Details about Douglas Gale

E-mail:
Homepage:	http://www.nyu.edu/econ/user/galed/
Phone:	(212) 998-8944
Postal address:	Department of Economics New York University 269 Mercer Street New York NY 10003 USA
Workplace:	Department of Economics, New York University (NYU), (more information at EDIRC)

Access statistics for papers by Douglas Gale.

Last updated 2013-01-03. Update your information in the RePEc Author Service.

Short-id: pga41

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Working Papers

2012

1. Money, Financial Stability and Efficiency
   Economics Working Papers, European University Institute
   Also in Economics Working Papers, European University Institute (2011)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011)

2011

2. Liquidity Hoarding
   FMG Discussion Papers, Financial Markets Group
   Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (4)
   See also Journal Article in Theoretical Economics (2013)

2010

3. Limit theorems for markets with sequential bargaining
   Levine's Working Paper Archive, David K. Levine View citations (23)
   See also Journal Article in Journal of Economic Theory (1987)
4. Rollover Risk and Market Freezes
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (38)
   See also Journal Article in Journal of Finance (2011)

2009

5. Illiquidity and Under-Valuation of Firms
   CESifo Working Paper Series, CESifo Group Munich
   Also in Economics Working Papers, European University Institute (2009)
   Working Papers, Department of Economics, University of Venice "Ca' Foscari" (2008)
   2009 Meeting Papers, Society for Economic Dynamics (2009)
6. Interbank Market Liquidity and Central Bank Intervention
   Economics Working Papers, European University Institute View citations (19)
   See also Journal Article in Journal of Monetary Economics (2009)

2008

7. Estimating Ambiguity Aversion in a Portfolio Choice Experiment
   Levine's Working Paper Archive, David K. Levine View citations (23)
8. Network Architecture, Salience and Coordination
   Levine's Working Paper Archive, David K. Levine View citations (3)
   Also in Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences View citations (3)
   See also Journal Article in Games and Economic Behavior (2011)
9. Sequential equilibrium in monotone games: a theory-based analysis of experimental data
   Open Access publications from University College London, University College London View citations (11)
   Also in Levine's Bibliography, UCLA Department of Economics (2006) View citations (3)
   See also Journal Article in Journal of Economic Theory (2008)

2007

10. Consistency, Heterogeneity, and Granularity of Individual Behavior under Uncertainty
    Economics Working Papers, Institute for Advanced Study, School of Social Science
    Also in Levine's Bibliography, UCLA Department of Economics (2007)
11. Social Learning in Networks: A Quantal Response Equilibrium Analysis of Experimental Data
    Levine's Bibliography, UCLA Department of Economics View citations (1)
    See also Journal Article in Review of Economic Design (2012)
12. Substantive and Procedural Rationality in Decisions under Uncertainty
    Levine's Bibliography, UCLA Department of Economics
13. Trading in Networks: A Normal Form Game Experiment
    Levine's Bibliography, UCLA Department of Economics
    See also Journal Article in American Economic Journal: Microeconomics (2009)

2005

14. Learning in Networks: An Experimental Study
    Levine's Bibliography, UCLA Department of Economics View citations (10)

2003

15. Complexity and Competition, Part I: Sequential Matching
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations (4)
    Also in Levine's Bibliography, UCLA Department of Economics (2003) View citations (4)
16. Financial Fragility, Liquidity and Asset Prices
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (14)
17. Financial Intermediaries and Markets
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (7)
    See also Journal Article in Econometrica (2004)
18. Markov Equilibria in Dynamic Matching and Bargaining Games
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations (3)
    Also in Working Papers, C.V. Starr Center for Applied Economics, New York University (2002)
    See also Journal Article in Games and Economic Behavior (2006)

2002

19. Asset Price Bubbles and Stock Market Interlinkages
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (1)
20. Competitive Insurance Markets with Asymmetric Information: A Cournot-Arrow-Debreu Approach*
    Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim

2001

21. Comparative Financial Systems: A Survey
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (20)
22. Dollarization, Bailouts and the Stability of the Banking System
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in The Quarterly Journal of Economics (2002)

