Journal Publications

"Liquidity provision during a pandemic"
with  Wolf Wagner
Journal of Banking & Finance, December 2021, Vol. 133, 106152

"Discussion of “Payments on Digital Platforms: Resiliency, Interoperability and Welfare”"
Journal of Economic Dynamics & Control, June 2021, Vol. 142, No. 2

"Sources of Liquidity and Liquidity Shortages"
with  Wolf Wagner
Journal of Financial Intermediation, April 2021, Vol. 46, 100869

"Illiquidity as a Signal"
with  José Jorge
Journal of Financial Stability, October 2020, Vol. 50, 100773

"Collateral, Rehypothecation, and Efficiency"
with  Hyejin Park
Journal of Financial Intermediation, July 2019, Vol. 39, pp. 34-46

"Should the central bank issue e-money?"
with  Francisco Rivadeneyra and  Tsz-Nga Wong
Journal of Financial Market Infrastructures, 2020, Vol. 8, No. 4
Working Paper

"The Threat of Privacy"
Journal of Financial Market Infrastructures, March, 2018, Vol. 6, No. 2/3, pp. 21-30

"Are there social spillovers? Security Assessments of Payment Instruments"
with  J. Linares-Zegarra and  Joanna Stavins
Journal of Financial Services Research, October 2017, Vol. 52, No. 1, pp. 5-34

"Law as a constraint on bailouts: Emergency support for central counterparties"
with  Virginia G. France
Journal of Financial Intermediation, October 2016, Vol. 28, pp. 22-31

"Collateral chains and Incentives"
Journal of Financial Market Infrastructures, September 2016, Vol. 5, No. 1, pp. 103-118

"Comment on "Bailouts, moral hazard, and banks' home bias for sovereign debt" by Gaetano Gaballo and Ariel Zetlin-Jones"
Journal of Monetary Economics, August 2016, Vol. 81, pp. 86-88

"Repos, Fire Sales and Bankruptcy Policy"
with  Gaetano Antinolfi,  Francesca Carapella,  A. Martin, and  D. Mills
Review of Economic Dynamics, January 2015, Vol. 18, No. 1, pp. 21-31

"Identity Theft and Consumer Payment Choice: Does Security Really Matter?"
with  J. Linares-Zegarra
Journal of Financial Services Research, 2015

"Private Payment Systems, Collateral, and Interest Rates"
Annals of Finance, 2013, Vol. 9, No. 1, pp. 83-114

"Comment on "Precautionary Demand and Liquidity in Payment Systems" by Gara M. Afonso and Hyun Song Shin"
Journal of Money, Credit, and Banking, October 2011, Vol. 43(s2), pp. 621-623

"Payments Settlement: Tiering in Private and Public Systems"
with  W. Roberds
Journal of Money, Credit, and Banking, August 2009, Vol. 41, No. 5, pp. 855-884

"Why Pay? An Introduction to Payments Economics"
with  W. Roberds
Journal of Financial Intermediation, January 2009, Vol. 18, pp. 1-23

"Credit and Identity Theft"
with  W. Roberds
Journal of Monetary Economics, March 2008, Vol. 55, pp. 251-264

"Transferability, Finality and Debt Settlement"
with  W. Roberds
Journal of Monetary Economics, May 2007, Vol. 54, No. 4, pp. 955-978

"Who Should Act As Lender of Last Resort? An Incomplete Contracts Model': A Comment"
with  J. Santos
Journal of Money, Credit, and Banking, June 2006, Vol. 38, No. 4, pp. 1111-1118

"Money Is Privacy"
with  James J. McAndrews and  W. Roberds
International Economic Review, May 2005, Vol. 46, No. 2, pp. 377-399

"Low Revenue Equilibria in Simultaneous Ascending Price Auctions"
with  R. Engelbrecht-Wiggans
Management Science, March 2005, Vol. 51, No. 3, pp. 356-371

