Details about Bruce D. Smith

This author is deceased (2002-07-09).

Access statistics for papers by Bruce D. Smith.

Last updated 2023-03-10. Update your information in the RePEc Author Service.

Short-id: psm3

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Working Papers

2005

1. Monopoly versus Competition in Banking: Some Implications for Growth and Welfare
   2005 Meeting Papers, Society for Economic Dynamics View citations (14)

2004

2. Credit Market Imperfections and International Capital Market Flows
   2004 Meeting Papers, Society for Economic Dynamics

2003

3. Crisis in Competitive Versus Monopolistic Banking Systems
   IMF Working Papers, International Monetary Fund View citations (1)
   See also Journal Article Crises in Competitive versus Monopolistic Banking Systems, Journal of Money, Credit and Banking, Blackwell Publishing (2004) View citations (87) (2004)
4. The social value of risk-free government debt
   Research Working Paper, Federal Reserve Bank of Kansas City View citations (4)
   See also Journal Article The social value of risk-free government debt, Annals of Finance, Springer (2008) View citations (1) (2008)

2002

5. Intermediaries and payments instruments
   Working Papers, Federal Reserve Bank of St. Louis View citations (3)
   See also Journal Article Intermediaries and payments instruments, Journal of Economic Theory, Elsevier (2003) View citations (15) (2003)

2001

6. Inflation and Financial Depth
   IMF Working Papers, International Monetary Fund View citations (38)
   See also Journal Article INFLATION AND FINANCIAL DEPTH, Macroeconomic Dynamics, Cambridge University Press (2006) View citations (56) (2006)
7. Socially excessive bankruptcy costs and the benefits of interest rate ceilings on loans
   FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (5)
8. The conduct of monetary policy with a shrinking stock of government debt
   Research Working Paper, Federal Reserve Bank of Kansas City
   See also Journal Article The Conduct of Monetary Policy with a Shrinking Stock of Government Debt, Journal of Money, Credit and Banking, Blackwell Publishing (2002) View citations (30) (2002)
9. The sub-optimality of the Friedman rule and the optimum quantity of money
   CERS-IE WORKING PAPERS, Institute of Economics, Centre for Economic and Regional Studies View citations (28)
   See also Journal Article The sub-optimality of the Friedman rule and the optimum quantity of money, Annals of Economics and Finance, Society for AEF (2013) View citations (1) (2013)
10. The value of inside and outside money
    Working Papers, Federal Reserve Bank of St. Louis View citations (2)
    See also Journal Article The value of inside and outside money, Journal of Monetary Economics, Elsevier (2003) View citations (17) (2003)
11. The value of inside and outside money: expanded version
    Working Papers, Federal Reserve Bank of St. Louis

2000

12. A User's Guide to Banking Crises
    Monash Economics Working Papers, Monash University, Department of Economics View citations (37)
    See also Journal Article A User's Guide to Banking Crises, Annals of Economics and Finance, Society for AEF (2014) View citations (11) (2014)
13. Barriers to international capital flows: when, why, how big, and for whom?
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (3)
14. Private and public circulating liabilities
    Working Papers, Federal Reserve Bank of St. Louis View citations (4)
    See also Journal Article Private and Public Circulating Liabilities, Journal of Economic Theory, Elsevier (2001) View citations (33) (2001)

1999

15. Barriers to international capital flows: who should erect them and how big should they be?
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta
16. On Government Credit Programs
    Computing in Economics and Finance 1999, Society for Computational Economics
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (1998)
17. The evolution of cash transactions: some implications for monetary policy
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (1)
    Also in Financial Services working paper, Federal Reserve Bank of Cleveland (1997)
    See also Journal Article The evolution of cash transactions: Some implications for monetary policy, Journal of Monetary Economics, Elsevier (2000) View citations (19) (2000)

1998

18. Deposit insurance: a reconsideration
    Working Papers, Federal Reserve Bank of Minneapolis View citations (6)
    See also Journal Article Deposit insurance: a reconsideration, Journal of Monetary Economics, Elsevier (2002) View citations (31) (2002)
19. Moral hazard under commercial and universal banking
    Working Papers, Federal Reserve Bank of Minneapolis View citations (125)
    See also Journal Article Moral Hazard under Commercial and Universal Banking, Journal of Money, Credit and Banking, Blackwell Publishing (1998) View citations (132) (1998)
20. Private money creation and the Suffolk Banking System
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (5)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (1998) View citations (5)
    See also Journal Article Private Money Creation and the Suffolk Banking System, Journal of Money, Credit and Banking, Blackwell Publishing (1999) View citations (28) (1999)
21. Repeated Insurance Relationships in a Costly State Verification Model: With an Application to Deposit Insurance
    Staff General Research Papers Archive, Iowa State University, Department of Economics View citations (9)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (1997)
    See also Journal Article Repeated insurance relationships in a costly state verification model: With an application to deposit insurance, Journal of Monetary Economics, Elsevier (1998) View citations (10) (1998)
22. Some Even More Unpleasant Monetarist Arithmetic
    Staff General Research Papers Archive, Iowa State University, Department of Economics View citations (21)
    See also Journal Article Some Even More Unpleasant Monetarist Arithmetic, Canadian Journal of Economics, Canadian Economics Association (1998) View citations (19) (1998)
23. The Suffolk Bank and the Panic of 1837: how a private bank acted as a lender-of-last-resort
    Working Papers, Federal Reserve Bank of Minneapolis View citations (4)

