There are 5 sections on this page:

A  Official sector reports I contributed to.

B  Publications which were not refereed eg websites, some journals, magazines etc.

C  Books: edited, or authored, jointly or solely 

D  Formal, refereed academic publications in journals, working papers in an academic series and contributions to books which had editorial review.

E  Selected blogs, podcasts and videos.

Section A   Official sector reports in the public domain (written, chaired or contributed to):

1. ‘Promoting the International Operability of a UK Green Taxonomy’, advice to the UK Government by its Green Technical Advisory Group and published via the Green Finance Institute.  I chaired the working group which wrote the recommendations, and much of the original text which also includes work from one of the other working groups looking at international developments.  All the work was brilliantly supported by the GTAG secretariat which did the hard yards on preparing and publishing the paper.
   Link: International Operability.
2. ‘Financial Sector Assessment Program for the Euro Area, Note on Systemic Liquidity Management’,
   IMF, Washington, July 2018.  With Diarmuid Murphy.
   Link: FSAP paper on Systemic Liquidity Provision in the Euro Area
3. ‘Accelerating Green Finance’, a Report to Government by the UK Green Finance Task Force, London, March 28, 2018.  Task force member.
   Link: Green Finance Task Force report.
4. ‘Financing a Sustainable European Economy: Final Report 2018′.  High-Level Expert Group on Sustainable Finance.  Brussels, January 31, 2018. Group Member.
   Link: HLEG Report.
5. ‘Foreign Exchange Benchmarks.  Final Report’,
   a report by an FSB working group co-chaired with G Debelle.
   Financial Stability  Board, September 30, 2014.
   Link: The FSB fx fixes report, final.
6. ‘Foreign Exchange Benchmarks – consultation paper’,
   a report by an FSB working group co-chaired with G Debelle.
   Financial Stability Board, July 15, 2014.
   Link: Consultation Paper
7. ‘Interactions of Sovereign Debt Management with Monetary Conditions and Financial Stability’, CGFS Working Paper 42.  The Committee on the Global Financial System, Basel, May 2011. Written by a CGFS working group I chaired.
   Available on the website of the Bank for International Settlements.
   Link: CGFS report on debt management.

Section B   Contributions to non-refereed websites or publications (links where available).
           Please note that academic Working Papers are now all in Section D further below:

