Monetary Economics

Contagion of Fear: Panics, Money, and the Great Depression (with Gary Richardson and Fabrizio Marodin) Explorations in Economic History (July 2024).

The Effects of Countercyclical Interest Rates: Evidence from the Classical Gold Standard (with Gonçalo Pina). Journal of International Economics (November 2023). NBER Working Paper 29970; CEPR Discussion Paper 17236; CESifo Working Paper 9716

Uncertainty and Hyperinflation: European Inflation Dynamics after World War I (with Jose Lopez). Published in the Economic Journal (January 2021). Also available as NBER Working Paper 24624; CEPR Discussion Paper 12951; CESifo Working Paper 7066; and Federal Reserve Bank of San Francisco Working Paper 2018-06.

Pulling up the Tarnished Anchor: The End of Silver as a Global Unit of Account (with Rick Fernholz & Marc Weidenmier) Published in the Journal of International Money and Finance (June 2017). Also available as CEPR Discussion Paper 11952 and CESifo Working Paper 6436.

Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer? (with Richard Burdekin & Marc Weidenmier). Published in the Journal of Money, Credit and Banking (June 2012) and NBER Working Paper 17123.

Searching for Irving Fisher (with Marc Weidenmier) NBER Working Paper 15670 (January 2010).

Why did Countries Adopt the Gold Standard? Lessons from Japan (with Masato Shizume & Marc Weidenmier) Published in the Journal of Economic History (March 2010) and NBER Working Paper 15195.

Was the Classical Gold Standard Credible on the Periphery? Evidence from Currency Risk (with Marc Weidenmier). Published in the Journal of Economic History (June 2015) and CEPR Discussion Paper 10388. An earlier version (October 2009) is available as NBER Working Paper 15401. 

The Great Depression as Credit Boom Gone Wrong (with Barry Eichengreen) Published in Research in Economic History (2004) and as BIS Working Paper No. 137.