1997

24. Inflation and financial market performance
    Working Papers, Federal Reserve Bank of Minneapolis View citations (11)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1996) View citations (29)
25. Inflation, Financial Markets and Long-Run Real Activity
    Working Papers, Centro de Investigacion Economica, ITAM View citations (12)
    See also Journal Article Inflation, financial markets and long-run real activity, Journal of Monetary Economics, Elsevier (1999) View citations (255) (1999)
26. Lessons from a laissez-faire payments system: the Suffolk Banking System (1825–1858)
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
27. Monetary, Fiscal, and Bank Regulatory Policy in a Simple Monetary Growth Model
    Staff General Research Papers Archive, Iowa State University, Department of Economics View citations (30)
    Also in Working Papers, Centro de Investigacion Economica, ITAM (1995) View citations (20)
28. The effects of open market operations in a model of intermediation and growth
    Research Working Paper, Federal Reserve Bank of Kansas City
    Also in Working Paper, Federal Reserve Bank of Richmond (1994) View citations (5)
    Working Papers, Federal Reserve Bank of Minneapolis (1995)
    See also Journal Article The Effects of Open Market Operations in a Model of Intermediation and Growth, The Review of Economic Studies, Review of Economic Studies Ltd (1998) View citations (65) (1998)
29. What to Stabilize in the Open Economy?: Some Notes on a Problem of Keynes
    Working Papers, Centro de Investigacion Economica, ITAM View citations (1)

1996

30. Financial Market Frictions, Monetary Policy and Capital Accumulation in a Small Open Economy
    Working Papers, Centro de Investigacion Economica, ITAM View citations (7)
    See also Journal Article Financial Market Frictions, Monetary Policy, and Capital Accumulation in a Small Open Economy, Journal of Economic Theory, Elsevier (1998) View citations (65) (1998)
31. The co-evolution of the real and financial sectors in the growth process
    Working Papers, Federal Reserve Bank of Minneapolis View citations (26)
    See also Journal Article The Coevolution of the Real and Financial Sectors in the Growth Process, The World Bank Economic Review, World Bank (1996) View citations (44) (1996)
32. The use of debt and equity in optimal financial contracts
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
    See also Journal Article The Use of Debt and Equity in Optimal Financial Contracts, Journal of Financial Intermediation, Elsevier (1999) View citations (15) (1999)

1995

33. Equity markets, transaction costs, and capital accumulation
    Policy Research Working Paper Series, The World Bank View citations (10)
34. Financial Markets in Development, and the Development of Financial Markets
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (3)
    See also Journal Article Financial markets in development, and the development of financial markets, Journal of Economic Dynamics and Control, Elsevier (1997) View citations (397) (1997)
35. Inflation, financial markets, and capital formation
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
    See also Journal Article Inflation, financial markets and capital formation, Review, Federal Reserve Bank of St. Louis (1996) View citations (22) (1996)
36. The evolution of debt and equity markets in economic development
    Working Papers, Federal Reserve Bank of Minneapolis View citations (8)
    See also Journal Article The evolution of debt and equity markets in economic development, Economic Theory, Springer (1998) View citations (180) (1998)
37. Unemployment, migration, and growth
    Working Papers, Federal Reserve Bank of Minneapolis View citations (7)
    See also Journal Article Unemployment, Migration, and Growth, Journal of Political Economy, University of Chicago Press (1997) View citations (60) (1997)

1994

38. Capital Market Frictions, Monetary Policy and Capital Accumulation in a Small Open Economy
    Working Papers, Cornell - Department of Economics View citations (1)
39. Money, banking, and capital formation
    Working Paper, Federal Reserve Bank of Richmond View citations (1)
    See also Journal Article Money, Banking, and Capital Formation, Journal of Economic Theory, Elsevier (1997) View citations (92) (1997)

1993

40. Financial Markets, Specialization, and Learning by Doing
    Working Papers, Rochester, Business - Quantitative Methods Working Paper Series
    Also in RCER Working Papers, University of Rochester - Center for Economic Research (RCER) (1991) View citations (6)
    See also Journal Article Financial markets, specialization, and learning by doing, Research in Economics, Elsevier (1998) View citations (9) (1998)