1. ‘Geopolitical ructions and the role of the dollar’, Article on Centralbanking.com.  With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership. Central banking.com subscription required.  Also available without charge as ‘Geopolitical ructions: Implications for the international monetary system and central banks’ from the SPP website.
2. ‘The implications of disintermediation for central bank policy’.  With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership. Available from the SPP website.
3. ‘When the Model Isn’t Looking Good’, In Financial World, the journal of the London Institute of Banking and Finance, November 2024 – January 2025, pages 44-46.
   This article looks at why economic models produce small effects from climate change, in contrast to models from physical science which suggest it is an existential threat.
4. ‘Lessons from the Banking Turmoil of 2023’, Article on Centralbanking.com.
   6th June 2024.  With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
   Reflects a discussion on the deeper lessons from the failures of Credit Suisse, SVB et al.
5. ‘The Benefits of a Token Gesture’, In Financial World, the journal of the London Institute of Banking and Finance, February 2024, pages 33-34.
   This piece discusses the benefits of tokenisation. Link to paper.
6. ‘The predicament of bloated central bank balance sheets’. Article on Centralbanking.com.
   30th October 2023.  With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
   Summarises a discussion on the topic with former governors and senior officials.
   Central banking.com subscription required.  Also available without charge
   from the SPP website.
7. ‘Growing up with technology’. In Financial World, the journal of the London Institute of Banking and Finance, May 2023. With J Portes.
   One argument for Brexit was that reduced immigration from the EU would increase wages for domestic workers. We find no evidence of such an effect and nor should we expect to see it.  Rather, we argue that real incomes are driven by productivity/technology, not immigration. 
8. ‘Climate change and the role for central banks‘, Article on Centralbanking.com 27th April 2023.
   With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
   Summarises a discussion on the topic with former governors and senior officials.
   Central banking.com subscription required. But also available without charge as
   ‘Climate change and the role for central banks’ from the SPP website.
9. ‘Ukraine: the Challenges for Central Banks’, Article on Centralbanking.com. 5^th October 2022.
   With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
   Centralbanking.com subscription required. But also available without charge as
   ‘Ukraine: Challenges for Central Banks’ from the SPP website.  This piece considers the weaponization of finance and the possible consequences for the international monetary system.
10. ‘A Huge Shock to the System’, In Financial World, the journal of the London Institute of Banking and Finance, May 2022, pages 12-14.
    The article considers some of the common factors driving inflation, and the role of energy prices in particular.
11. ‘Digital money and central banks.’  Article on Centralbanking.com. 9th March 2022. With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
    This piece considers the policy issues for central banks from digital currencies.
    Centralbanking.com subscription required. But also available without charge as
     ‘Digital Money and Central Banks’ from the SPP website.
12. ‘Net zero is not a zero sum game.‘ in Financial World, the journal of the London Institute of Banking and Finance, February 2022, pages 9-10.
    This piece looks at the likely impact of climate change on key macroeconomic variables.  For inflation and unemployment there is most likely to be more volatility rather than a change in level.  For output, climate shocks will be negative but investments to mitigate should be positive.
13. ‘Effective market operations in a modern central bank.
    Article on Centralbanking.com. 20th January 2022. No subscription required.
    With Oliver Wuesnch of Oliver Wyman.
    We comment on some of the issues in organising a modern central bank dealing room.
14. ‘Greening the central bank balance sheet, or not?‘
    Article on Centralbanking.com. 7th September 2021. Sponsored by Oliver Wyman. No subscription required.  The article summarises a Kings College Working Paper co-authored with Diarmuid Murphy. It considers whether and how the composition of central bank balance sheets could be used to buy green assets.
15. ‘When the price is not right.‘  in Financial World, the journal of the London Institute of Banking and Finance, August 2021, page 15.
    This piece argues that carbon pricing alone will not be enough to reduce greenhouse gas emissions.  Direct legislation to change behaviour will also be needed.
