Articles

1. “Information Aggregation in a Noisy Rational Expectations Economy,” Journal of Financial Economics, September 1981 (with Robert Verrecchia).

1. “Optimal Managerial Contracts and Equilibrium Security Prices,” Journal of Finance, May 1982 (with Robert Verrecchia).

1. “Bank Runs, Deposit Insurance and Liquidity,” Journal of Political Economy, June 1983,91(3), pp. 401-19 (with Philip Dybvig).  Reprinted in Federal Reserve Bank of Minneapolis Quarterly Review, 2000, 24(1), pp.14-23.

1. “Financial Intermediation and Delegated Monitoring,” Review of Economic Studies, July 1984.

1. “Optimal Release of Information by Firms,” Journal of Finance, September 1985.

1. “Banking Theory, Deposit Insurance and Bank Regulation,” Journal of Business, January 1986 (with Philip Dybvig).

1. “Constraints on Short-Selling and Asset Price Adjustment to Private Information,” Journal of Financial Economics, June 1987. (with Robert Verrecchia).

1. “Asset Services and Financial Intermediation,” in Financial Markets and Incomplete Information: Frontiers of Modern Financial Theory, S. Bhattacharaya and G. Constantinides (editors), Rowman and Littlefield Publishers, 1989.

1. “Reputation Acquisition in Debt Markets,” Journal of Political Economy, August 1989.

1. “Debt Maturity Structure and Liquidity Risk,” Quarterly Journal of Economics, August 1991.

1. “Monitoring and Reputation: The Choice Between Bank Loans and Directly Placed Debt,” Journal of Political Economy, August 1991.

1. “Disclosure, Liquidity and the Cost of Capital,” Journal of Finance, September 1991. (with Robert Verrecchia). 

1. “Bank Loan Maturity and Priority When Borrowers Can Refinance,” in Capital Markets and Financial Intermediation, Colin Mayer and Xavier Vives (editors), Cambridge University Press, 1993.

1. “Seniority and Maturity of Debt Contracts,” Journal of Financial Economics, June 1993.

1. “Corporate Capital Structure: The Control Roles of Bank and Public Debt, with Taxes and Costly Bankruptcy,” Economic Quarterly of the Federal Reserve Bank of Richmond, Spring 1994.

1. “Financial Intermediation as Delegated Monitoring, a Simple Example,” Economic Quarterly of the Federal Reserve Bank of Richmond, Summer 1996.

1. “Liquidity, Banks, and Markets,” Journal of Political Economy, October 1997.

1. “A Theory of Bank Capital,” Journal of Finance 55 (December 2000):  2431-2465. (with Raghuram Rajan).

1. “Liquidity risk, liquidity creation and financial fragility: A theory of banking,” Journal of Political Economy 109 (April 2001). (with Raghuram Rajan).

1. “Should Japanese Banks Be Recapitalized?” Monetary and Economic Studies, (Bank of Japan) Vol. 19, No. 2, May 2001.

1. “Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications,” March 2000, Carnegie Rochester Conference on Public Policy, 54 (Summer 2001).   (with Raghuram Rajan).

1. “Banks and Liquidity,” American Economic Review, Papers and Proceedings, (May 2001).(with Raghuram Rajan).

1. “Should Banks Be Recapitalized?” Economic Quarterly of the Federal Reserve Bank of Richmond, Fall 2001.

1. “Bank Bailouts and Aggregate Liquidity,” American Economic Review, Papers and Proceedings, (May 2002). (with Raghuram Rajan).
2. "Committing to Commit: Short-term Debt when Enforcement is Costly," Journal of Finance, 59 (August 2004).

1. “Liquidity Shortages and Banking Crises,” April 2005, Journal of Finance. (with Raghuram Rajan).

1. “Money in a Theory of Banking,”  American Economic Review, March 2006.  (with Raghuram Rajan).

1. Comment on “Bubbles and capital flow volatility: Causes and risk management,” Journal of Monetary Economics, Volume 53, Issue 1, January 2006, Pages 55-57.

1. “Delegated Monitoring and Legal Protection,”  working paper, University of Chicago GSB, June 2005, revised October 2006.

1. “Banks and Liquidity Creation: A Simple Exposition of the Diamond-Dybvig Model,” Economic Quarterly of the Federal Reserve Bank of Richmond, Spring 2007 Vol. 93 No. 2.

1. “Banks, Runs and Liquidity Creation,” working paper, University of Chicago GSB, January 2007, revised August 2007.

1.  “Legal Systems, Bank Finance and Debt Maturity,” working paper, University of Chicago Booth School, November 15, 2007.
2. "The Credit Crisis: Conjectures about Causes and Remedies," American Economic Review, May 2009. (with Raghuram Rajan).
3. "Fear of Fire Sales, Illiquidity Seeking, and Credit Freezes," (With Raghuram Rajan), The Quarterly Journal of Economics, May 2011.
4. "A Theory of Debt Maturity: The Long and Short of Debt Overhang," University of Chicago Booth School, September 2010, revised May 2012. (with Zhiguo He).
5. “Illiquid Banks, Financial Stability, and Interest Rate Policy," University of Chicago Booth School, April 2011, revised May 2012. Forthcoming Journal of Political Economy. (with Raghuram Rajan).