Publications
Allocating Losses: Bail-ins, Bailouts and Bank Regulation, with Yuilyan Mitkov, Journal of Economic Theory, Vol. 210 (2023) article #105672.
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.
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.
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.
Rutgers University Working Paper No. 2014-15
Bailouts and Financial Fragility, Review of Economic Studies, Vol. 83 (2016) 704-736.
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.
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.
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.
Run Equilibria in the Green-Lin Model of Financial Intermediation, with Huberto Ennis, Journal of Economic Theory, Vol. 144 (2009) 1996-2020.
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.
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.