3. Publications in Economics Journals

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

"Central Bank Digital Currency: Welfare and Policy Implications," Journal of Political Economy 130, 2829-2861, 2022.

"Deposit Insurance, Bank Regulation, and Narrow Banking," Journal of Economic Theory 219,  2024.