Articles in Refereed Journals

“A Primer on Bank Capital Regulation: Theory, Empirics, and Policy” (with S. Aiyar and T. Wieladek), IMF Economic Review, forthcoming.

“Crisis-Related Shifts in the Market Valuation of Banking Activities” (with D. Nissim), NBER WP No. 17868, Feb 2012, Journal of Financial Intermediation, 23, 2014, 400-435.

“Does Macro-Prudential Regulation Leak? Evidence from a U.K. Policy Experiment” (with Shekhar Aiyar and Tomasz Wieladek), NBER Working Paper No. 17822, February 2012, Journal of Money,
Credit and Banking
, 46 (1), February 2014, 181-214.

“Identifying Channels of Credit Substitution When Bank Capital Requirements Are Varied” (with S. Aiyar, T. Wieladek), Economic Policy, January 2014, 47-71.

“The International Transmission of Bank Capital Requirements: Evidence from the UK” (with S. Aiyar, J. Hooley, Y. Korniyenko, and T. Wieladek), Journal of Financial Economics, 2014, forthcoming.

“The Effects of Reconstruction Finance Corporation Assistance on Michigan Banks’ Survival in the 1930s” (with J. Mason, M. Weidenmier, and K. Bobroff), NBER WP No. 18427, Sep 2012, Explorations in Economic History, 2013 50, 526-547.

“The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares” (with Stanley Longhofer and William Miles), NBER Working Paper No. 17740, January 2012, Critical Finance Review, 2, 2013, 49-99.

“The Foreclosure-House Price Nexus: A Panel VAR Model for U.S. States, 1981-2009,” 2010 (with Stanley Longhofer and William Miles) Former title: “The Foreclosure-House Price Nexus: Lessons from the 2007-2008 Housing Turmoil,” NBER Working Paper No. 14294, Sep 2008. Real Estate Economics, 41, 2013, 709-746.

“Global Returns' Sensitivities to Crisis Shocks” (with Inessa Love and Maria Soledad Martinez Peria), NBER Working Paper 16559, November 2010 (Under different title), Journal of International Money and Finance, 30, 2012, 1-23.

“An Incentive-Robust Programme for Financial Reform,” The Manchester School, Supplement, 2011, 39-72. Republished in Spanish as “Un programa para la reforma financiera de incentives consistentes,” Papeles de Economia Espanola, 130, Funcas, adrid, 2011, 21-41.

“The Political Lessons of Depression-Era Banking Reform,” Oxford Review of Economic Policy, 26, 2010, 540-560.

“Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales” (with Raymond Fisman and Yongxiang Wang), NBER Working Paper No. 13774, February 2008, Journal of Financial Economics, 2009, forthcoming.

“Banking Crises Yesterday and Today,” Pew Trusts Financial Reform Project, Briefing Paper #8, September 29, 2009, Financial History Review 17, 2010, 1-12.

“Preserving Slave Families for Profit: Traders Incentives and Pricing in the New Orleans Slave Market” (with Jonathan Pritchett), NBER Working Paper No. 14281, August 2008, Journal of Economic History, 69, December 2009, 986-1011.

“Relationship Banking and the Pricing of Financial Services” (with Thanavut Pornrojnangkool), NBER Working Paper No. 12622, October 2006, Journal of Financial Services Research, 2009, forthcoming.

“Resolving the Puzzle of the Underissue of National Bank Notes” (with Joseph R. Mason), NBER Working Paper No. 10951, December 2004, Explorations in Economic History, 45, September 2008, 327-355.

“Venture Capital as Human Resource Management” (with Antonio Gledson de Carvalho and Joao Amaro de Matos), NBER Working Paper No. 11350, May 2005, Journal of Economics and Business 60, May-June 2008, 223-55.

“Banker Fees and Acquisition Premia for Targets in Cash Tender Offers: Challenges to the Popular Wisdom on Banker Conflicts,” NBER Working Paper No. 11333, May 2005, Journal of Empirical Legal Studies 4, December 2007, 909-38.

“Devaluation with Contract Redenomination in Argentina,” NBER Working Paper No. 12644, October 2006, Annals of Finance 3, January 2007, 155-192.