16. ‘The golden age of central banking has passed.’ Article on Centralbanking.com. 20th July 2021.
    With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
    Ignore the misleading headline!  This piece considers the potential threats to central banks from building inflationary pressures.
    Centralbanking.com subscription required. But also available without charge as
     ‘Whither inflation’ from the SPP website.
17. ‘The Covid crisis, central banks and the future.’
    Article on Centralbanking.com. 15th February 2021.
    With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
    This piece considers the potential threats to central banks from the rising debt mountain.
    Centralbanking.com subscription required, but also available without charge as
    ‘The Covid crisis, central banks and the future’ from the SPP website.
18. ‘Green means go for regulators‘ in Financial World, the journal of the London Institute of Banking and Finance, published in association with the CSFI. March 2020, pp38-40.
    A piece on the reaction of prudential regulations to the risks from climate change .
19. ‘The future for central bank balance sheets and their potential use as a macro-prudential tool.’
    SUERF. The European Money and Finance Forum, Policy Note 38.
    Link:  Policy Note 38
    This papers argue that central banks can make operational choices which influence financial stability, without compromising their monetary objectives. Subsequently a full Working Paper from King’s – see WP section below.
20. ‘As good as gold‘ in Financial World, the journal of the London Institute of Banking and Finance, published in association with the CSFI. June/July 2018, pp7-8.
    A piece on the gold market in London. 
21. Foreword for ‘Gold and Climate Change: an Introduction‘, World Gold Council, 2018, June. Link here.
    Pleased to be asked to contribute to the first WGC report on this important topic, in my capacity as Chair, London Bullion Market Association.
22. Foreword for The Moorad Choudhry Anthology: Past, Present and Future Principles of Banking and Finance Choudhry (2018). Wiley.
23. ‘A Rate That Doesn’t Rate‘ in Financial World, the journal of the London Institute of Banking and Finance, published in association with the CSFI. October/November 2017, pp6-7.
    A piece on the future demise of Libor.
24. ‘Outlook Changeable’ in Financial World,  the journal of the London Institute of Banking and Finance, published in association with the CSFI. December/January 2016-2017, pp7-8.
    A piece on the financial risks from climate change.
25. ‘Playing by the Rules’ in Financial World, the journal of the then ifs University College, published in association with the CSFI.
    June/July 2016, page 6.
    A piece on the regulatory reform agenda.
26. ‘The impact of climate change on the objectives of central banks‘ in Views. the EUROFI Magazine. Amsterdam.  April 2016, page 86.
    Summary of my presentation at the Eurofi High-Level Seminar, Amsterdam, 20-22 April, 2016.
27. ‘Practical Issues for the Lender of Last Resort.‘ In Proceedings of the ECB Legal Conference 2015, ECB, September 2015. pp 86-89.
    Some reflections on LOLR issues.
28. ‘Co-ordination of policy at the Bank of England‘ in London Business Matters, March 2015, pp 6-7.  The journal of the London Chambers of Commerce.
    A piece on co-ordinating the MPC, FPC and PRA policies.
29. ‘A new fix era‘ in Profit and Loss, London, January/February 2015, 16/157 pages 28-29.  With G Debelle (2015).
    About the FSB fx fix report, published in the form of a Q&A.
30. ‘What should be foreign to financial benchmarks‘ in Financial World, the journal of the then ifs University College, published in association with the CSFI. December/January, 2014-15 pp 6-7.
    With G Debelle.
    About the FSB fx fix report.
31. ‘The role of forward guidance in supporting the UK economy‘ in Profit and Loss, London, April 2014, 15/150 pages 16-17.
    A piece on forward guidance.
32. ‘Looking forward’, in Financial World, the journal of the then ifs University College, published in association with the CSFI. November 2013, page 8.
    A piece on forward guidance.
33. ‘The UK economy: where are we now, are there signs of recovery and what role does the financial community have in this?’ in The International Banker, Spring 2013,
    pp7-8.  Published by the Worshipful Company of International Bankers.
    A piece on current economic conditions.
34. ‘What QE does for business‘ in Institute of Directors Northern Ireland News, November/December 2012, page 12.
    A piece on QE.
35. ‘Guardian of Stability’ in Financial World, the journal of the then ifs School of Finance, published in association with the CSFI. May 2012, pp28-29.
    A piece describing the new Financial Policy Committee.
36. ‘Bank of England’s Paul Fisher‘ in Profit and Loss, London, September 2003, 5/44, pages 46-48.
    A personal profile.