1992

41. Do Open Market Operations Matter? Theory and Evidence from the Second Bank of the Unites States
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER)
    See also Journal Article Do open market operations matter? Theory and evidence from the Second Bank of the United States, Journal of Economic Dynamics and Control, Elsevier (1996) View citations (2) (1996)
42. Liquidity of Secondary Capital Markets: Allocative Efficiency and the Maturity of the Capital Stock
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (2)

1991

43. A Theory of Optimal Denomination for Gornment Liablities
    Working Papers, Rochester, Business - General
44. Currency Elasticity and Banking Panics: Theory and Evidence
    University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics
    Also in RCER Working Papers, University of Rochester - Center for Economic Research (RCER) (1991) View citations (1)
    University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers, University of Western Ontario, The Centre for the Study of International Economic Relations (1991) View citations (25)
    See also Journal Article Currency Elasticity and Banking Panics: Theory and Evidence, Canadian Journal of Economics, Canadian Economics Association (1996) View citations (206) (1996)
45. Government Borrowing using Bonds with Randomly Determined Returns: Welfare Improving Randomization in the Context of Deficit Finance
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (2)
    See also Journal Article Government borrowing using bonds with randomly determined returns: Welfare improving randomization in the context of deficit finance, Journal of Monetary Economics, Elsevier (1998) View citations (5) (1998)
46. Indivisible Assets, Equilibrium, and the Value of Intermediary Output
    Working Papers, Rochester, Business - General View citations (2)
47. Intermediation and the Equilibrium Allocation of Investment Capital: Implications for Economic for Economic Development
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER)
48. The Equilibrium Allocation of Investment Capital in the Presence of Adverse Selection and Costly State Verification
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (1)
    See also Journal Article The Equilibrium Allocation of Investment Capital in the Presence of Adverse Selection and Costly State Verification, Economic Theory, Springer (1993) View citations (28) (1993)

1990

49. DEFICITS, INFLATION, AND THE BANKING SYSTEM IN DEVELOPING COUNTRIES: THE OPTIMAL DEGREE OF FINANCIAL REPRESSION
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (12)
    See also Journal Article Deficits, Inflation, and the Banking System in Developing Countries: The Optimal Degree of Financial Repression, Oxford Economic Papers, Oxford University Press (1992) View citations (70) (1992)
50. SECTORAL EMPLOYMENT AND CYCLICAL FLUCTUATIONS IN AN ADVERSE SELECTION MODEL
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (1)
    See also Journal Article Sectoral Employment and Cyclical Fluctuations in an Adverse Selection Model, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (1995) View citations (7) (1995)

1989

51. ADVERSE SELECTION IN THE OVERLAPPING GENERATIONS MODEL
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (1)
52. MULTIPLE AND SUNSPOT EQUILIBRIA UNDER INTEREST RATE AND MONEY SUPPLY RULES
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (1)

1988

53. A BUSINESS CYCLE MODEL WITH PRIVATE INFORMATION
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER)
    See also Journal Article A Business Cycle Model with Private Information, Journal of Labor Economics, University of Chicago Press (1989) View citations (3) (1989)
54. A MODEL OF NOMINAL CONTRACTS
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (3)
    See also Journal Article A Model of Nominal Contracts, Journal of Labor Economics, University of Chicago Press (1989) View citations (2) (1989)
55. ADVERSE SELECTION, AGGREGATE UNCERTAINTY, AND THE ROLE FOR MUTUAL INSURANCE COMPANIES
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER)
56. FINANCIAL INTERMEDIATION AND ENDOGENOUS GROWTH
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (70)
    See also Journal Article Financial Intermediation and Endogenous Growth, The Review of Economic Studies, Review of Economic Studies Ltd (1991) View citations (920) (1991)
57. INTEREST ON RESERVES AND SUNSPOT EQUILIBRIA: FRIEDMAN'S PROPOSAL RECONSIDERED
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (2)
    See also Journal Article Interest on Reserves and Sunspot Equilibria: Friedman's Proposal Reconsidered, The Review of Economic Studies, Review of Economic Studies Ltd (1991) View citations (48) (1991)
58. Organizations in economic analysis
    Working Papers, Federal Reserve Bank of Minneapolis View citations (23)
    See also Journal Article Organizations in Economic Analysis, Canadian Journal of Economics, Canadian Economics Association (1988) View citations (26) (1988)
59. SOME CONSEQUENCES OF CREDIT RATIONING IN AN ENDOGENOUS GROWTH MODEL
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (2)
    See also Journal Article Some consequences of credit rationing in an endogenous growth model, Journal of Economic Dynamics and Control, Elsevier (1993) View citations (170) (1993)
60. UNEMPLOYMENT, THE VARIABILITY OF HOURS, AND THE PERSISTENCE OF DISTURBANCES: A PRIVATE INFORMATION APPROACH
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER)
    See also Journal Article Unemployment, the Variability of Hours, and the Persistence of "Disturbances": A Private Information Approach, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (1989) (1989)

