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Last Edited April 2013 |
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Invited Seminars at Universities & Invited Other Presentations |
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"Factors
Determining Bank Deposit Growth by State: An Empirical Analysis," Journal
of Finance, March 1965 (co‑author with Bruce C. Cohen).
"Is the Federal
Reserve System Really Necessary?:
Comment," Journal of Finance, September 1965. (Reprinted in Lawrence S. Ritter, ed., Money
and Economic Activity, Houghton Mifflin, 1967.)
"Bank Market
Structure and Performance: The Evidence from
"Near Banks and
Local Savings," National Banking Review, June 1966 (co‑author
with Cynthia M. Latta).
"The Demand for Money:
Preliminary Evidence from Industrial Countries," Journal of Financial
and Quantitative Analysis, September 1966 (co‑author with Cynthia
M. Latta).
"Indicators of
Monetary Policy: Theory and Evidence," National Banking Review,
June 1967.
"The Sensitivity
of Interest Rates to Changes in Money and Income," Journal of Political
Economy, June 1968 (co‑author with William E. Gibson).
"Proposed
Experiment in Monetary Policy," Financial Analysts Journal,
December 1968. (Reprinted in J. Boorman
and T. Havrilesky, eds., Money Supply, Money Demand and Their Impacts on Macroeconomic
Models, Allyn and Bacon, 1972.)
(Received a Graham and Dodd Award for outstanding article.)
"More on an
Empirical Definition of Money," American Economic Review, March
1969.
"Financial Assets
and Economic Activity," Southern Journal of Business, October 1969.
"Bank Employment:
A Cross‑Section Analysis of the World's Largest Banks," Journal
of Money, Credit, and Banking, February 1970.
"An Empirical
Study of Interest Rate Determination: A Comment," Review of Economics
and Statistics, August 1970 (co‑author with William E. Gibson).
"Implications of
Federal Reserve Operations on Monetary Aggregates: The Evidence from the FRB‑MIT
Model," Nebraska Journal of Economics and Business, Autumn 1970 (co‑author
with Ann Marie Laporte and Robert D. Laurent).
"Simulating Policy
Strategies on the FRB‑MIT Model Under Two Alternative Monetary Policy
Regimes," Quarterly
Review of Economics and Business, Winter 1970 (co‑author
with Robert D. Laurent).
"The Strange Journey of
Monetary Indicators," Journal of Financial and Quantitative Analysis,
March 1972.
"The Thrift
Institution Problem Reconsidered," Journal of Bank Research, Spring
1972.
"A Proposal for
Eliminating Interest‑Rate Ceilings on Thrift Institutions," Journal
of Money, Credit, and Banking, August 1972.
"Federal Reserve
Inability to Control the Money Supply: A Self‑Fulfilling Prophecy," Financial
Analysts Journal, September/October 1972.
"Deposit
Variability and Bank Size," Journal of Financial and Quantitative Analysis,
December 1972.
"Bond Price
Volatility and Term to Maturity: A Generalized Respecification," American
Economic Review, September 1973 (co‑author with Michael H.
Hopewell). (Reprinted in D. Farrar, J.
Francis and C. F. Lee, eds., Readings in Investments, McGraw‑Hill,
1980 and G. Hawawini, ed., Bond Duration and Immunization, Garland,
1982.)
"The Questionable
Benefit of Variable Rate Mortgages," Quarterly Review of Economics and
Business, Autumn 1973.
"The Case for the
Long‑Term Zero Coupon Treasury Bond," The Bankers Magazine,
Autumn 1973.
"The Cost of
Inefficient Coupons on Municipal Bonds," Journal of Financial and
Quantitative Analysis, March 1974 (co‑author with Michael H.
Hopewell).
"The Thrift
Institution Problem Reconsidered: A Rejoinder," Journal of Bank
Research, Spring 1974.
"Improving the
Structure of Competitive Bidding Procedures for Municipal Bonds," Governmental
Finance, August 1974.
"Costs to
Municipalities of Selling Bonds by NIC," National Tax Journal,
December 1974 (co‑author with Michael H. Hopewell).
"Optimal Bidding
Constraints on Municipal Bonds Sold Competitively by NIC," Governmental
Finance, February 1975.
"Treasury Bill
Auction Procedures: A Comment," Journal of Finance, June 1975 (co‑author
with Henry N. Goldstein).
"The Case for
Mortgage Rate Insurance," Journal of Money, Credit, and Banking,
November 1975.
"The Municipal
Bond Auction: Reply," National Tax Journal, March 1976 (co‑author
with Michael H. Hopewell).
"State and Regional
Effects on the Interest Cost of Municipal Bonds," Local Finance,
June 1976.
"The Thrift
Institution Problem Reconsidered: An Historical Oversight Corrected," Journal
of Bank Research, Summer 1976.
"Variable Rate
Mortgages: The Early Experience from
"Teaching the
Basic Money and Financial Institutions Course," Journal of Financial
and Quantitative Analysis, November 1976.
"Coping with the
Risk of Interest‑Rate Fluctuations: A Note," Journal of Business,
July 1977 (co‑author with G. O. Bierwag).
(Reprinted in G. Hawawini, ed., Bond Duration and Immunization,
Garland, 1982.)
"Consumer Attitudes Towards Residential
Variable Rate Mortgages: A Survey Analysis," Federal Home Loan Bank
Board Journal, August 1977 (co‑author with Gerald S. Albaum). (Reprinted in the Mortgage Banker,
November 1977.)
"Sharing
Arrangements in an Electronic Funds Transfer System: Comment," Journal
of Bank Research, Autumn 1977.
"Commercial Bank
Bidding on Municipal Revenue Bonds: New Evidence," Journal of Finance,
December 1977 (co‑author with Michael H. Hopewell).
"The Incidence of
Excess Interest Costs Paid by Municipalities in the Competitive Sale of
Bonds," Journal of Monetary Economics, April 1978 (co‑author
with Michael H. Hopewell).
"Measuring Risk
and Return for Bonds: A New Approach," Journal of Bank Research,
Summer 1978.
"Bond Portfolio
Strategy Simulations: A Critique," Journal of Financial and
Quantitative Analysis, September 1978 (co‑author with G. O. Bierwag).
"Duration and Bond
Portfolio Analysis: An Overview," Journal of Financial and Quantitative
Analysis, November 1978 (co‑author with G. O. Bierwag and C. Khang).
"PIC: An Alternative Approach to Accepting Bids on
Local and State Government Bonds: Comment," Financial Management,
Summer 1979 (co‑author with Michael H. Hopewell).
"The Mortgage Acquisition
Process: A Comparison of VRM and FRM Borrowers," Journal of the
American Real Estate and Urban Economics Association, Summer 1979 (co‑author
with Gerald S. Albaum).
"Management Strategies for Savings and Loan
Associations to Reduce Interest Risk," Conference on New Sources of
Capital for the Savings and Loan Industry (Federal Home Loan Bank of San
Francisco), December 1979 (co‑author with G. O. Bierwag and Alden Toevs).
"Duration,
Planning Period, and Tests of the Capital Asset Pricing Model," Journal
of Financial Research, Spring 1980.
"Standardizing
Yields on Mortgages and Other Securities," Journal of the American Real
Estate and Urban Economics Association, Summer 1980 (co‑author with
George E. Morgan).
"The '
"Municipal Bond
Underwriting: Market Structure," Journal of Bank Research, Spring
1981.
"The Art of Risk
Management in Bond Portfolios," Journal of Portfolio Management,
Spring 1981 (co‑author with G. O. Bierwag, Robert Schweitzer and Alden
Toevs). (Reprinted in P. Bernstein and F. Fabozzi, eds., Streetwise: The
Best of the Journal of Porfolio Management, Princeton University Press,
1998)
"Improving Housing
Finance in an Inflationary Environment: Alternative Residential Mortgage
Instruments," Economic Perspectives (Federal Reserve Bank of
"Managing Thrift
Institutions in an Inflationary Environment," Journal of Credit Union
Management and Economics, Summer 1981.
"Banking As a Line
of Commerce: The Changing Competitive Environment," The Future of the
Financial Services Industry (Federal Reserve Bank of
"The Depository
Institutions Deregulation and Monetary Control Act of 1980: What Has Congress
Wrought?" Journal of the
"Single Factor
Duration Models in a Discrete General Equilibrium Framework," Journal
of Finance, May 1982 (co‑author with G. O. Bierwag and Alden Toevs).
"The Fed's Post‑October
1979 Technical Operating Procedures Under Lagged Reserve Requirements: Reduced Ability to Control Money," Financial
Review, November 1982.
"Search Theory and
the Prohibition Against Commercial Bank Underwriting of Municipal Revenue
Bonds," Journal of Financial Research, Winter 1982.
"The Tax Treatment
of Municipal Discount Bonds: Rebuttal and Expansion," Financial
Management, Winter 1982.
"Bond Portfolio
Immunization and Stochastic Process Risk," Journal of Bank Research,
Winter 1983 (co‑author with G. O. Bierwag and Alden Toevs).
"Monetarism and
Federal Reserve Accountability," Journal of Contemporary Studies, Winter
1983.
