Working Papers | Referrred Journal Articles | Other Academic Journal Articles | Other Academic Research Articles | Government Testimony | Articles in Non-Academic Journals | Group Projects

list of Working Papers

Stealing Deposits: Deposit Insurance, Risk Taking and the Removal of Market Discipline in Early 20th Century Banks” (with Matthew Jaremski), February 2016.

Mortgage Market Credit Conditions and U.S. Presidential Elections” (with Alexis Antoniades), November 2015.

Foreign Bank Entry and Entrepreneurship” (with Laura Alfaro and Thorsten Beck), Oct. 2015.

Interbank Networks in the National Banking Era: Their Purpose and Their Role in the Panic of 1893” (with Mark Carlson), September 2015.

Rediscovering Macro-Prudential Regulation: The National Banking Era from the Perspective of 2015" (with Mark Carlson), September 2015.

Liquidity Risk, Bank Networks, and the Value of Joining the Fed” (with M. Jaremski, H. Park, and G. Richardson), NBER Working Paper No. 21684, October 2015.

A Theory of Bank Liquidity Requirements” (with F. Heider, M. Hoerova), May 2015.

No Free Shop: Why Target Companies in MBOs and Private Equity Transactions Sometimes Choose Not to Buy ‘Go Shop’ Options” (with D. Hitscherich and A. Antoniades), under revision for the Journal of Economics and Business, February 2016.

How To Promote Fed Independence: Perspectives from Political Economy and History,” Mar 2013.

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Micro-economic Approach” (with J. Mason and D. Wheelock), NBER WP No.16688, Jan 2011.

Underwriting Costs of Seasoned Equity Offerings: Cross-Sectional Determinants and Technological Change, 1980-2008” (with Margarita Tsoutsoura), Dec 2010.

Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston” (with Thanavut Pornrojnangkool), NBER Working Paper No. 11351, May 2005.

The Political Economy of Bank Entry Restrictions: Theory and Evidence from the U.S. in the 1920s” (with Carlos Ramirez), Columbia Business School, December 2004.

How Often Do “Conflicts of Interests” in the Investment Banking Industry Arise During Hostile Takeovers?” (with Hal J. Singer), February 2004.

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list of Refereed Journal Articles

How Collateral Laws Shape Lending and Sectoral Activity” (with M. Larrain, J. Liberti, and J. Sturgess), Journal of Financial Economics, forthcoming.

"Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War” (with J. Pritchett), NBER WP 19625, Nov 2013, American Economic Review, Jan. 2016, 1-23.

How Does Credit Supply Respond to Monetary Policy and Bank Minimum Capital Requirements?” (with Shekhar Aiyar and Tomasz Wieladek), European Economic Review,82, January 2016, 142-65.

Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s” (with M. Carlson), NBER WP No. 19806, Jan 2014, Journal of Financial Economics, Feb 2016.

Political Foundations of the Lender of Last Resort: A Global Historical Narrative" (with Marc Flandreau and Luc Laeven), Journal of Financial Intermediation, forthcoming.

Bank Capital Regulation: Theory, Empirics, and Policy” (with S. Aiyar and T. Wieladek), IMF Economic Review, 63 (4), 2015, 955-983.

An Assessment of TARP Assistance to Financial Institutions” (with Urooj Khan), Journal of Economic Perspectives, 29, Spring 2015, 53-80.

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, September 2014, 113, 368-82.

The Effects of Reconstruction Finance Corporation Assistance on Michigan Banks’ Survival in the 1930s” (with J. Mason, M. Weidenmier, and K. Bobroff), NBER Working Paper No. 18427, September 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, Madrid, 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, 2010, 96, 399-412.

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, 35, 2009, 189-224.

Resolving the Puzzle of the Underissuance 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” (with D. Hitscherich) 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), NBER Working Paper No. 6649, July 1998, 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, 937-947.

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. Republished in Financial Crises, edited by Franklin Allen and Douglas Gale, Edward Elgar Publishing, 2007, and republished in Regulation and Governance of Financial Institutions, edited by James Barth and Ross Levine, Edward Elgar Publishing, forthcoming.