1985

61. Limited information, money, and competitive equilibrium
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
    See also Journal Article Limited Information, Money, and Competitive Equilibrium, Canadian Journal of Economics, Canadian Economics Association (1986) View citations (3) (1986)

1983

62. Money, nonconvex preferences, and the existence of equilibrium: a note
    Working Papers, Federal Reserve Bank of Minneapolis
    See also Journal Article Money, nonconvex preferences, and the existence of equilibrium: A note, Journal of Economic Theory, Elsevier (1984) (1984)

1982

63. Human capital investment, and the inefficiency of compensation based on marginal productivity: the static case
    Working Papers, Federal Reserve Bank of Minneapolis
64. Money as a medium of transaction in the overlapping generations model
    Working Papers, Federal Reserve Bank of Minneapolis

Journal Articles

2014

1. A User's Guide to Banking Crises
   Annals of Economics and Finance, 2014, 15, (2), 800-892 View citations (11)
   See also Working Paper A User's Guide to Banking Crises, Monash Economics Working Papers (2000) View citations (37) (2000)

2013

2. The sub-optimality of the Friedman rule and the optimum quantity of money
   Annals of Economics and Finance, 2013, 14, (2), 911-948 View citations (1)
   See also Working Paper The sub-optimality of the Friedman rule and the optimum quantity of money, CERS-IE WORKING PAPERS (2001) View citations (28) (2001)

2010

3. THE TIMING OF TAX COLLECTIONS AND THE STRUCTURE OF “IRRELEVANCE” THEOREMS IN A CASH-IN-ADVANCE MODEL
   Macroeconomic Dynamics, 2010, 14, (4), 585-603

2008

4. The social value of risk-free government debt
   Annals of Finance, 2008, 4, (2), 131-155 View citations (1)
   See also Working Paper The social value of risk-free government debt, Research Working Paper (2003) View citations (4) (2003)

2006

5. INFLATION AND FINANCIAL DEPTH
   Macroeconomic Dynamics, 2006, 10, (2), 165-182 View citations (56)
   See also Working Paper Inflation and Financial Depth, IMF Working Papers (2001) View citations (38) (2001)
6. The seasonality of banking failures during the late National Banking Era
   Canadian Journal of Economics, 2006, 39, (1), 296-319 View citations (3)
   Also in Canadian Journal of Economics/Revue canadienne d'économique, 2006, 39, (1), 296-319 (2006) View citations (3)

2004

7. Crises in Competitive versus Monopolistic Banking Systems
   Journal of Money, Credit and Banking, 2004, 36, (3), 487-506 View citations (87)
   Also in Proceedings, 2004, 487-509 (2004) View citations (77)
   See also Working Paper Crisis in Competitive Versus Monopolistic Banking Systems, IMF Working Papers (2003) View citations (1) (2003)
8. Deposit insurance and bank regulation in a monetary economy: a general equilibrium exposition
   Economic Theory, 2004, 24, (4), 741-767 View citations (11)
   See also Chapter Deposit Insurance and Bank Regulation in a Monetary Economy: A General Equilibrium Exposition, Studies in Economic Theory, 2006, 11-38 (2006) (2006)

2003

9. Intermediaries and payments instruments
   Journal of Economic Theory, 2003, 109, (2), 172-197 View citations (15)
   See also Working Paper Intermediaries and payments instruments, Working Papers (2002) View citations (3) (2002)
10. Monetary policy and financial market evolution
    Review, 2003, 85, (Jul), 7-26 View citations (8)
11. SEASONALITY AND MONETARY POLICY
    Macroeconomic Dynamics, 2003, 7, (4), 477-502 View citations (15)
12. Taking intermediation seriously
    Proceedings, 2003, 1319-1377 View citations (36)
13. The value of inside and outside money
    Journal of Monetary Economics, 2003, 50, (2), 389-417 View citations (17)
    See also Working Paper The value of inside and outside money, Working Papers (2001) View citations (2) (2001)

