Forthcoming Publications

"Interbank Networks and the Interregional Transmission of Financial Crises: Evidence from the Panic of 1907"
with  Matthew Jaremski
Journal of Economic History

Journal Publications

"Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending"
with  Charles W. Calomiris and  Joseph R. Mason
Journal of Financial Intermediation, October 2023, Vol. 56, 101056, pp. n/a
Working Paper
https://doi.org/10.1016/j.jfi.2023.101056

"Interbank Connections, Contagion and Bank Distress in the Great Depression"
with  Charles W. Calomiris and  Matthew Jaremski
Journal of Financial Intermediation, July 2022, Vol. 51, 100899, pp. 1-13
Working Paper
https://doi.org/10.1016/j.jfi.2020.100899

"Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock"
with  Matthew Jaremski
Journal of Money, Credit, and Banking, October 2020, Vol. 52, No. 7, pp. 1719-1754
Working Paper
http://dx.doi.org/10.1111/jmcb.12725

"The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network"
with  Matthew Jaremski
Journal of Economic History, March 1, 2020, Vol. 80, No. 1, pp. 69-99
Working Paper
https://doi.org/10.1017/s0022050719000792

"Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Contagion Risk?"
with  Mark A. Carlson
Journal of Money, Credit, and Banking, December 2018, Vol. 50, No. 8, pp. 1711-1750
Working Paper
https://doi.org/10.1111/jmcb.12520

"The Evolution of Scale Economies in U.S. Banking"
with  Paul W. Wilson
Journal of Applied Econometrics, January/February 2018, Vol. 33, pp. 16-28
Working Paper
https://doi.org/10.2139/ssrn.2655448

"Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation"
with  Mark A. Carlson
Journal of Financial Intermediation, January 2018, Vol. 33, pp. 16-32
Working Paper
https://doi.org/10.1016/j.jfi.2016.09.001

"Banker Preferences, Interbank Connections, and the Enduring Structure of the Federal Reserve System"
with  Matthew Jaremski
Explorations in Economic History, October 2017, Vol. 65, pp. 21-43
Working Paper
https://doi.org/10.1016/j.eeh.2016.08.002

"Interbank Markets and Banking Crises: New Evidence on the Establishment and Impact of the Federal Reserve"
with  Mark A. Carlson
American Economic Review: Papers and Proceedings, May 2016, Vol. 106, No. 5, pp. 533-537
Working Paper
https://doi.org/10.1257/aer.p20161044

"Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets"
with  Kris James Mitchener
Explorations in Economic History, April 2013, Vol. 50, No. 2, pp. 161-78
Working Paper
https://doi.org/10.1016/j.eeh.2012.09.004

"The Evolution of Cost-Productivity and Efficiency Among U.S. Credit Unions"
with  Paul W. Wilson
Journal of Banking & Finance, January 2013, Vol. 37, No. 1, pp. 75-88
Working Paper
https://doi.org/10.1016/j.jbankfin.2012.08.003

"Do Large Banks Have Lower Costs? New Estimates of Returns to Scale for U.S. Banks"
with  Paul W. Wilson
Journal of Money, Credit, and Banking, February 2012, Vol. 44, No. 1, pp. 171-99
Working Paper
https://doi.org/10.1111/j.1538-4616.2011.00472.x

"Are Credit Unions Too Small?"
with  Paul W. Wilson
Review of Economics and Statistics, November 2011, Vol. 93, No. 4, pp. 1343-1359
Working Paper
https://doi.org/10.1162/rest_a_00121

"Robust Non-parametric Quantile Estimation of Efficiency and Productivity Change in U.S. Commercial Banking, 1985-2004"
with  Paul W. Wilson
Journal of Business & Economic Statistics, July 2009, Vol. 27, No. 3, pp. 354-68
Working Paper
https://doi.org/10.1198/jbes.2009.06145

"Non-parametric, Unconditional Quantile Estimation for Efficiency Analysis with An Application to Federal Reserve Check Processing Operations"
with  Paul W. Wilson
Journal of Econometrics, July 2008, Vol. 145, No. 1-2, pp. 209-225
Working Paper
https://doi.org/10.1016/j.jeconom.2008.05.007

"Regional Disparities in the Spatial Correlation of State Income Growth, 1977-2002"
with  Thomas A. Garrett and  Gary A. Wagner
Annals of Regional Science, September 2007, Vol. 41, No. 3, pp. 601-618
Working Paper
https://doi.org/10.1007/s00168-007-0114-x

"Why Did Income Growth Vary Across States During the Great Depression?"
with  Thomas A. Garrett
Journal of Economic History, June 2006, Vol. 66, No. 2, pp. 456-66
Working Paper
https://doi.org/10.1017/s0022050706000192

"The Contribution of On-Site Examination Ratings to an Empirical Model of Bank Failures"
with  Paul W. Wilson
Review of Accounting and Finance, November 2005, Vol. 4, No. 4, pp. 110-34
Working Paper
https://doi.org/10.1108/eb043440

