Giuseppe Tullio
http://web.tiscalinet.it/giuseppetullio/
tullio@eco.unibs.it
gtullio@altavista.net

Professor of Macroeconomics,
University of Brescia
Via San Faustino 74/B 25122
Brescia ltaly

• General

• Education

• Employment

• Other professional experience

• Research Interests

• Books

• Edited books

• Articles

• Book Reviews

• Comments to papers in conference volumes

• Newspaper Articles

• C. Seminars held since 1975

General

• Born: in Rome, Italy on March 30, 1948

• Languages: Italian, German, English perfectly, French fluently.

Education

• Degrees: Maturitaet Typus B "Kollegium Maria Hilf", Schwyz, Switzerland, 1966.

• Laurea in Statistics and Demography, University of Rome, 1970.

• M.A. in Economics, University of Chicago, Illinois, 1974.

• Ph.D in Economics, University of Chicago, 1977, with a Dissertation on "Monetary Equilibrium and Balance of Payments Adjustment: An Empirical Tests of the U.S. and the Italian Balance of Payments", written under the supervision of Harry Johnson, Robert Aliber and Jakob Frenkel.

Employment

 Other professional experience:

Research Interests

1. Financial and exchange rate crises

2. Real and Nominal Exchange rate determination

3. Balance of payments and current account determination

4. Central banking

5. The gold standard and the History of International and Regional Monetary Systems

6. Hyperinflations

7. Transition economics

8. Crime, corruption and economic growth

9. Macroeconomic History

10. History of economic throught

Publications

Books

1. "La Teoria Monetaria della Bilancia dei pagamenti e del Tasso di Cambio: una Verifica per l'Italia e gli Stati Uniti" Collana "brevi saggi di economia" a cura della Banca Commerciale Italiana, Comunita', Milano, 1978.

2. "The monetary Approach to External Adjustment: A Case Study of Italy" MacMillan, London and St. Martin's Press, New York, 1981.

3. "German Macro-Economic History: 1880-1979: A Study of the effects of economic policy on inflation, currency depreciation and growth ", MacMillan, London, 1987 and St. Martin's Press, New York (with A. Sommariva).

Edited books

1. "Essays in Monetary and Fiscal Policy in Italy", Academic Books, Aldershot, England, 1983 (with F. Spinelli) also published in Italian as : "Saggi di Politica Monetaria e Fiscale in Italia", Franco Angeli, 1982, Milano.

2. "Equity Markets – An International Comparison", two special issues of the Journal of Banking and Finance, vol. 13, no. 4/5, September 1989 and vol. 14 no. 2/3, June 1990, with G. Szego

3. "Inflation and Wage behaviour in Europe", Oxford University Press, Oxford, 1996 (with Paul De Grauwe and Stefano Micossi).

Articles:

A. In English

l. "The Fluctuations of the Price of Italian Banknotes in Zurich: an Econometric Analysis. (February 1973- December 1975)", in Kyklos Vol. 31, September 1978.

2. "Monetary Equilibrium and Balance of Payments Adjustment. An Empirical Test of the U.S. Balance of Payments (1951-1973), in Journal of Monev Credit and Banking. Vol. 11, February 1979.

3. "An Empirical Note on Relative Monetary Expansion and Depreciation: the Case of the Lira-Swiss Franc Exchange Rate", in European Economic Review. vol.12, February 1979.

4. "Demand Management and Exchange Rate Policy: The Italian Experience", in IMF Staff Papers, Vol. 28, March 1981.

5. "Fiscal Deficits, Monetary Growth and Inflation under flexible exchange rates: The Italian Experience", Economic Notes, Winter 1981.

6. "Italy's International Reserves and their Determinants in the Seventies: and Assessment of the Country Risk", Banca Nazionale del Lavoro Quarterly Review. June 1982 (with P. Savona).

7. "Demand Management and Exchange Rate Policy: The Italian Experience" Reply to Comments by Gandolfo and Padoan - IMF Staff Papers. Vol. 29, September 1982.

8. "The role of savings and investment in current account determination: the case of the Federal Republic of Germany (1970-79), Kredit und Kapital. 1983, Heft.3.

9. "The long run implications of the increase in taxation and public debt for employment and economic growth in Europe" European Economic Review, Vol. 31, April 1987 (with comments by M. Feldstein and D. Begg.)

10. "A note on real exchange rates, differential productivity growth and protectionism in gold standard Germany, 1878- 1911 ", Weltwirschaftliches Archiv, Heft 2, Band 123, June 1987 (with A. Sommariva).

