Forthcoming Publications

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

Journal Publications

"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