Popular writing

• The U.S. has $23.5 trillion in debt, so how can it still afford a big coronavirus stimulus package? The Conversation, March 20, 2020.

• Why the $22 trillion national debt doesn't matter -- here's what you should worry about instead. The Conversation, February 14, 2019.

• Why trade deficits aren't so bad. The Conversation, October 4, 2018.

• As Fed returns to normal, is the risk of recession rising? Experts react. The Conversation, June 15, 2017.

• What's the Debt Ceiling and why it's an Obsolete Way to Control Spending. The Conversation, October 27, 2015.

• Why the National Debt Doesn't Matter -- or How I Learned to Stop Worrying and Love Treasuries. The Conversation, March 19, 2015.

Scholarly publications

• Regional Bank Failures and Volatility Transmission, Journal of Financial Stability, June 2025 (with Thomas F.P. Wiesen).

• Home Equity Lending, Credit Constraints and Small Business in the US, Economic Inquiry, January 2022 (with Ian Schmutte and Thor Watson).

• On the Welfare Effects of Phasing Out Paper Currency, European Economic Review, August 2021 (with Julio Garin and Robert Lester).

• The Joint Spillover Index, Economic Modelling, January 2021 (with Thomas F.P. Wiesen).

• Household Debt, Consumption and Inequality, Journal of International Money and Finance, December 2020 (with Berrak Bahadir and Kuhelika De).

• Asylum Seekers and House Prices: Evidence from the United Kingdom, Journal of Housing Economics, 49, September 2020 (with Thomas Lebesmuehlbacher).

• Does National Flood Insurance Program Participation Induce Housing Development? Journal of Risk and Insurance, 86(4), 2019, pp. 835-59 (with Mark J. Browne, Carolyn A. Dehring, and David L. Eckles)

• ​The Costs and Benefits of Eliminating Currency, The Cato Journal, Spring/Summer 2018, pp. 503-19

• Gender, Caste and Poverty in India: Evidence from the National Family Health Survey, Eurasian Economic Review, 6(2), 2016, pp. 153-71 (with Ramaprasad Rajaram).

• Emerging Market Economies and the World Interest Rate, Journal of International Money and Finance, 58:1-28, November 2015 (with Berrak Bahadir).

• A Prescription for Unemployment? Recessions and the Demand for Mental Health Drugs, Health Economics, 23, 2014, 1301-1325 (with W. David Bradford).

• Evidence on the Relationship Between Housing and Consumption in the US: A State-level Analysis, Journal of Money, Credit and Banking, 45(4), June 2013, 559-89 (with Chadi Abdallah).

• Home Equity Lending and Retail Spending: Evidence from a Natural Experiment in Texas, American Economic Journal: Macroeconomics, 4(4), October 2012 (with Chadi Abdallah) .

• Banknotes and Economic Growth, Scottish Journal of Political Economy, 59(4), September 2012, 390-418 (with George Selgin).

• Has the Fed been a Failure? Journal of  Macroeconomics, 34(4), September 2012, 569-596 (with George Selgin and Lawrence H. White).

• The Cost Channel of Monetary Transmission – Revisited, Applied Economic Letters, 14(10) August 2007, 725-30 (with Doh-Khul Kim).

• Inflation and the Distribution of Relative Prices: The Role of Productivity and Money Supply Shocks, Journal of Money, Credit and Banking, 38(8), December 2006, 2159-98.

• Durable Goods and the Forward-looking Theory of Consumption: Estimates Implied by the Dynamic Effects of Money, Journal of Economic Dynamics and Control, 30, August 2006, 1409-30 (with Todd B. Potts).

• Estimating and Identifying Vector  Autoregressions  Under Diagonality and Block Exogeneity Restrictions, Economics Letters 87, April 2005, 75-81.

• Cross-Country Variation in the Liquidity Effect: The Role of Financial Markets, The Economic Journal, 114, October 2004, 890-915 (with W. Douglas McMillin).

