in Review of Finance
March 2015; p ublished online April 2014 .
Journal Article. Subjects: Money and Interest Rates; Financial Regulation; Law and Economics; History of Financial Markets and Institutions; Capitalist Systems. 11359 words.
Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of Korea’s 1997–98 crisis suggests an answer: No. Despite...
The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar U.S. Housing Credit Policy
in The Quarterly Journal of Economics
August 2018; p ublished online January 2018 .
Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; History of Financial Markets and Institutions; Housing Markets, Production Analysis, and Business Location; Financial Regulation. 19722 words.
We document the portfolio activity of federal housing agencies and provide evidence on its impact on mortgage markets and the economy. Through a...
in Cambridge Journal of Economics
July 2009; p ublished online July 2009 .
Journal Article. Subjects: International Economics; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economic Development; International Relations and International Political Economy; Economic Growth and Aggregate Productivity; International Finance; History of Financial Markets and Institutions; Financial Institutions and Services; Corporate Governance. 19819 words.
Starting from the perspective of heterodox Keynesian–Minskyian–Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current...
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