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Journal Article
Opinion: On economic history and humility
Journal Article
Borrowing by U.S. households
Journal Article
Opinion : Risky business
Journal Article
Interest on reserves and daylight credit
Journal Article
Opinion : More theory, please
We can question whether the economics profession adequately rewards speaking to the public but that public communication will be most valuable if it reflects recent advances in economic theory and quantitative analysis.
Journal Article
Firm size, finance, and investment
Journal Article
Opinion: A focused approach to financial literacy
Financial education could have substantial implications for individuals? well-being, even if the overall effects on the macroeconomy are not large.
Working Paper
The adverse selection approach to financial intermediation: some characteristics of the equilibrium financial structure
This paper examines an adverse selection economy in which efficient resource allocation is supported by intermediary contracts (coalitions). Agents differ along an ex ante publicly observable dimension, so that the equilibrium arrangement yields a diverse set of financial arrangements among borrowers, lenders and intermediaries. Loans made by intermediaries would appear to be mispriced relative to a naive benchmark that ignores the (unobservable) adverse selection aspects of the environment. The model also yields an equilibrium mix of intermediated and direct finance which is broadly ...