Search Results
Journal Article
Opinion: Moral Hazard and Measurement Hazard
Journal Article
Accounting for corporate behavior
Journal Article
The Pursuit of Financial Stability: Essays from the Federal Reserve Bank of Richmond Annual Reports
These essays reflect much of the thinking we have done, some of it well before the financial crisis, on the sources of financial instability and the means by which public policy can promote stability. A unifying theme is that government interventions that protect creditors weaken the market discipline that might otherwise help to control risks in the financial system. This leaves us with recourse only to regulatory discipline. But as diligent and conscientious as we are in implementing financial regulation, our financial system will continue to face risks as financial market participants ...
Journal Article
Selling Federal Reserve payment services: one price fits all?
Working Paper
The adverse selection approach to financial intermediation: some characteristics of the equilibrium financial structure
This paper examines an adverse selection economy in which efficient resource allocation is supported by intermediary contracts (coalitions). Agents differ along an ex ante publicly observable dimension, so that the equilibrium arrangement yields a diverse set of financial arrangements among borrowers, lenders and intermediaries. Loans made by intermediaries would appear to be mispriced relative to a naive benchmark that ignores the (unobservable) adverse selection aspects of the environment. The model also yields an equilibrium mix of intermediated and direct finance which is broadly ...
Journal Article
The organization of private payment networks
Journal Article
Opinion : How many kinds of unemployment?
Journal Article
Cycles in lending standards?