"Immunization
Strategies for Funding Multiple Liabilities," Journal of Financial and
Quantitative Analysis, March 1983 (co‑author with G. O. Bierwag and
Alden Toevs).
"Implications of
Deregulation for Product Lines and Geographical Markets of Financial
Institutions," Journal of Bank Research, Spring 1983 (co‑author
with Larry Mote and Harvey Rosenblum).
"Home Equity
Conversion: Increasing the Private Incomes of the Elderly," Real Estate
Issues, Summer 1983 (co‑author with Jon Paulsen).
"Duration: Its Development and Use in Bond Portfolio
Management," Financial Analysts Journal, July/August 1983 (co‑author
with G. O. Bierwag and Alden Toevs).
(Received a Graham and Dodd Award for outstanding article.)
"Measuring and Managing
Interest Rate Risk at Commercial Banks: A Primer," Economic
Perspectives (Federal Reserve Bank of
"Interest Rate
Effects of Commercial Bank Underwriting of Municipal Revenue Bonds: Additional
Evidence," Journal of Banking and Finance, March 1984 (co‑author
with G. O. Bierwag and Paul Leonard).
"The Securities
Activities of Commercial Banks: A Legal and Economic Analysis," Tennessee
Law Review, Spring 1984 (co‑author with Thomas Fischer, William Gram
and Larry Mote).
"Consequences of
Deregulation for Commercial Banking," Journal of Finance (co‑author
with Larry Mote and Harvey Rosenblum), July 1984.
"The Role of Traditional
Mortgage Lenders in Future Mortgage Lending: Problems and Prospects," Housing
Finance Review, July 1984.
"The Academic
Preparation of Economists Employed by Commercial and Investment Banks," Journal
of Money, Credit, and Banking, August 1984.
"Rankings of
Finance Departments by Faculty Representation on Editorial Boards of
Professional Journals: Note," Journal of Finance, September 1984.
"Integrating
Asset/Liability Management to Finance Mortgage Portfolios," Conference
on Solving the Mortgage Menu Problem (Federal Home Loan Bank of
"Implications of
Large Bank Problems and Insolvencies for the Banking Industry and Economic
Policy," Issues in Bank Regulation, Winter 1985.
"Duration Gap for
Financial Institutions," Financial Analysts Journal, March/April
1985 (co‑author with G. O. Bierwag).
"Federal Bank
Regulatory Policy," Journal of Business, January 1986.
"Banking
Deregulation in the United States," Irish Banking Review (special issue
on banking deregulation in major countries), Autumn 1986.
"Bank Capital
Forbearance and Public Policy," Contemporary Policy Issues, January
1987.
"Usefulness of
Duration: Response to Critics," Journal
of Portfolio Management, Winter 1987 (co‑author with G. O. Bierwag,
Cynthia M. Latta and Gordon Roberts).
"Could Thrifts Be
Profitable? Theoretical and Empirical Evidence: Comment," Carnegie‑Rochester
Conference Series on Public Policy, Spring 1987.
"Bond Portfolio
Immunization: Tests of Maturity and One- and Two-Factor Duration Matching
Strategies," Financial Review, May 1987 (co-author with G. O.
Bierwag and Cynthia M. Latta).
"The Federal
Safety Net: Not For Banks Only," Economic Perspectives (Federal
Reserve Bank of Chicago), November/December 1987.
"Securities
Activities of Commercial Banks: Recent Changes in the Economic and Legal
Environments," Journal of Financial Services Research, January
1988. (Reprinted in Corporate Finance
Journal, Winter 1988 and Donald Chew, ed., New Developments in Commercial
Banking, Basil Blackwell, 1991.)
"Bank Runs:
Causes, Benefits, and Costs," Cato Journal, Winter 1988.
"Durations of
Nondefault-Free Securities," Financial Analysts Journal,
July/August 1988 (co-author with G. O. Bierwag). (Reprinted as monograph by the Institute of
Chartered Financial Analysts, 1989).
"Duration Models:
A Taxonomy," Journal of Portfolio Management, Fall 1988 (co-author
with G. O. Bierwag and Cynthia M. Latta). (Reprinted in P. Bernstein and F.
Fabozzi, eds., Streetwise: The Best of the Journal of Porfolio Management,
Princeton University Press, 1998).
"Thrift
Deregulation and Federal Deposit Insurance: Comments," Journal of
Financial Services Research, September 1988.
"The Increase in
Noninsured Commercial Banks," Economic Perspectives (Federal
Reserve Bank of
"Framework For the
Future: Resurrecting and Legitimizing the Thrift Industry," Conference
on the Future of the Thrift Industry (Federal Home Loan Bank of San Francisco),
1988.
"Banking and
Finance in 1987," Americana Annual/Encyclopedia Year Book, 1988,
Grolier, 1988.
"Duration As a
Measure of Basis Risk: The Wrong Answer At Low Cost?, Rejoinder," Journal
of Portfolio Management, Summer 1989 (co-author with G. O. Bierwag and
Cynthia M. Latta and Gordon Roberts).
"Making FDIC
Insurance Redundant," Challenge Magazine, January/February 1990.
"Understanding the
Savings and Loan Debacle," Public Interest, Spring, 1990 (co-author
with George J. Benston). (Reprinted in
H. Lena, ed., Contemporary Issues in Society, McGraw Hill, 1992 and ShareDebate
International, first half 1991).
"Glass-Steagall: Repeal by Regulatory and Judicial Reinterpretation,"
Banking Law Journal, September/October 1990 (co-author with Larry Mote).
"Computing
Durations for Bond Portfolios," Journal of Portfolio Management,
Fall 1990 (co-author with G. O. Bierwag and Charles Corrado).
"Are Some Banks
Too Large To Fail? Myth and
Reality," Contemporary Policy Issues, October 1990. (Reprinted in Thomas Cargill, ed., Readings
in Money, the Financial System, and Monetary Policy, Prentice-Hall, 1991.)
"Expected Bond
Returns and Duration: A General Model," Financial Analysts Journal,
January/February 1991 (co-author with G. O. Bierwag).
"The U. S. S&L
Debacle: Who Is To Blame and Where Did All the Money Go?” Global Asset
Manager, Winter 1990/91.
"Too Large To Fail
Is Too Costly To Continue," Consumer Finance Law Quarterly Report,
Spring 1991.
"Lender of Last
Resort: A Contemporary Perspective," Journal of Financial Services
Research, October 1991(Reprinted in Charles Goodhart and Gerhard Illing,
eds., Financial Crisis, Contagion, and the Lender of Last Resort, Oxford:
Oxford University Press, 2002)
"Duration Gaps
With Futures and Swaps For Managing Interest Rate Risk At Depository
Institutions," Journal of Financial Services Research, February
1992 (co-author with G. O. Bierwag).
(Reprinted in S. Nawalkha and D Chambers, eds., Interest Rate Risk:
Measurement and Management, Institutional Investor, 2000)
"Bank Capital:
Past, Present and Future," Journal of Financial Services Research,
April 1992.
"Commercial Bank Securities
Activities: What Really Happened in 1902," Journal of Money, Credit,
and Banking, August 1992 (co-author with Larry Mote).
"Durations For
Bond Portfolios Priced on Different Term Structures," Journal of
Banking and Finance, August 1992 (co-author with G.O. Bierwag and Charles
Corrado).
"Purpose and
Operation of the Shadow Financial Regulatory Committee," Journal of
Financial Services Research, August 1992 (Pt.2).
"Some Shortcomings
of Analyzing Deposit Insurance as a Put Option," Journal of Financial Engineering,
December 1992.
"The Federal
Deposit Insurance Corporation," New Palgrave Dictionary of Money and
Finance (Macmillan Press), 1992.
"The Federal Home
Loan Bank System," New Palgrave Dictionary of Money and Finance
(Macmillan Press), 1992.
"The Federal
Savings and Loan Insurance Corporation," New Palgrave Dictionary of
Money and Finance (Macmillan Press), 1992.
"Commercial
Banking," Encyclopedia Americana (Grolier), 1992.
"Incentive
Conflict in Deposit Institution Regulation:
Evidence From Australia," Pacific-Basin Finance Journal,
March 1993, (co-author with Edward J. Kane).
"Deposit Insurance
Reform: A Functional Approach: A Comment," Carnegie-Rochester
Conference Series, June 1993, (co-author with George J. Benston).
(Reprinted in Maximilian Hall, ed., The Regulation and Supervision of Banks,
Edward Elgar, Vol.2, 2001.)
"FDICIA: Renaissance or Requiem?" FDICIA: An Appraisal, Federal Reserve Bank of
Chicago, May 1993. (Reprinted in C.W.
Calomiris, Money, the Financial System and the Economy, Addison-Wesley,
1994).
"Deposit
Insurance," Fortune Encyclopedia of Economics (Warner Books), 1993.
(Also in the Concise Encyclopedia of Economics (
"Bank Runs,"
Fortune Encyclopedia of Economics (Warner Books), 1993. (Also in the
Concise Encyclopedia of Economics (
"The Geographic
Distribution of Financial Institutions in Chicago," Economic
Perspectives (Federal Reserve Bank of Chicago), January/February 1994 (co-author
with Larry Mote).
