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
Divorcing Money from Monetary Policy, with Antoine
Martin and Jamie
McAndrews, Federal Reserve Bank of
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.