"A Spatial Analysis of State Banking Regulation"
with  Thomas A. Garrett and  Gary A. Wagner
Papers in Regional Science, November 2005, Vol. 84, No. 4, pp. 575-95
Working Paper
https://doi.org/10.1111/j.1435-5957.2005.00022.x

"New Evidence on the Fed's Productivity in Providing Payments Services"
with R. Alton Gilbert and  Paul W. Wilson
Journal of Banking & Finance, September 2004, Vol. 28, No. 9, pp. 2175-90
Working Paper
https://doi.org/10.1016/j.jbankfin.2003.08.006

"Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms"
with  Michael D. Bordo
NBER Working Paper Series, August 2004, Vol. 10704
https://doi.org/10.3386/w10704

"Consolidation in US Banking: Which Banks Engage in Mergers?"
with  Paul W. Wilson
Review of Financial Economics, January 2004, Vol. 13, No. 1-2, pp. 7-39
Working Paper
https://doi.org/10.1016/j.rfe.2003.09.001

"Aggregate Price Shocks and Financial Stability: The United Kingdom 1796-1999"
with  Michael D. Bordo and  Michael J. Dueker
Explorations in Economic History, April 2003, Vol. 40, No. 2, pp. 143-69
Working Paper
https://doi.org/10.1016/S0014-4983(03)00014-7

"Aggregate Price Shocks and Financial Instability: A Historical Analysis"
with  Michael D. Bordo and  Michael J. Dueker
Economic Inquiry, October 2002, Vol. 40, No. 4, pp. 521-38
Working Paper
https://doi.org/10.1093/ei/40.4.521

"New Evidence on Returns to Scale and Product Mix Among U.S. Commercial Banks"
with  Paul W. Wilson
Journal of Monetary Economics, June 2001, Vol. 47, No. 3, pp. 653-74
Working Paper
https://doi.org/10.1016/s0304-3932(01)00059-9

"Why Do Banks Disappear: The Determinants of U.S. Bank Failures and Acquisitions"
with  Paul W. Wilson
Review of Economics and Statistics, February 2000, Vol. 82, No. 1, pp. 127-38
Working Paper
https://doi.org/10.1162/003465300558560

"Technical Progress, Inefficiency and Productivity Change in U.S. Banking, 1984-1993"
with  Paul W. Wilson
Journal of Money, Credit, and Banking, May 1999, Vol. 31, No. 2, pp. 212-34
Working Paper
https://doi.org/10.2307/2601230

"Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency"
with  Paul W. Wilson
Review of Economics and Statistics, November 1995, Vol. 77, No. 4, pp. 689-700
Working Paper
https://doi.org/10.2307/2109816

"Which Banks Choose Deposit Insurance? Evidence of Adverse Selection and Moral Hazard in a Voluntary Insurance System"
with  Subal C. Kumbhaker
Journal of Money, Credit, and Banking, February 1995, Vol. 27, No. 1, pp. 186-201
Working Paper
https://doi.org/10.2307/2077858

"Why Do Banks Fail? Evidence from the 1920s"
with  Lee J. Alston and  Wayne A. Grove
Explorations in Economic History, October 1994, Vol. 31, No. 4, pp. 409-31
https://doi.org/10.1006/exeh.1994.1017

"'The Slack Banker Dances': Deposit Insurance and Risk-Taking in the Banking Collapse of the 1920s"
with  Subal C. Kumbhaker
Explorations in Economic History, July 1994, Vol. 31, No. 3, pp. 357-75
Working Paper
https://doi.org/10.1006/exeh.1994.1015

"Government Policy and Banking Market Structure in the 1920s"
Journal of Economic History, December 1993, Vol. 53, No. 4, pp. 857-79
Working Paper
https://doi.org/10.1017/s0022050700051342

"Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s"
Journal of Economic History, December 1992, Vol. 52, No. 4, pp. 806-25
Working Paper
https://doi.org/10.1017/s0022050700011918

"Deposit Insurance and Bank Failures: New Evidence from the 1920s"
Economic Inquiry, July 1992, Vol. 30, No. 3, pp. 530-43
https://doi.org/10.1111/j.1465-7295.1992.tb01979.x

"Member Bank Borrowing and the Fed's Contractionary Monetary Policy During the Great Depression"
Journal of Money, Credit, and Banking, November 1990, Vol. 22, No. 4, pp. 409-26

"The Strategy, Effectiveness, and Consistency of Federal Reserve Monetary Policy, 1924-1933"
Explorations in Economic History, October 1989, Vol. 26, No. 4, pp. 453-76
https://doi.org/10.1016/0014-4983(89)90018-1

"The Strategy and Consistency of Federal Reserve Monetary Policy, 1919-1933"
Journal of Economic History, June 1989, Vol. 49, No. 2, pp. 459-61