"Is Banking a
Declining Industry?" Economic
Perspectives (Federal Reserve Bank of Chicago), May/June 1994 (co-author
with Larry Mote) (Reprinted in Peter Rose, ed., Readings in Financial
Institutions and Markets, 7th ed., Richard Irwin, 1995 and The Community
Banker, First Quarter 1995).
"Bank
Contagion: A Review of the Theory and
Evidence," Journal of Financial Services Research, April 1994.
"In
Defense of FDICIA," Golembe Reports, Vol. 1994-7, (co-author with
George Benston).
"FDICIA: The Early Evidence," Challenge
Magazine, July/August 1994.
"Exploring the
Real Interest Rate Puzzle," Quarterly Review of Economics and Finance,
Winter 1994 (co-author with Elijah Brewer).
"The
U.S. Banking Debacle of the 1980s: A Lesson in Government Mismanagement," The
Freeman, April 1995.
"The U.S. Banking
Debacle of the 1980s: An Overview and Lessons," The Financier, May
1995.
"FDICIA and Bank
Capital," Journal of Banking and Finance, June 1995.
"The Role of Economists
in Economic Policy Making," Quarterly Review of Economics and Finance,
Summer 1995.
"Is the Banking
and Payments System Fragile?" Journal of Financial Services Research,
December 1995 (co-author with George J. Benston). (Reprinted in Maximilian
Hall, ed., The Regulation and Supervision of Banks, Edward Elgar, Vol.1,
2001.)
"Managing
Interest Rate Risk with Duration Gaps to Achieve Multiple Targets," Journal
of Financial Engineering,
March 1996, (co-author with G.O.
Bierwag).
"The Appropriate
Role of Bank Regulation," Economic Journal, May 1996, (co-author
with George Benston). (Reprinted in Maximilian Hall, ed., The Regulation and
Supervision of Banks, Edward Elgar, Vol.1, 2001 and in Beijing Center for
Study of Investment Order, Investment Order Review: The New Point of View of
Financial Revolution, N.D.)
"Bank Failures,
Systemic Risk, and Bank Regulation," Cato Journal, Spring/Summer
1996. (Reprinted in Executive Finance, (Mexico) June 1997 and in Benton
E. Gup, ed., Bank Failures in Major Countries, Quorum Books, 1998.)
"Financial Crises,
Payment System Problems and Discount Window Lending: Comment," Journal
of Money, Credit and Banking, November 1996.
"Preventing
Banking Crises in the Future: Lessons From Past Mistakes," Independent
Review, Summer 1997 and Review of Monetary and Financial Studies
(Japan), November 1997.
"FDICIA After Five
Years," Journal of Economic Perspectives, Summer 1997, (co-author
with George Benston). (Reprinted in Maximilian Hall, ed., The Regulation and
Supervision of Banks, Edward Elgar, Vol.1, 2001.)
"The New Depositor
Preference Act: Time Inconsistency in Action," Managerial Finance,
Vol. 23, No. 11, 1997.
"Designing an
Efficient, Incentive Compatible, Government-Provided Deposit Insurance for
Developing and Transitional Economies," Review of Pacific Basin
Financial Markets and Policies, March 1998.
"FDICIA:
The Experience to Date," Economic Perspectives (Federal Reserve
Bank of Chicago), Second Quarter
1998
(co-author with George Benston).
"Helping
to Prevent Banking Crises: Taking the 'State' Out of State Banks," Review
of Pacific Basin Financial Markets and Policies, March 1999.
"The
Subsidy Provided by the Federal Safety Net: Theory and Measurement:
Comments," Journal of Financial Services Research,
September/December 1999.
"The
Merton and Scholes Nobel Prize Acceptance Lectures: The Sources Cited," Financial
Practice and Education, Fall/Winter 1999.
"How
Real is the Risk of Massive Banking Collapse?" Regulation, Vol. 23,
No. 1, 2000.
"Banking
and Currency Crises and Systemic Risk: A Taxonomy and Review," Financial
Markets, Institutions and Instruments, May 2000. (Reprinted in DNB Staff
Reports, No. 48, Bank of the Netherlands, 2000)
"Banking
and Currency Crises and Systemic Risk: Lessons From Recent Events," Economic
Perspectives (Federal Reserve Bank of
"Banking
Policy: Comments on Wood and Benston," Journal of Financial Services
Research, December 2000.
"The
New Safety-Net," Regulation, Summer 2001 (co-author with Peter
Wallison).
"The
Regulation and Supervision of Banks Around the World: Comment " Brookings-Wharton
Papers on Financial Services, 2001.
"Emerging
Economies and International Financial Centers" Review of Pacific Basin
Financial Markets and Policies December 2001.
"Post-Resolution
Treatment of Depositors at Failed Banks: Implications for the Severity of
Banking Crises: Systematic Risk, and Too Big to Fail,” Economic Perspectives
(Federal Reserve Bank of Chicago), Second Quarter 2002 (co-author with
Steven Seelig).
"Too
Big to Fail in Banking: What Remains", Quarterly Review of Economics
and Finance, Summer 2002.
"The
Effect of Credit Risk on Bank and Bank Holding Company Bond Yields: Evidence
from the Post-FDICIA Period," Journal of Financial Research, Winter
2002 (co-author with Julapa Jagtiani and Catherine Lemieux).
"What
is Systemic Risk and Do Bank Regulators Retard or Contribute to it? ", Independent
Review, Winter 2003 (co-author with Kenneth Scott).
"The
Use of Economic Analysis and Principles to Affect Public Economic Policy: The
Case of the Shadow Financial Regulatory Committee, " Business
Economics, January 2003.
"Banking
Relationships During Financial Distress: The Evidence from Japan," Economic
Perspectives (Federal Reserve Bank of Chicago), Third Quarter 2003 (co-author
with Elijah Brewer and Hesna Genay)
"Does
the Japanese Stock Market Price Bank Risk: Evidence from Financial Firm
Failures," Journal of Money, Credit and Banking, August 2003
(co-author with Elijah Brewer, Hesna Genay, and W. Curt Hunter).
"The
Value of Banking Relationships During a Financial Crisis: Evidence from the
Failure of Japanese Banks, " Journal of the Japanese and International
Economies, September 2003 (co-author with Elijah Brewer, Hesna Genay, and
W. Curt Hunter).
"Bank
Procyclicality, Credit Crunches and Asymmetric Monetary Policy
Effects: A Unifying Model," Journal of Applied Finance Fall/Winter
2003 (co-author with Robert Bliss).
"Depositor
Liquidity and Loss-Sharing in Bank Failure Resolutions," Contemporary
Economic Policy, April 2004.
"Banking
Regulation and Foreign Owned Banks," Bulletin (Reserve Bank of
New Zealand), June 2004.
"FDIC
Losses in Bank Failures: Has FDICIA Made a Difference?" Economic Perspectives
(Federal Reserve Bank of Chicago), 3rd Quarter, 2004.
"Macroeconomic Stability, Bank Soundness, and Designing Optimum Regulatory Structures," Multinational Finance Journal December 2004.
"Bank Crisis Resolution
and Foreign Owned Banks" Economic Review (Federal Reverse Bank
of
"Derivatives and Systemic Risk: Netting, Collateral, and Closeout,” Journal of Financial Stability April, 2006 (Co-author with Robert Bliss).
"Using Efficient Bank Insolvency Resolution to Solve the Deposit Insurance Problem" Journal of Banking Regulation, October 2006, (Reprinted in David Mayes et. al. eds., Deposit Insurance, London: Palgrave, 2007.
“Resolving Insolvent Large Complex Financial Institutions: A Better Way,” The Banking Law Journal (co-author with Robert Bliss), April 2011.
“Asset Price Bubbles: Lessons from the Recent Financial Crisis,” World Financial Review, September/October, 2012, (Co-author with Douglas Evanoff and A.G. Malliaris).
BOOKS:
Monetary
Economics: Readings on Current Issues
(McGraw‑Hill), 1971 (co‑editor with William E. Gibson).
Money,
the Financial System, and the Economy (Rand McNally/ Houghton
Mifflin), 1973, 1977, 1981.
Money
and the Financial System: Fundamentals (Rand
McNally), 1975.
The U.
S. Financial System: Money, Markets,
and Institutions (Prentice-Hall), 1980, 1983, 1986, 1989, 1992, 1995;
Chinese edition, 2001.
The
Property Tax Revolt: The Case of
Proposition 13 (Ballinger Press), 1981 (co‑editor with Kenneth
Rosen).
Efficiency
in the Municipal Bond Market: Use of Tax‑Exempt
Bonding to Finance "Private" Activities (JAI
Press), 1981 (editor).
Innovations
in Bond Portfolio Management: Duration
Analysis and Immunization (JAI Press), 1983 (co‑editor with G. O.
Bierwag and Alden Toevs).