Gauging the Efficiency of Bank Consolidation during a Merger Wave,” Journal of Banking and Finance 23, February 1999, 615-622.

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, and republished in Regulation and Governance of Financial Institutions, edited by James Barth and Ross Levine, Edward Elgar Publishing, forthcoming.

"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, 241-57.

"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.

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

"Financial Factors and the Great Depression," Journal of Economic Perspectives, Spring 1993, 61 85. Republished in The Economics of Deflation, edited by Pierre L. Siklos, International Library of Critical Writings in Economics, Series Editor, M. Blaug, 2005.

"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, and republished in Financial Crises, edited by Franklin Allen and Douglas Gale, Edward Elgar Publishing 2007, and republished in Banking, edited by John O.S. Wilson, Routledge, and republished in Regulation and Governance of Financial Institutions, edited by James Barth and Ross Levine, Edward Elgar Publishing, forthcoming.

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

"The Motives of US 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.

"Asset Substitutes, 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.

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

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

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Other Academic Journal Articles

How to Strengthen the Regulation of Bank Capital: Theory, Evidence, and A Proposal” (with Shekhar Aiyar and Tomasz Wieladek), Journal of Applied Corporate Finance, 27, 2015, 27-36.

Reforming Banks without Destroying Their Productivity and Value,” Journal of Applied Corporate Finance, 25, 2013, 14-20.

Interest Groups and the Glass-Steagall Act” (with Stephen Haber), CESifo DICE Report 4, 2013, December, 14-18.

How to Design a Contingent Convertible Debt Requirement That Helps Solve Our Too-Big-to-Fail Problem” (with Richard Herring), Journal of Applied Corporate Finance, 25, Spring 2013, 66-89, republished in Geoffrey P. Miller, ed., Economics of Financial Law, John Wiley & Sons, forthcoming.

Seven Ways to Deal with a Financial Crisis: Cross-Country Experience and Policy Implications" (with L. Laeven and D. Klingebiel), Journal of Applied Corporate Finance, 24, Fall 2012, 8-22.

A Look Back at Merton Miller’s ‘Financial Markets and Economic Growth’,” Journal of Applied Corporate Finance, 24, Winter 2012, 14-16.

Getting the Right Mix of Capital and Cash Requirements in Prudential Bank Regulation,” Journal of Applied Corporate Finance, 24, Winter 2012, 33-41.

Incentive-Robust Financial Reform,” Cato Journal, 31 (Fall) 2011, 561-90.

Reassessing the Fed’s Regulatory Role,” Cato Journal, 30 (March) 2010.

A Recipe for Ratings Reform,” The Economists Voice, Volume 6, issue 11, 2009, republished in The Economists Voice 20: The Financial Crisis…, edited by A.S. Edlin, J.E. Stiglitz, B. DeLong, W. Gale, and J. Zwiebel, 2012.

The Last Trillion-Dollar Commitment: The Destruction of Fannie Mae and Freddie Mac,” Financial Services Outlook, AEI, September 30, 2008, republished in Journal of Structured Finance, 15, Spring 2009, 71-80.

Financial Innovation, Regulation, and Reform,” Cato Journal, 29 (January), 2009, 65-91, republished in Globalization and Growth: Implications for a Post-Crisis World, edited by Michael Spence and Danny Leipziger, Commission on Growth and Development, 2010, 47-68.

Banking Crises,” NBER Reporter, December 2008.

The IMF’s Imprudent Role As Lender of Last Resort,” Cato Journal 17 (Winter) 1998, 275-294, Republished in F. H. Capie and G. E. Wood, eds., The Lender of Last Resort, Routledge, 2007, 445-62.

Alan Greenspan’s Legacy: An Early Look: The Regulatory Record of the Greenspan Fed,” American Economic Association Papers and Proceedings, Vol. 96, No. 2, May 2006, 170-73.

What’s Wrong with Expensing Employee Stock Options?” American Enterprise Institute, AEI Studies on Financial Market Deregulation, August 2005.