2000

23. Asset Price Bubbles and Monetary Policy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (5)
24. Optimal Currency Crises
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (39)
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (2000)

1999

25. Corporate Governance and Competition
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (24)
26. Diversity of Opinion and Financing of New Technologies
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (58)
    Also in Working Papers, C.V. Starr Center for Applied Economics, New York University (1998)
    See also Journal Article in Journal of Financial Intermediation (1999)
27. Financial Contagion
    Levine's Working Paper Archive, David K. Levine View citations (10)
    Also in Working Papers, C.V. Starr Center for Applied Economics, New York University (1998)
    See also Journal Article in Journal of Political Economy (2000)

1998

28. Bubbles and Crises The Economic Journal
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (5)
29. Financial Contagion Journal of Political Economy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (110)
30. Monotone Games with Positive Spillovers
    Working Papers, C.V. Starr Center for Applied Economics, New York University
    See also Journal Article in Games and Economic Behavior (2001)

1996

31. Experimentation, Imitation, and Stochastic Stability
    Working Papers, Boston University - Industry Studies Programme View citations (1)
    Also in Working Papers, Boston University - Industry Studies Programme (1996) View citations (11)
    See also Journal Article in Journal of Economic Theory (1999)
32. Financial Markets, Intermediaries and Intertemporal Smoothing
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania
    Also in Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania (1995) View citations (23)
    Working Papers, Federal Reserve Bank of Philadelphia (1995) View citations (2)
    See also Journal Article in Journal of Political Economy (1997)

1995

33. Universal Banking, Intertemporal Smoothing and European Financial Integration
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania
34. Universal banking, intertemporal risk smoothing, and European financial integration
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)

1994

35. A Welfare Comparison of the German and U.S. Financial Systems
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (10)
36. A welfare comparison of intermediaries and financial markets in Germany and the U.S
    Working Papers, Federal Reserve Bank of Philadelphia View citations (30)
    See also Journal Article in European Economic Review (1995)
37. Equilibria and Pareto Optima of Markets with Adverse Effects
    Working Papers, Boston University - Industry Studies Programme
38. Equilibria and Pareto Optima of Markets with Adverse Selection
    Working Papers, Boston University - Industry Studies Programme View citations (4)
    See also Journal Article in Economic Theory (1996)

1992

39. Dynamic Coordiantion Games
    Working Papers, Boston University - Department of Economics
    See also Journal Article in Economic Theory (1995)
40. Information Revelation and Strategic Delay in a Model of Investment
    Working Papers, Boston University - Department of Economics View citations (1)
    See also Journal Article in Econometrica (1994)
41. Informational Capacity and Financal Collapse
    Working Papers, Boston University - Industry Studies Programme
    Also in Working Papers, Boston University - Industry Studies Programme (1992) View citations (4)
42. Price and Quality Cycles for Experience Goods
    Working Papers, Boston University - Industry Studies Programme
    See also Journal Article in RAND Journal of Economics (1994)

1991

43. Limited Market Participation and Volatility of Asset Prices
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research View citations (1)
    Also in Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research (1991) View citations (1)
    See also Journal Article in American Economic Review (1994)

1990

44. MEASUREMENT DISTORTION AND MISSING CONTINGENCIES IN OPTIMAL CONTRACTS
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research View citations (2)
    See also Journal Article in Economic Theory (1992)
45. Optimal Risk Sharing Through Renegotiation of Simple Contracts
    Working Papers, Boston University - Industry Studies Programme
    See also Journal Article in Journal of Financial Intermediation (1991)

1984

46. A General-Equilibrium Model of the Transactions Demand for Money
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE View citations (3)
47. Equilibrium in a Market With Sequential Bargaining and No Transaction Costs is Walrasian
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
48. Incentive-Compatible Debt Contracts: The One-Period Problem (Revised version now published in Review of Economic Studies, 1985).)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
    Also in STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE (1983)

1981

49. Capital Market Imperfections in Stock Market Economies
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1980

50. Money, Equilibrium and Efficiency (Now published in Money in Equilibrium, ch. 7, (O.U.P, 1982).)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1976

