Details about Charles Milton Kahn

Homepage:	http://kahnfrance.com/cmk/
Workplace:	Department of Finance, College of Business, University of Illinois at Urbana-Champaign, (more information at EDIRC) Bank of Canada, (more information at EDIRC) Research Division, Federal Reserve Bank of St. Louis, (more information at EDIRC)

Access statistics for papers by Charles Milton Kahn.

Last updated 2023-09-08. Update your information in the RePEc Author Service.

Short-id: pka119

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Working Papers

2024

1. Insurance, Weather, and Financial Stability
   Staff Reports, Federal Reserve Bank of New York
   Also in Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) (2024)

2023

2. Literature Review and Framework for Institutional Investor Mobilization
   World Bank Publications - Reports, The World Bank Group

2022

3. Digital Money and Central Bank Operations
   IMF Working Papers, International Monetary Fund View citations (9)
4. Grasping De(centralized) Fi(nance) Through the Lens of Economic Theory
   Staff Working Papers, Bank of Canada View citations (1)
   Also in Working Paper, Economics Department, Queen's University (2022) View citations (1)
   See also Journal Article Grasping decentralized finance through the lens of economic theory, Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons (2022) View citations (2) (2022)
5. The Demand for Programmable Payments
   Tinbergen Institute Discussion Papers, Tinbergen Institute View citations (3)
6. Why “Paying in Rubles” May Prove Irrelevant
   On the Economy, Federal Reserve Bank of St. Louis

2021

7. Best Before? Expiring Central Bank Digital Currency and Loss Recovery
   Staff Working Papers, Bank of Canada View citations (6)
8. Eggs in One Basket: Security and Convenience of Digital Currencies
   Staff Working Papers, Bank of Canada View citations (7)
   Also in Working Papers, Federal Reserve Bank of St. Louis (2020) View citations (6)

2020

9. Liquidity provision during a pandemic
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (16)
   See also Journal Article Liquidity provision during a pandemic, Journal of Banking & Finance, Elsevier (2021) View citations (15) (2021)
10. Privacy Provision, Payment Latency, and Role of Collateral
    IMF Working Papers, International Monetary Fund View citations (1)
11. Security and convenience of a central bank digital currency
    Staff Analytical Notes, Bank of Canada View citations (2)
12. Tokens vs. Accounts: Why the Distinction Still Matters
    On the Economy, Federal Reserve Bank of St. Louis

2019

13. Should the central bank issue e-money?
    Working Papers, Federal Reserve Bank of St. Louis View citations (12)
    Also in Staff Working Papers, Bank of Canada (2018) View citations (31)
    See also Journal Article Should the central bank issue e-money?, Journal of Financial Market Infrastructures, Journal of Financial Market Infrastructures
14. The Threat of Intervention
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)

2017

15. Sources of Liquidity and Liquidity Shortages
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    See also Journal Article Sources of Liquidity and Liquidity Shortages, Journal of Financial Intermediation, Elsevier (2021) View citations (2) (2021)

2016

16. Are there social spillovers in consumers’ security assessments of payment instruments?
    Working Papers, Federal Reserve Bank of Boston View citations (1)
    See also Journal Article Are there Social Spillovers in Consumers’ Security Assessments of Payment Instruments?, Journal of Financial Services Research, Springer (2017) View citations (10) (2017)
17. Choice of Collateral Asset and the Cross-Border Effect of Automatic Stays
    IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan

2012

18. Repos, fire sales, and bankruptcy policy
    Working Paper Series, Federal Reserve Bank of Chicago View citations (9)
    See also Journal Article Repos, Fire Sales, and Bankruptcy Policy, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2015) View citations (18) (2015)

2011

19. Systemic Risk and Optimal Regulatory Architecture
    IMF Working Papers, International Monetary Fund View citations (2)

2009

20. Collateral Policy in a World of Round-the-Clock Payment
    Working Papers, University of Illinois at Urbana-Champaign, College of Business View citations (5)

2006

21. Credit and Identity Theft
    2006 Meeting Papers, Society for Economic Dynamics
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2005) View citations (10)
    See also Journal Article Credit and identity theft, Journal of Monetary Economics, Elsevier (2008) View citations (25) (2008)

2004

22. Money is privacy
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (3)
    See also Journal Article MONEY IS PRIVACY, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2005) View citations (30) (2005)
23. Payments Settlement under Limited Enforcement: Private versus Public Systems
    Econometric Society 2004 North American Winter Meetings, Econometric Society View citations (2)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2002) View citations (5)

