Details about Gary Gorton

Homepage:	http://faculty.som.yale.edu/garygorton/
Postal address:	Yale School of Management 135 Prospect Street P.O. Box 208200 New Haven, CT 06520-8200 United States
Workplace:	School of Management, Yale University, (more information at EDIRC)

Access statistics for papers by Gary Gorton.

Last updated 2012-02-03. Update your information in the RePEc Author Service.

Short-id: pgo458

---

Jump to Journal Articles Books Chapters

Working Papers

2022

1. Leverage and Stablecoin Pegs
   NBER Working Papers, National Bureau of Economic Research, Inc
2. Making Money
   NBER Working Papers, National Bureau of Economic Research, Inc

2021

3. Corporate Culture
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
4. Economic Growth and Bank Innovation
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

2020

5. Adverse Selection Dynamics in Privately-Produced Safe Debt Markets
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (3)
6. Corporate Culture as a Theory of the Firm
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
7. Private Money Production without Banks
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
8. The Macroprudential Role of Stock Markets
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2019

9. 1930: First Modern Crisis
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
10. Social Progress and Corporate Culture
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
11. The Information View of Financial Crises
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
12. The Regulation of Private Money
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

2018

13. Collateral Damage
    NBER Working Papers, National Bureau of Economic Research, Inc
14. The Run on Repo and the Fed's Response
    NBER Working Papers, National Bureau of Economic Research, Inc

2017

15. Bank Health Post-Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)

2016

16. Fighting Crises
    NBER Working Papers, National Bureau of Economic Research, Inc
17. Good Booms, Bad Booms
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (50)
18. How Did Pre-Fed Banking Panics End?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (18)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (11)
19. Mobile Collateral versus Immobile Collateral
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
20. Optimal Monetary Policy in a Collateralized Economy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
21. The History and Economics of Safe Assets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
22. Too-Big-To-Fail Before the Fed
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2016) View citations (9)

2015

23. Facts and Fantasies about Commodity Futures Ten Years Later
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (68)

2014

24. Banks as Secret Keepers
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
25. The Flight from Maturity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)

2013

26. The Development of Opacity in U.S. Banking
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
27. The Federal Reserve and Financial Regulation: The First Hundred Years
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
28. The Supply and Demand for Safe Assets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (53)

2012

29. Collateral Crises
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan (2011) View citations (3)
30. Getting up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (66)
31. Securitization
    NBER Working Papers, National Bureau of Economic Research, Inc
32. Some Reflections on the Recent Financial Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
33. The Safe-Asset Share
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (93)
34. Who Ran on Repo?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)

2010

35. Questions and Answers about the Financial Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (44)

2009

36. Haircuts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    See also Journal Article in Review (2010)
37. Information, Liquidity, and the (Ongoing) Panic of 2007
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (158)
    See also Journal Article in American Economic Review (2009)
38. Securitized Banking and the Run on Repo
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (107)
    See also Chapter (2010)
39. The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2008

40. Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
41. The Panic of 2007
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (299)
    See also Journal Article in Proceedings - Economic Policy Symposium - Jackson Hole (2008)
42. The Subprime Panic
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (68)
    See also Journal Article in European Financial Management (2009)

2007

43. The Fundamentals of Commodity Futures Returns
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (61)

2006

44. Agency-Based Asset Pricing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
45. Asset Prices When Agents are Marked-to-Market
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
46. Eat or be eaten: a theory of mergers and firm size
    Working Paper Series, Federal Reserve Bank of Chicago View citations (1)
    See also Journal Article in Journal of Finance (2009)
47. Noise Traders
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

2005

48. Bank Credit Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
49. Eat or Be Eaten: A Theory of Mergers and Merger Waves
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
50. Special Purpose Vehicles and Securitization
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (59)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2005) View citations (41)
    See also Chapter (2007)

2004

51. Facts and Fantasies about Commodity Futures
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (56)
52. SEC Regulation Fair Disclosure, Information, and the Cost of Capital
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    See also Journal Article in Journal of Corporate Finance (2007)

2003

53. Equilibrium Asset Prices Under Imperfect Corporate Control
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)

2002

54. Bank Panics and the Endogeneity of Central Banking
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (14)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (21)
    See also Journal Article in Journal of Monetary Economics (2006)
55. Banking Panics and the Origin of Central Banking
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
56. Class struggle inside the firm: a study of German codetermination
    Working Papers, Federal Reserve Bank of St. Louis View citations (3)
    Also in Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania (2000) View citations (22)
    NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (25)
57. Financial Intermediation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (50)
    Also in Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania (2002) View citations (49)
    See also Chapter (2003)
58. Liquidity, Efficiency and Bank Bailouts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania (2002) View citations (28)
    See also Journal Article in American Economic Review (2004)
59. The Scarcity of Effective Monitors and Its Implications For Corporate Takeovers and Ownership Structures
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (1)