2002

14. Deposit insurance: a reconsideration
    Journal of Monetary Economics, 2002, 49, (6), 1235-1260 View citations (31)
    See also Working Paper Deposit insurance: a reconsideration, Working Papers (1998) View citations (6) (1998)
15. In Memoriam
    Journal of Financial Intermediation, 2002, 11, (4), 351-352
16. Monetary Policy and Government Credit Programs
    Journal of Financial Intermediation, 2002, 11, (3), 232-268 View citations (2)
17. Monetary Policy, Banking Crises, and the Friedman Rule
    American Economic Review, 2002, 92, (2), 128-134 View citations (81)
18. The Conduct of Monetary Policy with a Shrinking Stock of Government Debt
    Journal of Money, Credit and Banking, 2002, 34, (3), 848-82 View citations (30)
    Also in Proceedings, 2002, 848-886 (2002) View citations (30)
    See also Working Paper The conduct of monetary policy with a shrinking stock of government debt, Research Working Paper (2001) (2001)
19. What to stabilize in the open economy
    International Economic Review, 2002, 43, (4), 1289-1307 View citations (6)

2001

20. Banks, short-term debt and financial crises: theory, policy implications, and applications A comment
    Carnegie-Rochester Conference Series on Public Policy, 2001, 54, (1), 73-83 View citations (2)
21. Dollarization and the Integration of International Capital Markets: A Contribution to the Theory of Optimal Currency Areas
    Journal of Money, Credit and Banking, 2001, 33, (2), 548-89 View citations (1)
    Also in Proceedings, 2001, 548-596 (2001) View citations (4)
22. Introduction to Monetary and Financial Arrangements
    Journal of Economic Theory, 2001, 99, (1-2), 1-21 View citations (6)
23. Private and Public Circulating Liabilities
    Journal of Economic Theory, 2001, 99, (1-2), 59-116 View citations (33)
    See also Working Paper Private and public circulating liabilities, Working Papers (2000) View citations (4) (2000)
24. The impact of inflation on financial sector performance
    Journal of Monetary Economics, 2001, 47, (2), 221-248 View citations (531)

2000

25. Deposit Insurance and Lender-of-Last-Resort Functions
    Journal of Money, Credit and Banking, 2000, 32, (3), 518-75 View citations (28)
    Also in Proceedings, 2000, 518-579 (2000) View citations (24)
26. Secondary Capital Markets, Long-Run Growth, and the Term Structure of Asset Yields
    International Economic Review, 2000, 41, (3), 769-800 View citations (5)
27. The Suffolk Bank and the Panic of 1837
    Quarterly Review, 2000, 24, (Spr), 3-13 View citations (3)
28. The evolution of cash transactions: Some implications for monetary policy
    Journal of Monetary Economics, 2000, 46, (1), 97-120 View citations (19)
    See also Working Paper The evolution of cash transactions: some implications for monetary policy, Research Working Paper (1999) View citations (1) (1999)

1999

29. Adverse selection in a neoclassical growth model
    The North American Journal of Economics and Finance, 1999, 10, (2), 339-361 View citations (3)
30. Inflation and asset returns
    European Economic Review, 1999, 43, (4-6), 737-754 View citations (66)
31. Inflation, financial markets and long-run real activity
    Journal of Monetary Economics, 1999, 43, (2), 283-315 View citations (255)
    See also Working Paper Inflation, Financial Markets and Long-Run Real Activity, Working Papers (1997) View citations (12) (1997)
32. Private Money Creation and the Suffolk Banking System
    Journal of Money, Credit and Banking, 1999, 31, (3), 624-59 View citations (28)
    Also in Proceedings, 1999, 624-667 (1999) View citations (23)
    See also Working Paper Private money creation and the Suffolk Banking System, Working Papers (Old Series) (1998) View citations (5) (1998)
33. The Use of Debt and Equity in Optimal Financial Contracts
    Journal of Financial Intermediation, 1999, 8, (4), 270-316 View citations (15)
    See also Working Paper The use of debt and equity in optimal financial contracts, Working Papers (1996) View citations (1) (1996)

