Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which...

Although oil price shocks have long been viewed as one of the leading candidates for explaining U.S. recessions, surprisingly little is known about the extent to which oil price shocks explain recessions. We provide a formal analysis of this question with special attention to the possible role...

a speech to the 2007 International Monetary Conference, Cape Town, South Africa (via satellite)

a speech before the Independent Community Bankers of America's Annual Convention and Techworld, Honolulu, Hawaii (via satellite)