Perspectives
on Safe and Sound Banking: Past,
Present, and Future (MIT Press), 1986 (co‑author with George
J. Benston, Robert Eisenbeis, Paul Horvitz, and Edward Kane).
Deregulating
Financial Services: Public Policy in Flux (Ballinger Press),
1986 (co‑editor with Roger Kormendi).
Research
in Financial Services: Private and Public Policies
(Annual) (JAI/Elsevier Press), Vols. 1 (1989), 2 (1990), 3 (1991), 4 (1992), 5
(1993), 6 (1994) 7 (1995), 8 (1996), 9 (1997), 10 (1998), 11 (1999), 12 (2000),
13 (2001), 14(2002) and 15(2003), (editor).
Restructuring
the American Financial System (Kluwer Academic), 1990
(editor).
Banking
Structures in Major Countries (Kluwer Academic), 1991
(editor).
Assessing
Bank Reform: FDICIA One Year Later (Brookings
Institution), 1993 (co-editor with Robert Litan).
Reforming
Financial Institutions and Markets in the United States
(Kluwer Academic), 1994 (editor).
Discrimination
in Financial Services (Kluwer Academic), 1997 (co-editor with George
J. Benston and W. Curt Hunter).
Preventing
Bank Crises: Lessons from Recent Global Bank Failures
(World Bank), 1998 (co-editor with G. Caprio, W.C. Hunter, and D. Leipziger).
The
Asian Financial Crisis: Origins, Implications, and Solutions
(Kluwer Academic), 1999 (co-editor with W. Curt Hunter and Thomas Krueger).
Global
Financial Crises: Lessons from Recent Events (Kluwer Academic),
2000 (co-editor with Joseph Bisignano and W. Curt Hunter).
Asset
Price Bubbles: Implications for Monetary, Regulatory, and International
Policies (MIT Press), 2003,
(co-editor with W. Curt Hunter and Michael Pomerleano), (paperback
edition 2005).
Systemic Financial Crises: Resolving Large Bank Insolvencies, (World Scientific), 2005 (co-editor with Douglas Evanoff).
Cross – Border Banking: Regulatory Challenges (World Scientific), 2006 (co-editor with Gerard Caprio and Douglas Evanoff).
International Financial Instability: Global Banking and National Regulation (World Scientific), 2007 (co-editor with Douglas Evanoff and Raymond LaBrosse).
Financial Institutions and Markets: Current Issues in Financial Markets (Palgrave), 2008. (co-editor with Robert Bliss).
Globalization and Systemic Risk (World Scientific), 2009, (co-editor with Douglas Evanoff and David Hoelscher).
The First Credit Market Turmoil of the 21st Century (World Scientific), 2009 (co-editor with Douglas Evanoff and Philipp Hartmann).
Financial Institutions and Markets : 2007-2008-The Year of Crisis (Palgrave), 2009 (co-editor with Robert Bliss).
Financial Institutions and Markets : The Financial Crisis, (Palgrave), 2010, (co-editor with Robert Bliss).
The International Financial Crisis: Have the Rules of the Game Changed? (World Scientific), 2011(co-editor with Asli Demirguc-Kunt and Douglas Evanoff).
Macroprudential Regulatory Policies: The New Road to Financial Stability? (World Scientific), 2011 (co-editor with Stijn Claessens, Douglas Evanoff, and Laura Kodres), (Chinese translation, forthcoming).
New Perspectives on Asset Price Bubbles (Oxford), 2012 (Co-editor with Douglas Evanoff and A.G. Malliaris).
The Role of Central Banks in Financial Stability (World Scientific), forthcoming (co-editor with Douglas Evanoff, Cornelia Holthausen, and Manfred Kremer).
The Social Value of the Financial Sector: Too Big to Fail or Just Too Big?, (World Scientific), Forthcoming (co-editor with Douglas Evanoff)
MONOGRAPHS:
The Demand for Currency, Staff Economic Studies, Board of Governors of the Federal Reserve System, 1966.
The Relative Impact of Money and Income on Interest Rates: An Empirical Investigation, Staff Economic Studies, Board of Governors of the Federal Reserve System, 1967 (co-author with William E. Gibson).
Customers View Bank Markets and Services: A Survey of Elkhart, Indiana, Federal Reserve Bank of Chicago, 1967.
Business Firms and Households View Commercial Banks: A Survey of Appleton, Wisconsin, Federal Reserve Bank of Chicago, 1967.
Current Issues in Monetary Economics and Policy: A Review, Institute of Finance, New York University, May 1969 (Bulletin, No. 57). (Reprinted in Institute of Chartered Financial Analysts, Investment Management Decision Making, Richard Irwin, 1971.
Customers View a Bank Merger, A Resurvey of Elkhart, Indiana, Federal Reserve Bank of Chicago, 1969 (co-author with Roberta K. Detz).
A Profile of Banking in Chicago, Federal Reserve Bank of Chicago, 1970 (co-author with Roberta K. Detz).
Modifying the Investment Powers of Savings and Loan Associations, College of Business Administration, University of Oregon, 1971 (co-author with Peter O. Dietz).
The Outlook for Puerto Rico Municipal Bonds (A Report for the Governor's Committee to Study Puerto Rico's Finances), September 1975 (co-author with Ronald Forbes, Michael H. Hopewell, and John Petersen).
Financial Intermediaries and Variable Rate Mortgages, Federal Reserve Bank of San Francisco, March 1976. (Reprinted by Federal Home Loan Bank Board, 1977.)
Bidding Rules to Reduce Interest Costs in the Competitive Sale of Municipal Bonds: A Handbook for Municipal Finance Officers, Center for Capital Market Research, University of Oregon, 1977 (co-author with Michael H. Hopewell).
Variable Rate Residential Mortgages: Implications for Borrowers (Report to the Federal Home Loan Bank Board), Center for Capital Market Research, University of Oregon, June 1977, and in Federal Home Loan Bank Board, Alternative Mortgage Instruments Research Study (GPO), November 1977 (co-author with Gerald S. Albaum).
Bank Eligibility to Underwrite Municipal Revenue Issues and the Cost of Borrowing: An Empirical Analysis, Securities Industry Association, 1979 (co-author with G. O. Bierwag and Michael H. Hopewell).
Commercial Bank Eligibility to Underwrite Municipal Revenue Issues and the Cost of Borrowing: Additional Evidence for 1979, Securities Industry Association, 1980 (co-author with G. O. Bierwag, Michael H. Hopewell, and Paul A. Leonard).
Agenda For Reform (A Report on Deposit Insurance to the Congress from the Federal Home Loan Bank Board), Washington, D.C., 1983 (co-author with Charlotte Chamberlin, Tim Campbell, G.O. Bierwag, Fisher Black, Andrew Carron, David Glenn, and Paul Horvitz).
Risk and Solvency Regulation of Depository Institutions: Past Policies and Current Issues, 88-1, Monograph Series in Finance and Economics, New York University, 1988 (co-author with George J. Benston).
A Blueprint For Restructuring America's Financial Institutions, Brookings Institution, 1989 (co-author with George J. Benston, Dan Brumbaugh, Jack Guttentag, Richard Herring, Robert Litan, and Kenneth Scott).
Banking and the Illinois Economy: Recommendations for Improving the Performance of Both, Citicorp Savings: Chicago, 1989.
Commercial Banking and Securities Activities: A Survey of the Risks and Returns, American Bankers Association, October 1995 (co-author with George J. Benston).
Reforming Bank Capital Regulation, American Enterprise Institute, March 2000 (co-author with Shadow Financial Regulatory Committee).
FDIC Reform: Don't Put TaxPayers
Back at Risk (Policy Analysis, No. 432), Cato Institute, April 16, 2002.
The Financial Turmoil of 2007-09: Sinners and Their Sins (Policy Brief 2010-PB-01), Networks Financial Institute, March 2010 and Policy Brief, The Heartland Institute, Chicago, April 2010.
"Preventing Bank
Failures," Compendium of Major Issues in Bank Regulation,
"Underwriting of
Municipal Revenue Bonds," in
"Debt
Management," in J. Richard Aronson and Eli Schwartz, eds., Management
Policies in Local Government Finance (International City Management
Association), 1981, 1987 (co-author with Philip Fischer).
"Inflation,
Proposition 13 Fever and Suggested Relief," in G. Kaufman and K. Rosen,
eds., The Property Tax Revolt: The
Case of Proposition 13 (Ballinger Press), 1981.
"Number of
Bidders, Competition, and Inefficiency in the Sale of New Municipal
Bonds," (co‑author with Michael H. Hopewell) in G. O. Bierwag, The
Primary Market for Municipal Debt (Greenwich, Conn.: JAI Press), 1981.
"The Municipal Bond
Sale That Didn't: A Case Study" (co-author with Earl Benson) in G. O.
Bierwag, The Primary Market for Municipal Debt (Greenwich, Conn.: JAI
Press), 1981.
"Impact of
Deregulation on the Mortgage Market," Housing Finance in the
Eighties: Issues and Options (Federal
National Mortgage Association), 1981.
"Recent Developments
in Bond Portfolio Immunization Strategies" (co-author with G. O. Bierwag
and Alden Toevs) in G. O. Bierwag, et al., Innovations in Bond Portfolio
Management: Duration Analysis and Immunization
(JAI Press), 1983.