• Estimating the Liquidity Effect in Post-reform Chile: Do Inflationary Expectations Matter? Journal of International Money and Finance, 22, November 2003, 813-833 (with Claudia Halabi).

• Comment on 'A Vector Error-Correction Forecast Model of the U.S. Economy', Journal of Macroeconomics, 24(4), December 2002, 607-11.

• Real Wages and Aggregate Demand Shocks: Contradictory Evidence from VARs, Journal of Economics and Business, July/August 2002.

• The Real Price of Housing and Money Supply Shocks: Time Series Evidence and Theoretical Simulations, Journal of Housing Economics, March 2002.

• The Dynamic Effects of Money: Combining Short-Run and Long-Run Identifying Restrictions using Bayesian Techniques, The Review of Economics and Statistics, November 1998, 588-99.

• Abnormal Returns in the Acquisition Market: The Case of Bank Holding Companies, 1990-93, Journal of Financial Services Research, October 1998, 145-63 (with Scott Frame).

• International Evidence on Equity Prices, Interest Rates and Money, Journal of International Money and Finance, June 1998, 377-406.

• Identifying the Effects of Money Supply Shocks on Industry-Level Output, Journal of Macroeconomics, 20(3), Summer 1998, 431-49 (with Clifton M. Loo).

• The Check Tax: Fiscal Folly and the Great Monetary Contraction, Journal of Economic History, 57(4), December 1997, 859-78 (with George Selgin).

• The Dynamic Responses of Crop and Livestock Prices to Money Supply Shocks: A Bayesian Analysis using Long-Run Identifying Restrictions, American Journal of Agricultural Economics, August 1996 (with Jeffrey H. Dorfman).

• The Liquidity Effect: Identifying Short-Run Interest Rate Dynamics using Long-Run Restrictions, Journal of Macroeconomics, 17(3) Summer 1995, 387-404 (with George Selgin).

• Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions, Journal of Money, Credit and Banking, 26(1), February 1994, 34-54 (with George Selgin).

• Endogenous Trading Volume and Momentum in Stock Return Volatility, Journal of Business and Economic Statistics, 12(2), April 1994, 253-60 (with Christopher G. Lamoureux).  

• Forecasting Stock Return Variance: Toward an Understanding of Stochastic Implied Volatilities,  Review of Financial Studies, 6(2), 1993, 293-326 (with Christopher G. Lamoureux).

• The Impact of Exchange Rate Volatility on International Trade: Reduced Form Estimates Using the GARCH-in-Mean Model, Journal of International Money and Finance, 12, June 1993, 298-318 (with Kenneth F. Kroner). 

• Sources of Fluctuations in Real and Nominal Exchange Rate, Review of Economics and Statistics, 74(3), August 1992, 530-39.

• International Transmission of Aggregate Shocks Under Fixed and Flexible Exchange Rate Regimes: United Kingdom, France and Germany, 1959 to 1985, Journal of International Money and Finance, 9(4), December 1990, 402-23. (with Faik Koray)

• Exchange Rate Volatility and U.S. Multilateral Trade Flows, Journal of Macroeconomics,12(3), Summer 1990, 341-62 (with Faik Koray).

• Persistence-in-Variance, Structural Change and the GARCH Model, Journal of Business and Economic Statistics, 8(2), April 1990, 225-34 (with Christopher G. Lamoureux).

• Heteroskedasticity in Stock Return Data: Volume Versus GARCH Effects, Journal of Finance, 45(1), March 1990, 221-29 (with Christopher G. Lamoureux)

• Real Exchange Rate Volatility and U.S. Bilateral Trade: A VAR Approach, Review of Economics and Statistics, 71(4), November 1989, 708-12 (with Faik Koray).

• Exchange Rate Volatility and U.S. Monetary Policy: An ARCH Application, Journal of Money, Credit, and Banking, 21(1), February 1989, 66-77.