"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.
“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, http://www.voxeu.org/content/macroprudentialism
“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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“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), Forbes.com, January 5, 2015.
"Bank Rules and Their Impact on Inequality” (with Stephen Haber), Central Banking, November 2014, 33-38.
“Phony Deflation Worries,” Economics21.org, 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,” Economics21.org, 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, http://www.pbs.org/newshour/making-sense/housing-crisis-whats-the-feds-excuse
“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,” Economics21.org, March 17, 2014.)
“Why It Matters Whether the Fed Targets Inflation or Unemployment” (with Peter Ireland), Economics21.org, December 2, 2013.
“What Do We Learn from a Century of Fed History?” Economics21.org, Nov 4, 2013.
“Reducing the Risks of the New Macro-Prudential Policy Regime,” Economics21.org, 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, http://www.elsevier.com/journals/borsa-istanbul-review/2214-8450.
“The Unlikely Return to ‘Normalcy’ in U.S. Monetary Policy,” Economics21.org, Nov 20, 2012.
“A Fed Scorecard for the Past Decade, and Its Implications for the Future” Economics21.org, 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,” Economics21.org, October 21, 2011.failures
“Write Downs, Bank Bailouts, and Austerity Are Not Enough,” Economics21.org, Nov 2, 2011.
“The Economics of the Proposed Mortgage Servicer Settlement” (with E. Higgins and J. R. Mason), regulation2point0.org, May 2011, republished abridged form in Defining Ideas, Hoover Institution.
“Monetary Policy and the Behavior of Banks: Lessons from the 1930s for the 2010s, Economics21.org, March 28, 2011.
“Are Delays in the Foreclosure Process a Good Thing?” (with Eric Higgins), regulation2point0.org, February 11, 2011.
“The Euro Is Dead,” Foreign Policy, January 6, 2011.
“How Spain Can Avoid the Irish Error” (with D. Lachman), Economics21.org, 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,” Economics21.org, October 12, 2010.
“A Three-Part Program for Housing Finance Reform,” Economics21.org, October 12, 2010.
“Conflicts of Interest, Low-Quality Ratings, and Meaningful Reform of Credit and Corporate Governance Ratings” (with J.Mason), Economics21.org, April 19, 2010.
“Dueling Conflicts: Does Empowering Shareholders Always Increase Value? A Skeptical Perspective,” Economics21.org, April 19, 2010.
“The Painful Arithmetic of Greek Debt Default,” Economics21.org, Mar.18,2010.
“God’s Household Economics,” Orthodoxy Today, January 15, 2010, complete version available at http://www.aei.org/speech/100116.
“The Debasement of Ratings: What's Wrong and How We Can Fix It,” Economics21.org , 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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