Lessons from Argentina and Brazil” Cato Journal, 23 (Spring/Summer) 2003, 33-46. Translated as “Lecciones de la Argentina y Brasil,” in Crisis Financieras Internacionales: Que Rol le Corresponde al Gobierno?, edited by Daniel Artana and James A. Dorn, Cato Institute, 2003, 33-46.

Marginal Tax Rate Cuts and the Public Tax Debate” (with Kevin Hassett), National Tax Journal, March 2002, 119-32. Condensed as “Searching for Sense in the Tax Cut Debate” in On the Issues, American Enterprise Institute, Dec. 2001.

Financial Regulation in a Global Marketplace” (with Robert E. Litan), Brookings-Wharton Papers on Financial Services 2000.

When Will Economics Guide IMF and World Bank Reforms?” Cato Journal 20 Spring/Summer 2000, 85-103.

Historical and Contemporary Perspectives on Banking Instability, Deposit Insurance, and Prudential Regulation and Supervision,” Review of Monetary and Financial Studies 16 (January) 2000, 8-16 (Japan).

The Impending Collapse of the European Monetary Union,” Cato Journal 18 (Winter) 1999, 445-452.

Universal Banking ‘American-Style’,” Journal of Institutional and Theoretical Economics 154, March 1998, 43-60.

The Role of Financial Relationships in the History of American Corporate Finance” (with C. Ramirez), Journal of Applied Corporate Finance, Summer 1996, 52-73.

"Commercial Paper, Corporate Finance, and the Business Cycle: A Microeconomic Approach" (with Charles Himmelberg and Paul Wachtel), Carnegie-Rochester Series on Public Policy, 42, 1995, 203-250.

"Is the Discount Window Necessary? A Penn-Central Perspective," NBER Working Paper No. 4573 (December 1993), Federal Reserve Bank of St. Louis Review, May-June 1994, 31 55.

"Cooperative Arrangements for the Regulation of Banking by Banks" (with Charles M. Kahn), Illinois Business Review, Summer 1990, 8 13.

"Deposit Insurance: Lessons from the Record," Economic Perspectives, Federal Reserve Bank of Chicago, May/June 1989, 10 30.

"The Farm Debt Crisis and Public Policy" (with R. Glenn Hubbard and James Stock), Brookings Papers on Economic Activity 2 (1986), 441 85.

Comment on “The French Gold Sink and the Great Deflation of 1929-32,” by Douglas Irwin, Cato Papers on Public Policy 13, 2012-2013, 43-47.

Comment on “Macroeconomic Effects of FOMC Forward Guidance,” by Jeffrey Campbell, Charles Evans, Jonas Fisher, and Alejandro Justiniano,” Brookings Papers on Economic Activity, Spring 2012, 55-63.

“Comment on ‘Implementing a Macroprudential Framework: Blending Boldness and Realism,” Capitalism and Society 6, August 2011.

“Comment on ‘Devaluation Risk and the Business Cycle Implications of Exchange Rate Management’” (by Enrique G. Mendoza and Martin Uribe), Carnegie-Rochester Series on Public Policy, 2000.

"Comment on 'The Decline of Private Deposit Insurance in the U.S.'" (by William English), Carnegie-Rochester Series on Public Policy, 38, June 1993, 129 142.

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Other Academic Research Articles

A Macroprudential Policy Framework for the EU and Its Member States” (with Viral Acharya), in Macroprudentialism, edited by Dirk Schoenmaker, VoxEU eBook, December 15, 2014,

Volatile Times and Persistent Conceptual Errors: US Monetary Policy, 1914-1951,” in The Origins, History and Future of the Federal Reserve, edited by Michael Bordo and William Roberds, Cambridge University Press, pp. 166-218, 2013.

Overview of the History of Financial Globalization” (with Larry Neal), in Globalization of Finance: An Historical View, Volume I of Handbook of Key Global Financial Markets, Institutions, and Infrastructure, edited by Gerard Caprio, Charles W. Calomiris, and Larry Neal. London: Elsevier Press, 2013.