2002

24. Moral hazard and optimal subsidiary structure for financial institutions
    Proceedings, Federal Reserve Bank of Chicago View citations (3)

2001

25. A Theory of Transactions Privacy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (1)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2000) View citations (9)
26. Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision
    BIS Working Papers, Bank for International Settlements View citations (25)
    Also in Proceedings, Federal Reserve Bank of Chicago (2001) View citations (6)
    See also Journal Article Allocating bank regulatory powers: Lender of last resort, deposit insurance and supervision, European Economic Review, Elsevier (2005) View citations (88) (2005)
27. Bank Consolidation and Consumer Loan Interest Rates
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (4)
    Also in Proceedings, Federal Reserve Bank of Chicago (2000) View citations (7)

2000

28. The CLS Bank: a solution to the risks of international payments settlement?
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (3)
    See also Journal Article The CLS bank: a solution to the risks of international payments settlement?, Carnegie-Rochester Conference Series on Public Policy, Elsevier (2001) View citations (20) (2001)

1999

29. Real-time gross settlement and the costs of immediacy
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (3)
    See also Journal Article Real-time gross settlement and the costs of immediacy, Journal of Monetary Economics, Elsevier (2001) View citations (40) (2001)
30. Settlement risk under gross and net settlement
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (9)
    Also in Staff Reports, Federal Reserve Bank of New York (1999) View citations (9)
    See also Journal Article Settlement Risk under Gross and Net Settlement, Journal of Money, Credit and Banking, Blackwell Publishing (2003) View citations (43) (2003)

1998

31. Demandable debt as a means of payment: banknotes versus checks
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta
    See also Journal Article Demandable Debts as a Means of Payment: Banknotes versus Checks, Journal of Money, Credit and Banking, Blackwell Publishing (1999) View citations (7) (1999)
32. On the role of bank coalitions in the provision of liquidity
    Proceedings, Federal Reserve Bank of Chicago View citations (2)

1997

33. Payment system settlement and bank incentives
    Proceedings, Federal Reserve Bank of Chicago View citations (1)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (1996) View citations (12)
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (2)
    See also Journal Article Payment System Settlement and Bank Incentives, The Review of Financial Studies, Society for Financial Studies (1998) View citations (57) (1998)

1996

34. Bank deposit rate clustering: theory and empirical evidence
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)
    See also Journal Article Bank Deposit Rate Clustering: Theory and Empirical Evidence, Journal of Finance, American Finance Association (1999) View citations (65) (1999)
35. Competition and Incentives with Non-Exclusive Contracts
    Working Papers, Boston University - Industry Studies Programme
    Also in Working Papers, Boston University - Industry Studies Programme (1996) View citations (3)
    See also Journal Article Competition and Incentives with Nonexclusive Contracts, RAND Journal of Economics, The RAND Corporation (1998) View citations (80) (1998)
36. The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (65)
    See also Journal Article The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System, Journal of Money, Credit and Banking, Blackwell Publishing (1996) View citations (58) (1996)

1995

37. On the efficiency of cash settlement
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (2)

1993

38. Project choice, moral hazard, and optimal subsidiary structure for intermediaries
    Proceedings, Federal Reserve Bank of Chicago View citations (1)
39. Universal Coalition-Proof Equilibrium: Concepts and Applications
    Working Papers, Bell Communications - Economic Research Group View citations (2)

1991

40. Coalition Proof Equilibrium in an Advese Selection Insurance Economy
    University of Chicago - Economics Research Center, Chicago - Economics Research Center View citations (2)
    See also Journal Article Coalition Proof Equilibrium in an Adverse Selection Insurance Economy, Journal of Economic Theory, Elsevier (1995) View citations (14) (1995)
41. Efficiency of Market Under Moral hazard with Side-Trading
    University of Chicago - Economics Research Center, Chicago - Economics Research Center
42. Optimal contingent bank liquidation under moral hazard
    Working Paper Series, Issues in Financial Regulation, Federal Reserve Bank of Chicago View citations (4)

