Standard sticky information pricing models successfully capture the sluggish movement of aggregate prices in response to monetary policy shocks but fail at matching the magnitude and frequency of price changes at the micro level. This paper shows that in a setting where firms choose when to...

We investigate how bank migration across state lines over the last quarter century has affected the size and covariance of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and Triocole (1997), we conclude that the theoretical effect of...

We develop a new methodology for estimating the importance of herd behavior in financial markets. Specifically, we build a structural model of informational herding that can be estimated with financial transaction data. In the model, rational herding arises because of information-event...

Remarks at the University of Chicago Booth School of Business Annual U.S. Monetary Policy Forum, New York City.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Testimony before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives.> .

Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.

Joint written testimony before the Congressional Oversight Panel, Washington, D.C.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at New York University's Stern School of Business, New York City.