Forthcoming Publications

"Assessing the Impact of Central Bank Digital Currency on Private Banks"
Economic Journal

Journal Publications

"Welfare-enhancing inflation and liquidity premia"
with Fernando M. Martin
Review of Economic Dynamics, Vol. 51, pp. 1036-1047
Working Paper
https://doi.org/10.1016/j.red.2023.09.007

"Money, Banking and Financial Markets"
with Aleksander Berentsen and Fernando M. Martin
Review of Economic Studies, October 2020, Vol. 87, No. 5, pp. 2049-86
Working Paper

"Reconciling Orthodox and Heterodox Views on Money and Banking"
Review of Economic Analysis, 2018-11-24, Vol. 10, No. 4, pp. 351-370
Working Paper

"Monetary Policy and Liquid Government Debt"
with Fernando M. Martin
Journal of Economic Dynamics & Control, April 2018, Vol. 89, pp. 183-199
Working Paper
https://doi.org/10.1016/j.jedc.2018.01.037

"Rehypothecation and Liquidity"
with Fernando M. Martin and  Shengxing Zhang
European Economic Review, November 2017, Vol. 100, pp. 488-505
Working Paper
https://doi.org/10.1016/j.euroecorev.2017.09.010

"Preventing Bank Runs"
with  Ed Nosal and  Bruno Sultanum
Theoretical Economics, September 2017, Vol. 12(3), pp. 1003-1028
Working Paper
https://doi.org/10.3982/te1970

"Monetary Policy with Asset-Backed Money"
with Aleksander Berentsen and Christopher J. Waller
Journal of Economic Theory, July 2016, Vol. 164, pp. 166-186
Working Paper
https://doi.org/10.1016/j.jet.2015.08.006

"Scarcity of Safe Assets, Inflation, and the Policy Trap"
with  Stephen Williamson
Journal of Monetary Economics, July 2015, Vol. 73, pp. 70-92
Working Paper
https://doi.org/10.1016/j.jmoneco.2015.03.008

"Optimal Disclosure Policy and Undue Diligence"
with Aleksander Berentsen and Christopher J. Waller
Journal of Economic Theory, January 2014, Vol. 149, pp. 128-152
Working Paper
https://doi.org/10.1016/j.jet.2013.02.003

"Information Disclosure and Exchange Media"
with Fernando M. Martin
Review of Economic Dynamics, July 2013, Vol. 16, No. 3, pp. 527-539
Working Paper

"Incentive-Feasible Deflation"
Journal of Monetary Economics, May 2013, Vol. 60(4), pp. 383-390
Working Paper
https://doi.org/10.1016/j.jmoneco.2013.03.002

"A Note on the Societal Benefits of Illiquid Bonds"
Canadian Journal of Economics-Revue Canadienne d'Economique, February 2011, Vol. 44(1), pp. 133-147
https://doi.org/10.1111/j.1540-5982.2010.01626.x

"Essential Interest-Bearing Money"
Journal of Economic Theory, July 2010, Vol. 145, 4, pp. 1495-1507
Working Paper
https://doi.org/10.1016/j.jet.2009.12.003

"Money, Intermediation, and Banking"
with  Ed Nosal
Journal of Monetary Economics, April 2009, Vol. 56(3), pp. 289-94
https://doi.org/10.1016/j.jmoneco.2008.12.005

"Rational Truth-Avoidance and Self-Esteem"
with  Steeve Mongrain and  Gordon Myers
Canadian Journal of Economics-Revue Canadienne d'Economique, February 2009, Vol. 42(1), pp. 141-54
https://doi.org/10.1111/j.1540-5982.2008.01502.x

"Endogenous Debt Constraints in a Life-Cycle Model with an Application to Social Security"
with  Martin Gervais
Journal of Economic Dynamics & Control, December 2008, Vol. 32(12), pp. 3745-59

"Bank Incentives, Contract Design, and Bank-Runs"
with  Ed Nosal
Journal of Economic Theory, September 2008, Vol. 142(1), pp. 28-47

"Are Inflation Expectations Rational?"
with  Scott Hendry and  Kevin Moran
Journal of Monetary Economics, March 2008, Vol. 55(2), pp. 406-22

"The Role of Independence in the Green-Lin Diamond-Dybvig Model"
with  Ed Nosal and  Neil Wallace
Journal of Economic Theory, November 2007, Vol. 137(1), pp. 709-15

"Human Capital Investment and Debt Constraints"
with  Martin Gervais
Review of Economic Dynamics, January 2006, Vol. 9(1), pp. 52-67

"Labour Markets, Liquidity, and Monetary Policy Regimes"
with  Scott Hendry and  Kevin Moran
Canadian Journal of Economics-Revue Canadienne d'Economique, May 2004, Vol. 37(2), pp. 392-420

"Comment on ‘Taking Intermediation Seriously’ by Bruce D. Smith"
Journal of Money, Credit, and Banking, December 2003, Vol. 35(6 Part 2 of 2), pp. 1359-66

"Monetary Implications of the Hayashi-Prescott Hypothesis for Japan"
Monetary and Economic Studies, December 2003, Vol. 21(4), pp. 1-20

"Monetary Policy Regimes and Beliefs"
with  Paul Gomme
International Economic Review, February 2003, Vol. 44(1), pp. 1-30

"A Theory of Inalienable Property Rights"
Journal of Political Economy, April 2002, Vol. 110(2), pp. 382-93

"Distributional Dynamics Following a Technological Revolution"
with  Eric Smith
Canadian Journal of Economics-Revue Canadienne d'Economique, August 2001, Vol. 34(3), pp. 739-59

"A Simple Model of Money and Banking"
with  Ed Nosal
Federal Reserve Bank of Cleveland Economic Review, Vol. 37(3), pp. 20-28

"Technology Diffusion and Aggregate Dynamics"
with  Glenn MacDonald
Review of Economic Dynamics, April 1998, Vol. 1(2), pp. 338-70

"U.S. Labor Market Policy and the Canada-U.S. Unemployment Rate Gap"
with  Paul Gomme and  Paul Storer
Canadian Public Policy, February 1998, Vol. 24(Supplement 1), pp. 210-32

"Unemployment and Economic Welfare"
with  Paul Gomme
Federal Reserve Bank of Cleveland Economic Review, Vol. 34(3), pp. 25-34

"Evidence and Theory on the Cyclical Asymmetry in Unemployment Rate Fluctuations"
Canadian Journal of Economics-Revue Canadienne d'Economique, August 1997, Vol. 30(3), pp. 709-21

"Optimal Team Contracts"
with  Ed Nosal
Canadian Journal of Economics-Revue Canadienne d'Economique, May 1997, Vol. 30(2), pp. 385-96

"Unemployment Insurance and Labor-Market Activity in Canada"
with  Paul Gomme
Carnegie-Rochester Conference Series on Public Policy, June 1996, Vol. 44, pp. 47-82

"Business Cycles and Labor-Market Search"
American Economic Review, March 1996, Vol. 86(1), pp. 112-32