1990

43. NON-EXISTENCE AND INEFFICIENCY OF EQUILIBRIA WITH AMERICA OPTIONS AND CONVERTIBLE BONDS
    University of Chicago - Economics Research Center, Chicago - Economics Research Center
44. Protecting the Wnner: Second-price Versus Oral Auctions
    University of Chicago - Economics Research Center, Chicago - Economics Research Center View citations (1)
    See also Journal Article Protecting the winner: Second-price versus oral auctions, Economics Letters, Elsevier (1991) View citations (17) (1991)
45. THE GOOD THE BAD, AND THE UGLY: COALITION PROOF EQUILIBRIUM IN GANES WITH INFINITE STRASTEGIY SPACES
    University of Chicago - Economics Research Center, Chicago - Economics Research Center View citations (2)

1983

46. Wage-Employment Contracts
    Scholarly Articles, Harvard University Department of Economics View citations (27)

1981

47. Wage-Employment Contracts: Global Results
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

Journal Articles

2023

1. The Fed and Its Shadow: A Historical View
   Policy Hub, 2023, 2023, (6), 32

2022

2. Grasping decentralized finance through the lens of economic theory
   Canadian Journal of Economics/Revue canadienne d'économique, 2022, 55, (4), 1702-1728 View citations (2)
   See also Working Paper Grasping De(centralized) Fi(nance) Through the Lens of Economic Theory, Staff Working Papers (2022) View citations (1) (2022)
3. Should the United States Issue a Central Bank Digital Currency? Lessons from Abroad
   Policy Hub, 2022, 2022, (8)

2021

4. Liquidity provision during a pandemic
   Journal of Banking & Finance, 2021, 133, (C) View citations (15)
   See also Working Paper Liquidity provision during a pandemic, CEPR Discussion Papers (2020) View citations (16) (2020)
5. Sources of Liquidity and Liquidity Shortages
   Journal of Financial Intermediation, 2021, 46, (C) View citations (2)
   See also Working Paper Sources of Liquidity and Liquidity Shortages, CEPR Discussion Papers (2017) View citations (2) (2017)

2020

6. Illiquidity as a signal
   Journal of Financial Stability, 2020, 50, (C)
7. Standing Repo Facilities, Then and Now
   Policy Hub, 2020, 2020, (1), 27

2019

8. Collateral, rehypothecation, and efficiency
   Journal of Financial Intermediation, 2019, 39, (C), 34-46 View citations (9)

2018

9. Payment Systems and Privacy
   Review, 2018, 100, (4) View citations (4)

2017

10. Are there Social Spillovers in Consumers’ Security Assessments of Payment Instruments?
    Journal of Financial Services Research, 2017, 52, (1), 5-34 View citations (10)
    See also Working Paper Are there social spillovers in consumers’ security assessments of payment instruments?, Working Papers (2016) View citations (1) (2016)

2016

11. Law as a constraint on bailouts: Emergency support for central counterparties
    Journal of Financial Intermediation, 2016, 28, (C), 22-31 View citations (14)

2015

12. Repos, Fire Sales, and Bankruptcy Policy
    Review of Economic Dynamics, 2015, 18, (1), 21-31 View citations (18)
    See also Working Paper Repos, fire sales, and bankruptcy policy, Working Paper Series (2012) View citations (9) (2012)

2013

13. Private payment systems, collateral, and interest rates
    Annals of Finance, 2013, 9, (1), 83-114 View citations (7)

2011

14. Discussion of “Precautionary Demand and Liquidity in Payment Systems”
    Journal of Money, Credit and Banking, 2011, 43, 621-623
15. Discussion of “Precautionary Demand and Liquidity in Payment Systems”
    Journal of Money, Credit and Banking, 2011, 43, (s2), 621-623

2009

16. Payments Settlement: Tiering in Private and Public Systems
    Journal of Money, Credit and Banking, 2009, 41, (5), 855-884 View citations (7)
    Also in Journal of Money, Credit and Banking, 2009, 41, (5), 855-884 (2009) View citations (23)
17. Why pay? An introduction to payments economics
    Journal of Financial Intermediation, 2009, 18, (1), 1-23 View citations (84)

2008

18. Credit and identity theft
    Journal of Monetary Economics, 2008, 55, (2), 251-264 View citations (25)
    Also in Conference Series ; [Proceedings], 2005 (2005) View citations (12)
    See also Working Paper Credit and Identity Theft, 2006 Meeting Papers (2006) (2006)

2007

19. Crime and Punishment and Corruption: Who Needs “Untouchables?”
    Journal of Public Economic Theory, 2007, 9, (1), 69-87 View citations (17)
20. Transferability, finality, and debt settlement
    Journal of Monetary Economics, 2007, 54, (4), 955-978 View citations (15)