"Bidding Procedures
in the
"The Future of Commercial
Banks in the Financial Services Industry" (co-author with Larry Mote
and Harvey Rosenblum), in George J. Benston, ed., Financial Services:
The Changing Institutions and Government Policy (American Assembly,
Prentice-Hall), 1983.
"The Securities Activities
of Commercial Banks," in Richard Aspinwall and Robert Eisenbeis, eds.,
Handbook for Banking Strategy (Wiley-Interscience), 1985.
"Costs of Bank Failures:
Overview, History, and Evaluation," (co-author with George J. Benston)
in George Kaufman and Roger Kormendi, eds., Deregulating Financial Services:
Public Policy in Flux (Ballinger Press), 1986.
"Financial Deregulation
and Bank Failures," in D. Hoover, ed., Money and Risk: Creative Turmoil in Finance, Banking and
Insurance (ITT Key Issues Series, BooksCraft), 1986.
"The Truth About
Bank Runs," in Catherine England and Thomas Huertas, eds., The
Financial Service Revolution: Policy
Directions for the Future, (Kluwer Academic), 1988.
"Management vs. Economic
Conditions As Contributors to the Recent Increase in Bank Failures: Commentary,"
in Courtenay C. Stone, ed., Financial Risk: Theory, Evidence and Implications, Federal
Reserve Bank of St. Louis (Kluwer Academic), 1988.
"Regulating
Bank Safety and Performance" (co-author with George J. Benston) in William
S. Haraf, and Rose Marie Kusmeider, eds., Restructuring Banking and
Financial Services in America (American Enterprise Institute, Kluwer),
1988.
"Banking Risk in
Historical Perspective," in George Kaufman, ed., Research in Financial
Services: Private and Public Policy (JAI
Press), 1989.
"Securities
Activities of Commercial Banks: The Current Economic and Legal
Environments," (co-author with Larry Mote) in George Kaufman, ed., Research
in Financial Services: Private and
Public Policy (JAI Press), 1989.
"Economists Influencing
Public Policy: The Shadow Financial Regulatory Committee," in George G.
Kaufman, ed., Restructuring
"The Savings and
Loan Rescue of 1989: Causes and Perspective," in George G. Kaufman, ed., Restructuring
America's Financial System (Kluwer Academic), 1990.
"Banking and
Financial Intermediary Markets in the United States," in Franklin Edwards
and Hugh Patrick, eds., Regulating International Financial Markets
(Kluwer Academic), 1991.
"Lender of Last
Resort, Too Large To Fail, and Deposit Insurance Reform," in Dan Brumbaugh
Jr. and James Barth, eds., The Reform of Deposit Insurance
(HarperBusiness), 1992.
"The Separation of
Banking and Commerce: Comment," in James Barth and Philip Bartholomew,
eds. Emerging Challenges for the International Financial Services Industry
(JAI Press), 1992.
"Long-Run Benefits
in Financial Regulation from Increased Accountability and Privatization:
Comment," Peter Dickson, ed., Rebuilding Public Confidence Through
Financial Reform (
"The Diminishing
Role of Commercial Banking in the U. S. Economy," in
"A Proposal for
Deposit Insurance Reform That Keeps the Put Option Out-of-the-Money and the
Taxpayers In-the-Money," in Charles A. Stone and Anne Zissu, eds., Risk
Based Capital Regulations: Asset
Management and Funding Strategies (Business One Irwin) 1993.
"The Future of Banking"
in Karl-Henrik Petersson, ed., Banks: Do We Really Need Them? (
"The Intellectual History of the Federal Deposit
Insurance Corporation Improvement Act of 1991" (co-author with
"Improving the FDIC Improvement Act" (co-author with George J. Benston) in George G. Kaufman, ed., Reforming Financial Institutions and Markets in the United States (Kluwer), 1994.
"The Current State
of
"Comment on
Systemic Risk" in George G. Kaufman, ed., Research in Financial
Services (JAI Press), 1995.
"Commercial
Banking and Securities Activities: A Survey of the Risks and Returns?"
(co-author with George Benston) in Clifford Kirsh, ed., The Financial
Services Revolution (Irving Professional Publishing), 1996.
"What Is Good and
What Is Bad in the National Commission Report," in George G. Kaufman, ed.,
Research in Financial Services (JAI Press), 1996.
"Lessons for
Transitional and Developing Economies from U.S. Deposit Insurance Reform"
in George M. von Furstenberg, ed., Regulation and Supervision of Financial
Institutions in the NAFTA Countries, and Beyond (Kluwer), 1997. (Reprinted
by Superintency of Banks in Columbia, 1998).
"FDICIA Five Years
Later: What Has Worked and What Has Not," in George G. Kaufman, ed., Research
in Financial Services (JAI Press), 1997.
"How Should
Financial Institutions and Markets Be Structured? Analysis and Options for
Financial System Design" (co-author with Randall Kroszner) in Richard
Hausmann and Lilliana Rojas-Suarez, eds., Safe and Sound Financial Systems
(Inter-American Development Bank), 1997 and in Ilter Turan and Gul Turan, eds.,
Deepening of Financial Markets (Koc University, Turkey), 1996.
"Conference
Summary" in G. Caprio, W.C. Hunter, G. Kaufman, and D. Leipziger, eds., Preventing
Bank Crises: Lessons from Recent Global Bank Failures (Federal Bank of
Chicago and World Bank), 1998.
"Central Banks,
Asset Bubbles, and Financial Stability," in Mario Blejer and Marko Skreb,
eds., Central Banking, Monetary Policies, and the Implications for
Transition Economies, (Kluwer),1999 and in George G. Kaufman, ed., Research
in Financial Services, Vol. 10, (JAI Press), 1998.
"Conference Summary"
in W. Curt Hunter, George G. Kaufman, and Thomas Krueger eds., The Asian
Financial Crisis (Kluwer), 1999.
"Banking
Systems," Grolier Multimedia Encyclopedia, 1999 (co-author with
Thomas Mayer).
"Resolving,
Recapitalizing and Restructuring Insolvent Banks and Banking Systems,” in
Benton Gup, ed., International Banking Crises: Large-Scale Failures and
Government Interventions (Quorum Books), 1999.
"Preventing Bank
Crises: Taking the 'State' Out of State Banks" in Dimitri B.
Papadimitriou, ed., Modernizing Financial Systems (
"Structuring
Prudential Bank Regulation to Promote Efficiency and Safety" in Luigi
Manzetti, ed., Regulatory Policy in
"Designing the New
Architecture for U.S. Banking" in Benton Gup, ed., The New Financial
Architecture: Banking Regulation in the 21st Century (Quorum Books), 2000.
"Banking Reform to
Prevent Future Crises" in B. Batavia, N. Lash and A.G. Malliaris, eds, Asymmetries
in Financial Globalization (APF Press), 2002.
"International Banking
Regulation", in Gavin Boyd and Paul Brenton, eds., Structural Foundations
of International Finance ( Edward Elgar), 2003 (co-author with Maximilian
Hall).
"Comment on Market
Discipline in Banking" in George G. Kaufman, ed., Research in Financial
Services, Vol. 15 (Elsevier), 2003.
"Too Big to Fail
in Banking: Quo Vadis?" in Benton Gup, ed., Too-Big-To-Fail: Policies
and Practices (Praeger Publishers), 2004.
"What have We Learned
from the Thrift and Banking Crises of the 1980's?" in James Barth, Susanne
Trimbath and Glenn Yargo, eds., The Savings and Loan Crisis: Lessons from
a Regulatory Failure (Milken Institute, Kluwer Academic), 2004.
"Market Discipline:
Is it Fact or Fiction: Comment," in Benton Gup, ed., The New Basel
Capital Accord (Thompson), 2004.
"
"The Development and Structure of Financial Markets in the European-American Economy," in Gavin Boyd, Alan Rugman, and Pier Carlo Paduan, eds., European -American Trade and Financial Alliances (Edward Elgar), 2005.
"Minimizing Post-Resolution
Costs in Bank Failures" in E. Klein, ed., Global Banking Issues
(
"Challenges for Deposit Insurance and Financial Stability in Cross-Border Banking with Emphasis on the the European Union," in G. Caprio, D. Evanoff, and G. Kaufman, Eds., Cross-Border Banking: Regulatory Challenges (World Scientific), 2006, (co-author with Robert Eisenbeis).
"Cross-Border Banking: Challenges for Deposit Insurance and Financial Stability in the European Union" in H. Benink, C. Goodhart, and R. Lastra, eds., Prompt Corrective Action and Cross-Boarder Supervisory Issues in Europe, (London: Special Paper 171, Financial Markets Group, London School of Economics), April 2007 and in L. Jonung, C. Walker, and M. Watson, eds., Building the Financial Foundations of the Euro Experiences and Challenges (Routledge Press), (forthcoming), (co-author with Robert Eisenbeis).
“When a Bank is not a Bank: The Case of Industrial Loan Companies” in Robert Bliss and George Kaufman, eds., Financial Institutions and Markets, (Palgrave), (2008), (co-author with Christian Johnson).
