Chronological List of all Research

2024

• "Price Discrimination and Mortgage Choice" (with Jamie Coen and May Rostom), NBER Working Paper 31652, July 2024.
• "Optimal Bank Regulation in the Presence of Credit and Run Risk", (with Dimitrios P. Tsomocos and Alexandros P. Vardoulakis), Journal of Political Economy 132(4), March 2024.
• “Anti-Money Laundering: Opportunities for Improvement” (with Kathryn Judge), Wharton Initiative on Financial Policy and Regulation White Paper, February 2024. 

2023

• “Is There Too Much Benchmarking in Asset Management?” (with Natalia Kovrijnykh, Jane Li, and Anna Pavlova), American Economic Review, April 2023, 113(4), pp. 1112-41.
• “What Happens in Vegas Doesn’t Stay in Vegas” in Edward Robinson, Claudio Borio and Hyun Song Shin, editors. Macro-Financial Stability Policy in a Globalised World: Lessons From International Experience, World Scientific Publishing Co Pte Ltd, 2023, pp. 59-72.
• Monetary Policy When the Central Bank Shapes Financial-Market Sentiment “(with Jeremy C. Stein), Journal of Economic Perspectives, 37(1), Winter 2023, pp. 53-72.

2022

• “Some Benefits and Risks of a Hot Economy” (with Seth B. Carpenter, Ethan S. Harris, Peter Hooper, and Kenneth D. West) prepared for U.S. Monetary Policy Forum, Initiative on Global
  Markets, University of Chicago Booth School of Business, 2022.

2021

• "The Benchmark Inclusion Subsidy” with Natalia Kovrijnykh, Jane Li, and Anna Pavlova, Journal of Financial Economics, 2021, 142(2) November, pp. 756-774.
• "Task Force on Financial Stability", with Glenn Hubbard, Donald Kohn, Laurie Goodman, Kathryn Judge, Ralph Koijen, Blythe Masters, Sandie O'Connor and Kara Stein, June 2021.
  
• "The Great Disconnect: The Decoupling of Wage and Price Inflation in Japan" with Takeo Hoshi, in Takeo Hoshi and Philip Lipscy eds. The Political Economy of the Abe Government and Abenomics Reforms, Cambridge University Press, 2021, pp. 170-199. 

2020

• "My Reflections on the FPC’s Strategy", Journal of Money Credit and Banking, 2020, vol 52(S1) October 2020, pp.63-75.
• "Financial Stability Considerations and Monetary Policy” with Caspar Siegert, International Journal of Central Banking, Special Issue: Federal Reserve System Conference on Monetary Policy - Strategy, Tools, and Communication Practices, 2020, vol 16(1), pp. 231-266. 
• "Monetary Policy in the Next Recession?" with Stephen G. Cecchetti, Michael E. Feroli, Catherine L. Mann, and Kermit Schoenholtz, September 2020, CEPR Discussion Paper 5638-1602077935.

2019

• "Borrower and Lender Resilience" with Guido Lorenzoni, December 2019, available upon request.
• "Some Principles for Regulating Cyber Risk" with Anne Wetherilt, American Economic Association Papers and Proceedings, vol. 109, May 2019, pp.482-87.
• "Would Macroprudential Regulation Have Prevented the Last Crisis?" with David Aikman, Jonathan Bridges, Anil Kashyap and Caspar Siegert, Journal of Economic Perspectives, 33 (1): 107-30, Winter 2019.
• "Best Prices: Price Discrimination and Consumer Substitution" with Judith A. Chevalier, American Economic Journal: Economic Policy, 11 (1): 126-59, 2019.

2018

• "The Tradeoffs in Leaning Against the Wind" with François Gourio and Jae Sim, IMF Economic Review, 2018, 66(1), pp. 70-115.
• "What Binds? Interactions between Bank Capital and Liquidity Regulations" with Stephen G. Cecchetti, in Philipp Hartmann, Haizhou Huang and Dirk Schoenmaker eds. The Changing Fortunes of Central Banking, 2018, Cambridge University Press, pp. 192-202.