"Allocating Bank Regulatory Power: Lender of Last Resort, Deposit Insurance and Supervision"
with  J. Santos
European Economic Review, 2005, Vol. 49, No. 8, pp. 2107-2136

"Bank Consolidation and the Dynamics of Consumer Loan Interest Rates"
with  George Pennacchi and  B. Sopranzetti
Journal of Business, January 2005, Vol. 78, No. 1-Part 2, pp. 99-133

"Moral Hazard and Optimal Subsidiary Structure for Financial Institutions"
with  A. Winton
Journal of Finance, December 2004, Vol. 59, No. 6, pp. 2531-2575

"Comment on 'Competition and Financial Stability' by Allen and Gale"
Journal of Money, Credit, and Banking, June 2004, Vol. 36, No. 3 - Part 2

"Settlement Risk under Gross and Net Settlement"
with  James J. McAndrews and  W. Roberds
Journal of Money, Credit, and Banking, August 2003, Vol. 35, No. 4, pp. 591-608

"Multiunit Auctions in Which Almost Every Bid Wins"
with  R. Engelbrecht-Wiggans
Southern Economic Journal, January 2002, Vol. 68, No. 3, pp. 617-631

"Economic Functions of Referrals and Referral Fees"
with  P. Colwell
Journal of Real Estate Finance and Economics, November 2001, Vol. 23, No. 3, pp. 267-296

"Real Time Gross Settlement and the Costs of Immediacy"
with  W. Roberds
Journal of Monetary Economics, April 2001, Vol. 47, No. 2, pp. 299-319

"Performance-Based Wages in Tax Collection: The Brazilian Tax Collection Reform and Its Effects"
with  E. Silva and  J. Ziliak
Economic Journal, January 2001, Vol. 111, No. 468, pp. 188-205

"Bank Deposit Rate Clustering: Theory and Empirical Evidence"
with  George Pennacchi and  B. Sopranzetti
Journal of Finance, December 1999, Vol. 54, No. 6, pp. 2185-2214

"Demandable Debt as a Means of Payment: Bank Notes vs. Checks"
with  W. Roberds
Journal of Money, Credit, and Banking, August 1999, Vol. 31, No. 3 - Part 2, pp. 500-525

"Strategic Transmission of Information and Short-Term Commitment"
with  T. Tsoulouhas
Economic Theory, July 1999, Vol. 14, No. 1, pp. 131-153

"Calibration of a Model of the Afternoon Effect in Cattle Auctions"
with  R. Engelbrecht-Wiggans
Quarterly Review of Economics and Finance, Spring 1999, Vol. 39, No. 1, pp. 113-128

"Competition and Incentives with Nonexclusive Contracts"
with  D. Mookherjee
RAND Journal of Economics, Fall 1998, Vol. 29, No. 3, pp. 443-465

"Multi-Unit Auctions with Uniform Prices"
with  R. Engelbrecht-Wiggans
Economic Theory, September 1998, Vol. 12, No. 2, pp. 227-258

"Uniform-Price Auctions with Variable Awards"
with  R. Engelbrecht-Wiggans
Games and Economic Behavior, April 1998, Vol. 23, No. 1, pp. 25-42

"Ownership Structure, Speculation and Shareholder Information"
with  A. Winton
Journal of Finance, February 1998, Vol. 53, No. 1, pp. 99-130

"Payment System Settlement and Bank Incentives"
with  W. Roberds
Review of Financial Studies, Winter 1998, Vol. 11, No. 4, pp. 845-870

"Multi-Unit Pay-Your-Bid Auctions with Variable Awards"
Games and Economic Behavior, 1998, Vol. 23, pp. 25-42

"The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System"
with  Charles W. Calomiris
Journal of Money, Credit, and Banking, November 1996, Vol. 28, No. 4, pp. 766-797

"Market Failure with Moral Hazard and Side Trading"
with  D. Mookherjee
Journal of Public Economics, October 1995, Vol. 58, No. 2, pp. 159-184