Section C   Books : sole or jointly authored:

1. Making the Financial System Sustainable. P G Fisher (ed).  Paperback published in 2025.
   Cambridge University Press (2020).
2. Rational Expectations in Macroeconomic Models. PG Fisher
   (Published version of PhD Thesis).  Kluwer Academic Publishers (1992).
3. Models of the U.K. Economy: a Fourth Review by the ESRC Macroeconomic Modelling Bureau. Oxford University Press.
   With K F Wallis (ed.) J A Longbottom, D S Turner and J D Whitley (1987).
4. Models of the U.K. Economy: a Third Review by the ESRC Macroeconomic Modelling Bureau. Oxford University Press.
   With K F Wallis (ed.) M J Andrews, J A Longbottom, and J D Whitley (1986).
5. Models of the U.K. Economy: a Second Review by the ESRC Macroeconomic Modelling Bureau. Oxford University Press.
   With K F Wallis (ed.) M J Andrews, D N F Bell, and J D Whitley (1985).
6. Models of the U.K. Economy: a Review by the ESRC Macroeconomic Modelling Bureau. Oxford University Press.
   With K F Wallis (ed.) M J Andrews, D N F Bell, and J D Whitley (1984).

Section D    Academic publications in refereed journals, working paper series or book chapters:

1. ‘Inflation targeting: considerations for central banks in Africa’, Bank of England, Quarterly Bulletin, September 29, 2025. This paper was written to support technical assistance work, for countries considering the introduction of a formal inflation targeting regime. With Glenn Hoggarth (2025).   Link to paper.
2. ‘Central bank profit distribution and recapitalisation‘, Bank of England Staff Working Paper No. 1069, April 2024. With Jamie Long. This paper was based on Jamie’s Masters dissertation for Warwick Business School. Link to paper.
3. ‘Productivity and Investment: Time to manage the project of renewal.’ The Productivity Commission / National Institute of Economic and Social Research. March 2024.
   The paper was commissioned to review policies on boosting investment and productivity.  It covers that and much more! Link to paper.
4. Secondary objectives for central banks and financial regulators‘,
   King’s College Business School, DAFM Research Centre. Working Paper 2023/1, (2023).
   Link.
5. ‘The big C: making carbon markets work‘. White Paper 06/23, London Institute of Banking and Finance/ CSFI, June 2023. With M Garcia and T Herbstein.
   This paper discusses carbon pricing, the markets for carbon emissions and how market practitioners should view them.  Link to paper.
6. ‘Greening the central bank balance sheet, or not?‘
   King’s College Business School, DAFM Research Centre. Working Paper 2021/6. With Diarmuid Murphy (2021).
   Link here. 
7. ‘Corporate Imperatives in the Face of Climate Change‘, Preface to ‘Principles on Climate Obligations of Enterprises‘, pp xx-xxi, Spier ed. (2020), Eleven International Publishing.
   Update to the ‘Oslo’ Principles.
8. ‘Central Banking and Climate Change’, Chapter 3 in Making the Financial System Sustainable, Cambridge University Press. P Fisher (ed) (2020). With Kern Alexander.
9. ‘What happens when nobody is watching: regulation, bank risk culture and achieving environmental sustainability.’
   Chapter 3 in Banking on Change, Taafe (ed), Wiley, pp27-42, (2019).
   With Kern Alexander.
10. ‘Climate Change: The Role for Central Banks’
    King’s College Business School, DAFM Research Centre. Working Paper 2019/6 With Kern Alexander (2019).  Link: Working Paper 2019/6.
11. ‘Banking Regulation and Sustainability’.   Chapter 1 in Sustainability and Financial Markets, F-J Beekhoven van den Boezen, C Jansen and B Schuijling (eds), Wolters Kluwer, pp7-33, (2019).  It is also available on-line as SSRN Working Paper. With Kern Alexander. Link here.
    This paper discusses how  banking regulations should and shouldn’t be used to generate the right behaviours by banks.
12. ‘Can central bank balance sheets be used as a macro-prudential tool?’
    King’s College Business School, DAFM Research Centre. Working Paper 2018/6. With Andrew Hughes Hallett (2018).
    Link: Working Paper 2018/6
13. ‘Competition and Prudential Regulation’.
    Bank of England Staff Working Paper 675.   With P Grout (2017).
14. ‘Practical Issues for the Lender of Last Resort’ in ECB legal Conference 2015. European Central Bank.  pp86-89.
15. ‘Tail risks and contract design from a financial stability perspective’, in
    Developments in Macro-finance Yield Curve Modelling, Chadha, Durre, Joyce and Sarno (eds) pp121-137.
    Cambridge University Press. With P Edsparr (2014).
16. ‘The Bank’s balance sheet during the crisis’, Bank of England
    Quarterly Bulletin, 50, 34-42.  With M Cross and O Weeken (2010).
