared for University College Oxford Alumni Meeting, November 2011; later presented at the Round table on Debt Crisis and the Resolution, Buenos Aires, August 2012.