11. "International gold flows in gold standard Germany: a test of the monetary approach to the balance of payments, 1878- 1912", Journal of Money, Credit and Banking. Vol. 20, no. 1, February 1988 (with A. Sommariva).

12. Monetary policy coordination within the EMS: Is there a rule?" in F.Giavazzi, S. Micossi and M. Miller (eds.), The European Monetary System. Cambridge University Press, 1988. The book has been also published in Italian by Cariplo in "Saggi monetari Creditizi e Bancari", 1993, (with M. Russo) in addition the paper has appeared in "Policy coordination in the EMS", occasional Paper no. 61, International Monetary Funds, Washington D.C., September 1998.

13. "Smith and Ricardo on the Long-Run Effects of the Increase of Government Expenditure, Taxation and Public Debt: Is their theory relevant today?", History of Political Economy, vol. 21 :4, Summer 1989.

14. "Inflation Adjusted Government Budget Deficits and their Impact on the Business Cycle: Empirical Evidence for Eight Industrial Countries" in Annales d'Economie et de Statistique, Vol. 13, March 1989 (with comments by Eisner and Pieper).

15. The German Depression and the Stock Market Crash of the Thirties: the role of Macropolicies and of the International Business Cycle" in Journal of Banking and Finance, vol. 13 no. 4/5, September 1989, (with A. Sommariva).

16. A Note on The European Monetary System and the Determination of the DM - Dollar exchange rate" Cahiers Economiques de Bruxelles, vol. 123, 3eme trimestre 1989 (with P. Bekx).

17 "Causes of the Development of the Private ECU and the behaviour of its interest rates", in E.M. Classen (ed.) "International and European Monetary System", Heinemann Professional Publishing, Oxford, April 1990 (with F. Contesso).

18. "The exchange rate changes of 1992 and inflation convergence in the EMS" in "European Monetary Integration: from the Werner Plan to EMU", Alfred Steinherr (editor), Longman, London, 1994 (with Paul De Grauwe).

19. "Inflation and Currency Depreciation in Germany, 1920-1923: a dynamic model of exchange rates and prices", Journal of Money Credit and Banking, vol. 19, no 2, May 1995.

20. "German Wage and Price Inflation before and after Unification" in "Inflation and Wage behaviour in Europe", De Grauwe, Micossi, Tullio (editors), Oxford University Press, Oxford, 1996 (with Steinherr and Buscher).

21. "The demand for Money Functions in Europe and in Germany before and after the Fall of the Berlin Wall" in "Inflation and Wage behaviour in the Europe", De Grauwe, Micossi, Tullio (editors), Oxford University Press, Oxford 1996 (with Giucca and De Souza).

22. "Currency substitution and the stability of the German demand for money function before and after the fall of the Berlin Wall " in "The macroeconomics of International Currencies: Theory, Policy and Evidence", Mizen and Pentecost, (editors), Edward Elgar Aldershot, 1996, (with G. Boero).

23. "Was London the conductor of the international orchestra or just the triangle player? An empirical analysis of asymmetries in interest rates behaviour during the classical gold standard, 1876-1913", Scottish Journal of Political Economy, vol. 43 September 1996, No. 4 (with Juergen Wolters)

24. "Brazilian inflation from 1980 to 1993: causes, consequences and dynamics", Journal of Latin American Studies, vol. 28, n. 3, October 1996, (with M.Ronci)

25. "Central Bank Autonomy, the Exchange Rate Constraint and Inflation: the case of Italy", Open Economies Review, vol.8, no.1, January 1997, pp.31-49, (with M. Ronci).

26. "Why inflation has remained so low after the large exchange rate depreciations of 1992", Journal of Common Market Studies, vol.35, Sept.1997, pp. 329-346, (with A.Amitrano and Paul De Grauwe).

27."The evolution of European Central Banks independence: an updating of the Masciandaro and Spinelli index", Scottish Journal of Political Economy, vol. 45, no.3 August 1998 (with Spinelli and Tavelli).

28. "Exchange Rate Policy and Monetary Integration in Europe and Mercosur", Nova Economia, vol. 8, no. 1, Belo Horizonte, Brazil, July 1998, pp.9-34.

29. "The demand for money and currency substitution in Russia during and after hyperinflation: 1992-96", Economiski Jurnal, vol.2, no.2, Higher School of Economics, Moskow, July 1998, pp.159-196, (with Nadia Ivanova ).

