I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1976 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank’s World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My most recent book is One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.

11 thoughts on “About”

  1. Dear Warren. I am an economist at the IMF and was reading your blog entry on size of government. Do you know of any attempt to develop a database of government size (one that takes into account the government spend, but also the burden placed on taxpayers of tax compliance, and of regulation, more generally). Grateful if you could provide some links. Thanks, Ali

  2. Dr Coats, I am a Penn doctoral student researching the development of the modern conservative coalition. I am currently in an archive listening to the recording of your panel with Norman Ture, Alan Reynolds, and Jack Kemp in 1975. At some point, I would love to hear your recollections of the conference.

  3. Dear Sir,
    I’m working on the development of an online B2B platform that intends to use digital SDR assets for cross-border payments via blockchain technology.
    Watched your Chicago Economics Society Talk online and wanted to reach out to you for advice.
    Could you please confirm that you are currently using your Wcoats@aol.com email address?

    Thanks & Regards,

  4. Hi Warren, I did this interview with Krassen and he spoke about your contribution for hard currency policy in Bosnia and Bulgaria – would you be ready for the interview on your role in Balkans currency reform and what is your view on currency reform in Eastern Europe for my Podcast and channel Pax Europeana?
    Best regards


  5. Hi, Warren:
    Read your review of MMT. In it, you say that MMT says that government can borrow the money it wants to fund its spending. That is inaccurate. MMT says that borrowing is not necessary, and in fact says that gov borrowing should ultimately be abandoned, that all use of Treasuries should cease. Borrowing is part of Keynesian thinking, and includes the well-debunked theory of crowding out, which does not exist in the real world. MMT says only that the Treasury has produced all of the money supply, and can produce more in the future to meet spending needs set by Congress. Nowhere does borrowing appear in that picture. Until that misinformation on MMT can be removed, the review is highly flawed.

    1. You are playing games with words. If Treasury takes what ever money it wants from the Fed, honest accounting records a loan (or call it a gift if you want) from Fed to Treasury. Or would you prefer to call it theft.

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