Publications

Allocating Losses: Bail-ins, Bailouts and Bank Regulation, with Yuilyan Mitkov, Journal of Economic Theory, Vol. 210 (2023) article #105672.

Supplemental appendix

Presentation slides (from February 2023)

Univ. of Bonn Working Paper version, September 2020

Should Central Banks Issue Digital Currency? with Daniel Sanches. Review of Economic Studies, Vol. 90 (2023) 404-431.

Supplemental appendix

Presentation slides (from August 2021)

FRB Philadelphia Working Paper 19-26, June 2019

Central Bank Digital Currency: Stability and Information, with Cyril Monnet. Journal of Economic Dynamics and Control, Vol. 142 (2022), article 104501. Part of the special issue: The Economics of Digital Currencies.

Presentation slides (from December 2021)

OFR Working Paper 22-04, July 2022

Liquidity Regulation and the Implementation of Monetary Policy, with Morten Bech, Journal of Monetary Economics, Vol 92 (2017) 64-77.

Supplemental appendix

Presentation slides (from December 2015)

BIS Working Paper 432, October 2013

Expectations vs. Fundamentals-based Bank runs: When Should Bailouts be Permitted?, with Vijay Narasiman, Review of Economic Dynamics, Vol. 21 (2016) 89-104.

Presentation slides

Rutgers University Working Paper No. 2014-15

Bailouts and Financial Fragility, Review of Economic Studies, Vol. 83 (2016) 704-736.

Presentation slides

Federal Reserve Bank of New York Staff Report No. 473

Optimal Banking Contracts and Financial Fragility, with Huberto Ennis, Economic Theory, Vol. 61 (2016) 335-363.

Presentation slides

Federal Reserve Bank of Richmond Working Paper No. 15-06

Banking Panics and Policy Responses, with Huberto Ennis, Journal of Monetary Economics, Vol. 57, No. 4 (2010) 404-419.

Presentation slides

Federal Reserve Bank of New York Staff Report No. 274

Bank Runs and Institutions: The Perils of Intervention, with Huberto Ennis, American Economic Review, Vol. 99 (2009) 1588-1607.

Supplemental Appendix

Run Equilibria in the Green-Lin Model of Financial Intermediation, with Huberto Ennis, Journal of Economic Theory, Vol. 144 (2009) 1996-2020.

Presentation slides

Federal Reserve Bank of New York Staff Report No. 312

Expectations and Contagion in Self-Fulfilling Currency Attacks, International Economic Review, Vol. 50 (2009) 991-1012.

Federal Reserve Bank of New York Staff Report No. 249

Centro de Investigacion Economica Discussion Paper 05-01, ITAM.

Bank Runs as Coordination Failures: An Experimental Study, with Rod Garratt, Journal of Economic Behavior & Organization, Vol. 71 (2009) 300-317.

Bank Runs and Investment Decisions Revisited, with Huberto Ennis, Journal of Monetary Economics, Vol. 53 (2006) 217-232.

Supplemental Appendix

Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium, with Gaetano Antinolfi, Macroeconomic Dynamics, Vol. 10 (2006) 1-19.

Optimal Fiscal Policy under Multiple Equilibria, with Huberto Ennis, Journal of Monetary Economics, Vol. 52 (2005) 1359-1377.

Government Policy and the Probability of Coordination Failures, with Huberto Ennis, European Economic Review, Vol. 49 (2005) 939-973.

Comparing Sunspot Equilibrium and Lottery Equilibrium Allocations: The Finite Case, with Rod Garratt and Karl Shell, International Economic Review, Vol. 45 (2004) 351-386.

Economic Growth, Liquidity, and Bank Runs, with Huberto Ennis, Journal of Economic Theory, Vol. 109 (2003) 220-245.

Equilibrium Prices when the Sunspot Variable is Continuous, with Rod Garratt, Cheng-Zhong Qin, and Karl Shell, Journal of Economic Theory, Vol.  107 (2002) 11-38.

A Characterization of Robust Sunspot Equilibria, with Rod Garratt, Journal of Economic Theory, Vol.  107 (2002) 136-144.

Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort, with Gaetano Antinolfi and Elisabeth Huybens, Journal of Economic Theory, Vol. 99 (2001) 187-219.

Money Taxes, Market Segmentation, and Sunspot Equilibria, Macroeconomic Dynamics, Vol. 5 (2001) 327-352.

Growth Dynamics and Returns to Scale: Bifurcation Analysis, with Gaetano Antinolfi and Karl Shell, Journal of Economic Theory, Vol. 96 (2001) 70-96.

Money Taxes and Efficiency when Sunspots Matter, Journal of Economic Theory, Vol. 83 (1998) 43-68.

Options and Sunspots in a Simple Monetary Economy, with Gaetano Antinolfi, Economic Theory, Vol. 11 (1998) 295-315.