Il a développé dans les années 1980 le concept de taux de change d'équilibre, qui doit coïncider avec la croissance potentielle du pays, et permettre à celui-ci un déficit soutenable.
Le problème est de savoir ce que signifie un déficit soutenable, et comment déterminer la croissance potentielle.
Publications
Delivering on Debt Relief: From IMF Gold to a New Aid Architecture (2002)
Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option (2000)
The Crawling Band as an Exchange Rate Regime (1996)
What Role for Currency Boards? (1995)
Estimating Equilibrium Exchange Rates (1994)
The Political Economy of Policy Reform (1993)
Economic Consequences of Soviet Disintegration (1993)
Trade and Payments After Soviet Disintegration (1992)
From Soviet Disunion to Eastern Economic Community? with Oleh Havrylyshyn (1991)
Currency Convertibility in Eastern Europe (1991)
Latin American Adjustment: How Much Has Happened? (1990)
Targets and Indicators: A Blueprint for the International Coordination of Economic Policy with Marcus Miller (1987)