2017

• "Which Banks Recover from Large Adverse Shocks?" with Emilia Bonaccorsi di Patti, working paper, August 2017.
• "Banking and the Evolving Objectives of Bank Regulation" with Douglas Diamond and Raghuram Rajan. Journal of Political Economy, 2017, 125(6), pp. 1821-1825  

2016

• "Liquidity requirements, liquidity choice and financial stability" with Douglas W. Diamond, in John Taylor and Harald Uhlig eds, Handbook of Macroeconomics, North-Holland, pp. 2263-2303, 2016.
• "Who Should Pay for Credit Ratings and How?" with Natalia Kovrijnykh. Review of Financial Studies, February 2016, v.29(2), pp. 420-456.

2015

• "Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Post Crisis Experience" with Takeo Hoshi. IMF Economic Review, April 2015, v.63(1), pp. 110-163.

2014

• "Principles for Macroprudential Regulation,"" with Dimitrios Tsomocos and Alexandros Vardoulakis, Banque de France Financial Stability Review, No. 18, April 2014.
• "Market Tantrums and Monetary Policy," with Michael Feroli, Kermit L. Schoenholtz, and Hyun Song Shin, U.S. Monetary Policy Forum Report No.8, Initiative on Global Markets, University of Chicago Booth School of Business, February 2014.
• "Open Questions for Monetary and Financial Stability Policy," remarks on Chairman Ben Bernanke at 2014 ASSA Annual Meetings, 3 January 2014.

2013

• "Comments on 'The Ins and Outs of LASPs?'," forthcoming in the 2013 Federal Reserve Bank of Kansas City Symposium on the Global Dimensions of Unconventional Monetary Policy.
• "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.
• "An Integrated Framework for Multiple Financial Regulations," with Charles Goodhart, Dimitrios Tsomocos, and Alexandros Vardoulakis, International Journal of Central Banking, 2013, vol. 9(S1), pp. 109-143.

2012

• "Best Prices," with Judith A. Chevalier, Initiative on Global Markets Working Paper, revised July 2012.
• "Policy Options for Japan's Revival", with Takeo Hoshi, National Institute for Research Advancement, June 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, 2012, vol. 4(1), pp. 266-282.

2011

• "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, June 2011, vol. 59(2), pp. 145-161.
• "A Macroprudential Approach to Financial Regulation," with Samuel G. Hanson and Jeremy C. Stein, Journal of Economic Perspectives, Winter 2011, vol. 25(1), pp. 3-28.
• "Why Did Japan Stop Growing," with Takeo Hoshi, report commissioned by the National Institute for Research Advancement, January 2011.
• Japan's Bubble, Deflation and Long-term Stagnation, jointly edited with Koichi Hamada and David E. Weinstein, MIT Press, 2011. [Introduction].

2010

• "The 2007-8 Financial Crisis: Lessons from Corporate Finance," with Luigi Zingales, Journal of Financial Economics, 2010, vol. 97(3), pp. 303-305.
• "Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan," with Takeo Hoshi, Journal of Financial Economics, 2010, vol. 97(3), pp. 398-417.
• "An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions," with Samuel G. Hanson and Jeremy C. Stein, May 2010.
• Testimony on "Examining the Link Between Fed Bank Supervision and Monetary Policy," House Financial Services Committee, March 17, 2010.
• "Lessons from the Financial Crisis for Risk Management," Paper Prepared for the Financial Crisis Inquiry Commission February 27, 2010.
• "A New Metric for Banking Integration in Europe," with Reint Gropp, in Europe and the Euro, Alberto Alesina and Francesco Giavazzi eds, University of Chicago Press, 2010.
• Squam Lake Report: Fixing the Financial System, with Kenneth R. French, Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein, and Rene M. Stulz, Princeton University Press, 2010.

2009

• "Is a Less Pro-Cyclical Financial System an Achievable Goal? Lessons for Domestic and Global Financial Regulation" in Lessons and Challenges for Emerging Countries During the Crisis, Banco Central de la Republica Argentina, Argentina, 2009.

2008

• "Rethinking Capital Regulation," with Raghuram Rajan and Jeremy Stein,, in Federal Reserve Bank of Kansas City Symposium on Maintaining Stability in a Changing Financial System, 2008, pp. 431-471, Federal Reserve Bank of Kansas City, Kansas City.
• "Leveraged Losses: Lessons from the Mortgage Market Meltdown," with David Greenlaw, Jan Hatzius, and Hyun Shin, U.S. Monetary Policy Forum Report No. 2 ,Rosenberg Institute, Brandeis International Business School and Initiative on Global Markets, University of Chicago Graduate School of Business, 2008.
• "Zombie Lending and Depressed Restructuring in Japan," with Ricardo Caballero and Takeo Hoshi, American Economic Review, December 2008, vol. 98(5), pp. 1943–77.