1998

34. Capital market imperfections in a monetary growth model
    Economic Theory, 1998, 11, (2), 241-273 View citations (72)
35. Economic development and financial depth in a model with costly financial intermediation
    Research in Economics, 1998, 52, (4), 363-386 View citations (11)
36. Financial Intermediation and Regime Switching in Business Cycles
    American Economic Review, 1998, 88, (3), 516-36 View citations (160)
37. Financial Market Frictions, Monetary Policy, and Capital Accumulation in a Small Open Economy
    Journal of Economic Theory, 1998, 81, (2), 353-400 View citations (65)
    See also Working Paper Financial Market Frictions, Monetary Policy and Capital Accumulation in a Small Open Economy, Working Papers (1996) View citations (7) (1996)
38. Financial markets, specialization, and learning by doing
    Research in Economics, 1998, 52, (4), 333-361 View citations (9)
    See also Working Paper Financial Markets, Specialization, and Learning by Doing, Working Papers (1993) (1993)
39. Government borrowing using bonds with randomly determined returns: Welfare improving randomization in the context of deficit finance
    Journal of Monetary Economics, 1998, 41, (2), 351-370 View citations (5)
    See also Working Paper Government Borrowing using Bonds with Randomly Determined Returns: Welfare Improving Randomization in the Context of Deficit Finance, RCER Working Papers (1991) View citations (2) (1991)
40. Great Inflations of the 20th Century: Theories, Policies and Evidence. Edited by P. L. Siklos. Cornwall: Edward Elgar Publishing, 1995. Pp. xiv, 308. $79.95
    The Journal of Economic History, 1998, 58, (1), 249-251
41. James Madison's monetary economics
    Economic Review, 1998, 34, (Q I), 7-20 View citations (1)
42. Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)
    Quarterly Review, 1998, 22, (Sum), 11-21 View citations (14)
    Also in Review, 1998, (May), 105-116 (1998) View citations (7)
43. Moral Hazard under Commercial and Universal Banking
    Journal of Money, Credit and Banking, 1998, 30, (3), 426-68 View citations (132)
    Also in Proceedings, 1998, (Aug), 426-471 (1998) View citations (123)
    See also Working Paper Moral hazard under commercial and universal banking, Working Papers (1998) View citations (125) (1998)
44. Repeated insurance relationships in a costly state verification model: With an application to deposit insurance
    Journal of Monetary Economics, 1998, 42, (2), 207-240 View citations (10)
    See also Working Paper Repeated Insurance Relationships in a Costly State Verification Model: With an Application to Deposit Insurance, Staff General Research Papers Archive (1998) View citations (9) (1998)
45. Some Even More Unpleasant Monetarist Arithmetic
    Canadian Journal of Economics, 1998, 31, (3), 596-623 View citations (19)
    See also Working Paper Some Even More Unpleasant Monetarist Arithmetic, Staff General Research Papers Archive (1998) View citations (21) (1998)
46. The Effects of Open Market Operations in a Model of Intermediation and Growth
    The Review of Economic Studies, 1998, 65, (3), 519-550 View citations (65)
    See also Working Paper The effects of open market operations in a model of intermediation and growth, Research Working Paper (1997) (1997)
47. The evolution of debt and equity markets in economic development
    Economic Theory, 1998, 12, (3), 519-560 View citations (180)
    See also Working Paper The evolution of debt and equity markets in economic development, Working Papers (1995) View citations (8) (1995)

1997

48. Capital Market Imperfections, International Credit Markets, and Nonconvergence
    Journal of Economic Theory, 1997, 73, (2), 335-364 View citations (108)
49. Coinage, debasements, and Gresham's laws
    Economic Theory, 1997, 10, (2), 197-226 View citations (14)
50. Financial markets in development, and the development of financial markets
    Journal of Economic Dynamics and Control, 1997, 21, (1), 145-181 View citations (397)
    See also Working Paper Financial Markets in Development, and the Development of Financial Markets, RCER Working Papers (1995) View citations (3) (1995)
51. Liquidity of secondary capital markets: Allocative efficiency and the maturity composition of the capital stock
    Economic Theory, 1995, 7, (1), 19-50
    Also in Economic Theory, 1996, 7, (1), 19-50 (1996) View citations (23)
52. Money, Banking, and Capital Formation
    Journal of Economic Theory, 1997, 73, (1), 157-182 View citations (92)
    See also Working Paper Money, banking, and capital formation, Working Paper (1994) View citations (1) (1994)
53. Money, Banking, and the Determination of Real and Nominal Exchange Rates
    International Economic Review, 1997, 38, (3), 703-34 View citations (5)
54. Unemployment, Migration, and Growth
    Journal of Political Economy, 1997, 105, (3), 582-608 View citations (60)
    See also Working Paper Unemployment, migration, and growth, Working Papers (1995) View citations (7) (1995)

1996

55. Credit market imperfections and economic development: Theory and evidence
    Journal of Development Economics, 1996, 48, (2), 351-387 View citations (16)
56. Currency Elasticity and Banking Panics: Theory and Evidence
    Canadian Journal of Economics, 1996, 29, (4), 828-64 View citations (206)
    See also Working Paper Currency Elasticity and Banking Panics: Theory and Evidence, University of Western Ontario, Departmental Research Report Series (1991) (1991)
57. Do open market operations matter? Theory and evidence from the Second Bank of the United States
    Journal of Economic Dynamics and Control, 1996, 20, (1-3), 479-519 View citations (2)
    See also Working Paper Do Open Market Operations Matter? Theory and Evidence from the Second Bank of the Unites States, RCER Working Papers (1992) (1992)
58. Equity Markets, Transactions Costs, and Capital Accumulation: An Illustration
    The World Bank Economic Review, 1996, 10, (2), 241-65 View citations (66)
59. Inflation, financial markets and capital formation
    Review, 1996, 78, (May), 9-35 View citations (22)
    Also in Proceedings, 1996, 78, (May), 9-35 (1996) View citations (30)
    See also Working Paper Inflation, financial markets, and capital formation, Working Papers (1995) View citations (1) (1995)
60. Private Information, Money, and Growth: Indeterminacy, Fluctuations, and the Mundell-Tobin Effect
    Journal of Economic Growth, 1996, 1, (3), 309-32 View citations (84)
61. The Coevolution of the Real and Financial Sectors in the Growth Process
    The World Bank Economic Review, 1996, 10, (2), 371-96 View citations (44)
    See also Working Paper The co-evolution of the real and financial sectors in the growth process, Working Papers (1996) View citations (26) (1996)

