Robert and Susan Finocchio Endowed Chair
Professor of Economics, Department of Economics 
Leavey School of Business, Santa Clara University

Research Associate, National Bureau of Economic Research (NBER)
Research Fellow, Centre for Economic Policy Research (CEPR)
Research Fellow, CESifo
Research Associate, Centre for the Competitive Advantage of the Global Economy (CAGE)

Research Updates

Contact Information

Office: 321E Lucas Hall
Phone: (408) 554-4340
Fax: (408) 554-2331 

Mailing Address:
Leavey School of Business
Department of Economics
Santa Clara University
500 El Camino Real
Santa Clara, CA

  • I'll be delivering a keynote address on the interwar economy at the London School of Economics in December.
  • At the Bank of England in December, I'll be presenting new research on measuring systemic risk.
FALL 2018
  • I delivered an address on research and publishing in economic history at the Asian Historical Economics Conference's plenary session in Hong Kong in September.
  • My co-authors and I presented new research entitled, "Public debt through the Ages" at the IMF's conference on Sovereign Debt in mid-September.
    • My paper Network Contagion and Interbank Amplification during the Great Depression (with Gary Richardson) has been accepted for publication in the Journal of Political Economy
    • I will be presenting new research on the Causal Effects of Countercyclical Monetary Policy at the Bank of Italy-CEPR conference and on the "Contagion of Fear" at the Université libre de Bruxelles in June.
    • I will be presenting research on systemic risk during the Great Depression at the NBER Summer Institute in July.
    SPRING 2018
    • Read my new working paper explaining how fiscal policy uncertainty explains post-WWI European inflation dynamics and why some countries tipped into hyperinflation.
    • I will be presenting new research on the "Contagion of Fear" during the Great Depression at the Cleveland Federal Reserve in May.
    • I visited the Paris School of Economics in April where I presented my research on samurai bonds and banks, and the transition from feudal to Meiji Japan.
    • I'll be discussing an interesting paper on economic shocks and political unrest in 1930's China by Braggion, Manconi, and Zhu at the University of Chicago's Political Economy of Finance conference in May.
    WINTER 2018
    • I presented new research on systemic risk during the Great Depression at the Dallas Federal Reserve Bank in February. 
    • I presented research on samurai bonds and banks at Oxford University in February.
    FALL 2017
    • I presented my research on samurai bonds and banks, and the transition from feudal to Meiji Japan at Berkeley, Stanford, University of British Columbia, and UCLA-Anderson in October and November.
    SUMMER 2017
    • I presented my research on samurai bonds and banks and the transition from feudal to Meiji Japan at the NBER Summer Institute.
    • I presented my research on uncertainty and European inflation dynamics in the 1920s at a CEPR-Bank of England conference and the World Cliometric Society meetings.
    • I discussed a paper on sovereign debt enforcement at the NBER International Seminar on Macroeconomics (ISOM) in Vilnius, Lithuania.
    SPRING 2017
      • My recent research is discussed in two separate VOX columns Pegxit Pressure and End of Silver.
      • I presented new research at a conference at the Atlanta Fed on systemic risk calculations.
      • I presented my research paper on how finance can be used to sustain political and economic transformations at UC Davis, Department of Economics. We demonstrate this using evidence from samurai bonds and banks, and the transition from feudal to Meiji Japan.
      • My paper on what happens to prices when global monetary standards end was published in the Journal of International Money and Finance. You can see the working paper version here.
      • I served as the distinguished visiting global professor at Waseda University in Tokyo, where I will be lecturing to students and presenting a research seminar on the European hyperinflations of the 1920s.
      • I discussed a paper on the origins and influence of the central Bank of Japan at the Riksbank in Stockholm.
      • Here's my take on the current state of economic history in China. It is the introduction to the January special issue of Explorations in Economic History, which I am co-editing with Debin Ma (my co-author on this piece). There are five wonderful articles in this special issue that reflect the frontier of research in Chinese economic history. Please visit the journal's website if you want to read them.
      • Read my new working paper on how commodity prices affect the durability of hard pegs.
      • See my working paper on how banking networks can magnify real economic downturns. Gary Richardson and I show balance-sheet effects, operating through banking networks, what we call interbank amplification, reduced aggregate lending in the U.S. economy by an estimated 15 percent during the Great Depression.