I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy. I retired from the International Monetary Fund in 2003 as Assistant Director of the Monetary and Financial Systems Department, where I lead missions to over twenty countries. Prior to that I served as visiting economist to the Board of Governors of the Federal Reserve System, and to the World Bank, and was Assistant Prof of Economics at UVa from 1970-75. I am currently a director of the Cayman Islands Monetary Authority, Senior Monetary Policy Advisor to the Central Bank of Iraq, an IMF consultant to the central banks of Afghanistan, Kenya and Zimbabwe. My most recent book is "One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina."
Articles
Real SDR Currency Board, Central Banking Journal (2011)
An enhanced special drawing right (SDR), valued by a basket of goods, would provide the...
Time for a New Global Currency?, New Global Studies (2010)
This article surveys the prospects and implications of the potential replacement of the U.S. dollar...
The Big Bailout — What Next?, CATO (2008)
The administration has told us that American financial markets are in a perilous state because...
The D E Fs of the Financial Markets Crisis, CATO (2008)
The article presents the view of the causes and cures of the subprime mortgage related...
Books
My Travels to Baghdad (2004)
My personal account of advisory work in the Central Bank of Iraq and life in...
Contributions to Books
Monetary Policy Issues in Post Conflict Economies, Peace and the Public Purse: Economic Policies for Postwar Statebuilding (2007)
Post conflict environments differ considerably depending on the factors that started and brought conflict to...
Unpublished Papers
Central Banks and Economic Development (with Gary Gegenheimer) (2011)
South Sudan is establishing a central bank to issue and regulate a new currency, and...
The Financial Crisis: Act II, The Way Forward (2009)
Outlines how to restore financial discipline to the financial sector while avoiding inflation.
The view from the West Bank, Palestine (2005)
Today's failure to resolve the Israeli Palestinian conflict/relationship is put in historical context.
Electronic Money: Developments and Issues, IMF Working Papers (1997)
What is electronic money and what issues does its use raise for users, issuers, regulators,...
Presentations
A Global Currency for a Global Economy: Getting from Here to There, G20 and IV Astana Economic Forum (2011)
In this paper Dr. Warren Coats proposes stabilizing the value of money by linking it...
Where Should We Go From Here? Inflation, Regulation, and Debt, Quest Club (2010)
A review of where the U.S. is and/or should be going over the next few...
Inflations, Hyperinflations, and Will We Have One?, FreedomFest (2009)
Reviews Zimbabwe's recent hyperinflation and contrast it with inflation prospects in the U.S.
The U.S. Mortgage Market: The Good, the Bad, and the Ugly, USAID (2008)
An early look at the mortgage crisis in the U.S.
Role of the Central Bank of Iraq in Implimenting Monetary Policy, Robert Mundell (2007)
Outlines the monetary policy regime in place in the Central Bank of Iraq and its...