Research

Publications

Herding and Bank Runs, Journal of Economic Theory 146 (2011), 163-188. working paper version

Production, Hidden Action, and the Payment System, with Mark Guzman and Joe Haslag, Journal of Monetary Economics 58 (2011), 172-182. working paper version

Noisy Sunspots and Bank Runs, Macroeconomic Dynamics 15 (2011), 398-418. working paper version 

Withdrawal History, Private Information, and Bank Runs, with Carlos Garriga, Federal Reserve Bank of St. Louis Review, July/August (2012).

Endogenous Credit Cycles, with Fabrizio Mattesini, Cyril Monnet and Randall Wright, Journal of Political Economy 121 (2013), 636-662.

Banking: A New Monetarist Approach, with Fabrizio Mattesini, Cyril Monnet and Randall Wright, Review of Economic Studies 80 (2013), 636-662.

Unconventional Optimal Open Market Purchases, with Joe Haslag, Review of Economic Dynamics 17 (2014), 543-558.  working paper version

Money and Credit Redux, with Fabrizio Mattesini and Randall Wright, Econometrica 84 (2016), 1-32. working paper version

Monetary Mechanisms, with Randall Wright, Journal of Economic Theory 163 (2016), 644-657. working paper version

The Effects of Monetary Policy Announcements, with Han Han and Randall Wright, Oxford Research Encyclopedia of Economics and Finance (2019).

New Monetarist Economics, with Han Han and Randall Wright, Oxford Research Encyclopedia of Economics and Finance (2019).

The Effects of News When Liquidity Matters, with Han Han and Randall Wright, International Economic Review 61 (2020), 1411-1435.

Diamond-Dybvig and Beyond: on the Instability of Banking, with Cyril Monnet, Ed Nosal and Randall Wright, European Economic Review (2023), 104414, working paper version.

Endogenous Cycles in a Competitive Search Credit Market. Economics Letters (2023), 111225.


Market Freezes, with Guido Menzio, Randall Wright and Yu Zhu, Journal of Money, Credit and Banking, forthcoming.


Working Papers

Credit Condition, Inflation and Unemployment, with Janet Hua Jiang and Liang Wang.


Optimal Intermediary Contracts, with Nabi Arjmandi and Joseph Haslag.


Intermediated Asset Market Dynamics: A Search-Theoretic Approach, with Lu Wang and Randall Wright.


Some New Monetarist Arithmetic, with Randall Wright