1995

62. A Theory of Mutual Formation and Moral Hazard with Evidence from the History of the Insurance Industry
    The Review of Financial Studies, 1995, 8, (2), 545-77 View citations (31)
63. Indivisible Assets, Equilibrium, and the Value of Intermediation
    Journal of Financial Intermediation, 1995, 4, (1), 48-76 View citations (6)
64. Is there a \"credit channel\" for monetary policy? (commentary)
    Proceedings, 1995, (May), 78-82
    Also in Review, 1995, (May), 78-82 (1995)
65. Sectoral Employment and Cyclical Fluctuations in an Adverse Selection Model
    International Economic Review, 1995, 36, (2), 261-81 View citations (7)
    See also Working Paper SECTORAL EMPLOYMENT AND CYCLICAL FLUCTUATIONS IN AN ADVERSE SELECTION MODEL, RCER Working Papers (1990) View citations (1) (1990)
66. Transactions Costs, Technological Choice, and Endogenous Growth
    Journal of Economic Theory, 1995, 67, (1), 153-177 View citations (169)

1994

67. Efficiency and Determinacy of Equilibrium under Inflation Targeting
    Economic Theory, 1994, 4, (3), 327-44 View citations (23)
68. How Good Are Standard Debt Contracts? Stochastic versus Nonstochastic Monitoring in a Costly State Verification Environment
    The Journal of Business, 1994, 67, (4), 539-61 View citations (95)
69. Mischief and monetary history Friedman and Schwartz thirty years later
    Journal of Monetary Economics, 1994, 34, (1), 27-46 View citations (3)

1993

70. A Theory of Optimal Denominations for Government Liabilities
    Economic Theory, 1993, 3, (4), 597-623 View citations (2)
71. Adverse Selection in the Overlapping Generations Model: The Case of Pure Exchange
    Journal of Economic Theory, 1993, 60, (2), 277-305 View citations (52)
72. In order to form a more perfect monetary union
    Quarterly Review, 1993, 17, (Fall), 2-13 View citations (9)
73. Some consequences of credit rationing in an endogenous growth model
    Journal of Economic Dynamics and Control, 1993, 17, (1-2), 97-122 View citations (170)
    See also Working Paper SOME CONSEQUENCES OF CREDIT RATIONING IN AN ENDOGENOUS GROWTH MODEL, RCER Working Papers (1988) View citations (2) (1988)
74. The Equilibrium Allocation of Investment Capital in the Presence of Adverse Selection and Costly State Verification
    Economic Theory, 1993, 3, (3), 427-51 View citations (28)
    See also Working Paper The Equilibrium Allocation of Investment Capital in the Presence of Adverse Selection and Costly State Verification, RCER Working Papers (1991) View citations (1) (1991)

1992

75. Accuracy versus efficiency when modelling investment
    Economic Modelling, 1992, 9, (2), 98-103
76. Deficits, Inflation, and the Banking System in Developing Countries: The Optimal Degree of Financial Repression
    Oxford Economic Papers, 1992, 44, (4), 767-90 View citations (70)
    See also Working Paper DEFICITS, INFLATION, AND THE BANKING SYSTEM IN DEVELOPING COUNTRIES: THE OPTIMAL DEGREE OF FINANCIAL REPRESSION, RCER Working Papers (1990) View citations (12) (1990)
77. Intermediation and the equilibrium allocation of investment capital: Implications for economic development
    Journal of Monetary Economics, 1992, 30, (3), 409-432 View citations (100)

1991

78. Bank Panics, Suspensions, and Geography: Some Notes on the "Contagion of Fear" in Banking
    Economic Inquiry, 1991, 29, (2), 230-48 View citations (17)
79. Financial Intermediation and Endogenous Growth
    The Review of Economic Studies, 1991, 58, (2), 195-209 View citations (920)
    See also Working Paper FINANCIAL INTERMEDIATION AND ENDOGENOUS GROWTH, RCER Working Papers (1988) View citations (70) (1988)
80. Interest on Reserves and Sunspot Equilibria: Friedman's Proposal Reconsidered
    The Review of Economic Studies, 1991, 58, (1), 93-105 View citations (48)
    See also Working Paper INTEREST ON RESERVES AND SUNSPOT EQUILIBRIA: FRIEDMAN'S PROPOSAL RECONSIDERED, RCER Working Papers (1988) View citations (2) (1988)

