Articles Authored by Roman Frydman

Working Papers

“Long Swings in Currency Markets: Imperfect Knowledge and I(2) Trends,” co-authored with Goldberg Michael D., Soren Johansen, and Katarina Juselius, mimeo. April 2012.

Published Articles

Which Way Forward for Macroeconomics and Policy Analysis?, co-authored with Edmund S. Phelps, forthcoming in Roman Frydman and Edmund S. Phelps (eds.), Rethinking Expectations: The Way Forward for Macroeconomics, Princeton University Press, 2013.

“The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory,” co-authored with Michael D. Goldberg, forthcoming in Roman Frydman and Edmund S. Phelps (eds.), Rethinking Expectations: The Way Forward for Macroeconomics, Princeton University Press, 2013.

“Opening Models of Asset Prices and Risk to Non-Routine Change,” co-authored with Michael D. Goldberg, forthcoming in Roman Frydman and Edmund S. Phelps (eds.), Rethinking Expectations: The Way Forward for Macroeconomics, Princeton University Press, 2013.

“Entrepreneurship in Europe and the United States: Security, Finance, and Accountability,”co-authored with Khan, Omar and Andrzej Rapaczynski, Phelps, Edmund S. and Hans-Werner Sinn (eds.), Perspectives on the Performance of the Continent’s Economies, MIT Press, 2011, 27-64.

“Testing Hypotheses in an I(2) Model with Applications to the Persistent Long Swings in the Dmk/$ Rate,” co-authored with Johansen, Soren, Juselius, Katarina and Michael D. Goldberg, Journal of Econometrics, 158, (2010), 117-129.

“Marktmystizismus,” co-authored with Michael D. Goldberg, Transit: Europaische Reveue, 40, 2010, Winter, 120-124.

"Financial Markets and the State: Price Swings, Risk, and the Scope of Regulation," co-authored with Michael D. Goldberg, Capitalism and Society, 2009, Vol.4, Iss.2, Article 2.

“The Dollar-Euro Exchange Rate and the Limits to Knowledge,” co-authored with Michael.D. Goldberg (2009), Revista Economia Ensalos, Vol. 23, No.1

"Macroeconomic Theory for a World of Imperfect Knowledge," co-authored with Michael D. Goldberg, Capitalism and Society, 2008, Vol. 3: Iss. 3, Article 1.

“When Does Privatization Work?  The Impact of Private Ownership on Corporate Performance in Transition Economies,” co-authored with Ch. Gray, M. Hessel, and A. Rapaczynski,” in Bergloff, E. and G. Roland (eds.), The Economics of Transition: The 5th Nobel Symposium in Economics, Palgrave Macmillan, 2007.

“Imperfect Knowledge Expectations, Uncertainty Premium and Exchange Rate Dynamics,” co-authored with M. D. Goldberg, in A, Morales Zumaquero (ed.), International Macroeconomics: Recent Developments, Nova Science Publishers, 2006.

“Why Ownership Matters?  Entrepreneurship and the Restructuring of Enterprises in Central Europe,” co-authored with Hessel, M. and A. Rapaczynski, in Fox, M. and M. Heller (eds.), Corporate Governance Lessons from Transition Economies, Princeton University Press, 2006.

”Limiting Exchange Rate Swings in a World of Imperfect Knowledge,” co-authored with M. Goldberg, in P. Sorensen (ed.), European Monetary Integration: Historical Perspectives and Prospects for the Future. Essays in Honour of Niels Thygesen. DJOEF Publishing, 2004.

“Imperfect Knowledge Expectations, Uncertainty Adjusted UIP and Exchange Rate Dynamics,” co-authored with M. Goldberg, in Aghion, P., Frydman, R., Stiglitz, J. and M. Woodford (eds.), Knowledge, Information and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, Princeton University Press, 2003.

“Edmund S. Phelps and Modern Macroeconomics,” co-authored with Aghion, P., Stiglitz, J. and M. Woodford, in Aghion, P., Frydman, R., Stiglitz, J. and M. Woodford (eds.), Knowledge, Information and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, Princeton University Press, 2003.

“Financial Buyers in Takeovers: Focus on Cost Efficiency,” co-authored with  Frydman H. and S. Trimbath, Journal of Managerial Finance, 28, (2002), 1-13.