30. "Exchange Rate Policy of Central European Countries in the Transition to European Monetary Union" in "Inclusion of Central European Countries in the European Monetary Union", Paul De Grauwe and Vladimir Lavrac (eds.) Kluwer Academic Publisher, Boston, 1999.

31. "A model of Central Bank Interventions by the Central Bank of Russia in the Treasury Bill Market", Journal of International Finance and Economics, vol 4, no. 3, July 1999, pp. 229-242, (with Vitaly Natarov).

32. "Interest rate linkages between the US and the UK during the classical gold standard", Scottish Journal of Political Economy, vol. 47, no.1, February 2000, pp. 61-71, (with Juergen Wolters).

B. In Italian

33. "Cambi fissi o cambi flessibili", in Rassegna Economica. Nov.- Dec. 1971.

34. "La bilancia dei pagamenti ed il controllo della base monetaria", chapter 10 of Elementi per la politica monetaria. edited by F. Cotula and F. De Stefani, Bulzoni, Roma, 1975 (with G. Cristini).

35. "L'effetto crowding-out ed il finanziamento della spesa pubblica", in Moneta e Credito. September 1976 (with G. Cristini).

36. "I movimenti di capitali italiani in regime di cambi fissi: una ristima del modello di Kuori e Porter", in Contributi alla Ricerca Economica del Servizio Studi della Banca d'Italia, December 1977.

37. "Le fluttuazioni della bilancia dei pagamenti italiana: una verifica empirica della teoria classica (1951-1973)", in Moneta e Credito, June 1978.

38. "Il grado di integrazione con l'estero del mercato finanziario italiano in regime di cambi fissi e flessibili" in Note Economiche n.4, 1978.

39. "Le riserve internazionali e le loro determinanti negli anni settanta ", Moneta e Credito, March 1982 (with P.Savona).

40. "Il credito totale interno come obiettivo intermedio della politica monetaria in Italia" in Saggi di politica monetaria e fiscale in Italia F. Spinelli and G. Tullio (editors), Franco Angeli, Milano 1982 (with Alessandro Penati).

41. "Crescita della spesa pubblica, disavanzi pubblici e inflazione" in Saggi di politica monetaria e fiscale in Italia, F. Spinelli and G. Tullio (editors), Franco Angeli, Milano 1982.

42. "Validita e limiti dei modelli applicati del tasso di cambio" in Il Sistema dei Cambi Oggi, Tommaso Padoa-Schioppa (editor), Il Mulino, Bologna, 1986, also published in the review of Italian foreign exchange dealers, Spot, vol.14, Milano, March 1986.

43. "Spesa pubblica, debito pubblico, Imposte e Sviluppo Economico" in " L' Italia verso il 2000", SIPI, Collana Ricerche e Studi, March 1992, (with S. Micossi).

44."Squilibri di Bilancio, distorsioni economiche e performance di lungo periodo dell'economia italiana", Rivista di Politica Economica vol.82, July 1992, pp.39-91 (with S. Micossi).

45. "Le conseguenze della riunificazione tedesca per il sistema monetario europeo" in "L'Economia Mondiale e l'Italia: occupazione e crescita nell'Europa del dopo Maastricht" edited by C. Ramanella and L. Paganetto, CEIS e Q8, Roma, 1994.

46. "Il sistema monetario europeo" and "Il sistema monetario internazionale", items of the Italian Encyclopedia (Enciclopedia Treccani), 1995.

47. "La transizione dell’economia russa dal crollo dell’Unione Sovietica fino al crollo del rublo nel 1998", in Etica e globalizzazione dell’economia; Roberto Lombardi (ed.), Pastorale Universitaria, Diocesi di Brescia, Brescia, 1999.

48. "Convergenza Economica tra le regioni italiane: il ruolo della criminialità e della spesa pubblica". Rivista di Politica Economica, vol. 89, March 1999, pp. 77-128, (with S. Quarella ).

Book Reviews:

1. " Which Monetary Policy? The Debate on Monetarism ", Antonio Martino (ed.) 1984 with essays by A. Martino, D. Laidler, M. Friedman, M. Parkin and R. Masera, Economic Notes by Monte dei Paschi di Siena, No. 1, 1986.

2. "International Monetary Economics, 1870-1960. Between the Classical and the New Classical" Cambridge University press, Cambridge/New York, 1989 by June Flanders in Viertelsjahrschrift fuer Sozial- und Witschaftsgeshichte, vol. 79, Heft 2, 1992.

