Research

Published Work

"Information Management in Times of Crisis” (with Adam Copeland), forthcoming, Journal of Monetary Economics.  [Video: 2020 SFS Cavalcade] [Slides]

"Deposit Insurance and Depositor Monitoring: Quisi-Experimental Evidence from the Creation of the Federal Deposit Insurance Corporation" (with Gary Richardson and Brian Yang), forthcoming, Journal of Money, Credit, and Banking. [Slides]

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

"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. [Slides]

"Did the Reserve Requirement 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. [Slides]

Working Papers

"Does Increased Shareholder Liability Always Reduce Bank Moral Hazard?" (with Daniel Barth and DongBeom Choi) [Video: 2020 SFS Cavalcade] [Slides]

-in the process of merging with Shareholder Liability and Bank Failure (Aldunate, Jenter, Korteweg, and Koudijs)

-revise and resubmit, Journal of Finance

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

- WFA's Award for the Best Paper on Financial Institutions (Sponsored by Elsevier, Western Finance Association, 2020)

-revise and resubmit, Review of Economic Studies

"Deposit Stability in Uncertain Times: Evidence from the 1918 Influenza Pandemic" (with Jin-Wook Chang and Adam Copeland) [Slides]

"Liquidity Reallocation and Run Resolution” (with Kinda Hachem and Simpson Zhang) [Slides][Slides_NBER ME]

"Stability Pass-through to Shadow Banking: How Did Public Liquidity Flow Along the Interbank Networks?" (with Selman Erol and Guillermo Ordonez)

"Labor Market Tightness during WWI and the Post-War Recession of 1920-1921" (with Jin-Wook Chang)