Recent Articles, Books, and Papers
- What Stopped Japan's Economic Growth? Prescriptions for the Revival (Nani ga Nihon no Seicho wo Tometanoka -- Saisei he no Shohosen) (with Takeo Hoshi), Nikkei, 2013.
- "Who Should Pay for Credit Ratings and How?" with Natalia Kovrijnykh, working paper, March 2013.
- "An Integrated Framework for Multiple Financial Regulations," with Charles Goodhart, Dimitrios Tsomocos, and Alexandros Vardoulakis, International Journal of Central Banking, vol. 9 (S1), pp. 109-143.
- "Best Prices" with Judith A. Chevalier, Initiative on Global Markets Working Paper, July 2012.
- "Financial Regulation in General Equilibrium," with Charles Goodhart, Dimitrios Tsomocos, and Alexandros Vardoulakis, working paper, March 2012.
- Stressed Out: Macroprudential Principles for Stress Testing, with David Greenlaw, Hyun Song Shin, and Kermit Schoenholtz, U.S. Monetary Policy Forum Report No.5, Initiative on Global Markets, University of Chicago Booth School of Business, 2012.
- "Optimal Conduct of Monetary Policy with Interest on Reserves," with Jeremy Stein. American Economic Journal: Macroeconomics, vol. 4 (1), pp. 266-282 (January 2012).
- "The Macroprudential Toolkit," with Richard Berner and Charles Goodhart, the Mundell Fleming Lecture at the IMF's annual research conference, December 2010. IMF Economic Review, vol. 59 (2), pp. 145-161 (June 2011).
- "Why Did Japan Stop Growing" with Takeo Hoshi, report commissioned by the National Institute for Research Advancement, January 21, 2011.
- Japan's Bubble, Deflation and Long-term Stagnation, jointly edited with Koichi Hamada and David E. Weinstein, MIT Press, 2011. [Introduction].
- "A Macroprudential Approach to Financial Regulation," with Samuel Hanson and Jeremy C. Stein, The Journal of Economic Perspectives 25(1), 2011, pp.3-28.
- "Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan," with Takeo Hoshi, Journal of Financial Economics, September 2010, vol. 97(3), pp. 398-417.
- "An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions," with Jeremy C. Stein and Samuel Hanson, May 2010.
- Testimony on "Examining the Link Between Fed Bank Supervision and Monetary Policy," House Financial Services Committee, March 17, 2010. Click here to watch video of my hearing (note my statement begins at 2:30:33 and my Q&A is after the final two statements of the other panelists).
- "Lessons from the Financial Crisis for Risk Management," paper prepared for the Financial Crisis Inquiry Commission, February 27, 2010.
- "Let's Not Pursue the Volcker Rule," U.S. Monetary Policy Forum Report No. 4, Initiative on Global Markets, University of Chicago Booth School of Business, 2010.
- Comments on "The Financial Crisis and Global Policy Reforms" by Barry Eichengreen, in Asia and the Global Financial Crisis, Federal Reserve Bank of San Francisco, San Francisco, 2010.
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