3."Economia e Finanza in Germania: 1876-1948", Italian translation of the book "Waehrung und Wirtschaft in Deutschland", edited by the Bundesbank in 1976, Ricerche Economiche, vol.43, no.3, July-September 1989, p. 399 - 402.

4."Money Demand in Europe" by Luektepohl and Wolters (eds.), Springer Verlag, Journal of Economics, (Zeitschrift fuer Nationaloekonomie), vol. 71, no. 2, pp. 218-223, June 2000.

Comments to papers in conference volumes:

1. "Comments to Prof. Aliber's paper on "Protection, Regulation and the Structure of the International Banking Industry" in "Protectionism and International Banking" Gerhard Fels and George Sutija (eds.), MacMillan, London, 1991, pp. 219-22.

2. Comments to F. Passacantando's paper on "Monetary reforms and Monetary Policy in Italy from 1979 to 1994", Proceedings of the Conference held in Rio de Janeiro, Brazil, September 1994 on "The Quest for Monetary Stability", Langoni, Ferrer and Ronci, (eds.), Getulio Vargas Foundation, DA Publishing, Washington DC, 1996.

Papers circulated as Discussion Papers and preliminary drafts of work still in progress:

1. " Do afler tax interest affect private consumption and savings? Empirical evidence for 8 industrial countries: 1970-1983", Economic Papers, No.51, European Commission, Brussels, December 1986 (with F. Contesso).

2. " Validity and limits of applied exchange rate models: a brief survey of some recent contributions ", Economic Papers. No. 52, European Commission, Brussels, December 1986.

3. " The determinants of the German Official Discount Rate and Liquidity Ratios during the classical gold standard: 1876-1913", Economic Papers, No.58, European Commission, Brussels, September 1987 (with A. Sommariva).

4. "Probleme bei der Schaffung einer Europaeischen Wirtschafs-und Waehrungsunion" Zentrum fuer Europaeische Studien der Universitaet Trier, Germany,1992.

5." Macroeconomic Policy and Credibility: a comparative study of the factors affecting Brazilian and Italian inflation after 1970", EPGE Working Papers, Fundacao Gentulio Vargas, Rio de Janeiro, October 1994 and OCSM - Luiss Working Papers, no. 54, Roma, December 1994.

6."Was London the conductor of the international orchestra, the second violinist or just the triangle player? A survey of the literature on asymmetries in balance of payments adjustment during the classical gold standard"- Discussion Paper 9705, Dipartimento di Scienze Economiche, Università degli Studi di Brescia, July 1997 (with J. Wolters).

7. "Economic convergence of Italian regions: the role of organized crime and of public expenditures, 1960-93", preliminary draft, University of Brescia, June 1998 (with Stefano Quarella).

8. "The determinants of the Bank of England’s discount rate and its liquidity ratio during the classical gold standard: an econometric analysis, 1876-1913", preliminary draft, University of Brescia, August 1998 (with Juergen Wolters).

9. "The determinants of the Reichsbank’s discount rate and its liquidity ratio during the classical gold standard: an econometric analysis, 1876-1913", preliminary draft, University of Brescia, August 1998 (with Juergen Wolters).

10. "The determinants of the Banque de France’s discount rate and its liquidity ratio during the classical gold standard: an econometric analysis, 1876-1913", preliminary draft, University of Brescia, August 1998 (with Juergen Wolters).

11. "Demand for Broad Money in Italy: Empirical Results for 1972-98.", OCSM-Luiss University Working Paper, and Free University of Berlin Working Paper, May 2000 (with Hannah Nielsen, and Juregen Wolters).

Newspaper Articles:

A. in English

1. "Why Europe can't Generate Jobs", Wall Street Journal, July 14 1987.

2. "What West Germany Gests out of a Monetary Union" Wall Street Journal, May 25-26, 1990

B. in Italian

3. "Le vie obbligate della Previsionale", IL SOLE 24 ORE, October 24 1982 (con A.Sommariva).

4. "I rischi del Marco unico", L'Unione Sarda, March 28 1990.

5. "Cosi il Debito frena la Crescita", IL SOLE 24 ORE, September 26 1991 (with S. Micossi)".

6. "Dove sbaglia la Bundesbank" IL SOLE 24 ORE, August 1 1992.

7. "Per difendere la lira c'e un' Arma Segreta" IL SOLE 24 ORE, September 2 1992.

