Publications

There are 5 sections on this page:

A  Official sector reports I contributed to.

B  Publications which were not refereed eg magazines etc.

C  Whole books, jointly or solely authored.

D  Selected podcasts and videos.

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

Section A   Official sector reports in the public domain:

  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   A list of contributions to non-refereed publications, excluding newspapers (sorry, links not generally available in this section):

  1. Ukraine: the Challenges for Central Banks’, Article on Centralbanking.com. 5th October 2022.
    With A. Large and G. Bingham from the Oliver Wyman Systemic Policy Partnership.
    This piece considers the weaponization of finance and the possible consequences for the international monetary system.
    Available as ‘Ukraine: Challenges for Central Banks’ from the SPP website.
  2. 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.
  3. ‘Digital money and central banks.’  Article on Centralbanking.com. 9th March 2022. Subscription required. 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.

    Available as ‘Digital Money and Central Banks’ from the  SPP website.
  4. 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.
  5. Effective market operations in a modern central bank.
    Article on Centralbanking.com. 20th January 2022. Subscription required.
    With Oliver Wuesnch of Oliver Wyman.
    We comment on some of the issues in organising a modern central bank dealing room.
  6. Greening the central bank balance sheet, or not?
    Article on Centralbanking.com. 7th September 2021. Sponsored by Oliver Wyman.
    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.
  7. 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.
  8. The golden age of central banking has passed.’
    Article on Centralbanking.com. 20th July 2021. Subscription required.
    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. 
    Available as ‘Whither inflation’ from the SPP website.
  9. The Covid crisis, central banks and the future.’
    Article on Centralbanking.com. 15th February 2021. Subscription required.
    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.
    Available as ‘The Covid crisis, central banks and the future’ from the SPP website.
  10. ‘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 .
  11. ‘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.
  12. ‘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. 
  13. 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.
  14. Foreword for The Moorad Choudhry Anthology: Past, Present and Future Principles of Banking and Finance Choudhry (2018). Wiley.
  15. ‘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.
  16. ‘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.
  17. 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.
  18. 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.
  19. 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.
  20. 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.
  21. 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.
  22. ‘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.
  23. ‘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.
  24. ‘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.
  25. 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.
  26. ‘What QE does for business‘ in Institute of Directors Northern Ireland News, November/December 2012, page 12.
    A piece on QE.
  27. 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.
  28. ‘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)
    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    Selected podcasts and video links:

  1. ‘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.
  2. ‘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.
  3. ‘COP26: Six challenges for Central Banks,
    Podcast recorded in November 2021 for Warwick Business School.
  4. ‘How is the post-Covid economic recovery going?’
    Podcast recorded in July 2021 for Warwick Business School.
  5. ‘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!
  6. ‘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.
  7. ‘Climate change: risks and opportunities for the financial sector.’
    Youtube video of my presentation to the ICC Bangladesh Asia-Pacific Conference 11 Dec 2019.
  8. ‘The intersection of banking regulation and sustainable finance’.
    Youtube video of my presentation at the World Conference of Banking Institutes October 2019.
  9. ‘Why do most central banks target inflation?’
    Podcast, recorded in May 2019 forWarwick Business School.
  10. ‘Brexit – why is it oh so difficult.’ LBMA seminar 7 December 2018.
    Youtube video.
  11. Speaking to the Climate Bonds Initiative reporter at the the Green Bonds Conference, 2018.
    Youtube video.
  12. A rare public debate on monetary policy with fellow MPC member Andrew Sentance.
    Youtube video. University of Warwick. October 2011.

Section E    List of academic publications in refereed journals, working paper series or book chapters:

  1. ‘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. 
  2. ‘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.
  3. ‘Central Banking and Climate Change’, Chapter 3 in Making the Financial System Sustainable, Cambridge University Press. P Fisher (ed) (2020). With Kern Alexander.
  4. 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.
  5. ‘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.
  6. ‘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.
  7. ‘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
  8. ‘Competition and Prudential Regulation’.
    Bank of England Staff Working Paper 675.   With P Grout (2017).
  9. ‘Practical Issues for the Lender of Last Resort’ in ECB legal Conference 2015. European Central Bank.  pp86-89.
  10. ‘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).
  11. ‘The Bank’s balance sheet during the crisis’, Bank of England
    Quarterly Bulletin, 50, 34-42.  With M Cross and O Weeken (2010).
  12. ‘Explaining and forecasting exchange rates with order flows: Comments.’
    Economie Internationale, 96, 129-133. With R Hillman (2003).
  13. ‘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).
  14. ‘Economic theory and econometric dynamics in modelling wages and prices in the United Kingdom.’ Empirical Economics, 24, 483-507.
    With G Bardsen (1999).
  15. Business cycles: real facts or fallacies?’ in Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, (Strom, ed) pp499-527, Cambridge University Press.
    With G Bardsen and R Nymoen (1998).
  16. ‘The inflation report projections: understanding the fan chart.
    Bank of England Quarterly Bulletin, 38, 30-37.
    With E Britton and J D Whitley (1998).
  17. ‘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).
  18. ‘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).
  19. ‘M0: causes and consequences.The Manchester School, LXIV, 4, 371-387.  With F J Breedon (1996).
  20. ‘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).
  21. Monetary Policy in the United Kingdom.’ Economics and Business Education, Vol II.2, 6, 79-83. With S Hudson, (1994).
  22. The determination of M0 and M4.’ Bank of England Quarterly Bulletin, 34. With F J Breedon (1994).
  23. Divisia measures of money.’ Bank of England Quarterly Bulletin, 33, 240-255. With S Hudson and M Pradhan (1993).
  24. ‘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).
  25. ‘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).
  26. ‘Seasonality in large-scale macroeconometric models.’
    Journal of Forecasting, 11, 255-270. With K F Wallis (1992).
  27. ‘The historical tracking performance of U.K. macroeconomic models 1978-85.Economic Modelling, 7, 179-197. With K F Wallis (1990).
  28. ‘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).
  29. ‘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).
  30. ‘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).
  31. ‘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).
  32. ‘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).
  33. ‘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).
  34. ‘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).
  35. ‘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).
  36. ‘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).
  37. ‘On evaluating the importance of non-linearity in large macroeconometric models.International Economic Review, 27, 625-646. With M H Salmon (1986).
  38. ‘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).