“Bank Fragility: Perception and Historical Evidence,” in D. Mayes, R. Pringle, and M. Taylor, eds., Towards A New Framework for Financial Stability (Central Banking Publications), 2009.
“Lessons From The Demise Of The UK’s Northern Rock and the US’ Countrywide and Indy Mac” in David Franco Bruni and Llewellyn, eds., The Failure of Northern Rock (SUERF), (co-author with Robert Eisenbeis), 2009.
“The Financial Turmoil of 2007-XX: Causes, Culprits and Consequences,” in Raymond LaBrosse, Rodrigo Olivares and Dalvinder Singh– Caminal, eds., Financial Crisis Management and Bank Resolution (Informa), 2009.
“Deposit Insurance” in A. Berger, P. Molyneux and J. Wilson eds., The Oxford Handbook of Banking (Oxford University Press), (co-author with Robert Eisenbeis), 2010.
“The Demise of UK’s Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons” in Robert Kolb, ed., Lessons from the Financial Crisis, (Wiley), (co-author with Robert Eisenbeis), 2010
“The Financial Crisis of 2007-09: Missing Financial Regulation or Absentee Regulators,” in Robert Kolb, ed., Lessons from the Financial Crisis, (Wiley), (co-author with A.G. Malliaris), 2010.
“Basel II: A Costly Distraction” in Robert Bliss and George Kaufman, eds., Financial Institutions and Markets: The Financial Crisis, (Palgrave), 2010.
“Commentary on Robert Shiller and Randall Kroszner” in Benjamin Friedman, ed., Reforming the U.S. Financial Markets (MIT Press), 2011.
“Runs on Chartered and Shadow Banks: The Mechanics and Implications” in Robert Kolb, ed., Financial Contagion, (Wiley), (co-author with Robert Bliss), 2011.
“The World of Unintended Consequences: A Post Mortem on Regulation Q and Prologue for the Future” in Chris Green, Eric Pentacost, and Maximillian Hall, eds., Financial Institutions, Systems and Markets (Elgar), (Co-author with Robert Eisenbeis), 2011
“Living Wills: Putting the Caboose Before the Engine,” in J.R. La Brosse, D. Singh, and R.Olivaris-Caminal, eds., Managing Risk in the Financial System, (Elgar), 2011
“Resolving Large Complex Insolvent Financial Institutions Within and Across Jurisdictions,” In Richard Herring, ed, Cross-Border Issues in Resolving Important Financial Institutions (Wharton Financial Institutions Center), forthcoming and in J. Raymond La Brosse, et. al, eds., Managing Risk in the Financial System (Elgar), (co-authored with Robert Bliss), 2011
BOOK REVIEWS:
James L. Knipe, "The Federal Reserve and the American Dollar," Quarterly Review of Economics and Business, Spring 1966.
George Macesich, "Commercial Banking and Regional Development in the United States, 1950-60," National Banking Review, March 1966.
J. Daniel Khazzoom, "The Currency Ratio in Developing Countries," Journal of Political Economy, August 1967.
Edward M. Syring, "The Demand for Money in Norway," Journal of Finance, September 1969.
Douglas Fisher, "Money and Banking," Journal of Finance, December 1971.
Elliot Marple and Bruce H. Olson, "The National Bank of Commerce of Seattle," Pacific Northwest Quarterly, July 1973.
Federal Reserve Bank of Boston, "Controlling Monetary Aggregates II: The Implementation," Journal of Finance, March 1974.
Thomas Mayer, "The Structure of Monetarism," Journal of Money, Credit, and Banking, February 1980.
Federal Home Loan Bank of
Andrew S. Carron, "The Plight of the Thrift Institutions," Wall Street Review of Books, Spring 1983.
James R. Adams, "The Big Fix: Inside The S&L Scandal," Journal of Economic Literature, March 1991.
R. Dan Brumbaugh, Jr., "The Collapse of Federally Insured Depositories," Journal of Finance, June 1994.
George Selgin, "Bank Deregulation and Monetary Order," Journal of Banking and Finance, March 1998.
Reuven Glick, Ramon Moreno, and Mark Spiegel, "Financial Crises in Emerging Markets," Journal of Economic Literature, March 2004.
CONGRESSIONAL AND OTHER TESTIMONY
"Variable Rate Mortgages," Testimony before Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance of Committee on Banking, Currency and Housing; U. S. House of Representatives, April 10, 1975 Hearings.
"Variable Rate Mortgages," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, April 17, 1975 Hearings.
"Federal Bank Commission," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, October 31, 1975, Hearings.
"Bank Underwriting of Municipal Securities," Testimony before Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs; U. S. House of Representatives, June 25, 1979, Hearings.
"Implications of Financial Deregulation for Residential Housing," Testimony before Subcommittee on Housing and Community Development; U. S. House of Representatives, October 15, 1981, Hearings.
"Implications of Financial Deregulation for Residential Housing Finance," Testimony before President's Commission on Housing, Washington, D. C., November 6, 1981.
"Implications of Changes in the Financial Services Industry for Regulation," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, June 21, 1983, Hearings.
"Financial Deregulation and Public Policy," Testimony before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, March 13, 1984, Hearings.
"Monetary Policy, Federal Reserve Accountability, and Alternative Institutional Arrangements," Testimony before Joint Economic Committee; U. S. Congress, June 5, 1984, Hearings.
"Stability of the Banking System: Suggestions for Reform," Testimony before Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance of the Committee on Banking, Finance, and Urban Affairs; U. S. House of Representatives, September 19, 1985, Hearings.
"Securities Powers of Commercial Banks," Testimony Before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, August 6, 1987, Hearings.
"The Condition of the Commercial Banking Industry," Testimony before Committee on Banking, Housing and Urban Affairs; U. S. Senate, October 5, 1989, Hearings.
"Deposit Insurance Reform," Testimony Before Committee on Banking, Housing, and Urban Affairs; U. S. Senate, May 22, 1990, Hearings.
"Expanded Bank Securities Powers," Testimony Before Subcommittee on Telecommunications and Finance; U. S. House of Representatives, April 11, 1991, Hearings.
"Implications of `Too Big to Fail' for Deposit Insurance Reform," Testimony Before Subcommittee on Economic Stabilization; U. S. House of Representatives, May 9, 1991, Hearings.
"Modernizing Financial Services: Combining Banking and Commerce," Testimony Before Subcommittee on Capital Markets, Securities, and GSEs; U.S. House of Representatives, March 12, 1997, Hearings.
"The Failure of the Superior Bank: Implications and Lessons," Testimony before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, September 11 and October 16, 2001, Hearings.
"Basel II Capital Standards: Appropriate for the United States?", Testimony before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, November 10, 2005, Hearings.
MISCELLANEOUS:
"Statistics and the Recession,"
"Response of Commercial Banks to Federal Reserve Policy, 1957-59 (Ph.D. Dissertation, University of Iowa, 1962). Abstract published in Journal of Finance, March 1963.
"Commercial Banks, Near-Banks, and Federal Reserve Control," Iowa Business Digest, April 1963.
Contributor to Business Conditions, a monthly review of the Federal Reserve Bank of Chicago, 1960-70.
"The Structure and Performance of Commercial Banking in Oregon," Oregon Business Review, May 1971.
"Bank Credit Cards in Oregon," Oregon Business Review, December 1971 (co-author with Matthew Kingman).
"'Lowest' Bond Bid Costs Minnesota Extra One Million Dollars," October 1972 (co-author with Michael H. Hopewell and Richard R. West). Reported in Wall Street Journal, October 20, 1972.
"The Variables of the Variable Rate Mortgage," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1972.
"Promised Yields, Realized Yields, and Bond Investment Strategy: An Elementary Exposition," April 1973.
"The Structure of the Municipal Bond Underwriting Industry," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1974.
"Does It Pay for Oregon Communities to Obtain a Credit Rating for Their Bonds-" April 1974.
"Costs to Municipalities of Using NIC to Award Bonds Sold Competitively," Daily Bond Buyer, Convention Supplement June 24, 1974 (co-author with Michael H. Hopewell).
TIC Coupon Optimizing Program, Center for Capital Market Research, University of Oregon, July 1974 (co-author with G. O. Bierwag and Michael H. Hopewell), partially reprinted in Daily Bond Buyer, August 6, 1974.
"Experience with TIC Bidding," Daily Bond Buyer, SIA Supplement, October 2, 1974.
"Inflation, Interest Rates and Taxes: The Fisher Effect in a Taxing World," December 1974.
"Letter on Monetary Policy," Monetary Policy Oversight (Hearings: U. S. Senate Committee on Banking, Housing, and Urban Affairs), February 25 and 26, 1975.
"Variable Rate Residential Mortgages: The Early Experience from California," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1976.
"Institutional Implications of the Changing Regulatory and Technological Framework on S & L Competition: Discussion," Changes in the Savings and Loan Industry, Federal Home Loan Bank of San Francisco, December 1976.
"Security Loss Reserves for Commercial Banks," Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1977.
"Financial Intermediation Under Increasing Purchasing Power Risk," Money Manager, December 19, 1977.
