John Driffill

Professor of Economics
MA (Cambridge), PhD(Princeton)

Phone: +44 (0) 20 7631 6417
Fax: +44 (0) 20 7631 6416
Room: 721
Office Hours: please phone or email to arrange a mutually convenient time for a meeting


John Driffill

Research Interests

Recent Publications

  • Liquidity when it Matters: QE and Tobin's Q, with Marcus Miller, Oxford Economic Papers, forthcoming 2013
  • Handling Liquidity Shocks: QE and Tobin's Q, with Marcus Miller, pp.108-116  in Interest Rates, Asset Prices and Liquidity: Lessons from the Financial Crisis, Jagjit Chadha and Sean Holly (eds.), Cambridge: Cambridge University Press, October 2011 
  • Liquidity When it Matters Most: QE and Tobin's Q, with Marcus Miller, CEPR Discussion Paper no 8511, August 2011 (
  • The Future of Macroeconomics: Introductory Remarks (pp. 1-4) and General Discussion (pp. 36-38), The Manchester School, vol. 79, Supplement Issue s2,  September 2011.
  • Bubbles in Exchange Rates and Monetary Policy, with Fernando Alexandre and  Pedro Bação, Scottish Journal of Political Economy, vol.58 no 1, Feb 2011, pp. 29-50
  • Beyond the Dollar: Re-Thinking the International Monetary System.  Editor, with Paola Subacchi.  Chatham House, March 2010. The report may be obtained from Chatham House, or from the ESRC World Economy and Finance Research Programme web site.
  • Model Selection of Markov Switching Interest Rates, with Turalay Kenç, Martin Sola and Fabio Spagnolo, Studies in Nonlinear Dynamics & Econometrics,   Volume 13.1, 2009
  • Exchange Rate Target Zones, The New Palgrave Dictionary of Economics, Eds. Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan, 2008
  • The Centralization of Wage Bargaining Revisited: What Have We Learned? Journal of Common Market Studies, vol. 44 no 4, November 2006, 731-756.
  • Target Zones for Exchange Rates and Policy Changes, with Martin Sola, Journal of International Money and Finance, vol. 25 no 6, October 2006, 912-931. Working paper version including appendix
  • Credibility of Optimal Monetary Delegation: A Comment, with Zeno Rotondi, American Economic Review, vol. 96 no 4, September 2006, 1361-1366. Typescript, including appendix
  • Monetary Policy and Financial Stability: What Role for the Futures Market? with Zeno Rotondi, Paolo Savona, and Christano Zazzara, Journal of Financial Stability, vol. 2 no 1, April 2006, 95-112.
  • Investment Under Uncertainty with Stochastically Switching Profit Streams: Entry and Exit over the Business Cycle, with Marzia Raybaudi and Martin Sola, Studies in Non-linear Dynamics and Econometrics, volume 7 issue 1 article 1, 2003. (
  • Growth and Finance, The Manchester School, vol. 71 no 4, Special Issue 2003, 363-380.
  • What moves OECD real interest rates?, with Andrew Snell, Journal of Money, Credit and Banking, vol. 35 no 3, June 2003, 375 - 402.
  • No Credit for Transition: European Institutions and German Unemployment, with Marcus Miller, Scottish Journal of Political Economy, vol. 50 no 1, February 2003, 41-60.
  • The Order of Financial Liberalization: Lessons from the Polish Experience, with Tomasz Mickiewicz, in Emilio Colombo and John Driffill (eds.) The Role of Financial Markets in the Transition Process, Physica-Verlag: Heidelberg, 2003, pp13-41.
  • The Role of Financial Markets in the Transition Process, Emilio Colombo and John Driffill (eds.) Physica-Verlag: Heidelberg, 2003.
  • Inflation Targeting, Exchange Rate Volatility, and International Policy Co-ordination, with Fernando Alexandre and Fabio Spagnolo, The Manchester School, vol. 70, no 4, Special Issue, 2002, pp 546-569.
  • Economics, J. Stiglitz and J. Driffill, W. W. Norton and Co (New York and London), 2000.
  • Testing the Present Value Hypothesis from a Vector Autoregression with Stochastic Regime-Switching, with M. Sola, in Philip Rothman (ed), Non-Linear Time-Series Analysis of Economic and Financial Data, Kluwer Academic Press, 1999, 209-229.
  • On Testing the Expectations Model of the Term Structure Using Instrumental Variables, with Z. Psaradakis and M. Sola, International Journal of Finance and Economics, 3, 1998, 321-325.
  • Intrinsic Bubbles and Regime Switching, with M. Sola, Journal of Monetary Economics, vol 42, October 1998, 357-373.
  • A resolution of some paradoxical empirical results on the term structure of interest rates, with Z Psaradakis and M Sola, Oxford Bulletin of Economics and Statistics, vol 59 no 1, Feb 1997, 29-42.


Department of Economics, Mathematics and Statistics, Birkbeck, University of London, Malet St, London WC1E 7HX.