"Coaltion Proof Equilibrium in an Adverse Selection Insurance Economy"
with  D. Mookherjee
Journal of Economic Theory, June 1995, Vol. 66, No. 1, pp. 113-138

"Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor"
with  Charles W. Calomiris and  S. Longhofer
Journal of Money, Credit, and Banking, August 1994, Vol. 26, No. 3, pp. 636-674

"The Economic Role of Foreclosure"
with  A. Yavas
Journal of Real Estate Finance and Economics, January 1994, Vol. 8, No. 1, pp. 35-51

"Introducing Work Rules into Models of wage-Employment Contracts"
with  P. Reagan
Quarterly Review of Economics and Finance, Fall 1993, Vol. 33, No. 3, pp. 217-231

"Exclusion and Moral Hazard: The Case of Identical Demand"
with  E. Silva
Journal of Public Economics, September 1993, Vol. 52, No. 2, pp. 217-235

"An Equilibrium Model of Quits Under Optimal Contracting"
with  S. Longhofer
European Economic Review, August 1993, Vol. 37, No. 6, pp. 1203-1222

"The Existence and Characterization of Optimal Contracts on a Continuous State Space"
Journal of Economic Theory, February 1993, Vol. 59, pp. 122-144

"Non Existence and Inefficiency of Equilibria with american Options and Convertible Bonds"
with  S. Krasa
Economic Theory, 1993, Vol. 3, No. 1

"The Good, the Bad and the Ugly: Coalition-Proof Equilibrium in Infinite Games"
Games and Economic Behavior, 1992, pp. 101-121

"The Role of Demandable Debt in Structuring Optimal Banking Arrangements"
with  Charles W. Calomiris
American Economic Review, June 1991, Vol. 81, pp. 497-513

"Protecting the Winner: Second-Price Versus Oral Auctions"
with  R. Engelbrecht-Wiggans
Economic Letters, 1991, Vol. 35, pp. 243-248

"Default, Foreclosure and Strategic Renegotiation"
with  G. Huberman
Law and Contemporary Problems, Winter 1989, Vol. 52, pp. 49-61

"Strategic Renegotiation"
with  G. Huberman
Economics Letters, December 1988, Vol. 28, pp. 117-121

"A Competitive Efficiency Wage Model with Keynesian Features"
with  D. Mookherjee
Quarterly Journal of Economics, November 1988, Vol. 103, pp. 609-645

"Two-Sided Uncertainty and Up-or-Out Contracts"
with  G. Huberman
Journal of Labor Economics, October 1988, Vol. 6, pp. 423-443

"Limited Contract Enforcement and Strategic Renegotiation"
with  G. Huberman
American Economic Review, June 1988, Vol. 78, No. 3, pp. 471-484

"Erratum: The Durable Goods Monopolist and Consistency with Increasing Costs"
with  D. Malueg and  J. Solow
Econometrica, March 1988, Vol. 56, pp. 754

"The Use of Complicated Models as Explanations: A Re-examination of Williamson's Late 19th Century America"
Research in Economic History, 1988, Vol. 11, pp. 185-216

"The Durable Goods Monopolist and Consistency with Increasing Costs"
Econometrica, March 1986, Vol. 54, No. 2, pp. 275-294

"Optimal Severance Pay with Incomplete Information"
Journal of Political Economy, June 1985, Vol. 93, No. 3, pp. 435-451

"Optimal Employment Contracts with Bankruptcy Constraints"
with  J. Scheinkman
Journal of Economic Theory, April 1985, Vol. 35, No. 2, pp. 343-365

"Wage-Employment Contracts"
with  J. Green
Quarterly Journal of Economics, 1983, Vol. 98 Supplement, pp. 173-187

"The Solution of Linear Difference Models Under Rational Expectations"
with  O. Blanchard
Econometrica, July 1980, Vol. 48, pp. 1305-1311