Publications

Cryptocurrencies have enjoyed a remarkable run from obscurity to a trillion dollar valuation in just over a decade. This column argues, however, that...

Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...

Climate change has become a major topic of discussion at central banks and financial regulators. Key aspects of this debate include whether and how...

Global macroprudential and microprudential regulatory changes since 2008 have been designed to make a repeat of a systemic crisis much less likely...

Dynamic Games and Applications, 13, 636–668

Journal of Money, Credit and Banking, 54 (7), 1913-1940

A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are...

Economic researchers can choose between four general purpose programming languages – Julia, MATLAB, Python, and R. This column evaluates the four...

We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...

The Economic History Review, 76(1), 3-30

We study the evolution of pay in US bank holding companies since 1986 using a structural model of the banking firm. The model incorporates a strong...

We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...

The relationship between financial risk and economic growth is complex. This column finds that perceptions of high risk unambiguously harm growth...

This book advances a real entity theory of company law, in which the company is a legal entity which acts autonomously in law, and company law...