1990

81. Adverse Selection, Aggregate Uncertainty, and the Role for Mutual Insurance Contracts
    The Journal of Business, 1990, 63, (4), 493-510 View citations (36)
82. Adverse selection and mutuality: The case of the farm credit system
    Journal of Financial Intermediation, 1990, 1, (2), 125-149 View citations (8)

1989

83. A Business Cycle Model with Private Information
    Journal of Labor Economics, 1989, 7, (2), 210-37 View citations (3)
    See also Working Paper A BUSINESS CYCLE MODEL WITH PRIVATE INFORMATION, RCER Working Papers (1988) (1988)
84. A Model of Nominal Contracts
    Journal of Labor Economics, 1989, 7, (4), 392-414 View citations (2)
    See also Working Paper A MODEL OF NOMINAL CONTRACTS, RCER Working Papers (1988) View citations (3) (1988)
85. Credit Rationing and Government Loan Programs: A Welfare Analysis
    Real Estate Economics, 1989, 17, (2), 177-193 View citations (42)
86. Dynamic coalition formation and equilibrium policy selection
    Journal of Monetary Economics, 1989, 24, (2), 211-233
87. Legal restrictions, "sunspots," and cycles
    Journal of Economic Theory, 1989, 47, (2), 369-392 View citations (5)
88. Unemployment, the Variability of Hours, and the Persistence of "Disturbances": A Private Information Approach
    International Economic Review, 1989, 30, (4), 921-38
    See also Working Paper UNEMPLOYMENT, THE VARIABILITY OF HOURS, AND THE PERSISTENCE OF DISTURBANCES: A PRIVATE INFORMATION APPROACH, RCER Working Papers (1988) (1988)

1988

89. Legal Restrictions, "Sunspots," and Peel's Bank Act: The Real Bills Doctrine versus the Quantity Theory Reconsidered
    Journal of Political Economy, 1988, 96, (1), 3-19 View citations (13)
90. Organizations in Economic Analysis
    Canadian Journal of Economics, 1988, 21, (3), 477-91 View citations (26)
    See also Working Paper Organizations in economic analysis, Working Papers (1988) View citations (23) (1988)
91. The relationship between money and prices: some historical evidence reconsidered
    Quarterly Review, 1988, 12, (Sum), 18-32 View citations (4)

1987

92. Irrelevance of Open Market Operations in Some Economies with Government Currency Being Dominated in Rate of Return
    American Economic Review, 1987, 77, (1), 78-92 View citations (46)

1986

93. Limited Information, Money, and Competitive Equilibrium
    Canadian Journal of Economics, 1986, 19, (4), 780-97 View citations (3)
    See also Working Paper Limited information, money, and competitive equilibrium, Working Papers (1985) View citations (2) (1985)

1985

94. American Colonial Monetary Regimes: The Failure of the Quantity Theory and Some Evidence in Favour of an Alternative View
    Canadian Journal of Economics, 1985, 18, (3), 531-65 View citations (23)
95. Government Expenditures, Deficits, and Inflation: On the Impossibility of a Balanced Budget
    The Quarterly Journal of Economics, 1985, 100, (3), 715-745
96. Some Colonial Evidence on Two Theories of Money: Maryland and the Carolinas
    Journal of Political Economy, 1985, 93, (6), 1178-1211 View citations (33)

1984

97. Money and inflation in colonial Massachusetts
    Quarterly Review, 1984, 8, (Win) View citations (18)
98. Money, nonconvex preferences, and the existence of equilibrium: A note
    Journal of Economic Theory, 1984, 32, (2), 359-366
    See also Working Paper Money, nonconvex preferences, and the existence of equilibrium: a note, Working Papers (1983) (1983)
99. Private information, deposit interest rates, and the `stability' of the banking system
    Journal of Monetary Economics, 1984, 14, (3), 293-317 View citations (47)

1983

100. Limited Information, Credit Rationing, and Optimal Government Lending Policy
     American Economic Review, 1983, 73, (3), 305-18 View citations (22)
101. The standard of living debate, rational expectations, and neutrality: Some evidence from the industrial revolution
     Journal of Monetary Economics, 1983, 12, (4), 571-593

Edited books

2011

1. Evolution and Procedures in Central Banking
   Cambridge Books, Cambridge University Press

2003

2. Evolution and Procedures in Central Banking
   Cambridge Books, Cambridge University Press View citations (61)

Chapters

2006

1. Deposit Insurance and Bank Regulation in a Monetary Economy: A General Equilibrium Exposition
   Springer
   See also Journal Article Deposit insurance and bank regulation in a monetary economy: a general equilibrium exposition, Springer (2004) View citations (11) (2004)