Curriculum Vitae

Career

• Economist Emeritus, Federal Reserve Bank of Atlanta, February 2024-present.

• Research Economist and Senior Advisor, Federal Reserve Bank of Atlanta, 2011-January 2024.

• Research Economist and Policy Advisor, FRB Atlanta, 2000-2011.

• Research Officer, FRB Atlanta, 1991-2000.

• Visiting Scholar, Bank of Japan, March-May 1999.

• Economist, FRB Atlanta, 1987-1990.

• Economist, Federal Reserve Bank of Minneapolis, 1984-87.

• Assistant Professor, Brown University, 1982-84.

Education

• M.S., Carnegie-Mellon University, 1980; Ph.D. 1984.

      Thesis committee: Lars Peter Hansen (advisor), Martin Eichenbaum, Dennis Epple, Finn Kydland.

• DAAD scholarship, Universität Bielefeld, Germany, 1977-78 

• A.B., University of Georgia, 1977.

Publications (academic)

Publications listed include journal articles, book chapters, book reviews, and a book. These are organized by field.

Economic history

• How a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam, with Stephen Quinn. Cambridge University Press, 2024.

• “A Policy Framework for the Bank of Amsterdam, 1736-1791,” with Stephen Quinn, Journal of Economic History 2019, 79(3): 736–772.

• “Review of Till Time’s Last Sand: A History of the Bank of England, 1694-2013, by David Kynaston. Journal of Economic History, 2018, 78(4): 1258-1259. 

• “The Bank of Amsterdam's Search for Success and Stability,” with Stephen Quinn, in Financial Innovation and Resilience: A Comparative Perspective on the Public Banks of Naples (1462-1808), edited by Lilia Costabile and Larry Neal,  2018, Springer Verlag, pp. 289-310.

• “Death of a Reserve Currency,” with Stephen Quinn,  International Journal of Central Banking, 2016, 12(4): 63-103.

• Review of Making Money: Coin, Currency, and the Coming of Capitalism, by Christine Desan, Journal of Economic Literature, 2016, 54(3): 906-921.

• “Early Public Banks I: Ledger-Money Banks,” with François Velde, in Money in the Western Legal Tradition, 2016, edited by Wolfgang Ernst and David M. Fox, Oxford University Press, pp. 321-358.

• “Early Public Banks II: Banks of Issue,” with François Velde, in Money in the Western Legal Tradition, 2016, edited by Wolfgang Ernst and David M. Fox, Oxford University Press, pp. 359-386.

• “Responding to a Shadow Banking Crisis: The Lessons of 1763,” with Stephen Quinn, 2015, Journal of Money, Credit, and Banking,  47(6): 1149-1176.

•  “How Amsterdam Got Fiat Money,” with Stephen Quinn, 2014, Journal of Monetary Economics,   66(C): 1-12

• Review of The House of Rothschild in Spain, 1812-1941, by Miguel López-Morell., 2014, Journal of Economic History, 74(3): 922-924.

•  “The Bank of Amsterdam through the Lens of Monetary Competition,” with Stephen Quinn, 2014, in Explaining Monetary and Financial Innovation: a Historical Analysis, edited by Peter Bernholz and Roland Vaubel, Springer Verlag, pp. 283-300.

• “Domestic Coinage and the Bank of Amsterdam,” with Stephen F. Quinn, in De Wisselbank: van Stadsbank tot Bank van de Wereld [English edition: The Bank of Amsterdam: on the Origins of Central Banking], 2009, edited by Marius Nieuwkerk, Sonsbeek Publishers, pp. 92-107.

• “An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange and the Emergence of the First Central Bank,” with Stephen Quinn, in The Development of Financial Markets and Institutions, 2009, edited by Jeremy Atack and Larry Neal, Cambridge University Press, pp. 32-70.

• “The Bank of Amsterdam and the Leap to Central Bank Money,” with Stephen Quinn, 2007, American Economic Review (papers and proceedings), 97(2): 955-978.

Money and payments

• “Why Pay? An Introduction to the Payments Economics,” 2009, with Charles M. Kahn, Journal of Financial Intermediation, 18(1):1-23.

• “Data Breaches and Identity Theft,” with Stacey L. Schreft, 2009, Journal of Monetary Economics, 56(7): 918-929.

• “Payments Settlement: Tiering in Private and Public Systems,” with Charles M. Kahn, 2009, Journal of Money, Credit, and Banking, 41(5): 855-844.

• “Optimal Pricing of Payment Services,” with Cyril Monnet, 2008, Journal of Monetary Economics, 55(8): 1428-1440.

• “Credit and Identity Theft,” with Charles M. Kahn, 2008, Journal of Monetary Economics, 55(8): 1428-1440.

