Banking & Financial Regulations

• "Treasury Market Dysfunction and the Role of the Central Bank" (with Jeremy C. Stein, Jonathan L. Wallen, and Joshua Younger), Brookings Papers on Economic Activity, forthcoming. 
• "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. 
• 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.
• "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.
• "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. 
• "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.
• "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.
• "Banking and the Evolving Objectives of Bank Regulation" with Douglas Diamond and Raghuram Rajan. Journal of Political Economy, 2017, 125(6), pp. 1821-1825  
• "Which Banks Recover from Large Adverse Shocks?" with Emilia Bonaccorsi di Patti, working paper, August 2017.
• "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.
• "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.
• "Principles for Macroprudential Regulation,"" with Dimitrios Tsomocos and Alexandros Vardoulakis, Banque de France Financial Stability Review, No. 18, April 2014.
• "Open Questions for Monetary and Financial Stability Policy," remarks on Chairman Ben Bernanke at 2014 ASSA Annual Meetings, 3 January 2014.
• "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.
• "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.
• "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 (June 2011).
• "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.
• "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.
• "Let's Not Pursue the Volcker Rule" in 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.
• "Where Do We Go From Here?" remarks at the Federal Reserve Bank of Chicago's 12th International Banking Conference, September 25, 2009.
• "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. Click here to read the original draft of report.
• "The Contradiction in China's Gradualist Banking Reforms," with Wendy Dobson, prepared for the Brookings Panel on Economic Activity and as part of the Initiative on Global Financial Markets Working Paper Series, 2007.
• "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. Working Paper version
• "Monetary Transmission in the Euro Area: does the interest rate channel explain all?," with Ignazio Angeloni, Benoît Mojon, and Daniele Terlizzese, a revised version of ECB working paper 114, January 2002.
• "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.)
• Corporate Financing and Governance in Japan: The Road to the Future, with Takeo Hoshi, MIT Press, September 2001.
• "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.
• "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.
• "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.
• "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.
• "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.
• "The Choice between Public Debt and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan," with Takeo Hoshi and David Scharfstein, NBER Working Paper 4421.
• "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.
• "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).
• "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.)
• "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.

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