Current Working Papers:

 

Commitment and Equilibrium Bank Runs, with Huberto Ennis, August 2008.  Revised version of Federal Reserve Bank of New York Staff Report No. 274.

 

Run Equilibria in the Green-Lin Model of Financial Intermediation, with Huberto Ennis, July 2008.  Substantially revised version of Federal Reserve Bank of New York Staff Report No. 312.

 

Publications:

 

Bank Runs and Institutions: The Perils of Intervention, with Huberto Ennis, American Economic Review, forthcoming.

 

See also: Supplemental Appendix to the paper

 

Bank Runs as Coordination Failures: An Experimental Study, with Rod Garratt, Journal of Economic Behavior & Organization, forthcoming.

 

Expectations and Contagion in Self-Fulfilling Currency Attacks, International Economic Review, forthcoming.

 

Bank Runs and Investment Decisions Revisited, with Huberto Ennis, Journal of Monetary Economics, Vol. 53 (2006) 217-232.

 

See also: Supplemental Appendix to the paper

 

Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium, with Gaetano Antinolfi, Macroeconomic Dynamics, Vol. 10 (2006) 1-19.

 

Optimal Fiscal Policy under Multiple Equilibria, with Huberto Ennis, Journal of Monetary Economics, Vol. 52 (2005) 1359-1377.

 

Government Policy and the Probability of Coordination Failures, with Huberto Ennis, European Economic Review, Vol. 49 (2005) 939-973.

 

Comparing Sunspot Equilibrium and Lottery Equilibrium Allocations: The Finite Case, with Rod Garratt and Karl Shell, International Economic Review, Vol. 45 (2004) 351-386.

 

Economic Growth, Liquidity, and Bank Runs, with Huberto Ennis, Journal of Economic Theory, Vol. 109 (2003) 220-245.

 

Equilibrium Prices when the Sunspot Variable is Continuous, with Rod Garratt, Cheng-Zhong Qin, and Karl Shell, Journal of Economic Theory, Vol.  107 (2002) 11-38. 

 

A Characterization of Robust Sunspot Equilibria, with Rod Garratt, Journal of Economic Theory, Vol.  107 (2002) 136-144. 

 

Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort, with Gaetano Antinolfi and Elisabeth Huybens, Journal of Economic Theory, Vol. 99 (2001) 187-219.

 

Money Taxes, Market Segmentation, and Sunspot Equilibria, Macroeconomic Dynamics, Vol. 5 (2001) 327-352. 

 

Growth Dynamics and Returns to Scale: Bifurcation Analysis, with Gaetano Antinolfi and Karl Shell, Journal of Economic Theory, Vol. 96 (2001) 70-96.

 

Money Taxes and Efficiency when Sunspots Matter, Journal of Economic Theory, Vol. 83 (1998) 43-68. 

 

Options and Sunspots in a Simple Monetary Economy, with Gaetano Antinolfi, Economic Theory, Vol. 11 (1998) 295-315. 

 

Federal Reserve Publications:

 

Understanding Monetary Policy Implementation, with Huberto Ennis, Federal Reserve Bank of Richmond Economic Quarterly, forthcoming.

 

Divorcing Money from Monetary Policy, with Antoine Martin and Jamie McAndrews, Federal Reserve Bank of New York Economic Policy Review, Vol. 14, No. 2 (2008), 41-56.

 

Dollarization as a Monetary Arrangement for Emerging Market Economies, with Gaetano Antinolfi, Federal Reserve Bank of St. Louis Review, Vol. 83 (November/December 2001), 29-39.

 

Other:

 

Lecture Notes on Optimal Growth, mimeo., January 2005.

 

Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate, with Gaetano Antinolfi, Centro de Investigación Económica Discussion Paper 00-02, ITAM, September 2000.