"Variable Rate Mortgages," Conference on Alternative Mortgage Instruments, Cornell University, May 1978.
"A Discriminate Analysis of VRM and FRM Borrowers," May 1978 (co-author with D. Hawkins and G. Albaum).
"The Impact of VRMs on the Mortgage Acquisition Process," May 1978 (co-author with D. Hawkins and G. Albaum).
"What We Have Learned About Bank Regulation over the Economic Cycle: Evidence on Interest Rate Risk: Comment," West Coast Academic/Federal Reserve Economic Research Seminar (Federal Reserve Bank of San Francisco), 1978.
"Letter on Federal Reserve Membership," U. S. Congress, House Committee on Banking, Finance and Urban Affairs, July 1978.
A Critical Review of the Alternative Mortgage Instruments Research Study (Federal Home Loan Bank Board), 1978 (co-editor with Gerald S. Albaum).
"Bank Eligibility to Underwrite Municipal Revenue Issues and the Cost of Borrowing," Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1979 (co-author with G. O. Bierwag and Michael H. Hopewell).
"CAPM Betas in a Multi-Period Framework," September 1979 (co-author with G. O. Bierwag).
"The Causes of the Acceleration in Worldwide Inflation in the 1970s," Money Manager, August 18, 1980.
"The Depository Institutions Deregulation and Monetary Control Act: Implications for the Mortgage Market," Proceedings of Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1981.
"Deregulation of Financial Institutions and Markets," A Report Prepared for the U. S. Treasury Department, October 1981.
"The Outlook for Federal Reserve and Regulatory Policy Making," Proceedings of Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1981 (co-author with Harvey Rosenblum).
Can President Reagan's Economic Policies Work-: The LaSalle Street View, Proceedings of a Public Issues Symposium (Center for Financial and Policy Studies, Loyola University), June 1981 (editor).
"Implications of Deregulation for Product Lines and Geographical Markets of Financial Institutions," Paper presented at Conference on Reform of Banking Regulation, Duke University, March 1982; Midwest Economics Association, April 1982; Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, April 1982, Staff Memoranda, 82-2 (Federal Reserve Bank of Chicago) (co-author with Larry Mote and Harvey Rosenblum).
Residential Housing: Can There Be Life After Death?, Proceedings of Second Annual Public Issues Symposium (Center for Financial and Policy Studies, Loyola University), May 1982 (editor).
"The Fed's Post-October 1979
Technical Operating Procedures: Reduced Ability to Control Money," Staff
Memoranda, 82-3 (Federal Reserve Bank of Chicago), June 1982.
"Immunizing with Alternative Single Factor Duration Models," June
1982 (co-author with G. O. Bierwag and Alden Toevs).
"Single Factor Duration Models and Active Bond Portfolio Management," July 1982 (co-author with G. O. Bierwag and Alden Toevs).
"Innovations in Treasury Financing: Analysis and Recommendations," Backgrounder (Heritage Foundation), August 1982.
"Letter on Monetary Policy," Monetarism and the Federal Reserve's Conduct of Monetary Policy (Committee Print: U. S. Congress, Joint Economic Committee), December 30, 1982.
"A Proposal for Federal Deposit Insurance with Risk Sensitive Premiums," (A Study for the Federal Home Loan Bank Board), Staff Memoranda, 83-3 (Federal Reserve Bank of Chicago), February 1983 (co-author with G. O. Bierwag). Shorter version in Conference on Bank Structure and Competition: Proceedings (Federal Reserve Bank of Chicago), 1983.
"Stability of Commercial Bank Betas," April 1983 (co-author with Steven Strongin).
"Impact of Major Banking Events on Bank Stock Returns: Evidence from Multifactor Models," April 1983 (co-author with Steven Strongin).
"The Future of Commercial Banks in the Financial Services Industry," Staff Memoranda, 83-5 (Federal Reserve Bank of Chicago), April 1983 (co-author with Larry Mote and Harvey Rosenblum).
"Use of Single Factor Duration Models for Nondefault-Free Bonds," June 1983 (co-author with G. O. Bierwag and Alden Toevs).
"Bank Runs, Deposit Insurance and Liquidity: Comment," September 1983.
"What Can the Stock Market Tell Us About the Riskiness of Commercial Banks-" November 1983 (co-author with Steven Strongin).
"Risk-Sensitive Federal Deposit Insurance Premiums and Deregulation: A Contingency Claim Model," November 1983, revised May 1984 (co-author with G. O. Bierwag).
"The Securities Activities of Commercial Banks," Staff Memoranda, 84-2 (Federal Reserve Bank of Chicago), January 1984.
"The Role of Traditional Mortgage Lenders in Future Mortgage Lending: Problems and Prospects," Staff Memoranda, 84-4 (Federal Reserve Bank of Chicago), March 1984.
"Who and What Is the Federal
Reserve-" (Public Lecture Series, Northern Illinois University), March 26,
1984.
"The Decline in Velocity in 1982: Is There a Mystery-" March 1984
(co-author with Steven Strongin).
"Consequences of Deregulation for Commercial Banking," Staff Memoranda, 84-3 (Federal Reserve Bank of Chicago), May 1984 (co-author with Larry Mote and Harvey Rosenblum).
"The Securities Activities of Banks: What Has Been Done and What Could Have Been Done," Conference on Bank Structure and Competition: Proceedings (Federal Reserve Bank of Chicago), 1984.
"Comments on Governor Wallich's Paper, `Recent Techniques of Monetary Policy'," Journal of the Midwest Finance Association, 1984.
"Duration Based Strategies for Managing Bank Interest Rate Risk," Symposium on Money, Banking, and Insurance: Proceedings, University of Karlsruhe, Germany, 1984 (co-author with A. G. Malliaris).
"Bank Failure Fears Are Overdrawn," Wall Street Journal, October 12, 1984. (Reprinted in Pisciotta, Macroeconomics 85/86, Dushkin Publ., 1985.)
"Banking Without the Barriers," Chicago Tribune, January 15, 1985.
"Implications of Large Bank Problems and Insolvencies for the Banking System and Economic Policy," Staff Memoranda, 85-3 (Federal Reserve Bank of Chicago), March 1985.
Geographical Deregulation of Financial Services in Illinois: Proceedings of a Public Policy Symposium (Center for Financial Studies, Loyola University), March 1985 (editor).
"Bank Reform Could Be a Bargain," Chicago Tribune, April 15, 1985.
"Interest Rate Risk Management Tutorial -- D Game," Computer duration-based bank asset and liability tutorial, May 1985 (co-author with G. O. Bierwag). Revised mode (2.0), March 1988.
"Financial Institution Deregulation and Impacts on the Traditional Sources of Mortgage Funds," in Future Financing of Real Estate (Washington, D. C., National Association of Realtors), 1985.
"Alternative Duration Specifications and the Measurement of Basis Risk: Empirical Tests: Comment," July 1985 (co-author with G. O. Bierwag, Cynthia M. Latta, and Gordon Roberts).
"Ensuring the Safety and Soundness of the Banking System," Conference on Bank Structure and Competition, Proceedings (Federal Reserve Bank of Chicago), 1985.
"Banking Risk in Historical Perspective," Conference on Bank Structure and Competition, Proceedings (Federal Reserve Bank of Chicago), 1986, and Staff Memoranda 86-3, August 1986.
"Structure of the Financial Services Industry in 2011," American Banker (150th Anniversary Issue), 1986.
"Is the Banking Safety-Net Distorting Risk Bearing Decisions-" Financial Innovation and Financial Risk Policy Forum (American Enterprise Institute, Washington, D.C.), November 1986.
"The Truth About Bank Runs," Cato Conference on the Financial Services Revolution, February 1987 and Staff Memoranda 87-3 (Federal Reserve Bank of Chicago), April 1987.
"Securities Activities of Commercial Banks: Recent Changes in the Current Economic and Legal Environments," Georgetown Law School Conference on the Financial Services Industry, March 1987 and Testimony before Senate Banking Committee, August 1987.
"Public Policies Toward Failing Institutions: The Lessons from the Thrift Industry," Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1987.
"Securities Activities of Commercial Banks: The Current Economic and Legal Environments," Staff Memoranda 88-4 (Federal Reserve Bank of Chicago), forthcoming (co-author with Larry Mote).
"Interaction of Financial and Regulatory Innovation: Comment on Professor Edward Kane's Paper," American Economic Association Meetings, December 1987.
"Implications of Restructuring the Deposit Insurance System," Panel Discussion, Garn Institute of Finance, August 1988.
"Duration Models for Managing Interest Rate Risk: A Generalized Approach," October 1988 (co-author with G. O. Bierwag and Cynthia M. Latta).
"Macaulay Durations For Bond Portfolios," April 1989, (co-author with G.O. Bierwag and Charles Corrado).
"The Chicago Fed Bank Structure Conference in Retrospect: The Early Years," Conference on Bank Structure and Competition (Federal Reserve Bank of Chicago), 1989.
"Are Some Banks Too Large Too Fail- Myth and Reality," Working Paper 89-14 (Federal Reserve Bank of Chicago), 1989.