8. "Contro il Surermarco la leva Monetaria non basta" IL SOLE 24 ORE September 12 1992.

9. "IL debito pubblico si cura solo col Fisco", IL SOLE 24 ORE, Dec. 17 1992.

10. "La stretta fiscale aiuta la ripresa" IL SOLE 24 ORE, Dec. 29 1992.

11. "Condannati a stagnare", Il Sole 24 ORE- February 20, 1993.

12. "La Bundesbank nell'occhio del ciclone SME", L'Unione Sarda, August 1st. 1993.

13. "Germania con armi spuntate", Il Sole 24 ORE, August 21st 1993.

14. "Germania: quanto costa davvero la riunificazione: con i dati truccati" by Antonello Talamanca . Interview to IL MONDO, Oct 18/25 1993.

15. "Tutti gli errori della Buba", Il Sole 24-ORE, May 5, 1994.

16. "La moneta cerca ancore", Il Sole 24-Ore, Nov. 19, 1994 (with Franco Spinelli).

17. "L' Italia fra ripresa e inflazione" Il Sole 24 ORE, January 8, 1995 (with Franco Spinelli).

18. "Le banche centrali non possono andare in pensione", Il Sole 24-Ore, March 9 1995.

19. "Poco coordinate le banche centrali" Il Sole 24-Ore, March 18 1995.

20. "Bankitalia, politica monetaria ed inflazione", Giornale di Brescia, June 8 1995 (with Franco Spinelli).

21. "Salari reali e spese inefficienti", Mondo Economico, Dec. 4 1995 (with F. Spinelli)

22. "La moneta unica non é un optional ", Mondo Economico, No. 8 Febr. 26 1996.

23. "Emergenza da shock macroeconomici", Mondo Economico, No. 10 March 11 1996.

24. "Per l'Italia Maastricht é un affare", Mondo Economico, No.12 March 25 1996.

25. "Politica monetaria stretta, Europa più vicina", Mondo Economico, No.14 April 8 1996.

26. La riforma prima dell'UME, Il Sole 24 Ore, February 13 1997.

27. "Mezzogiorno, come uscire dal circolo vizioso", Il Sole 24 Ore, March 31, 1999 (with Stefano Quarella).

28. "Il coraggio di ridimensionare lo Stato", Il Sole 24 Ore, June 30, 1999 (with Stefano Micossi).

29. "Una decisione giusta presa per motivi sbagliati", Il Sole 24 Ore, March 3, 2000 (with Stefano Micossi).

C. Seminars held since 1975

1. The University of Chicago. Illinois, "The monetary approach to the balance of payments: a case study of Italy, 1951-1973" - Ph. D. Thesis Seminar, July, 1975.

2. Centro Studi di Politica Economica, Roma, "Un modello trimestrale di disequilibrio della economia italiana, alcuni risultati preliminari", February 1978.

3. Rutgers University, New Brunswick, USA, "An empirical note on relative monetary expansion and depreciation: the case of the lira- Swiss Franc Exchange Rate", September 1978.

4. University of Bergamo, Bergamo, Italy, "The growth of public expenditure, public sector deficits and inflation: the Italian experience in the seventies", May 1981.

5. Denmark's National Bank, Copenhagen, same as point 4 above, April 1982.

6. Institute for International Economic Studies. University of Stockholm, Stockholm, "Macroeconomic Policy, Inflation and Growth: 100 years of German economic history", April 1982.

7. University of Munich, Munich, Germany, same as point 6 above, July 1982.

8. University of Bonn. Bonn, Germany, same as point 6 above, July 1982.

9. Centro Studi di politica economica. Roma, "La politica monetaria italiana negli anni settanta", November 1982.

10. University of Freiburg, Freiburg, Germany, "Intermediate Targets of Monetary Policy and Stabilization Policies in Italy", December 1982.

11. International Seminar on Macroeconomics. organized by N.B.E.R. and Centre d'Economie Quantitative et Comparative, Paris, "Effects of destructions of the stock of capital on German economic growth in the 1950s and 1960s: Simulation with a macro model ", June 26-28, 1983.

12. Institute of International Economic Studies, University of Stockholm, "A disequilibrium model of inflation and exchange rate depreciation with currency substitution - the German hyperinflation 1919-1923.", December 1983.

13. Institute of International Economic Studies, University of Stockholm, "The Italian Economy at a Crossroad, after at least 10 years of wrong monetary and fiscal policies", January 1984.

