“The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s” with Rodney Ramcharan, forthcoming, American Economic Review.

Bank Bailouts and Aggregate Liquidity, (with Douglas W. Diamond), American Economic Review, May 2002, 92(2), pp. 38-41

Banks and Liquidity (with Douglas Diamond), American Economic Review, May 2001, 91(2), pp. 422-425

Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking (with Anil Kashyap and Jeremy Stein), Journal of Finance, February 2002, 57(1), pp. 33-73

Banks, Short Term Debt, and Financial Crises: Theory, Policy Implications, and Applications (with Douglas Diamond), Carnegie-Rochester Conference Series on Public Policy, May 2000

Constituencies and Legislation: The Fight over the McFadden Act of 1927 (with Rodney Ramcharan), Management Science , forthcoming

Covenants and Collateral as Incentives to Monitor (with Andrew Winton), Journal of Finance, September 1995, 50(4), pp. 1113-1146

The Credit Crisis: Conjectures about Causes and Remedies (with Douglas Diamond), February 2009

The Credit Crisis and Cycle-Proof Regulation, Federal Reserve Bank of Saint Louis Review, September/October 2009, 91(5), pp. 397-402

Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks (with Allen Berger, Nathan Miller, Mitchell Petersen, and Jeremy Stein), Journal of Financial Economics, February 2005, 76(2), pp. 237-269

Dollar Shortages and Crisis (with Ioannis Tokatlidis), International Journal of Central Banking, March 2005, 1(2), pp. 177-220

Essays on Banking, Ph.D Dissertation, Massachussets Institute of Technology, 1991

Fear of Fire Sales, Illiquidity Seeking, and the Credit Freeze (with Douglas Diamond), Quarterly Journal of Economics, May 2011, 126(2), pp. 557-591

Local Financial Capacity and Asset Values: Evidence from Bank Failures (with Rodney Ramcharan), Journal of Financial Economics , forthcoming

The Global Roots of the Current Financial Crisis and its Implications for Regulation (with Anil Kashyap and Jeremy Stein), December 2008

Illiquid Banks, Financial Stability, and Interest Rate Policy (with Douglas Diamond), Journal of Political Economy, Volume: 120 Issue: 3 Pages: 552-591, JUN 2012 [B]

Insiders and Outsiders: The Choice between Informed and Arm's-length debtJournal of Finance, September 1992, 47(4), pp. 1367-1400

Land and Credit:  A Study of the Political Economy of Banking in the United States in the Early 20th Century (with Rodney Ramcharan), Journal of Finance, December 2011, 66(6), pp. 1895-1931, DOI: 10.1111/j.1540-6261.2011.01694.x

Liquidity Risk, Liquidity Creation and Financial Fragility: A theory of banking  (with Douglas Diamond), Journal of Political Economy, February 2001, 109(2), pp. 287-327

Liquidity Shortages and Banking Crises (with Douglas Diamond), Journal of Finance, April 2005, 60(2), pp. 615-647

Money in a Theory of Banking (with Douglas Diamond), American Economic Review, March 2006, 96(1), pp. 30-53

The Paradox of Liquidity (with Stewart Myers), Quarterly Journal of Economics, August 1998, 113(3), pp. 733-771

The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens, Journal of Money, Credit, and Banking, August 1998, 30(3), pp. 524-550


Pledgeability, Industry Liquidity, and Financing Cycles (with Douglas Diamond and Yunzhi Hu)


The Real Effects of Banking Crises (with Giovanni Dell’Ariccia, Enrica Detragiache), Journal of Financial Intermediation, October 2008, 17(4), pp. 89-112

Rethinking Capital Regulation (with Anil Kashyap and Jeremy Stein), August 2008

A Theory of Bank Capital (with Douglas Diamond), Jouranl of Finance, January 2000, 55(6), pp. 2431-2465

Why Bank Credit Policies Fluctuate: A Theory and Some EvidenceQuarterly Journal of Economics, May 1994, 109(2), pp. 399-442

Why Banks Have a Future: Toward a New Theory of Commercial Banking, Journal of Applied Corporate Finance, July 1996, 9(2), pp. 114-128



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