3. Publications in Economics Journals

  1. "Costly Monitoring, Financial Intermediation and Equilibrium Credit Rationing," Journal of Monetary Economics 18, 159-179, September 1986.

  2. "Increasing Returns to Scale in Financial Intermediation and the Nonneutrality of Government Policy," Review of Economic Studies LIII, 863-875, October 1986.

  3. "Costly Monitoring, Loan Contracts and Equilibrium Credit Rationing," Quarterly Journal of Economics, 102, 135-146, February 1987.

  4. "Transactions Costs, Inflation, and the Variety of Intermediation Services," Journal of Money, Credit, and Banking 19, 484-498, November 1987.

  5. "Financial Intermediation, Business Failures, and Real Business Cycles," Journal of Political Economy 95, 1196-1216, December 1987.

  6. "Liquidity, Banking, and Bank Failures," International Economic Review 29, 25-43, February 1988.

  7. "International Financial Intermediation and Aggregate Fluctuations Under Alternative Exchange Rate Regimes," with Jeremy Greenwood, Journal of Monetary Economics 23, 401-431, May 1989.

  8. "Sectoral Shifts, Labor Market Sorting, and Aggregate Fluctuations," International Economic Review, 31, 935-952, November 1990.

  9. "Laissez-Faire Banking and Circulating Media of Exchange," Journal of Financial Intermediation 2, 134-167, 1992.

  10. "Liquidity and Market Participation," Journal of Economic Dynamics and Control 18, 629-670, 1994.

  11. "Barter and Monetary Exchange Under Private Information," with Randy Wright,American Economic Review 84, 104-123, 1994.

  12. "Do Informational Frictions Justify Federal Federal Credit Programs?" Journal of Money, Credit, and Banking 26, 523-544, August 1994.

  13. "Currency Elasticity and Banking Panics: Theory and Evidence," with Bruce Champ and Bruce Smith, Canadian Journal of Economics 29, 828-864, 1996.

  14. "Sequential Markets and the Suboptimality of the Friedman Rule," Journal of Monetary Economics 37, 549-572, 1996.

  15. "Unemployment Insurance with Moral Hazard in a Dynamic Economy," with Cheng Wang,Carnegie-Rochester Conference Series on Public Policy 44, 1-41, 1996.

  16. "Discount Window Lending and Deposit Insurance,"Review of Economic Dynamics 1, 246-275, 1998.

  17. "Payments Systems with Random Matching and Private Information,"Journal of Money, Credit, and Banking 30, 551-569, 1998.

  18. "Debt Contracts and Financial Intermediation with Costly Screening," with Cheng Wang,Canadian Journal of Economics 31, 573-595, 1998.

  19. "Credit in a Random Matching Model with Private Information," with S. Rao Aiyagari,Review of Economic Dynamics 2, 36-64, 1999.

  20. "Private Money," Journal of Money, Credit, and Banking 31, 469-491, 1999.

  21. "Money and Dynamic Credit Arrangements with Private Information," with S. Rao Aiyagari, Journal of Economic Theory 91, 248-279, 2000.

  22. "Payments Systems Design in Deterministic and Private Information Environments ," with Ted Temzelides, Journal of Economic Theory 99, 297-326, 2001.

  23. "Private Money, Settlement, and Discounts ," with Ted Temzelides, Carnegie-Rochester Conference Series on Public Policy 54, 85-108, 2001.

  24. "Moral Hazard, Optimal Unemployment Insurance, and Experience Rating," with Cheng Wang, Journal of Monetary Economics 49, 1337-1372, 2002.

  25. "Payments Systems and Monetary Policy," Journal of Monetary Economics 50, 475-495, 2003.

  26. "Limited Participation, Private Money, and Credit in a Spatial Model of Money,"Economic Theory 24, 857-876, 2004.

  27. "Search, Limited Participation, and Monetary Policy," International Economic Review 47, 107-28, 2006.

  28. "Monetary Policy and Distribution," Journal of Monetary Economics 55, 1038-1053, 2008.

  29. "Transactions, Credit, and Central Banking in a Model of Segmented Markets," Review of Economic Dynamics, 12, 2009, 344-362.

  30. "Adverse Selection, Segmented Markets, and the Role of Monetary Policy," with Daniel Sanches, Macroeconomic Dynamics 15, 269-292, 2011.

  31. "Money and Credit with Limited Commitment and Theft," with Daniel Sanches, Journal of Economic Theory 145, 1525-1549, 2010.

  32. " A Defense of Contemporary Economics: Zombie Economics in Review," Agenda: A Journal of Policy Analysis and Reform 18, 55-86, 2011.

  33. "New Monetarist Economics: Understanding Unconventional Monetary Policy,"Economic Record 88, 10-21, 2012.

  34. "Liquidity, Monetary Policy, and the Financial Crisis: A New Monetarist Approach,"American Economic Review 102, 2570-2605, 2012.

  35. "Keynesian Inefficiency And Optimal Policy: A New Monetarist Approach" Journal of Money, Credit, and Banking, 47 (S2), pp. 197-222, 2015.

  36. "Credit Markets, Limited Commitment, And Government Debt" with Francesca Carapella, Review of Economic Studies, 82(3), pp. 963-990, 2015.

  37. "Scarcity of Safe Assets, Inflation, and the Policy Trap," with David Andolfatto, Journal of Monetary Economics, 73, pp. 70-92, July 2015.

  38. "Scarce Collateral, the Term Premium, and Quantitative Easing," Journal of Economic Theory 164, 136-165, 2016.

  39. "Current Federal Reserve Policy Under the Lens of Economic History: A Review Essay," Journal of Economic Literature 54, 922-934, 2016.

  40. "Can the Fiscal Authority Constrain the Central Bank?" Journal of Economic Dynamics and Control 89, 154-172, 2018.

  41. "Low Real Interest Rates, Collateral Misrepresentation, and Monetary Policy," American Economic Journal: Macroeconomics 10, 202-233, 2018.

  42. "Interest on Reserves, Interbank Lending, and Monetary Policy," Journal of Monetary Economics 101, 14-30, 2019.

  43. "Low Real Interest Rates and the Zero Lower Bound," Review of Economic Dynamics 31, 36-62, 2019.

  44. "Neo-Fisherism and Inflation Control," Canadian Journal of Economics 52, 882-913, 2019.

  45. "The Role of Central Banks," Canadian Public Policy 46, 198-213, 2020.

  46. "Central Bank Digital Currency and Flight to Safety," Journal of Economic Dynamics and Control 142, 104-146, 2022.

  47. "Central Bank Digital Currency: Welfare and Policy Implications," Journal of Political Economy, forthcoming.