14. Konstanz Seminar on Monetary Theory and Monetary Policy. Kostanz, Germany, same as point 12 above, 5-8 June 1984.

15. University of Louvain. Louvain-la-Neuve, Belgium, same as point 12 above, February 1985.

16. Forex Club (Association of Italian Foreign Exchange Dealers) Milan, "Validity and Limits of Foreign Exchange Models", October 31, 1985.

17. Annual Meeting of the Italian Economic Association, Rome, as under point 16 above, November 6-7, 1985

18. Bocconi. University Milan, "The long run implications of the increase in taxation and public debt for unemployment and capital accumulation in Europe", December2, 1985

19. University of South Carolina. USA, same as point 18 above, April 15, 1986.

20. University of Leuven. Leuven, Belgium, "Inflation Corrected Government Budget Deficits and Their Impact on the Business Cycle: Empirical Evidence for 8 Industrial Countries: 1970-1984", June 5, 1986.

21. International Seminar on Macroeconomics, organised by N.B.E.R. and Maison de Science de l'Homme, University of Namur, Belgium, same as point 18 above, June 22-24, 1986.

22. Ministry of Foreign Trade, Rome, The EMS and the liberalization of capital flows, December 18, 1986. Lecture also given on December 20, 1986 at the University of Rome.

23. European University Institute. Florence, Badia Fiesolana, 2-3 April 1987, "On the behaviour of Interest Rates of the Private ECU and Tests of Market Efficiency -Oct. 1982-Sept. 1985", Colloquium on the IMS, EMS and Plans for World Monetary Reform.

24. Free University of Brussels, Department of Economics, "The European Monetary System and the Determination of the DM-US Dollar exchange rate", Brussels, 2 June 1987.

25. Institute of International Economic Studies. University of Geneva. presentation of the book "German Macroeconomic History, 1880-1979", 10 March 1988.

26. Universities of Budapest and Pecs, Hungary "The European Monetary System in the transition toward Monetary Union", April 24 and 26, 1990.

27. Free University of Berlin, "The effects of the growth of government expenditures and taxation on Italian consumption, unemployment and growth", May 1991.

28. Free University of Berlin "Advantages of Monetary Union in Europe", June 1991.

29. University of Trier, Germany, Probleme bei der Schaffung einer Europaeischen Wirtschafts and Waehrungsunion, June 11, 1991.

30. Fundacao Getulio Vargas. Rio de Janeiro "Inflation and wage behaviour in Germany before and after the German reunification", Nov. 10, 1993.

31. University of Alicante, Spain " Brazilian hyperinflation", June 10,1994.

32. University of Rome, "Italian Monetary Policy and inflation from 1992 to 1995", Rome, March 28, 1995.

33. Stockholm Business School, "Exchange Rate Changes and Monetary Policy in Europe after the fall of the Berlin Wall", Stockholm, May 17 1995

34. University of Campinas, (Brazil) "Lectures on the EMS, EMU and the stability of the German and European demand for money functions", Campinas, Brazil, June 17-25, 1995.

35. Stockhold Business School , The Costs and Benefits of EMU, and panel discussion with P. De Grauwe, R. Vaubel, C.Hamilton, L. Jonung and M. Blomstrom, Dec. 11 1995.

36. European University Institute, The stability of the German Demand for Money Function before and after the fall of the Berlin Wall, Florence, January 29, 1996.

37. Universidat Estadual de Minas Gerais, two seminars one on my book with De Grauwe and Micossi on "Inflation and wage behaviour in Europe" and one on "The Russian Economy in transition", Belo Horizonte, June 2 and 3rd 1997.

38. University of Valencia, Spain "The Bank of England’s monetary policy from 1876 to 1913", Nov. 9 1998

39. University of Castillon, Spain "The Russian economy in transition and the origins of the August 1998 financial crisis", Nov. 10, 1998.

40. Universidat Estadual de Minas Gerais, "Why inflation has remained so low in Europe after the large depreciations of 1992-93 and some implications for Brazil", August 8 1999, Belo Horizonte, Brazil.

41. Catholic University of Rio de Janeiro (PUC), "Why inflation has remained so low in Europe after the large depreciations of 1992-93 and some implications for Brazil", August 17 1999, Rio de Janeiro, Brazil.

42. Observatoire Francais de Conjuncture Economique (OFCE), University of Paris, "The determinants of the Banque de France’s discount rate and its liquidity ratio during the classical gold standard: an econometric analysis, 1876-1913", Paris, November 24 1999.

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