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Research

Published Work

"Bank Networks and Systemic Risk: Evidence from the National Banking Acts" (with Mark Paddrik and Jessie Wang), American Economic Review (109): 3125-61, 2019.

"Liquidity Risk, Bank Networks, and the Value of Joining the Fed" (with Charles Calomiris, Matthew Jaremski, and Gary Richardson), Journal of Money, Credit, and Banking (50): 173-201, 2018.

"Determinants of Long versus Short-term Bank Credit in EU countries" (with Thierry Tressel and Claudia Ruiz Ortega), International Journal of Finance and Economics (22): 274–295, 2017.

"Stopping Contagion with Bailouts: Micro-Evidence from Pennsylvania Bank Networks during the Panic of 1884" (with John Bluedorn), Journal of Banking and Finance (76): 139-149, 2017.

"Did the ReserveRequirement Increases of 1936-1937 Reduce Bank Lending: Evidence from a Quisi-Experiment" (with Patrick Van Horn), Journal of Money, Credit, and Banking (47): 791-818, 2015.

Working Papers


"Deposit Insurance and Depositor Monitoring: Quisi-Experimental Evidence from the Creation of the Federal Deposit Insurance Corporation" (with Gary Richardson and Brian Yang), revise and resubmit, Journal of Money, Credit, and Banking, NBER WP No.23828.

"Does Increased Shareholder Liability Always Reduce Bank Moral Hazard?" (with Daniel Barth and DongBeom Choi)

Interbank Networks in the Shadows of the Federal Reserve Act” (with Selman Erol and Guillermo Ordonez)


Works in Progress


“Reallocating Liquidity to Resolve a Crisis: Evidence from the Panic of 1873” (with Kinda Hachem and Simpson Zhang)

"Network Formation and Evolution over Business Cycles: Evidence from the National Banking Era" (with Jin-Wook Chang and
Mark Paddrik)