“Bank Capital and Portfolio Management: The 1930s ‘Capital Crunch’ and Scramble to Shed Risk” (with Berry Wilson), Journal of Business, July 2004, 421-56.

“Credit Card Securitization and Regulatory Arbitrage” (with Joseph Mason), Journal of Financial Services Research, August 2004, 5-27.

“Consequences of U.S. Bank Distress During the Depression,” (with Joseph Mason), American Economic Review 93, June 2003, 937-47.

“Fundamentals, Panics and Bank Distress During the Depression” (with Joseph Mason), NBER Working Paper No. 7919, September 2000, American Economic Review, 93, December 2003, 1615-47.

“The Role of ROSCAs: Lumpy Durables or Event Insurance?” (with Indira Rajaraman), Journal of Development Economics 56 (1998), 207-216.

"Contagion and Bank Failures During the Great Depression: The June 1932 Chicago Banking Panic" (with Joseph Mason), American Economic Review 87, December 1997, 863-883. National Bureau of Economic Research Working Paper 4934, November 1994. Republished in The Regulation and Supervision of Banks, edited by Maximilian J. B. Hall, Edward Elgar Publishing, 2001.

"The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System" (with Charles M. Kahn). Journal of Money, Credit and Banking, 28, November 1996, 766-797.

"Internal Finance and Investment: Evidence from the Undistributed Profits Tax of 1936-1937" (with R. Glenn Hubbard), NBER Working Paper No. 4288 (March 1993), Journal of Business, October 1995, 443-482.

"Financial Fragility: Issues and Policy Implications," in Coping with Financial Fragility: A Global Perspective, Harald Benink and George Kaufman, eds., Journal of Financial Services Research, 9, 1995, 241-257.

"Housing-Finance Interventions and Private Incentives: Helping Minorities and the Poor" (with Charles M. Kahn and Stanley D. Longhofer), Journal of Money, Credit and Banking, August 1994, 634 674.

"Consistent Measures of Output for the Antebellum and Postbellum Periods: Issues and Preliminary Results" (with Christopher Hanes), Journal of Economic History, June 1994, 409 422. Republished as “Consistent Output Series for the Antebellum and Postbellum Periods: Issues and Preliminary Results,” in Business Cycles since 1820, edited by Trevor J.O. Dick, Edward Elgar, 1998, 15-27.

"The Panic of 1857: Origins, Transmission, and Containment" (with Larry Schweikart), Journal of Economic History, December 1991, 807 34.

"The Role of Demandable Debt in Structuring Optimal Banking Arrangements" (with Charles M. Kahn), American Economic Review, June 1991, 497 513. Republished in The Regulation and Supervision of Banks, edited by Maximilian J. B. Hall, Edward Elgar Publishing, 2001.

"The Motives of U.S. Debt-Management Policy, 1790 1880: Efficient Discrimination and Time Consistency," Research in Economic History, 13, 1991, 67 105.

"Is Deposit Insurance Necessary? A Historical Perspective," Journal of Economic History, June 1990, 283 95.

"Firm Heterogeneity, Internal Finance, and Credit Rationing" (with R. Glenn Hubbard), Economic Journal, March 1990, 90 104.

"Price Flexibility, Credit Availability and Economic Fluctuations: Evidence from the U.S., 1894 1909" (with R. Glenn Hubbard), Quarterly Journal of Economics, August 1989, 429 52.

"The Motivations for Loan Commitments Backing Commercial Paper," Journal of Banking and Finance, May 1989, 271 77.

"The Effects of Asset Substitutes on Money Demand and the Inflation Process in Brazil" (with Ian Domowitz), Journal of Money, Credit, and Banking, February 1989, 78 89.

"Price and Exchange Rate Determination During the Greenback Suspension," Oxford Economic Papers, December 1988, 719 50.

"Institutional Failure, Monetary Scarcity, and the Depreciation of the Continental," Journal of Economic History, March 1988, 47 68.

"The Depreciation of the Continental: A Reply," Journal of Economic History, September 1988, 693 98.

 

 

Click here for working papers