17. ‘Explaining and forecasting exchange rates with order flows: Comments.’
    Economie Internationale, 96, 129-133. With R Hillman (2003).
18. ‘Macroeconomic models at the Bank of England’, in Econometric Modelling: Techniques and Applications, Holly and Weale (eds), Cambridge University Press. With J D Whitley (2000).
19. ‘Economic theory and econometric dynamics in modelling wages and prices in the United Kingdom.’ Empirical Economics, 24, 483-507.
    With G Bardsen (1999).
20. ‘Business cycles: real facts or fallacies?’ in Econometrics and Economic Theory in the 20^th Century: The Ragnar Frisch Centennial Symposium, (Strom, ed) pp499-527, Cambridge University Press.
    With G Bardsen and R Nymoen (1998).
21. ‘The inflation report projections: understanding the fan chart.’
    Bank of England Quarterly Bulletin, 38, 30-37.
    With E Britton and J D Whitley (1998).
22. ‘Utiliser l’ecart de production pour prevoir l’inflation: l’experience de la Banque d’Angleterre.’  Economie Internationale, 69, 135-152.
    With L Mahadeva and J D Whitley (1997).
23. ‘The output gap and inflation: the experience of the Bank of England.’ in Monetary Policy and the Inflation Process, pp68-90.
    Bank for International Settlements Conference Papers, vol 4.
    With L Mahadeva and J D Whitley (1997).
24. ‘M0: causes and consequences.’ The Manchester School, LXIV, 4, 371-387.  With F J Breedon (1996).
25. ‘Interest rate effects in the Bank of England’s medium-term forecasting model.’ in Financial Structure and the Monetary Policy Transmission Mechanism, pp537-562. Bank for International Settlements.
    With S K Dhar, A M Holland and D L Pain (1995).
26. ‘Monetary Policy in the United Kingdom.’ Economics and Business Education, Vol II.2, 6, 79-83. With S Hudson, (1994).
27. ‘The determination of M0 and M4.’ Bank of England Quarterly Bulletin, 34. With F J Breedon (1994).
28. ‘Divisia measures of money.’ Bank of England Quarterly Bulletin, 33, 240-255. With S Hudson and M Pradhan (1993).
29. ‘The exchange rate, forward expectations, and the properties of macroeconomic models.’
    Macroeconomic Modelling of the Long Run, Hargreaves (ed), pp207-208. Edward Elgar Publishers.
    With D S Turner (1993).
30. ‘Nonstationary model solution techniques and the USA algorithm; some practical experience.’ Journal of Economic Dynamics and Control, 16, 109-116. With A J Hughes Hallett (1992).
31. ‘Seasonality in large-scale macroeconometric models.’
    Journal of Forecasting, 11, 255-270. With K F Wallis (1992).
32. ‘The historical tracking performance of U.K. macroeconomic models 1978-85.’ Economic Modelling, 7, 179-197. With K F Wallis (1990).
33. ‘On economic structures and model solution methods: or should econometricians use Newton methods for model solution?’ Oxford Bulletin of Economic Statistics, 52, 311-324.
    With A J Hughes Hallett (1990).
34. ‘Econometric evaluation of the exchange rate in models of the U.K. economy.’ Economic Journal, 100, 1230-1244. With S K Tanna, D S Turner, K G Wallis and J D Whitley (1990).
35. ‘Comparative properties of models of the U.K. economy.’ National Institute Economic Review, 129, 69-88.
    With S K Tanna, D S Turner, K G Wallis and J D Whitley (1989).
36. ‘Comparative properties of models of the U.K. economy.’ National Institute Economic Review, 133, 91-104.
    With D S Turner, K G Wallis and J D Whitley (1989).
37. ‘An efficient solution strategy for solving dynamic nonlinear rational expectations models.’ Journal of Economic Dynamics and Control, 12, 635-657. With A J Hughes Hallett (1988).
38. ‘Iterative techniques for solving simultaneous equation systems: a view from the economics literature.’  Journal of Computational and Applied Mathematics.  24, 241-255. With A J Hughes Hallett (1988).
39. ‘Comparative properties of models of the U.K. economy.’  National Institute Economic Review, 125, 69-87.
    With S K Tanna, D S Turner, K G Wallis and J D Whiley (1988).
40. ‘The convergence characteristics of iterative techniques for solving econometric models.’ Oxford Bulletin of Economics and Statistics, 49, 231-244. With A J Hughes Hallett (1987).
41. ‘Efficient solution techniques for dynamic nonlinear rational expectations models.’ Journal of Economic Dynamics and Control, 10, 139-145. With S Holly and A J Hughes Hallett (1986).
42. ‘On evaluating the importance of non-linearity in large macroeconometric models.’ International Economic Review, 27, 625-646. With M H Salmon (1986).
43. ‘Models of the UK economy and the real wage-employment debate.’ National Institute Economic Review,
    With M J Andrews, D N F Bell, K F Wallis and J D Whitley (1985).

