Remarks to the Austin Mortgage Bankers Association, Austin, Texas, April 4, 2007 ; "The elimination of risk can never be the goal of any type of policymaker in a capitalist system. Risk becomes a problem only when it is excessive or when it is abused--a proposition that is especially true in...

Remarks at the Institute of International Bankers Annual Washington Conference, Washington, D.C., March 7, 2011 ; "I argued against the $600 billion extension [buying U.S. Treasuries] the voters on the FOMC approved last November. And I remain doubtful enough as to its efficacy that if at any...

We explore the impact of vertical specialization—trade in goods across multiple stages of production—on the relationship between trade and international business cycle synchronization. We develop a model in which the degree of vertical specialization is endogenously determined by comparative...

Key macroeconomic variables such as GDP and investment typically display a V-shaped pattern during major emerging market crises. A notable exception to that pattern is intermediated credit, which follows an L-shaped trajectory instead: it declines at first in lockstep with economic activity, but...

In discussions of the likely implications for Europe of EMU, the United States is often cited as an example of a monetary union, while the United States' central bank, the Federal Reserve System, is cited as a model for how a central bank would function in a monetary union. While the costs and...