2001

60. Banking Prices and the Origin of Central Banking
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (1)

2000

61. The Visible Hand, The Invisible Hand and Efficiency
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (1)

1999

62. Blockholder Identity, Equity Ownership Structures and Hostile Takeovers
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (8)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations (9)

1996

63. Executive Compensation and the Optimality of Managerial Entrenchment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (3)
64. The social costs of bank capital
    Proceedings, Federal Reserve Bank of Chicago
65. Universal Banking and the Performance of German Firms
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (64)
    See also Journal Article in Journal of Financial Economics (2000)

1995

66. Bank Capital Regulation in General Equilibrium
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (22)
67. Banks and Derivatives
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (59)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (1995) View citations (59)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (59)
    NBER Working Papers, National Bureau of Economic Research, Inc (1995) View citations (62)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (64)
    See also Chapter (1995)
68. Banks and corporate finance in Germany
    Proceedings, Federal Reserve Bank of Chicago
69. Stock Market Efficiency and Economic Efficiency: Is There a Connection?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1995) View citations (4)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (4)
    See also Journal Article in Journal of Finance (1997)
70. Universal Banking and the Performance of German Firms Federal Reserve Bank of Chicago
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (6)

1994

71. Corporate Control, Portfolio Choice, and the Decline of Banking
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (3)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (1992) View citations (33)
    NBER Working Papers, National Bureau of Economic Research, Inc (1992) View citations (12)
    See also Journal Article in Journal of Finance (1995)
72. Noise Trading, Delegated Portfolio Management, and Economic Welfare
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (7)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (7)
    NBER Working Papers, National Bureau of Economic Research, Inc (1994) View citations (8)
    See also Journal Article in Journal of Political Economy (1997)

1993

73. Arbitrage Chains
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    CEPR Financial Markets Paper, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 33 Great Sutton Street, London EC1V 0DX. (1993)
    See also Journal Article in Journal of Finance (1994)
74. Pricing bank loans
    Proceedings, Federal Reserve Bank of Chicago View citations (1)
75. Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in Journal of Economic Theory (1995)
76. Reputation Formation in Early Bank Debt Markets
    NBER Working Papers, National Bureau of Economic Research, Inc
77. The Design of Bank Loan Contracts, Collateral, and Renegotiation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (30)
    Also in RCER Working Papers, University of Rochester - Center for Economic Research (RCER) (1992)

1992

78. Nonbanks and the future of banking
    Proceedings, Federal Reserve Bank of Chicago
79. The size of the banking industry and managerial entrenchment
    Proceedings, Federal Reserve Bank of Chicago

1991

80. Rational Finite Bubbles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
81. Security Baskets and Index-Linked Securities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (5)
    See also Journal Article in The Journal of Business (1993)
82. Stock Price Manipulation, Market Microstructure and Asymetric Information
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1991) View citations (7)
    See also Journal Article in European Economic Review (1992)
83. The Enforceability of Private Money Contracts, Market Efficiency, and Technological Change
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
84. Trading, Communication and the Response of Price to New Information
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

1990

85. Banks and Loan Sales: Marketing Non-Marketable Assets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article in Journal of Monetary Economics (1995)

1989

86. Public policy and the evolution of banking markets
    Proceedings, Federal Reserve Bank of Chicago
87. SELF-GENERATING TRADE AND RATIONAL FADS: THE RESPONSE OF PRICE TO NEW INFORMATION
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research View citations (2)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (2)

1988

88. The market's evaluation of bank risk: a methodological approach
    Proceedings, Federal Reserve Bank of Chicago

1987

89. The paradox of loan sales
    Proceedings, Federal Reserve Bank of Chicago View citations (4)

1986

90. Banking panics and business cycles
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
    See also Journal Article in Oxford Economic Papers (1988)
91. Banking panics and business cycles: data sources, data construction, and further results
    Working Papers, Federal Reserve Bank of Philadelphia

Undated

92. Are Loan Sales Really Off-Balance Sheet
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (6)
93. Bank Deregulation, Credit Markets and the Control of Capital
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (3)
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (1987)
94. Banks and Loan Sales: Marketing Non-Marketable Assets (Reprint 051)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
95. Churning Bubbles (Reprint 039)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
96. Executive Compensation & the Boundary of the Firm: The Case of Short-Lived Projects
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
97. Incomplete and the Endogeneity of Central Banking
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
98. Loan Sales, Recourse, and Reputation: An Analysis of Secondary Loan Participations
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
99. Market Discipline and the Valuation of Bank Subordinated Debt
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
100. Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing (Reprint 052)
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
     Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
101. Stock Price Manipulation, Market Microstructure and Asymmetric Information (Reprint 024)
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
102. The Design of Bank Loan Contracts, Collateral, and Renegotiation (Revised: 2-96)
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
     Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (5)
103. The Design of Bank Loan Contracts, Collateral, and Renegotiation (Revision of 1-93)
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (5)
     Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
104. The Loan Sales Market
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (9)
105. The Origins of Banking Panics: Models, Facts, and Bank Regulation
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (62)
     See also Chapter (1991)
106. Transaction Contracts
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
107. Welfare Improving Nominal Contracts
     Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
     Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research