2006

21. Who Should Act as Lender of Last Resort? An Incomplete Contracts Model: A Comment
    Journal of Money, Credit and Banking, 2006, 38, (4), 1111-1118 View citations (17)

2005

22. Allocating bank regulatory powers: Lender of last resort, deposit insurance and supervision
    European Economic Review, 2005, 49, (8), 2107-2136 View citations (88)
    See also Working Paper Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision, BIS Working Papers (2001) View citations (25) (2001)
23. Bank Consolidation and the Dynamics of Consumer Loan Interest Rates
    The Journal of Business, 2005, 78, (1), 99-134 View citations (37)
24. Low-Revenue Equilibria in Simultaneous Ascending-Bid Auctions
    Management Science, 2005, 51, (3), 508-518 View citations (24)
25. MONEY IS PRIVACY
    International Economic Review, 2005, 46, (2), 377-399 View citations (30)
    See also Working Paper Money is privacy, FRB Atlanta Working Paper (2004) View citations (3) (2004)

2004

26. Comment on "Competition and Financial Stability" by Franklin Allen and Douglas Gale
    Journal of Money, Credit and Banking, 2004, 36, (3), 481-86

2003

27. Settlement Risk under Gross and Net Settlement
    Journal of Money, Credit and Banking, 2003, 35, (4), 591-608 View citations (43)
    See also Working Paper Settlement risk under gross and net settlement, FRB Atlanta Working Paper (1999) View citations (9) (1999)

2002

28. Multiunit Auctions in Which Almost Every Bid Wins
    Southern Economic Journal, 2002, 68, (3), 617-631 View citations (1)
29. The economics of payment finality
    Economic Review, 2002, 87, (Q2), 1-12 View citations (5)

2001

30. Performance-Based Wages in Tax Collection: The Brazilian Tax Collection Reform and Its Effects
    Economic Journal, 2001, 111, (468), 188-205 View citations (32)
31. Real-time gross settlement and the costs of immediacy
    Journal of Monetary Economics, 2001, 47, (2), 299-319 View citations (40)
    See also Working Paper Real-time gross settlement and the costs of immediacy, FRB Atlanta Working Paper (1999) View citations (3) (1999)
32. The CLS bank: a solution to the risks of international payments settlement?
    Carnegie-Rochester Conference Series on Public Policy, 2001, 54, (1), 191-226 View citations (20)
    See also Working Paper The CLS Bank: a solution to the risks of international payments settlement?, FRB Atlanta Working Paper (2000) View citations (3) (2000)
33. The Economic Functions of Referrals and Referral Fees
    The Journal of Real Estate Finance and Economics, 2001, 23, (3), 267-96 View citations (1)

1999

34. Bank Deposit Rate Clustering: Theory and Empirical Evidence
    Journal of Finance, 1999, 54, (6), 2185-2214 View citations (65)
    See also Working Paper Bank deposit rate clustering: theory and empirical evidence, Working Papers (Old Series) (1996) View citations (4) (1996)
35. Calibration of a model of declining prices in cattle auctions
    The Quarterly Review of Economics and Finance, 1999, 39, (1), 113-128 View citations (9)
36. Demandable Debts as a Means of Payment: Banknotes versus Checks
    Journal of Money, Credit and Banking, 1999, 31, (3), 500-525 View citations (7)
    Also in Proceedings, 1999, 500-530 (1999)
    See also Working Paper Demandable debt as a means of payment: banknotes versus checks, FRB Atlanta Working Paper (1998) (1998)
37. Strategic transmission of information and short-term commitment
    Economic Theory, 1999, 14, (1), 131-153 View citations (2)
38. The design of wholesale payments networks: the importance of incentives
    Economic Review, 1999, 84, (Q3), 30-39 View citations (6)

1998

39. Competition and Incentives with Nonexclusive Contracts
    RAND Journal of Economics, 1998, 29, (3), 443-465 View citations (80)
    See also Working Paper Competition and Incentives with Non-Exclusive Contracts, Working Papers (1996) (1996)
40. Multi-Unit Pay-Your-Bid Auctions with Variable Awards
    Games and Economic Behavior, 1998, 23, (1), 25-42 View citations (27)
41. Multi-unit auctions with uniform prices
    Economic Theory, 1998, 12, (2), 227-258 View citations (111)
42. Payment System Settlement and Bank Incentives
    The Review of Financial Studies, 1998, 11, (4), 845-70 View citations (57)
    See also Working Paper Payment system settlement and bank incentives, Proceedings (1997) View citations (1) (1997)

