Publications

Federal Reserve Publications

Working Papers

Other

 

 Publications:

 

Comment on: "A model of a systemic bank run" by Harald Uhlig, Journal of Monetary Economics, Vol. 57: Carnegie-Rochester Conference Series on Public Policy (2010) 97-100.

 

Bank Runs and Institutions: The Perils of Intervention, with Huberto Ennis, American Economic Review, Vol 99 (2009) 1588-1607.

 

See also: Supplemental Appendix to the paper

 

Run Equilibria in the Green-Lin Model of Financial Intermediation, with Huberto Ennis, Journal of Economic Theory, Vol. 144 (2009) 1996-2020

 

See also: earlier version of paper, Federal Reserve Bank of New York Staff Report No. 312.

 

Expectations and Contagion in Self-Fulfilling Currency Attacks, International Economic Review, Vol. 50 (2009) 991-1012.

 

Bank Runs as Coordination Failures: An Experimental Study, with Rod Garratt, Journal of Economic Behavior & Organization, Vol. 71 (2009) 300–317.

 

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:

 

Why Are Banks Holding So Many Excess Reserves?, with Jamie McAndrews, Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 15, No. 8 (December 2009).  Revised version of Staff Report No. 380.

   

Understanding Monetary Policy Implementation, with Huberto Ennis, Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 94, No. 3 (Summer 2008), 235-263.

   

See also: Technical Appendix to the paper

 

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

 

Current Working Papers:

 

Banking Panics and Policy Responses, with Huberto Ennis, December 2009.  Revised version of Federal Reserve Bank of New York Staff Report No. 274.

 

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.