“Macroeconomic Fundamentals and the DM/$ Exchange Rate: Temporal Instability and the Monetary Model,” co-authored with M. Goldberg, International Journal of Finance and Economics (2001).

“Cost Inefficiency, Size of Firms and Takeovers,” co-authored with S. Trimbath and H. Frydman, Review of Quantitative Finance and Accounting, 17(4), (2001), 397-420.

“A Money-Output Connection via Wealth Effects in a Walrasian Model,” co-authored with M. Goldberg and Martel, R., A. Worgotter (ed.), Money, Inflation and Growth: Essays in Honor of Helmut Frisch(2001).

"The Limits of Discipline: Ownership and Hard budget Constraints in the Transition Economies," co-authored with Ch. Gray, M. Hessel, and Rapaczynski, A., Economics of Transition (November 2000).

"When Does Privatization Work?  The Impact of Private Ownership on Corporate Performance in Transition Economies," co-authored with Ch. Gray, M. Hessel, and Rapaczynski, A., The Quarterly Journal of Economics (November 1999), 1153-1192.

"Transition to a Private Property Regime in the Czech Republic and Hungary," co-authored  with Rapaczynski, A. and J. Turkewitz, in Woo, W., Parker, S and J. Sachs, (eds.), Economies in Transition: Comparing Asia and Europe, MIT Press, 1997.

"Corporate Governance and the Political Effects of Privatization," co-authored with A. Rapaczynski,  in S. Zecchini (ed.), Lessons from the Economic Transition , Kluver Academic Publishers, 1997, 241-262.

"Imperfect Knowledge and Behavior in the Foreign Exchange Market," co-authored with M. Goldberg, Economic Journal (July 1996), 869-893.

"Monetary Models of the Exchange Rate and Shifts of the Cointegrating Vector," co-authored with M. Goldberg, The Structural Change and Economic Dynamics (1996), 55-78.

"Exit and Voice After Mass Privatization: The Case of Russia," co-authored with Pistor, K. and A. Rapaczynski, European Economic Review (1996), 581-588.

"Corporate Governance in Central Europe and Russia: An Overview," co-authored with Gray, Ch. and A. Rapaczynski, in Frydman, R., Gray, Ch. and A. Rapaczynski, (eds.) (1996). 

"Investing in Insider-Dominated Firms: A Study of Russian Voucher Privatization Funds," co-authored with Pistor, K. and A. Rapaczynski, in Frydman, R., Gray, Ch. and A. Rapaczynski, (eds.) (1996).

"Corporate Governance in an Insider-Dominated Economy: A Report on Russia," co-authored with Pistor, K. and A. Rapaczynski, Economics of Transition,  (April 1995), 107-111.

"Theories Consistent Expectations and Exchange Rate Dynamics," co-authored with M. Goldberg, in H. Frisch and A. Worgotter (eds.), Open Economy Macroeconomics, Macmillan, 1993.

"Needed Mechanisms of Corporate Governance and Finance in the Economic Reform of Eastern Europe," co-authored with Phelps, E.S., Rapaczynski, A. and A. Shleifer, Economics of Transition, (April 1993), 1, 171-207, revised version in Frydman and Rapaczynski (1994).

"Notes on Voucher Privatization in Eastern Europe," co-authored with Earle, J.S and A. Rapaczynski, in The New Europe: Evolving Economic and Financial Systems in East and West, Kluver Academic Publishers, 1993.

"Output Decline in Hungary and Poland in 1990/1991: A Comment," in Blejer, M. and A. Gelb (eds), The Macroeconomic Situation in Eastern Europe, World Bank, 1993.

"Insiders and the State: Overview of Agency Problems in the East European Privatization," co-authored with A. Rapaczynski, Economics of Transition, (January 1993), 1, pp. 39-59, reprinted in Frydman and Rapaczynski (1994).

"Privatization Policies in Eastern Europe: Diverse Routes to a Market Economy," co-authored with Earle, J.S. and A. Rapaczynski, in Privatization in the Transition to a Market Economy.

"Privatization and Institutional Change in Eastern Europe," co-authored with A. Rapaczynski, in Newman, P., Millgate. M. and J. Eatwell (eds), The New Palgrave Dictionary on Money and Finance, Stockton Press, 1992.