Banking Fragility of the United States, 1790-2009” in Globalization of Finance: An Historical View, Volume I of Handbook of Key Global Financial Markets, Institutions, and Infrastructure, edited by Gerard Caprio, Charles W. Calomiris, and Larry Neal. London: Elsevier Press, 2013.

Financial Crisis in the US and Beyond” (with R. Eisenbeis and R. Litan), in The World in Crisis: Insights from Six Shadow Financial Regulatory Committees, edited by R. Litan, Wharton Financial Institutions Center, pp. 1-60, 2011.

Exiting the Euro Crisis,” in Life in the Eurozone, with and without Sovereign Default, Franklin Allen et al., eds., Wharton Financial Institutions Center, pp. 115-24, republished by Defining Ideas, Hoover Institution, May 2011.

Banking Crises and the Rules of the Game” (NBER Working Paper 15403, October 2009), in Monetary and Banking History: Essays in Honour of Forrest Capie, edited by Geoffrey Wood, Terence Mills, and Nicholas Crafts, Routledge, 2011, 88-132.

Prudential Bank Regulation: What's Broke and How To Fix It,” in Reacting to the Spending Spree: Policy Changes We Can Afford, Hoover Institution, 2009, 17-34.

The Subprime Turmoil: What’s Old, What’s New, and What’s Next,” Maintaining Stability in a Changing Financial System, Federal Reserve Bank of Kansas City, Jackson Hole Symposium, August 21-22, 2008, 19-110, revised in the Journal of Structured Finance, 15, Spring 2009, 6-52.

Banking Crises,” New Palgrave Dictionary of Economics, 2nd Edition, edited by Steven Durlauf and Lawrence Blume, 2009.

"Credit Rationing” (with Stanley Longhofer), New Palgrave Dictionary of Economics, 2nd Edition, edited by Steven Durlauf and Lawrence Blume, 2009.

The Great Depression and Other ‘Contagious’ Events,” Oxford Handbook of Banking, eds., A. Berger, P. Molyneux, J. Wilson, 2009, 693-710; Updated Second Edition, 2014, forthcoming.

Capital Flows, Financial Crises, and Public Policy,” in Globalization: What’s New? edited by Michael Weinstein, Columbia University Press, 2005, 36-76.

Financial History and the Long Reach of the Second Thirty Years War,” in History Matters: Economic Growth, Technology, and Population, T. Guinnane, W. Sundstrom, and W. Whatley, eds., Stanford University Press, 2004, 115-41.

Banking and Financial Intermediation,” in Technological Innovation and Economic Performance, Benn Steil, David Victor, and Richard Nelson, eds., Princeton University Press, 2002, 285-313.

How to Restructure Failed Banking Systems: Lessons from the US in the 1930s and Japan in the 1990s” (with J. Mason), in Governance, Regulation, and Privatization in the Asia-Pacific Region, T. Ito and A. Krueger, eds., NBER, U of Chicago, 2004, 375-420.

An Economist’s Case for GSE Reform,” in Serving Two Masters, Yet Out of Control, Peter J. Wallison, ed., AEI Press, 2001, 85-106. Originally published as “Are Fannie and Freddie Optimal Mechanisms? An Economist’s Case for GSE Reform,” in Fannie Mae and Freddie Mac: Mixing Private Interest and Public Purpose, Peter J. Wallison, ed., American Enterprise Institiute, 2000.

Can Emerging Market Bank Regulators Establish Credible Discipline?”, in Prudential Supervision: What Works and What Doesn’t, F. Mishkin, ed., NBER, Univ. of Chicago Press, 2001, 147-196. Also appeared as NBER Working Paper, June 2000.

Blueprints for a New Global Financial Architecture,” in International Financial Markets: The Challenge of Globalization, Leonardo Auernheimer, ed., University of Chicago Press, 2003, 259-90. Earlier version appeared in Joint Economic Committee of the U.S. Congress, Compendium of Studies on International Economic Issues, 105th Congress, Second Session, October 1998.