51. Optimal Financial Crises
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (44)
    See also Journal Article in Journal of Finance (1998)

Undated

52. A Welfare Comparison of the German and U.S. Financial Systems (Reprint 047)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (3)
53. Arbitrage, Short Sales and Financial Innovation
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    See also Journal Article in Econometrica (1991)
54. Financial Markets, Intermediaries, and Intertemporal Smoothing (Revised 14-96)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
55. Financial Markets, Intermediaries, and Intertemporal Smoothing (Revision of 5-95) (Reprint 061)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
56. Incomplete Markets and Incentives to Set Up An Options Exchange
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (2)
57. Innovation in Financial Services, Relationships and Risk Sharing
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (2)
    See also Journal Article in Management Science (1999)
58. Limited Market Participation and Volatility of Asset Prices (Revised: 2-92)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
59. Limited Market Participation and Volatility of Asset Prices (Revision of 14-91) (Reprint 043)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
60. Measurement Distortion and Missing Contingencies in Optimal Contracts (Reprint 018)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
61. Optimal Security Design
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (6)
    See also Journal Article in Review of Financial Studies (1988)
62. Stock Price Manipulation (Reprint 025)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research

Journal Articles

2013

1. Liquidity hoarding
   Theoretical Economics, 2013, 8, (2)
   See also Working Paper (2011)

2012

2. Social learning in networks: a Quantal Response Equilibrium analysis of experimental data
   Review of Economic Design, 2012, 16, (2), 135-157
   See also Working Paper (2007)

2011

3. Bankruptcy, Finance Constraints, and the Value of the Firm
   American Economic Journal: Microeconomics, 2011, 3, (2), 1-37
4. Network architecture, salience and coordination
   Games and Economic Behavior, 2011, 73, (1), 76-90 View citations (4)
   See also Working Paper (2008)
5. Rollover Risk and Market Freezes
   Journal of Finance, 2011, 66, (4), 1177-1209 View citations (9)
   See also Working Paper (2010)

2010

6. The Effects of Bank Capital on Lending: What Do We Know, and What Does It Mean?
   International Journal of Central Banking, 2010, 6, (34), 187-204 View citations (1)

2009

7. Complementarities and Information: An Introduction
   Journal of the European Economic Association, 2009, 7, (1), 1-10
8. Interbank market liquidity and central bank intervention
   Journal of Monetary Economics, 2009, 56, (5), 639-652 View citations (19)
   See also Working Paper (2009)
9. Trading in Networks: A Normal Form Game Experiment
   American Economic Journal: Microeconomics, 2009, 1, (2), 114-32 View citations (2)
   See also Working Paper (2007)

2008

10. Sequential equilibrium in monotone games: A theory-based analysis of experimental data
    Journal of Economic Theory, 2008, 143, (1), 302-330 View citations (9)
    See also Working Paper (2008)

2007

11. Consistency and Heterogeneity of Individual Behavior under Uncertainty
    American Economic Review, 2007, 97, (5), 1921-1938 View citations (31)
12. Financial Networks
    American Economic Review, 2007, 97, (2), 99-103 View citations (6)
13. Revealing Preferences Graphically: An Old Method Gets a New Tool Kit
    American Economic Review, 2007, 97, (2), 153-158 View citations (7)

2006

14. Markov equilibria in dynamic matching and bargaining games
    Games and Economic Behavior, 2006, 54, (2), 336-352 View citations (2)
    See also Working Paper (2003)

2005

15. Are Bank Capital Ratios too High or too Low? Incomplete Markets and Optimal Capital Structure
    Journal of the European Economic Association, 2005, 3, (2-3), 690-700 View citations (2)
16. Complexity and Competition
    Econometrica, 2005, 73, (3), 739-769 View citations (17)
17. From Cash-in-the-Market Pricing to Financial Fragility
    Journal of the European Economic Association, 2005, 3, (2-3), 535-546 View citations (10)