"Mass Privatization Proposals In Eastern Europe: Ownership and the Structure of Control," co-authored with A. Rapaczynski, in F. Targetti (ed.), Privatization in Europe: West and East Experiences, Dartmouth Publishing Co, 1992, pp.75-88.

"Institutional Reform in Eastern Europe: Evolution or Design?," co-authored with A. Rapaczynski, Brigham Young University Law Review, 1992, pp.1-22.

"Privatization and Corporate Governance in Eastern Europe. Can Markets be Designed?", co-authored with A. Rapaczynski, in G. Winkler (ed.) Central and Eastern Europe: Roads to Growth, International Monetary Fund and Austrian National Bank, 1992, pp. 255-285, revised version in Frydman and Rapaczynski (1994).

"Lineamenti  evolutivi del processo di transizione nei paesi dell'est europeo", co-authored with A. Rapaczynski, Rivista di politica economica (November 1991), pp. 69-118, revised English version entitled "Evolution and Design in the East European Transition," in Frydman and Rapaczynski (1994).

"The Ownership-Control Structure and the Behavior of Polish Enterprises During the 1990 Reforms: Macroeconomic Measures and Microeconomic Response," co-authored with S.Wellisz, in Corbo, V., Coricelli, F. and J. Bossak (eds), Reforming Central and Eastern European Economies: Initial Results and Challenges, The World Bank, Washington, D.C., 1991, pp. 141-156. 

"Stabilization in Poland:  A Progress Report," co_authored with S. Wellisz and G. Kolodko, in E_M. Claassen (ed.), Exchange Rate Policies of Less Developed Market and Socialist Economies, Institute of Contemporary Studies Press, San Francisco, 1991, pp. 89-115.

"Markets and Institutions in Large Scale Privatizations: An Approach to Economic and Social Transformations in Eastern Europe," co-authored with A. Rapaczynski, in Corbo, V., Coricelli, F. and J. Bossak (eds), Reforming Central and Eastern European Economies: Initial Results and Challenges, The World Bank, Washington, D.C., 1991, pp. 253-274, revised version in Frydman and Rapaczynski (1994).

"On Privatizing Privatization: A New Proposal of Ownership Transformation in Poland," co-authored with A. Rapaczynski, in Polish, Res Publica (September 1990), pp. 2-14.

"Is the Distinction Between Anticipated and Unanticipated Money Growth Relevant in Explaining Aggregate Output?" co_authored with P. Rappoport, American Economic Review (September 1987).

"Individual Rationality, Decentralization and the Rational Expectations Hypothesis," in Frydman and Phelps, eds, pp. 97-122.

"A Distinction Between Unconditional Expectational Equilibrium and the Rational Expectations Equilibrium," in Frydman and Phelps, eds, pp. 139-46.

"Individual Forecasting and Aggregate Outcomes:  An Introduction to the Problem," co_authored with E.S. Phelps, in Frydman and Phelps, eds, pp. 1-30.

"The Derivation and Interpretation of the Lucas Supply Function," co_authored with C. Bull, Journal of Money, Credit and Banking (February 1983), 15, pp. 82-95.

"The Derivation and Interpretation of the Lucas Supply Function:  A Reply," co_authored with C. Bull, Journal of Money, Credit and Banking, (August 1984), 16, pp. 377-9.

"Rational Expectations of Government Policy:  An Application of the Newcomb's Problem," co_authored with G. O'Driscoll and A. Schotter, Southern Economic Journal (October 1982), 49, pp. 311-19.

"Towards an Understanding of Market Processes:  Individual Expectations, Learning and Convergence to Rational Expectations Equilibrium," American Economic Review (September 1982), 72, pp. 652-88. Reprinted in Recent Developments in Macroeconomics, edited by E.S. Phelps, Edward Elgar Publishing.

"Sluggish Price Adjustments and the Effectiveness of Monetary Policy Under Rational Expectations," Journal of Money, Credit and Banking (February 1981), 13, pp. 94-102.


"Proof of the Consistency of Maximum Likelihood Estimators of Nonlinear Regression Models with Autocorrelated Errors," Econometrica (May 1980), 48, pp. 853-60.

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