A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...

This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of...

A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data, find significant heterogeneity in the timing and magnitude of the...

Presentation to the Missouri Bankers Association Senior Bank Management Conference, Acapulco, Mexico - Jan. 15, 2001

Presentation at the University of Missouri-Columbia - Nov. 4, 1999

Presentation at the HM Treasury/GES Conference, London, Nov. 30, 2005

Presentation to the Reflections on Monetary Policy: 25 Years After October 1979 a conference held at the Federal Reserve Bank of St. Louis, St. Louis, Mo., Oct. 8, 2004

Presentation at Cato Institute, Washington, D.C., Oct. 14, 2005

Presentation at the University of Washington, Seattle, Oct. 4, 2005

Presentation to the St. Louis Regional Commerce and Growth Association, Leadership Circle - July 15, 1998