2004

18. Competition and Financial Stability
    Journal of Money, Credit and Banking, 2004, 36, (3), 453-80 View citations (63)
    Also in Proceedings, 2004, 453-486 (2004) View citations (58)
19. Financial Intermediaries and Markets
    Econometrica, 2004, 72, (4), 1023-1061 View citations (73)
    See also Working Paper (2003)

2003

20. Bayesian learning in social networks
    Games and Economic Behavior, 2003, 45, (2), 329-346 View citations (32)

2002

21. Dollarization, Bailouts, And The Stability Of The Banking System
    The Quarterly Journal of Economics, 2002, 117, (2), 467-502 View citations (25)
    Also in Proceedings, 2001, (May), 667-681 (2001) View citations (3)
    See also Working Paper (2001)

2001

22. Experimentation, Imitation, and Stochastic Stability: Addendum
    Journal of Economic Theory, 2001, 97, (1), 164-174 View citations (4)
23. Monotone Games with Positive Spillovers
    Games and Economic Behavior, 2001, 37, (2), 295-320 View citations (12)
    See also Working Paper (1998)
24. symposium articles: Signaling in markets with two-sided adverse selection
    Economic Theory, 2001, 18, (2), 391-414 View citations (1)

2000

25. Bubbles and Crises
    Economic Journal, 2000, 110, (460), 236-55 View citations (102)
26. Financial Contagion
    Journal of Political Economy, 2000, 108, (1), 1-33 View citations (31)
    See also Working Paper (1999)
27. Optimal currency crises
    Carnegie-Rochester Conference Series on Public Policy, 2000, 53, (1), 177-230 View citations (29)
    See also Working Paper (2000)

1999

28. Bubbles, Crises, and Policy
    Oxford Review of Economic Policy, 1999, 15, (3), 9-18 View citations (11)
29. Diversity of Opinion and Financing of New Technologies
    Journal of Financial Intermediation, 1999, 8, (1-2), 68-89 View citations (54)
    See also Working Paper (1999)
30. Experimentation, Imitation, and Stochastic Stability
    Journal of Economic Theory, 1999, 84, (1), 1-40 View citations (12)
    See also Working Paper (1996)
31. Innovations in Financial Services, Relationships, and Risk Sharing
    Management Science, 1999, 45, (9), 1239-1253 View citations (3)
    See also Working Paper

1998

32. Delay and Cycles: Erratum
    Review of Economic Studies, 1998, 65, (2), 357-59
33. Optimal Financial Crises
    Journal of Finance, 1998, 53, (4), 1245-1284 View citations (169)
    See also Working Paper (1976)

1997

34. Financial Markets, Intermediaries, and Intertemporal Smoothing
    Journal of Political Economy, 1997, 105, (3), 523-46 View citations (61)
    See also Working Paper (1996)
35. Spoiled for choice: variety and efficiency in markets with incomplete information
    Research in Economics, 1997, 51, (1), 41-67 View citations (1)

1996

36. Delay and Cycles
    Review of Economic Studies, 1996, 63, (2), 169-98 View citations (35)
37. Equilibria and Pareto Optima of Markets with Adverse Selection
    Economic Theory, 1996, 7, (2), 207-35 View citations (22)
    Also in Economic Theory, 1996, 7, (2), 207-235 (1996) View citations (22)
    See also Working Paper (1994)
38. What have we learned from social learning?
    European Economic Review, 1996, 40, (3-5), 617-628 View citations (68)

1995

39. A welfare comparison of intermediaries and financial markets in Germany and the US
    European Economic Review, 1995, 39, (2), 179-209 View citations (60)
    See also Working Paper (1994)
40. Dynamic Coordination Games
    Economic Theory, 1995, 5, (1), 1-18 View citations (30)
    See also Working Paper (1992)

1994

41. Information Revelation and Strategic Delay in a Model of Investment
    Econometrica, 1994, 62, (5), 1065-85 View citations (133)
    See also Working Paper (1992)
42. Limited Market Participation and Volatility of Asset Prices
    American Economic Review, 1994, 84, (4), 933-55 View citations (120)
    See also Working Paper (1991)
43. Price and Quality Cycles for Experience Goods
    RAND Journal of Economics, 1994, 25, (4), 590-607 View citations (8)
    See also Working Paper (1992)