2007

• "Investment Spikes: New Facts and a General Equilibrium Exploration," with François Gourio, Journal of Monetary Economics, September 2007, vol. 54S, pp. S1-S22.

2006

• "The Contradiction in China's Gradualist Banking Reforms," with Wendy Dobson, Brookings Papers on Economic Activity, Fall 2006, pp. 103-48.
• "Stability First: Reflections Inspired by Otmar Issing's Mandate as the ECB's Chief Economist" (with Vítor Gaspar), in Monetary Policy: A Journey from Theory to Practice (An ECB Colloquium in Honour of Otmar Issing 16-17 March 2006), European Central Bank, Frankfurt, 2006.

2005

• "Solutions to Japan's Banking Problems: What might work and what definitely will fail," with Takeo Hoshi, in Takatoshi Ito, Hugh Patrick, and David Weinstein eds., Reviving Japan's Economy: Problems and Prescriptions, MIT Press, 2005.

2004

• "Japan's Financial Crisis and Economic Stagnation," with Takeo Hoshi, The Journal of Economic Perspectives, Winter 2004, vol. 18(1), pp. 3-26.
• "Cyclical Implications of the Basel-II Capital Standards," with Jeremy C. Stein, Federal Reserve Bank of Chicago Economic Perspectives, First Quarter 2004, pp. 18-31.

2003

• "The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and the U.S.", with Ignazio Angeloni, Benoît Mojon and Daniele Terlizzese, Journal of Money, Credit and Banking, 2003, 35(6), pp. 1265-1306. (Reprinted in Banking Market Structure and Monetary Policy, published by the Central Bank of Chile.)
• "Why Don't Prices Rise During Periods of Peak Demand? Evidence from Scanner Data," with Judith A. Chevalier and Peter E. Rossi, American Economic Review, 2003, 93(1), pp. 15-37.
• Structural Impediments to Growth in Japan, edited with Magnus Blomström, Jennifer Corbett and Fumio Hayashi, NBER, University of Chicago Press, 2003.
• Monetary Policy Transmission in the Euro-Area, edited with Ignazio Angeloni and Benoît Mojon, Cambridge University Press, 2003.

2002

• "Sorting out Japan's financial crisis", Federal Reserve Bank of Chicago Economic Perspectives, Fourth Quarter 2002, pp. 42-55.
• "Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking," with Raghuram Rajan and Jeremy Stein, Journal of Finance, 2002, LVII(1), pp. 33-74. (2002 Brattle Prize Distinguished Paper.)

2001

• Corporate Financing and Governance in Japan: The Road to the Future, with Takeo Hoshi, MIT Press, 2001.

2000

• "What Do A Million Observations on Banks Have To Say About the Monetary Transmission Mechanism?" with Jeremy Stein, American Economic Review, 2000, 90(3), pp. 407-428.

1999

• "Will a Common European Monetary Policy Have Asymmetric Effects?" with Luigi Guiso, Fabio Panetta, and Daniele Terlizzese, Federal Reserve Bank of Chicago Economic Perspectives, Fourth Quarter 1999, pp. 56-75.
• "What Should Regulators Do About Merger Policy", Journal of Banking and Finance, 23, 1999, pp. 623-627.
• "The Japanese Banking Crisis: Where Did It Come From and How Will It End?" with Takeo Hoshi, in Ben Bernanke and Julio Rotemberg eds. NBER Macroeconomics Annual 1999, 14, pp. 129-201.
• "Government Debt, the Composition of Bank Portfolios, and the Transmission of Monetary Policy: Discussion," in K. A. Chrystal, Government Debt Structure and Monetary Conditions: A Conference Organised by the Bank of England, 18-19 June 1998. Bank of England, 1999, pp. 190-93 .

1998

• "Comment on Angelini, Di Salvo and Ferri", Journal of Banking and Finance, 22 (1998), pp. 955-957.

1997

• "The Lending Channel and the European Monetary Union," in Stefan Colligon, ed., European Monetary Policy, Pinter, 1997, pp. 42-71.
• "The Role of Banks in Monetary Policy: A Survey With Implications for the European Monetary Union," with Jeremy Stein, Federal Reserve Bank of Chicago Economic Perspectives, in September/October 1997, pp. 2-18.
• "Interactions Between The Seasonal and Business Cycles in Production and Inventories," with Stephen Cecchetti and David Wilcox, American Economic Review, 1997, 87(5), pp. 884-892.