• “Transferability, Finality and Debt Settlement,” 2007, with Charles M. Kahn, Journal of Monetary Economics, 54(4): 955-978.

• “Money is Privacy,” with Charles M. Kahn and James McAndrews, 2005, International Economic Review, 46(2): 377-399.

• “Settlement Risk under Gross and Net Settlement,” with Charles M. Kahn and James McAndrews, 2003, Journal of Money, Credit, and Banking, 35(4): 591-608.

• “Real-Time Gross Settlement and the Costs of Immediacy,” with Charles M. Kahn, 2001, Journal of Monetary Economics, 47(2): 299-319.

• “The CLS Bank: A Solution to the Risks of International Payment Settlement?” with Charles M. Kahn, 2001, Carnegie-Rochester Series on Public Policy, 54(1): 191-226.

• “A General Equilibrium Analysis of Check Float,” with James J. McAndrews, 1999, Journal of Financial Intermediation, 8(4): 353-377.

• “Demandable Debt as a Means of Payment: Checks versus Notes,” with Charles M. Kahn, 1999, Journal of Money, Credit, and Banking, 31(3): 500-525.

• “Payment System Settlement and Bank Incentives,” with Charles M. Kahn, 1998, Review of Financial Studies, 11(4): 845-870.

Macroeconomics, finance, and other fields

• “Endogenous Term Premia and Anomalies in the Term Structure of Interest Rates: Explaining the Predictability Smile,” with Charles H. Whiteman, 1999, Journal of Monetary Economics, 44(3): 555-580.

• “The Supply and Demand for Federal Reserve Deposits: A comment,” 1998, Carnegie-Rochester Conference Series on Public Policy  49(1):45-52.

• “A Daily View of Yield Spreads and Short-Term Interest Rate Movements,” with David Runkle and Charles H. Whiteman, 1996, Journal of Money, Credit, and Banking,  28(1): 34-53.

• “Budget Constraints and Time-Series Evidence on Consump­tion,: A comment,” 1996: American Economic Review, 86(1): 296-297.

• “Banks, Payments, and Coordination,” with James J. McAndrews, 1995, Journal of Financial Intermediation, 4(4): 305-327.

• Review of Inflation and Unemployment: Causes, Consequences, and Cures, by Graham Dawson, 1994, Journal of Money, Credit, and Banking.

• “Monetary Aggregates as Monetary Targets: A Statistical Investigation,” with Charles H. Whiteman, 1992, Journal of Money, Credit, and Banking, 24(2): 141-161.

• “The Quantitative Significance of the Lucas Critique” with Preston J. Miller, 1991, Journal of Business and Economic Statistics, 9(4): 361-387.

• “Time-Series Implications of Present Value Budget Balance and Martingale Models of Consumption and Taxes,” with Lars Peter Hansen and Thomas J. Sargent, 1991, in Ra­tional Expectations Econometrics, edited by Hansen and Sargent, Westview Press, pp. 121-162.

• “Implications of Present Value Budget Balance: Application to Postwar U.S. Data,” 1991, in Rational Expectations Econometrics, edited by Hansen and Sargent, Westview Press, pp. 163-175.

• “Variable Rate Loans and Financed Activities: the Case of Adjustable Rate Mortgages,” with Michael J. Stutzer, 1988, Journal of Urban Economics, 24(1): 27-37.

• “Models of Policy Under Stochastic Replanning,” 1987,  International Economic Review, 28(3): 731-755.

• “Linear-Quadratic Duopoly Models of Resource Depletion,” with Lars Peter Hansen and Dennis Epple, 1985, in Energy, Foresight, and Strategy, edited by Thomas J. Sargent, Resources for the Future, pp. 101-142.

Federal Reserve and other central bank publications

Publications listed include book chapters, policy review articles, book reviews, and an edited conference volume.

• “The Fed and Its Shadow: A Historical View,” with Stephen Quinn and Charles M. Kahn, Federal Reserve Bank of Atlanta Policy Hub (2023-6).

• “Unstable Coins: The Early History of Central Bank Analog Currencies,”  Federal Reserve Bank of Atlanta Policy Hub (2022-2).

• “Central Banks, Global Shocks, and Local Crises: Lessons from the Atlanta Fed's Response to the 1920–21 Recession,” with Eugene White, Federal Reserve Bank of Atlanta Policy Hub (2020-15).

• “The Descent of Central Banks (1400-1815),” with François Velde, 2016, in Central Banks at a Crossroads: What Can We Learn from History?” edited by Michael D. Bordo, Øyvind Eitreim, Marc Flandreau, and Jan F. Qvigstad, published by Norges Bank, pp. 18-61.