1992

44. A Walrasian Theory of Markets with Adverse Selection
    Review of Economic Studies, 1992, 59, (2), 229-55 View citations (37)
45. Measurement Distortion and Missing Contingencies in Optimal Contracts
    Economic Theory, 1992, 2, (1), 1-26 View citations (25)
    See also Working Paper (1990)
46. Standard Securities
    Review of Economic Studies, 1992, 59, (4), 731-55 View citations (11)
47. Stock-Price Manipulation
    Review of Financial Studies, 1992, 5, (3), 503-29 View citations (36)

1991

48. Arbitrage, Short Sales, and Financial Innovation
    Econometrica, 1991, 59, (4), 1041-68 View citations (14)
    See also Working Paper
49. Incomplete Mechanisms and Efficient Allocation in Labour Markets
    Review of Economic Studies, 1991, 58, (5), 823-51 View citations (1)
50. Optimal risk sharing through renegotiation of simple contracts
    Journal of Financial Intermediation, 1991, 1, (4), 283-306
    See also Working Paper (1990)

1990

51. Incomplete Markets and Incentives to Set Up an Options Exchange&ast
    The Geneva Risk and Insurance Review, 1990, 15, (1), 17-46 View citations (4)

1989

52. Repudiation and Renegotiation: The Case of Sovereign Debt
    International Economic Review, 1989, 30, (1), 3-31 View citations (18)

1988

53. Optimal Security Design
    Review of Financial Studies, 1988, 1, (3), 229-263 View citations (48)
    See also Working Paper
54. Price Setting and Competition in a Simple Duopoly Model
    The Quarterly Journal of Economics, 1988, 103, (4), 729-39 View citations (4)

1987

55. Limit theorems for markets with sequential bargaining
    Journal of Economic Theory, 1987, 43, (1), 20-54 View citations (82)
    See also Working Paper (2010)

1986

56. Bargaining and Competition Part I: Characterization
    Econometrica, 1986, 54, (4), 785-806 View citations (72)
57. Bargaining and Competition Part II: Existence
    Econometrica, 1986, 54, (4), 807-18 View citations (38)

1985

58. Incentive-Compatible Debt Contracts: The One-Period Problem
    Review of Economic Studies, 1985, 52, (4), 647-63 View citations (291)

1983

59. Competitive Models with Keynesian Features
    Economic Journal, 1983, 93, (369a), 17-33 View citations (1)

1981

60. Improving Coalitions in a Monetary Economy
    Review of Economic Studies, 1981, 48, (3), 365-84
61. Large Economies with Trading Uncertainty: A Correction
    Review of Economic Studies, 1981, 48, (2), 363-64 View citations (6)

1980

62. Money, information and equilibrium in large economies
    Journal of Economic Theory, 1980, 23, (1), 28-65 View citations (3)

1979

63. Large Economies with Trading Uncertainty
    Review of Economic Studies, 1979, 46, (2), 319-38 View citations (7)

1978

64. A Note on Conjectural Equilibria
    Review of Economic Studies, 1978, 45, (1), 33-38 View citations (1)
65. The core of a monetary economy without trust
    Journal of Economic Theory, 1978, 19, (2), 456-491 View citations (20)

Books

2009

1. Understanding Financial Crises
   OUP Catalogue, Oxford University Press

2001

2. Comparing Financial Systems, vol 1
   MIT Press Books, The MIT Press View citations (14)

2000

3. Strategic Foundations of General Equilibrium
   Cambridge Books, Cambridge University Press View citations (4)
   Also in Cambridge Books, Cambridge University Press (2000) View citations (4)

1985

4. Money
   Cambridge Books, Cambridge University Press
5. Money: in Disequilibrium
   Cambridge Books, Cambridge University Press

Edited books

1992

1. Economic Analysis of Markets and Games: Essays in Honor of Frank Hahn, vol 1
   MIT Press Books, The MIT Press View citations (6)

Chapters

2007

1. Systemic Risk and Regulation
   A chapter in The Risks of Financial Institutions, 2007, pp 341-376 View citations (5)