Fields: Macroeconomics, Monetary Economics, Financial Intermediation, Financial Crises, Shadow Banking

Publications

Markets for Financial Innovation, with Ana Babus

Journal of Economic Theory, 2023, 208, 105615. [PDF] [Link]

Liquidity Rules and Credit Booms, with Zheng Michael Song

Journal of Political Economy, 2021, 129(10): 2721-2765 (lead article). [PDF] [Link]

Regulation and Security Design in Concentrated Markets, with Ana Babus

Journal of Monetary Economics, 2021, 121(1): 139-151 (Carnegie-Rochester-NYU Conference Series on Public Policy). [PDF] [Link]

Relationship Lending and the Great Depression, with Jon Cohen and Gary Richardson

Review of Economics and Statistics, 2021, 103(3): 505-520. [PDF] [Online Appendix] [Link]

(cited in the scientific background for the 2022 Nobel Prize in Economic Sciences) 

Inefficiently Low Screening with Walrasian Markets

Journal of Monetary Economics, 2021, 117(1): 935-948. [PDF] [Online Appendix] [Link]

Shadow Banking in China

Annual Review of Financial Economics, 2018, 10(1): 287-308. [PDF] [Link]

Inflation Announcements and Social Dynamics, with Jing Cynthia Wu

Journal of Money, Credit and Banking, 2017, 49(8): 1673-1713 (lead article). [PDF] [Link]

Institutions and Economic Outcomes: A Dominance-Based Analysis, with Gordon Anderson

Econometric Reviews, 2013, 32(1): 164-182. [PDF] [Link]

Relationship Lending and the Transmission of Monetary Policy

Journal of Monetary Economics, 2011, 58(6-8): 590-600. [PDF] [Online Appendix] [Link]

Working Papers

Liquidity Reallocation and Run Resolution, with Haelim Anderson and Simpson Zhang. [PDF]

Agency Cost Determinants of Bank Risk-Taking (available by request; new version coming soon)

Disclaimer: The views expressed in this website are my own and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System.