Is the Bank Merger Wave of the 90s Efficient?” (with Jason Karceski), in Mergers and Productivity, S. Kaplan, ed., National Bureau of Economic Research, U of Chicago Press, 2000, 93-161. Republished in AEI Studies on Financial Market Deregulation, AEI Press, 1998.

Building an Incentive-Compatible Safety Net,” in Lessons from the Tequila Crisis for Successful Financial Liberalization, ed. by Charles W. Calomiris, Journal of Banking and Finance, Oct 1999.

Was the Great Depression a Watershed in American Monetary Policy?” (with David Wheelock), in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, M. Bordo, C. Goldin, and E.White, eds., NBER, U of Chicago Press, 1998, 23-66.

"The Financing of the American Corporation, 1800-1990" (with Carlos Ramirez), in The American Corporation Today, Carl Kaysen, ed., Oxford University Press, 1996, 128-186. Winter, 1996 Recipient of American Publishers’Award for Best Book in Business and Management.

Designing the Post-Modern Safety Net: Lessons from Developed and Developing Economies,” in Money, Prices, and the Real Economy, ed. by G. Wood, Edward Elgar, 1998 and 2007, 94-120. Also published in AEI Studies on Financial Market Deregulation as The Postmodern Bank Safety Net, American Enterprise Institute, 1997.

"Leverage as a State Variable for Employment, Inventory Accumulation, and Fixed Investment" (with A. Orphanides and S. Sharpe), NBER Working Paper No. 4800 (July 1994), in Asset Prices and the Real Economy, Forrest Capie and Geoffrey Wood, eds., Macmillan, 1997, 169-193.

"Historical Macroeconomics and American Macroeconomic History" (with Christopher Hanes), NBER Working Paper No. 4935 (November 1994), in Macroeconometrics: Developments, Tensions, and Prospects, Kevin D. Hoover, ed., Kluwer Academic Press, 1995, 351-416.

"The Evolution of Market Structure, Information, and Spreads in American Investment Banking" (with D. Raff), in Anglo-American Finance: Financial Markets and Institutions in 20th-Century North America and the U.K., R. Sylla and M. Bordo, eds., Business One Irwin, 1995, 103-160.

"International Adjustment Under the Classical Gold Standard: Evidence for the U.S. and Britain, 1879-1914" (with R. G. Hubbard), NBER Working Paper No. 2206 (April 1987), in Modern Perspectives on the Gold Standard, T. Bayoumi, B. Eichengreen, and M. Taylor, eds., Cambridge University Press, 1996, 189-217.

"The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914," in The Coordination of Economic Activity Within and Between Firms, N. Lamoreaux and D. Raff, eds., NBER, University of Chicago Press, 1995, 257 321.

"The Origins of Federal Deposit Insurance" (with E. N. White), in The Regulated Economy: A Historical Approach to Political Economy, C. Goldin and G. Libecap, eds., NBER, University of Chicago Press, 1994, 145 188.

Corporate-Finance Benefits from Universal Banking: Germany and the United States, 1870-1914,” NBER Working Paper No. 4408, July 1993.

"Greenback Resumption and Silver Risk: The Economics and Politics of Monetary Regime Change in the United States, 1862-1900," NBER Working Paper No. 4166, in Monetary Regime Transformations, M. D. Bordo and F. Capie, eds., Cambridge University Press, 1993, 86 132.

"Regulation, Industrial Structure, and Instability in U.S. Banking: An Historical Perspective," Structural Change in Banking, Michael Klausner and Lawrence J. White, eds., New York University Solomon Center, Business One Irwin, 1993, 19 115.

"Greenbacks," New Palgrave Dictionary of Money and Finance, Peter Newman, Murray Wilgate, and John Eatwell, eds., Macmillan, 1992, Volume 2: 281 284.

"Do 'Vulnerable' Economies Need Deposit Insurance?: Lessons from the U.S. Agricultural Boom and Bust of the 1920s," in If Texas Were Chile: A Primer on Banking Reform, P. Brock, ed., ICS Press, 1992, 237 314, 319 28, 450 58.

