A Theory of Credit Scoring and the Competitive Pricing of Default Risk  (with D.Corbae and J-V. Rios-Rull) PDF (revised 4/08/11 !!)

Quantitative Analysis of the US Housing and Mortgage Markets and the Foreclosure Crisis  (with B. Eyigungor) PDF (new!!) 

An Equilibrium Model of the Timing of Personal Bankruptcy Filing (Coming Soon!)

Employment Deconcentration: A New Perspective on America’s Postwar Urban Evolution (with G. Carlino) Journal of Regional Science, 42, 2002, pp.455 - 475.

Aggregate Metropolitan Employment Growth and Deconcentration of Metropolitan Employment (with G. Carlino) Journal of Monetary Economics, 48, 2001, pp. 549-583.

Minimum Consumption Requirements: Theoretical and Quantitative Implications for Growth and Distribution (with B. Ravikumar) Macroeconomic Dynamics, 3, 1999, pp. 482-505.

Money and Finance with Costly Commitment (with D. Corbae) Journal of Monetary Economics, April 1996, 225-248.

Comment on "Inflation, Financial Markets, and Capital Formation," (by S. Choi, B.D. Smith and J.H. Boyd) Federal Reserve Bank of St. Louis Review 78 (3), pp. 38- 39, 1996.

"Valuation Equilibria with Transactions Cost," (with D. Corbae) American Economic Review, Papers and Proceedings, May 1995, 287-290.

Transitional Dynamics and the Distribution of Wealth in a Neoclassical Growth Model  Journal of Public Economics, 54, 1994.

Strategic Complementarity in Business Formation: Aggregate Fluctuations and Sunspot Equilibria (with B. Ravikumar and R. Cooper) Review of Economic Studies, 60, 1993.

Comment on "Price and Output Stability Under Alternative Monetary Policy Rules," (by J.E. Gagnon and R.W. Tryon) Operating Procedures and the Conduct of Monetary Policy, Board of Governors of the Federal Reserve System. [Proceedings] No. 1 pt. 2, 1993.

Endogenous Market Participation and the General Equilibrium Value of Money (with Dean Corbae) Journal of Political Economy, 100, June 1992.

A Neoclassical Model of Seasonal Fluctuations (with B. Ravikumar) Journal of Monetary Economics, 29, No.1, 1992.

Multiplicity of Equilibria and Fluctuations in Dynamic Imperfectly Competitive Economies (with R. Cooper) American Economic Review, Papers and Proceedings, May 1989, 353-57.

A Neoclassical Approach to the Puzzling Seasonal Behavior of Aggregate Output and Sales (with B.Ravikumar) PDF

On the Optimality of Eliminating Seasonality in Nominal Interest Rates  PDF

Entry and Exit, Product Variety and the Business Cycle (with R.Cooper)  PDF

Economic Education

The Peopling of Macroeconomics: The Microeconomics of Aggregate Consumer Expenditures, Business Review, Federal Reserve Bank of Philadelphia, First Quarter 2009.

The Economic Logic of Fresh Start, Business Review, Federal Reserve Bank of Philadelphia, First Quarter 2008.

The Long Run Effects of the Bankruptcy Reform Bill, Research Rap, Federal Reserve Bank of Philadelphia, July, 2006.

Ores and Scores: Two Examples of How Competition Engendered Productivity Miracles, Business Review, Federal Reserve Bank of Philadelphia, First Quarter, 2005.

Agglomeration Economies: The Spark that Ignites a City?  Business Review, Federal Reserve Bank of Philadelphia, Third Quarter, 2003.

The Taylor Curve and the Unemployment-Inflation Tradeoff, Business Review, Federal Reserve Bank of Philadelphia Third Quarter 2002

Why Does Countercyclical Monetary Policy Matter? Business Review, Federal Reserve Bank of Philadelphia Second Quarter 2001 (Reprinted in Boletin, Centro De Estudios Monetarios LatinoAmericanos, XLVII, No. 4, October-December, 2001).

From Cycles to Shocks: Progress in Business Cycle Theory, Business Review, Federal Reserve Bank of Philadelphia March/April 2000.

Real Business Cycles: Legacy of Countercyclical Policies? Business Review, Federal Reserve Bank of Philadelphia, January/February 1999 (Reprinted in The Region, Federal Reserve Bank of Minneapolis, March 1999 and The Credit and Financial Management Review, Volume 5, No.4, Fourth Quarter, 1999).

Homeownership, Taxes, and the Allocation of Residential Real Estate Risks, Business Review, Federal Reserve Bank of Philadelphia, September/October, 1996.

Productivity Growth and the American Business Cycle, Business Review, Federal Reserve Bank of Philadelphia September/October, 1995.

Making More Out of Less: The Recipe for Long Run Growth, Business Review, Federal Reserve Bank of Philadelphia May/June, 1994.

Leaning Against the Seasonal Wind: The Case for Seasonal Smoothing of Interest Rates, Business Review, Federal Reserve Bank of Philadelphia, March/April, 1993