Journal Articles

2010

1. E-coli, Repo Madness, and the Financial Crisis
   Business Economics, 2010, 45, (3), 164-173 View citations (1)
2. Haircuts
   Review, 2010, 92, (Nov), 507-520
   See also Working Paper (2009)
3. Regulating the Shadow Banking System
   Brookings Papers on Economic Activity, 2010, 41, (2 (Fall)), 261-312 View citations (195)
4. Security Price Informativeness with Delegated Traders
   American Economic Journal: Microeconomics, 2010, 2, (4), 137-70 View citations (3)

2009

5. Eat or Be Eaten: A Theory of Mergers and Firm Size
   Journal of Finance, 2009, 64, (3), 1291-1344 View citations (70)
   See also Working Paper (2006)
6. Information, Liquidity, and the (Ongoing) Panic of 2007
   American Economic Review, 2009, 99, (2), 567-72 View citations (156)
   See also Working Paper (2009)
7. The Subprime Panic*
   European Financial Management, 2009, 15, (1), 10-46 View citations (81)
   See also Working Paper (2008)

2008

8. Blockholder Scarcity, Takeovers, and Ownership Structures
   Journal of Financial and Quantitative Analysis, 2008, 43, (4), 937-974 View citations (4)
9. The panic of 2007
   Proceedings - Economic Policy Symposium - Jackson Hole, 2008, 131-262 View citations (29)
   See also Working Paper (2008)

2007

10. SEC Regulation Fair Disclosure, information, and the cost of capital
    Journal of Corporate Finance, 2007, 13, (2-3), 300-334 View citations (52)
    See also Working Paper (2004)

2006

11. Bank panics and the endogeneity of central banking
    Journal of Monetary Economics, 2006, 53, (7), 1613-1629 View citations (24)
    See also Working Paper (2002)

2005

12. Equilibrium Investment and Asset Prices under Imperfect Corporate Control
    American Economic Review, 2005, 95, (3), 659-681 View citations (34)

2004

13. Capital, Labor, and The Firm: A Study of German Codetermination
    Journal of the European Economic Association, 2004, 2, (5), 863-905 View citations (78)
14. Liquidity, Efficiency, and Bank Bailouts
    American Economic Review, 2004, 94, (3), 455-483 View citations (98)
    See also Working Paper (2002)

2000

15. The Design of Bank Loan Contracts
    Review of Financial Studies, 2000, 13, (2), 331-64 View citations (84)
16. Universal banking and the performance of German firms
    Journal of Financial Economics, 2000, 58, (1-2), 29-80 View citations (190)
    See also Working Paper (1996)

1999

17. Comment on Private Money Creation and the Suffolk Banking System
    Journal of Money, Credit and Banking, 1999, 31, (3), 663-67 View citations (2)
18. Corporate governance, ownership dispersion and efficiency: Empirical evidence from Austrian cooperative banking
    Journal of Corporate Finance, 1999, 5, (2), 119-140 View citations (35)
19. Pricing free bank notes
    Journal of Monetary Economics, 1999, 44, (1), 33-64 View citations (30)

1998

20. Banking in Transition Economies: Does Efficiency Require Instability?
    Journal of Money, Credit and Banking, 1998, 30, (3), 621-50 View citations (26)
    Also in Proceedings, 1998, (Aug), 621-655 (1998) View citations (26)

1997

21. Noise Trading, Delegated Portfolio Management, and Economic Welfare
    Journal of Political Economy, 1997, 105, (5), 1024-50 View citations (113)
    See also Working Paper (1994)
22. Stock Market Efficiency and Economic Efficiency: Is There a Connection?
    Journal of Finance, 1997, 52, (3), 1087-1129 View citations (215)
    See also Working Paper (1995)

1996

23. Comment on Alternative Models for Clearance and Settlement: The Case of the Single European Capital Market
    Journal of Money, Credit and Banking, 1996, 28, (4), 1001-03
24. Reputation Formation in Early Bank Note Markets
    Journal of Political Economy, 1996, 104, (2), 346-97 View citations (64)

1995

25. Banks and loan sales Marketing nonmarketable assets
    Journal of Monetary Economics, 1995, 35, (3), 389-411 View citations (243)
    See also Working Paper (1990)
26. Corporate Control, Portfolio Choice, and the Decline of Banking
    Journal of Finance, 1995, 50, (5), 1377-1420 View citations (238)
    See also Working Paper (1994)
27. Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing
    Journal of Economic Theory, 1995, 67, (2), 327-369 View citations (20)
    See also Working Paper (1993)

