Research

Transparency and Collateral: Central versus Bilateral Clearing (with Francesca Carapella and Francesco Carli), November 2016

Mortgage Rates and Credit Risk: Evidence from Mortgage Pools (with Celso Brunetti and Jay Im), November 2016

Economic Volatility and Financial Markets: The Case of Mortgage-Backed Securities (with Celso Brunetti), October 2016

Optimal Monetary Policy Under Incomplete Financial Markets when Money is Essential” (with Enrique Kawamura), in progress

The Optimal Inflation Target in an Economy with Limited Enforcement (with Costas Azariadis and James Bullard), Macroeconomic Dynamics, Vol. 20(2), March 2016, 582-600

Costly Monitoring, Dynamic Incentives, and Default (with Francesco Carli), Journal of Economic Theory, Vol. 159, Part A, September 2015, 105-119

Repos, Fire Sales, and Bankruptcy Policy (with Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal), Review of Economic Dynamics, Vol. 18(1), January 2015, 21-31

Interest on Excess Reserves and Cash "Parked" at the Fed” (with Todd Keister), Liberty Street Economics, Federal Reserve Bank of New York, August 2012

Commitment, Banks and Markets (with Suraj Prasad), Journal of Monetary Economics, 55(2), March 2008, 265-277 (Working paper available here)

Banks and Markets in a Monetary Economy (with Enrique Kawamura), Journal of Monetary Economics, 55(2), March 2008, 321-334. (Working paper available here.)

Monetary Policy as Equilibrium Selection (with Costas Azariadis and James Bullard), Federal Reserve Bank of St. Louis Review, 89(4), July/August 2007, 331-342.

Dollarization, Financial Intermediation and Real Activity: The Inflation Threshold (with Claudia Landeo and Maxim Nikitin), Canadian Journal of Economics, 40(2), May 2007, 628-649.

Inflation and Establishment Turnover (with David Kaplan), Eastern Economic Journal, 33(3), Summer 2007, 317-341.

Discount Window Policy, Banking Crises, and Indeterminacy of Equilibrium (with Todd Keister), Macroeconomic Dynamics, 10, 2006, 1-19.

Domestic Financial Market Frictions, Unrestricted International Capital Flows, and Crises in Small Open Economies (with Elisabeth Huybens), Economic Theory, 24, 2004, 811-837. (Working paper available here.)

Dollarization as a Monetary Arrangement for Emerging Market Economies (with Todd Keister), Federal Reserve Bank of St. Louis Review, November/December 2001.

Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort (with Elisabeth Huybens and Todd Keister), Journal of Economic Theory, 99(1-2), 187-219, 2001.

Growth Dynamics and Returns to Scale: Bifurcation Analysis (with Todd Keister and Karl Shell), Journal of Economic Theory, 96, 70-96, 2001.

Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate (with Todd Keister), Centro de Investigación Económica Discussion Paper 00-02, ITAM, September 2000.

Capital Accumulation and Real Exchange Rate Behavior in a Small Open Economy with Credit Market Frictions (with Elisabeth Huybens), Economic Theory, 12, 461-488, 1998.

Options and Sunspots in a Simple Monetary Economy (with Todd Keister), Economic Theory, 11, 295-315, 1998.