"Getting the Incentives Right in the Current Deposit Insurance System: Successes from the Pre FDIC Era," in The Reform of Federal Deposit Insurance: Disciplining the Government and Protecting Taxpayers, J. R. Barth and R. D. Brumbaugh, eds., Harper Business, 1992, 13 35.

"Agricultural Capital Markets," in The Agricultural Transition in East/Central Europe and the USSR, A. Braverman, K. Brooks, and C. Csaki, eds., World Bank, 1992, 161 86.

"The Origins of Banking Panics: Models, Facts, and Bank Regulation" (with Gary Gorton), in Financial Markets and Financial Crises, R.G. Hubbard, ed., NBER, Univ. Chic. Press, 1991, 109 73.

"Alexander Hamilton," in Encyclopedia of American Business History and Biography, Larry Schweikart, ed., Bruccoli Clark Layman, 1990, 239-248.

What Is Meaningful Banking Reform, Why Is It So Necessary…and So Unlikely,” The Social Value of the Financial Sector: Too Big to Fail or Just Too Big, V. Acharya, T. Beck, D. Evanoff, G. Kaufman and R. Portes, editors, World Scientific Publishing Co. Pte. Ltd, New Jersey, 2014. 23-32.

Credit Card Securitization, Recourse, and Regulatory Arbitrage” (with E.J. Higgins and J.R. Mason) 37th Conference on Bank Structure and Competition, May 2003, Chicago Fed, 2004, 471-92.

"A Globalist Manifesto for Public Policy." Institute for Economic Affairs, London, 2002.

"High Loan-To-Value Mortgage Lending: Problem or Cure?" (with Joseph R. Mason), American Enterprise Institute Press, AEI Studies on Financial Market Deregulation series, 1999.

"Directed Credit Programs for Agriculture and Industry: Arguments from Theory and Fact" (with C. P. Himmelberg), Annual World Bank Conference on Development Economics, 1994, 113 137.

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Government Testimony

What’s Wrong with Prudential Bank Regulation and How to Fix It,” U.S. House Committee on Financial Services, July 23, 2015.

Principles That Should Have Guided TARP,” Congressional Oversight Panel, November 19, 2009.

The Role for Bankruptcy and Antitrust Law in Financial Regulation Reform,” Subcommittee on Courts and Competition Policy, House Committee on the Judiciary, November 17, 2009.

Statement Before the Committee on Oversight and Government Reform, U.S. House of Representatives,” December 9, 2008. (Hearing on Fannie Mae and Freddie Mac).

Regulatory Policy, Predatory Lending, and Subprime Lending,” U.S. House of Representatives Committee on Banking and Financial Services, March 30, 2004.

“What to Do, and What not to Do, About Predatory Lending,” Statement Before the Senate Committee on Banking, Housing and Urban Affairs, July 26, 2001.

How New Is the New IMF?” Statement Before the Joint Economic Committee of the U.S. Congress, March 8, 2001.

When Will Economics Guide IMF and World Bank Reforms,” Statement Before the U.S. Senate Committee on Foreign Relations, May 23, 2000.

Statement Before the Joint Economic Committee of the U.S. Congress,” April 12, 2000.

Statement Before the U.S. House of Representatives Committee on Banking and Financial Services,” March 23, 2000.

Statement Before U.S. Senate Committee on Banking, Housing, and Urban Affairs,” Mar 9, 2000.

Firewalls and Universal Banks,” Statement Before the Senate Subcommittee on Financial Institutions and Regulatory Relief, March 20, 1997.

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Atricles in Non-academic Journals

Guidelines for Policymaking and Communication during Normalization,” presented at the Shadow Open Market Committee Meeting, March 20, 2015.

Government By ‘Guidance’ Quashes Economic Freedom and Rule of Law,” (Hamilton’s Corner),, January 5, 2015.

"Bank Rules and Their Impact on Inequality” (with Stephen Haber), Central Banking, November 2014, 33-38.

Phony Deflation Worries,”, November 3, 2014.