1996

• "International Cycles," with Stephen Cecchetti, European Economic Review, 1996, vol. 40(2), pp. 331-360.

1995

• "The Transformation of the U.S. Commercial Banking Industry: What A Long Strange Trip It's Been," with Allen Berger and Joseph Scalise, Brookings Papers on Economic Activity 1995:2, pp. 55-218.
• "Internal Finance and Firm Investment," with R.Glenn Hubbard and Toni M. Whited, Journal of Money, Credit and Banking, 1995, vol. 27(3), pp. 681-701.
• "Sticky Prices: New Evidence from Retail Catalogs," Quarterly Journal of Economics, 1995, vol. 110, pp. 245-274.
• "The Impact of Monetary Policy on Bank Balance Sheets," with Jeremy Stein, Carnegie-Rochester Conference Series on Public Policy, 1995, vol. 42, pp. 151-195.

1994

• Comment on "Inventory (Dis)Investment, Internal Finance Fluctuations and the Business Cycle" by Robert E. Carpenter, Steven M. Fazzari and Bruce C. Petersen, Brookings Papers on Economic Activity, 1994:2, pp. 123-127.
• "Lessons from the Japanese Main Bank System for Financial System Reform in Poland," with Takeo Hoshi and Gary Loveman, in The Japanese Main Bank System: It's Relevancy for Developing and Transforming Economies, Masahiko Aoki and Hugh Patrick, eds., Oxford University Press, 1994, pp. 592-633.
• "Monetary Policy and Bank Lending," with Jeremy Stein, in Monetary Policy, edited by N. Gregory Mankiw, University of Chicago Press, 1994, pp. 221-256.
• Book Review of Japanese Monetary Policy edited by Kenneth J. Singleton, Journal of International Economics, August 1994, vol. 37(1/2), pp. 135-139.
• "Credit Conditions and the Cyclical Behavior of Inventories," with Jeremy Stein and Owen Lamont, Quarterly Journal of Economics, 1994, vol. 109, pp. 565-592.

1993

• "Production Smoothing at the General Motors Corporation During the 1920s and 1930s," with David Wilcox, American Economic Review, 1993, vol. 83(3), pp. 383-401.
• "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance," with Jeremy Stein and David Wilcox, American Economic Review, 1993, vol. 83(1), pp. 78-98.

1992

• "Internal Net Worth and the Investment Process: An Application to U.S. Agriculture," with R. Glenn Hubbard, Journal of Political Economy, 1992, vol. 100, pp. 506-534.

1991

• "Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups," with Takeo Hoshi and David Scharfstein, Quarterly Journal of Economics, 1991, vol. 106, pp. 33-60. (Reprinted in Empirical Corporate Finance edited by Michael J. Brennan for Edward Elgar Publishing Limited, UK, 2000).
• "Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation," with Mark Gertler and R. Glenn Hubbard, in Financial Markets and Financial Crisis, edited by R. Glenn Hubbard, University of Chicago Press, 1991, pp. 11-31.

1990

• "Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships," with Takeo Hoshi and David Scharfstein, in Asymmetric Information, Investment and Capital Markets, edited by R. Glenn Hubbard, University of Chicago Press, 1990, pp. 105-126.
• "Evidence on q and Investment for Japanese Firms," with Takeo Hoshi, Journal of Japanese and International Economies, 1990, vol. 4, pp. 371-400.
• "The Role of Banks in Reducing the Costs of Financial Distress in Japan," with Takeo Hoshi and David Scharfstein, Journal of Financial Economics, 1990, vol. 27, pp. 67-88. (Journal of Financial Economics All Star Paper.)

pre-1990

• "Further Results on Estimating Linear Regression Models with Partial Prior Information," with P.A.V.B. Swamy, J.S. Mehta and R.D. Porter, Economic Modelling, 1988, vol. 5, pp. 49-57.
• "A Weekly Rational Expectations Model of the Non-Borrowed Reserve Operating Procedure," with Marvin Goodfriend, Gary Anderson, George Moore and Richard Porter, Economic Review, Federal Reserve Bank of Richmond, 1986, vol. 72(1), pp. 11-29.
• "Autocorrelation and the Sensitivity of RESET," with Richard Porter, Economics Letters, 1984,vol. 14, pp. 229-233.

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