1994

28. Arbitrage Chains
    Journal of Finance, 1994, 49, (3), 819-49 View citations (94)
    See also Working Paper (1993)
29. Bank Regulation When 'Banks' and 'Banking' Are Not the Same
    Oxford Review of Economic Policy, 1994, 10, (4), 106-19 View citations (12)
30. Commercial Bank Liquidity Management, Discretionary Reserve Behavior, and the Allocation of Credit, 1863–1913. By J. M. Carter. New York: Garland Publishing, 1992. Pp. v, 179. $53.00
    The Journal of Economic History, 1994, 54, (1), 225-226

1993

31. Security Baskets and Index-Linked Securities
    The Journal of Business, 1993, 66, (1), 1-27 View citations (93)
    See also Working Paper (1991)
32. Security market returns and the social discount rate: A note on welfare in the overlapping generations model
    Economics Letters, 1993, 43, (1), 23-26 View citations (4)
33. Trading, Communication and the Response of Asset Prices to News
    Economic Journal, 1993, 103, (418), 639-46 View citations (15)

1992

34. Stock price manipulation, market microstructure and asymmetric information
    European Economic Review, 1992, 36, (2-3), 624-630 View citations (80)
    See also Working Paper (1991)
35. The opening of new markets for bank assets
    Proceedings, 1992, 3-38

1991

36. Overcapacity and exit from banking
    Proceedings, 1991, (Nov) View citations (6)

1990

37. Financial Intermediaries and Liquidity Creation
    Journal of Finance, 1990, 45, (1), 49-71 View citations (461)
38. Market Discipline and Bank Subordinated Debt
    Journal of Money, Credit and Banking, 1990, 22, (1), 119-28 View citations (120)

1989

39. Banks and loan sales: evidence of implicit contracts
    Proceedings, 1989

1988

40. Banking Panics and Business Cycles
    Oxford Economic Papers, 1988, 40, (4), 751-81 View citations (429)
    See also Working Paper (1986)

1987

41. Assessing deregulation: Further considerations A reply to David Romer
    Carnegie-Rochester Conference Series on Public Policy, 1987, 26, (1), 345-348
42. Bank deregulation, credit markets, and the control of capital
    Carnegie-Rochester Conference Series on Public Policy, 1987, 26, (1), 289-333 View citations (13)
    See also Working Paper
43. The Joint Production of Confidence: Endogenous Regulation and Nineteenth Century Commercial-Bank Clearinghouses
    Journal of Money, Credit and Banking, 1987, 19, (4), 457-68 View citations (116)

1985

44. Bank suspension of convertibility
    Journal of Monetary Economics, 1985, 15, (2), 177-193 View citations (86)
45. Banking theory and free banking history: A Review Essay
    Journal of Monetary Economics, 1985, 16, (2), 267-276 View citations (7)
46. Clearinghouses and the Origin of Central Banking in the United States
    The Journal of Economic History, 1985, 45, (2), 277-283 View citations (135)

1984

47. Private clearinghouses and the origins of central banking
    Business Review, 1984, (Jan/Feb), 3-12 View citations (7)

1982

48. Forecasting with the Index of Leading Indicators
    Business Review, 1982, (Nov/Dec), 15-27 View citations (2)

Books

2010

1. Slapped by the Invisible Hand: The Panic of 2007
   OUP Catalogue, Oxford University Press View citations (378)

Chapters

2013

1. Liquidity Mismatch Measurement
   A chapter in Risk Topography: Systemic Risk and Macro Modeling, 2013, pp 99-112 View citations (20)

2011

2. Risk Topography
   A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 149-176 View citations (15)

2010

3. Securitized Banking and the Run on Repo
   A chapter in Market Institutions and Financial Market Risk, 2010 View citations (56)
   See also Working Paper (2009)

2007

4. Special Purpose Vehicles and Securitization
   A chapter in The Risks of Financial Institutions, 2007, pp 549-597 View citations (40)
   See also Working Paper (2005)

2003

5. Financial intermediation
   Chapter 08 in Handbook of the Economics of Finance, 2003, vol. 1, Part 1, pp 431-552 View citations (93)
   See also Working Paper (2002)

1995

6. Banks and Derivatives
   A chapter in NBER Macroeconomics Annual 1995, Volume 10, 1995, pp 299-349 View citations (62)
   See also Working Paper (1995)

1991

7. The Origins of Banking Panics: Models, Facts, and Bank Regulation
   A chapter in Financial Markets and Financial Crises, 1991, pp 109-174 View citations (298)
   See also Working Paper