A Tale of Two Countries” (with Stephen H. Haber), The Actuary, July 14, 2014.

"Making Central Banks More Resistant to Political Pressures and Fads,”, April 14, 2014.

The Next Banking Crisis” (with Stephen H. Haber), Regulation, Spring 2014, 32-35.

The Housing Crisis: What’s the Fed’s Excuse?” (with Stephen H. Haber), PBS NewsHour Online, February 6, 2014,

Strange Bedfellows at the Bank” (with Stephen H. Haber), National Review Online, Feb 4, 2014.

Diversity Now,” The International Economy, Winter 2014, 46-49, 83. (Modified version of “Reforming the Rules That Govern the Fed,”, March 17, 2014.)

Why It Matters Whether the Fed Targets Inflation or Unemployment” (with Peter Ireland),, December 2, 2013.

What Do We Learn from a Century of Fed History?”, Nov 4, 2013.

Reducing the Risks of the New Macro-Prudential Policy Regime,”, Sep 20, 2013.

The Uncertain Dangers of the Volcker Rule,” The American, July 22, 2013.

Why Banking Systems Succeed—And Fail” (with Stephen Haber), Foreign Affairs, November/December 2013, 97-110.

Managing the Risks of the New Macro-Prudential Regime,” Borsa Istanbul Review, 13, 2013, 65-66,

The Unlikely Return to ‘Normalcy’ in U.S. Monetary Policy,”, Nov 20, 2012.

A Fed Scorecard for the Past Decade, and Its Implications for the Future”, April 20, 2012.

How to Regulate Bank Capital,” National Affairs, Winter 2012, 41-57, republished in A Time for Governing, ed. By Y. Levin and M. Clyne, Encounter Books, 2012, pp. 194-210, and in condensed form as Harvard College Economics Review, Vol. 6, Spring 2012.

Bank Capital Requirement Reform: Long-Term Size and Structure, the Transition, and Cycles,”, October 21, 2011.failures

Write Downs, Bank Bailouts, and Austerity Are Not Enough,”, Nov 2, 2011.

The Economics of the Proposed Mortgage Servicer Settlement” (with E. Higgins and J. R. Mason),, May 2011, republished abridged form in Defining Ideas, Hoover Institution.

Monetary Policy and the Behavior of Banks: Lessons from the 1930s for the 2010s,", March 28, 2011.

Are Delays in the Foreclosure Process a Good Thing?” (with Eric Higgins),, February 11, 2011.

The Euro Is Dead,” Foreign Policy, January 6, 2011.

How Spain Can Avoid the Irish Error” (with D. Lachman),, December 20, 2010.

In Monetary Targeting, Two Tails Are Better Than One” (with Ellis Tallman, Bloomberg Businessweek, November 18, 2010.

Beyond Basel and the Dodd-Frank Bill,”, October 12, 2010.

A Three-Part Program for Housing Finance Reform,”, October 12, 2010.

Conflicts of Interest, Low-Quality Ratings, and Meaningful Reform of Credit and Corporate Governance Ratings” (with J.Mason),, April 19, 2010.

Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective,”, April 19, 2010.

The Painful Arithmetic of Greek Debt Default,”, Mar.18,2010.

God’s Household Economics,” Orthodoxy Today, January 15, 2010, complete version available at

The Debasement of Ratings: What's Wrong and How We Can Fix It,” , October 26, 2009.

A Spiritual Response to the Financial Crisis?” New York City, March 2009.

Banking Approaches the Modern Era,” Regulation, 25th Anniversary Special Report, Sum. 2002, 14-21.

The Regulation of Operational Risk in Investment Management Cos." (with Richard Herring), Perspective, Investment Co. Institute, September 2002, Vol. 8.

Fixing the IMF” (with Allan Meltzer), The National Interest, Sum. 1999, 88-96.

Runs on Banks and Lessons of the Great Depression,” Regulation 22 (1) 1999, 4-7.

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list of Group Projects

Principles on Financial Reform: An Analytical Framework,” A bipartisan policy statement by the Pew Task Force on Financial Reform, March 2010.

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