• “Central Banks and Payment Systems: The Evolving Tradeoff between Cost and Risk,” with Charles M. Kahn and Stephen Quinn, 2016, in Central Banks at a Crossroads: What Can We Learn from History? edited by Michael D. Bordo, Øyvind Eitreim, Marc Flandreau, and Jan F. Qvigstad, published by Norges Bank, pp. 563-609.

• A Return to Jekyll Island: The Origins, History, and Future of the Federal Reserve, 2013, co-edited with Michael Bordo, Cambridge University Press (conference volume marking the 100th anniversary of the Jekyll Island meeting that led to the founding of the Fed).

• “Data Security, Privacy, and Identity Theft: The Economics Behind the Policy Debates,” with Stacey L. Schreft, 2009, Federal Reserve Bank of Chicago Economic Perspectives, first quarter.

• “The Evolution of the Check as Means of Payment: a Historical Survey,” with Stephen Quinn, 2008, Federal Reserve Bank of Atlanta Economic Review (number 4).

• “The Economics of Managing Risks in Emerging Retail Payments,” with Michele Braun, Jamie McAndrews, and Richard Sullivan, 2008, Federal Reserve Bank of New York Economic Policy Review, September.

• “Are On-Line Currencies ‘Virtual Banknotes?’” with Stephen F. Quinn, 2003, Federal Reserve Bank of Atlanta Economic Review. 

• “The Economics of Payment Finality,” with Charles M. Kahn, 2002, Federal Reserve Bank of Atlanta Economic Review, Second Quarter.

• “The Economics of Check Float,” with James McAndrews, 2000, Federal Reserve Bank of Atlanta Economic Review, Fourth Quarter.

• “The Design of Wholesale Payments Networks: The Importance of Incentives,” with Charles M. Kahn, 1999, Federal Reserve Bank of Atlanta Economic Review, Third Quarter.

• “The Impact of Fraud on New Methods of Retail Payment,” 1998, Federal Reserve Bank of Atlanta Economic Review, First Quarter.

• “What’s Really New about the New Forms of Retail Payment?” 1997, Federal Reserve Bank of Atlanta Economic Review, First Quarter.

• “Financial Crises and the Payments System: Lessons from the National Banking Era,” 1995, Federal Reserve Bank of Atlanta Economic Review, September/October.

• Review of Privatopia, by Evan McKenzie, 1995, Federal Reserve Bank of Atlanta Economic Review, May/June.

• “Changes in Payments Technology and the Welfare Cost of Inflation,” 1994, Federal Reserve Bank of Atlanta Economic Review, May/June 1994.

• “The Rise of Electronic Payments Networks and the Future Role of the Fed with Regard to Payment Finality,” 1993, Federal Reserve Bank of Atlanta Economic Review, March/April. Reprinted in Payment Systems Worldwide, Winter 1993-94.

• Review of Edge City: Life on the New Frontier, by Joel Garreau, 1992, Federal Reserve Bank of Atlanta  Economic Review.

• “What Hath the Fed Wrought: Interest Rate Smoothing in Theory and Practice,” 1992, Federal Reserve Bank of Atlanta Economic Review, May/June.

• “How Little We Know about Deficit Policy Effects,” with Preston J. Miller, 1992, Federal Reserve Bank of Minneapolis Quarterly Review, Winter.

• “Lenders of the Next to Last Resort: Scrip Money in Georgia 1932-35,” 1990, Federal Reserve Bank of Atlanta Economic Review, September/October.

• Review of The Making of An Economist, by Arjo Klamer and David Colander, 1990, Federal Reserve Bank of Atlanta Economic Review, September/October.

• “Money and the Economy: Puzzles from the 1980s Experience,” Federal Reserve Bank of Atlanta Economic Review, September/October.

• “Forecast Accuracy and the Performance of Economic Policy: Is There a Connection?” 1989  Federal Reserve Bank of Atlanta Economic Review, September, 1988.

• “Forecasting and Modeling the U.S. Economy in 1986-87,” with Richard M. Todd, 1987, Federal Reserve Bank of Minneapolis Quarterly Review, Winter.

• “Adjustable Rate Mortgages: Increasing Efficiency More Than Housing Activity,” 1985, with Michael J. Stutzer, Federal Reserve Bank of Minneapolis Quarterly Review.

Unpublished papers

For one reason or another.

• “The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking,” with Stephen Quinn, August 2005.

• “A Theory of Transactions Privacy,” with Charles M. Kahn and James McAndrews, October 2000.

• “Payment Intermediation and the Origins of Banking,” with James McAndrews, August 1999.

• “The Incentive Effects of Settlement Systems: A Comparison of Gross Settlement, Net Settlement, and Gross Settlement with Queueing,” Bank of Japan, August 1999.

• “A Model of Check Exchange,” with James J. McAndrews, November 1997.

• “On the Role of Bank Coalitions in the Provision of Liquidity,” with Charles M. Kahn, January 1996, revised January 1998.