Section E    Selected blogs, podcasts and video links:

1. ‘Should the Bank of England have tiered remuneration on commercial bank reserve accounts’. Blog written for WBS, published by UKFinance. Blog. 1 November 2024. Addresses the question in the title!
2. ‘What is the Right Size for the Central Bank Balance Sheet?‘ Blog written for WBS, published by UKFinance. Blog. 9 October 2024. Addresses the question in the title!
3. ‘Breaking The Mold’. I interview Rohit Lamba one of the co-authors of the book with Raghuram Rajan in a Financial World Extra Podcast. August 2024.
   I also wrote a review of the book for the magazine.
4. ‘Comparative Central Banking‘ with Diarmuid Murphy and interviewed by Virginie Mennesson. Youtube video for Warwick Business School.
5. ‘Productivity and Investment: Time to Invest in the Project of Renewal‘, Video put together by NIESR to promote the Productivity Commission Paper of the same name. Four bullet summary and 2 page summary are also available on the same page.
6. ‘How We Should Invest In Productivity‘.
   Blog previewing my paper for the Productivity Commission.
7. ‘Carbon Pricing: Has it Worked and What Comes Next?’.
   Webcast recorded live on June 29 2023 for the Global Association of Risk Professionals in association with the European Banking institute.  Requires registration (free) with GARP and registration (free) for the webcast.
8. ‘Crypto and Digital Assets: Risks and Opportunities’.
   Webinar recorded in May 2023 for the London Institute of Banking and Finance.
9. ‘The return of inflation: an old challenge for a new generation of bankers‘.
   Podcast recorded in July 2022 for the London Institute of Banking and Finance.
10. ‘On the future of balance sheet policy’.
    Podcast on centralbanking.com about the relationship between central banks and government and the future of central bank balance sheets.
11. ‘COP26: Six challenges for Central Banks’.
    Podcast recorded in November 2021 for Warwick Business School.
12. ‘The role of regulation in climate change‘.
    Insights Blog for London Institute of Banking and Finance. 4 November 2021.
13. ‘How is the post-Covid economic recovery going?’
    Podcast recorded in July 2021 for Warwick Business School.
14. ‘Policy forum on climate-related disclosures’.
    Youtube video recorded in December 2020 of a conference which discussed the IFRS proposal for new accounting standards on climate-related disclosures.  My panel starts about 55minutes in!
15. ‘The S and the G instead of the E’.
    Podcast recorded in November 2020 for the Centre for the Study of Financial Innovation, Future of Finance Series, via the London Institute of Banking and Finance.
16. ‘A sustainable finance strategy for the bank of 2030‘.
    Insights Blog for London Institute of Banking and Finance.  29 April 2020.
17. ‘Sustainable finance and the latest banking regulations‘
    Insights Blog for London Institute of Banking and Finance.  17 February 2020.
18. ‘Climate change: risks and opportunities for the financial sector.’
    Youtube video of my presentation to the ICC Bangladesh Asia-Pacific Conference 11 Dec 2019.
19. ‘What are the challenges of green finance?‘.
    Insights Blog for London Institute of Banking and Finance. 10 October 2019.
20. ‘The intersection of banking regulation and sustainable finance’.
    Youtube video of my presentation at the World Conference of Banking Institutes, October 2019.
21. ‘Why climate-related financial disclosures matter‘.
    Insights Blog for London Institute of Banking and Finance. 18 July 2019.
22. ‘Why do most central banks target inflation?’.
    Podcast, recorded in May 2019 for Warwick Business School.
23. ‘How climate change could hit the financial sector‘.
    Insights Blog for London Institute of Banking and Finance. 16 April 2019.
24. ‘What is the role of central banks in managing climate change?’.
    Insights Blog for London Institute of Banking and Finance.  6 February 2019
25. ‘Brexit – why is it oh so difficult.’
    LBMA seminar 7 December 2018. Youtube video.
26. Speaking to the Climate Bonds Initiative reporter at the the Green Bonds Conference, 2018.
    Youtube video.
27. A rare public debate on monetary policy with fellow MPC member Andrew Sentance.
    Youtube video. University of Warwick. October 2011.