Working Papers

“The Supply and Demand for Safe Assets,”(with Guillermo Ordonez).

“Ignorance, Debt and Financial Crises.” (with Tri Vi Dang and Bengt Holmström).

“Adverse Selection Dynamics in Privately-Produced Safe Debt Markets,”(with Nathan Foley-Fisher and Stephane Verani).

An Econometric Chronology of the Financial Crisis of 2007-2008,”(with Andrew Metrick and Lei Xie).

“Corporate Culture as a Theory of the Firm,”(with Alexander Zentefis).

“Social Progress and Corporate Culture,”(with Alexander Zentefis).

“1930 First Modern Crisis,”(with Toomas Laarits and Tyler Muir)

“Optimal Monetary Policy in a Collateralized Economy,”(with Ping He)

“Private Money Production without Banks”

“The Macroprudential Role of Stock Markets,”(with Kyriakos Chousakos and Guillermo Ordonez)


“Stress for Success: A Review of Timothy Geithner’s Financial Crisis Memoir”

“How Did Pre-Fed Banking Panics End?,” (with Ellis Tallman).

“Facts and Fantasies about Commodity Futures Ten Year Later,” (with Geetesh Bhardwaj and Geert Rouwenhorst).

Agency-Based Asset Pricing,” (with Ping He and Lixin Huang).

“Bank Capital and Survival during the Financial Crisis,” (with Stefan Lewellen and Andrew Metrick).

Collateral Crises,” (with Guillermo Ordoñez).

Some Reflections on the Recent Financial Crisis

The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover,” (with Lixin Huang and Qiang Kang).

“Understanding Financial Crises”