1996

43. The Efficiency of Self-Regulated Payments Systems: Learning from the Suffolk System
    Journal of Money, Credit and Banking, 1996, 28, (4), 766-97 View citations (58)
    Also in Proceedings, 1996, 766-803 (1996) View citations (66)
    See also Working Paper The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System, NBER Working Papers (1996) View citations (65) (1996)

1995

44. Coalition Proof Equilibrium in an Adverse Selection Insurance Economy
    Journal of Economic Theory, 1995, 66, (1), 113-138 View citations (14)
    See also Working Paper Coalition Proof Equilibrium in an Advese Selection Insurance Economy, University of Chicago - Economics Research Center (1991) View citations (2) (1991)
45. Market failure with moral hazard and side trading
    Journal of Public Economics, 1995, 58, (2), 159-184 View citations (14)

1994

46. Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor
    Journal of Money, Credit and Banking, 1994, 26, (3), 634-74 View citations (39)
    Also in Proceedings, 1994, 634-678 (1994) View citations (38)
47. The Economic Role of Foreclosures
    The Journal of Real Estate Finance and Economics, 1994, 8, (1), 35-51 View citations (10)

1993

48. An equilibrium model of quits under optimal contracting
    European Economic Review, 1993, 37, (6), 1203-1222
49. Exclusion and moral hazard: The case of identical demand
    Journal of Public Economics, 1993, 52, (2), 217-235 View citations (15)
50. Existence and Characterization of Optimal Employment Contracts on a Continuous State Space
    Journal of Economic Theory, 1993, 59, (1), 122-144 View citations (6)
51. Introducing work rules into models of wage-employment contracts
    The Quarterly Review of Economics and Finance, 1993, 33, (3), 217-231 View citations (2)
52. Non-existence and Inefficiency of Equilibria with American Options
    Economic Theory, 1993, 3, (1), 169-76 View citations (3)

1992

53. The good, the bad, and the ugly: Coalition proof equilibrium in infinite games
    Games and Economic Behavior, 1992, 4, (1), 101-121 View citations (10)

1991

54. Protecting the winner: Second-price versus oral auctions
    Economics Letters, 1991, 35, (3), 243-248 View citations (17)
    See also Working Paper Protecting the Wnner: Second-price Versus Oral Auctions, University of Chicago - Economics Research Center (1990) View citations (1) (1990)
55. The Role of Demandable Debt in Structuring Optimal Banking Arrangements
    American Economic Review, 1991, 81, (3), 497-513 View citations (936)

1988

56. A Competitive Efficiency Wage Model with Keynesian Features
    The Quarterly Journal of Economics, 1988, 103, (4), 609-645 View citations (8)
57. Limited Contract Enforcement and Strategic Renegotiation
    American Economic Review, 1988, 78, (3), 471-84 View citations (62)
58. Strategic renegotiation
    Economics Letters, 1988, 28, (2), 117-121 View citations (11)
59. Two-sided Uncertainty and "Up-or-Out" Contracts
    Journal of Labor Economics, 1988, 6, (4), 423-44 View citations (91)

1986

60. The Durable Goods Monopolist and Consistency with Increasing Costs
    Econometrica, 1986, 54, (2), 275-94 View citations (93)

1985

61. Optimal Severance Pay with Incomplete Information
    Journal of Political Economy, 1985, 93, (3), 435-51 View citations (28)
62. Optimal employment contracts with bankruptcy constraints
    Journal of Economic Theory, 1985, 35, (2), 343-365 View citations (13)

1980

63. The Solution of Linear Difference Models under Rational Expectations
    Econometrica, 1980, 48, (5), 1305-11 View citations (1644)

Undated

64. Collateral chains and incentives
    Journal of Financial Market Infrastructures
65. Should the central bank issue e-money?
    Journal of Financial Market Infrastructures
    See also Working Paper Should the central bank issue e-money?, Working Papers (2019) View citations (12) (2019)
66. The threat of privacy
    Journal of Financial Market Infrastructures

Chapters

2011

1. SOME IMPLICATIONS OF SYSTEMIC RISK AND THE DESIGN OF REGULATORY ARCHITECTURE
   Chapter 14 in Macroprudential Regulatory Policies The New Road to Financial Stability?, 2011, pp 207-214