"Duration Gap Models For Measuring and Managing On- and Off-Balance Sheet Interest Rate Risk at Depository Institutions," A Study for the Federal Home Loan Bank Board, August 1989 (co-author with G. O. Bierwag).
"The Savings and Loan Rescue of 1989: Causes and Perspective," Working Paper 89-23 (Federal Reserve Bank of Chicago), December 1989.
"Safety and Soundness - Regulatory Philosophy," Financial Managers' Statement, January/February 1990 (co-author with Robert Eisenbeis).
"The S&L Debacle: Who Is To Blame," August 1990.
"The Incredible Shrinking S&L Industry," Chicago Fed Letter, December 1990 (reprinted in Peter Rose, 5th ed., Readings in Financial Institutions and Markets, Irwin (1993).
"Proposals For Deposit Insurance Reform," Financial Managers' Statement, November/December 1990.
"Too Big to Fail Has Failed Big," Biline, January 1991.
"A Proposal for Deposit
Insurance Reform That Keeps the Put Option Out-of-the-Money and the Taxpayer
In-the-Money," Symposium on Innovative Developments in Financial Services,
"Long-Run Benefits in Financial
Regulation from Increased Accountability and Privatization: Comment,"
Rebuilding Public Confidence through Financial Reform,
"Bank Regulation and the Credit
Crunch" in Credit Crunch: Myth or Reality,
"Depositor Preference: Time Inconsistency in Action," November 1993.
Assessing Bank Performance: FDICIA Two Years Later, editor, Loyola University of Chicago: Center for Financial and Policy Studies, February 1994.
"The National Commission Report on the Origins and Causes of the S & L Debacle: An Evaluation," September 1994.
"Exorcising the Myth of Banking
the
"Systemic Risk in Banking and Finance," Federation of American Scientists, September/October 1995.
International Banking: The Next Frontier, editor, Loyola University
of Chicago: Center for Financial and Policy Studies, September 1995.
"Bank Failures, Systemic Risk,
and Bank Regulation," Working Paper Series, Federal Reserve Bank
of
"Bank Fragility: Causes, Implications
and Evidence," Working Paper Series, Federal Reserve Bank of
"How Should Financial Institutions
and Markets Be Structured- Analysis and Options for Financial System Design"
Working Paper Series, Federal Reserve Bank of
NASDAQ: Market Efficiency and the Public Interest, editor, Loyola University Chicago: Center for Financial and Policy Studies, March 1997.
"Preventing Bank Crises:
Taking the 'State' Out of State Banks," presented at Levy Institute,
"FDICIA After Five Years: A
Review and Evaluation," Working Paper Series, Federal Reserve
Bank of
"Banking Reform: The Whys
and How Tos," presented at EWC/KDI Conference on "Restructuring the
National Economy,"
"Structuring Prudential Bank Regulation to Promote Efficiency and Safety," presented at Conference on "Regulation in Post-Privatization Environments: The Latin American Experience," Buenos Aires, Argentina, May 1998 and at Pacific Basin Business, Economics, and Finance Conference, Hong Kong, 1998.
"Central Banks, Asset Bubbles, and Financial Stability," presented at the Conference on Transitional Economics, Dubrovnik, Croatia, June 1998 and Western Economic Association, June 1998.
"How Real is the Risk of Massive Banking Collapse-" Paper presented at Forum of Global Derivatives, Paris, France, April 27, 1999.
"Does the Japanese Stock Market Price Bank Risk- Evidence from Bank Failures," Working Paper Series, Federal Reserve Bank of Chicago December 1999 (co-authored with Elijah Brewer, Hesna Genay and W. Curt Hunter).
"Do Markets Discipline Banks and Bank Holding Companies- Evidence from Debt Pricing," working paper, Federal Reserve Bank of Chicago, June 2000 (co-authored with Julapa Juatiani and Catharine Lemieux).
"Emerging Economies and International Financial Centers," Paper presented at Pacific Basin Finance, Economics and Accounting Conference, Taiwan May 1999, Financial Management Association Meetings, Orlando, November 1999, and Southern Finance Association, Savannah, GA., November 2000.
"Banking and Currency Crises and Systemic Risk," Paper Presented at Pacific Basin Finance Conference, Taiwan, May 1999; Bank of the Netherlands, Amsterdam, November 1999; Federal Reserve Bank of New York, December 1999 and Working Paper, Federal Reserve Bank of Chicago, August 1999.
"Do Lender of Last Resort Operations Require Bank Regulation-" Paper Presented at American Enterprise Institute, Washington, D.C., October 1999.
"The Myth of Systemic Risk," Financial Services Newsletter (Federalist Society), Vol. 3, No. 3, 2000.
"Credit to the Needy Needn't Be Predatory," Chicago Tribune, August 16, 2000.
"Can the U.S. Banking System Derail the Prosperity" Paper presented at the Annual Meeting of National Association of Business Economists, Chicago, September 2000.
"Does Bank Regulation Retard or Contribute to Systemic Risk," Paper presented at Joint Meeting of Shadow Financial Regulatory Committees, Tokyo, October 2000, at Conference on The Future of Bank Capital Standards, Amsterdam, June 2001, and Working Paper Series (No.86), Stanford Institute for Economic Policy Research, Stanford University, January 2001 (co-author with Kenneth E. Scott).
"Post-Resolution Treatment of Depositors at Failed Banks: Implications for the Severity of Banking Crises, Systemic Risk and Too-Big-To-Fail" Working Paper Series (00-16), Federal Reserve Bank of Chicago, December 2000 and IMF Working Paper (01/83), (co-author with Steven Seelig).
"Issues in Implementing Deposit Insurance Systems: Comments" Presented at Conference on Designing an Effective Deposit Insurance Structure: An International Perspective, sponsored by The Financial Stability Forum at Federal Reserve Bank of Chicago, December 12, 2000.
"Implications of Globalization on Financial Institutions and Markets," Paper presented at Conference on Chicago's Global Economic Connections and Challenges, sponsored by Global Chicago at Federal Reserve Bank of Chicago, January 19, 2001.
"Macro-Economic Stability and Bank Soundness" Paper presented at Conference on Financial Reform and Stability," sponsored by The IMF, Hyderabad, India, March 29-30, 2001.
"Market Signals and System Risk" Panelist remarks at Conference on Banks and Systemic Risk, Bank of England, London, May 23-25, 2001.
"Congress Should Not Monkey
with Deposit Insurance," American Banker,
"Reforming Deposit Insurance - Once Again", Chicago Fed Letter, November 2001.
"Introduction", Remarks at a workshop on Resolving Large Complex Banking Organizations, Federal Reserve Bank of Chicago, November 16, 2001.
"Explaining Bank Credit Crunches and Procyclicality", Chicago Fed Letter, July 2002 (co-author with Robert Bliss).
"A Proposal for Efficiently Resolving Out-of-the-Money Swap Positions at Large Insolvent Banks," Working Paper Series (2003-01), Federal Reserve Bank of Chicago, January 2003.
"Depositor Liquidity and
Loss-Sharing in Bank Failure Resolutions", Working Paper Series (2003-02),
Federal Reserve Bank of Chicago, January 2003.
"Musings on Financial Stability
Issues: An Interview with Professor George Kaufman," Bulletin
(Reserve Bank of New Zealand), June 2004.
"Resolving Insolvencies in Banking," ISCR Competition and Regulation Times (Victoria University, New Zealand), August 2004
"Resolving Insolvency Resolution and Deposit Insurance" Proceedings IPAB Conference, Mexico City, March 7-8, 2005.
"Tribute to Gerald O. Bierwag," Journal of Banking and Finance, July 2006.
"Prompt Closure Is Better than Deposit Insurance," American Banker, July 28, 2006.
"Why a Run on UK's Northern Rock and Not on US' Countrywide?" Market Commentary (Cumberland Advisors), October 15, 2007 and Economic Blog (Wall Street Journal), October 18, 2007.
"If Northern Rock Had Been in the U. S.", American Banker, December 14, 2007.
"Turmoil reveals the inadequacy of Basel II," Financial Times, February 28, 2008. (Co-author with Harald Benink)
“Interview,” Region Focus (Federal Reserve Bank of Richmond), Fall 2009.
“La crisis financier de 2007-0X Pecados y pecadores”, Papeles de Economia Espanola, 122, 2009.
“Shadow Financial Regulatory Committee,” Journal of Applied Finance, Vol. 21, No.1, 2011,(Co-author with Charles Calomiris).
“Asset Price Bubbles: What are the Causes, Consequences, and Public Policy Options,” Chicago Fed Letter, November 2012, (Co-author Douglas Evanoff and A.G. Malliaris).
“Too Big to Fail: What Does it Mean?”, Working Paper (London School of Economics), Forthcoming.
PAPERS PRESENTED AT PROFESSIONAL MEETINGS:
Midwest Economic and Finance Associations: 1964, 1965, 1970, 1981, 1982, 1983, 1984, 1986, 1990, 1994 (Keynote Luncheon), 1995, 2000, 2001, 2002 (Keynote Lecture).
Southern Economic and Finance Associations: 1968, 1973, 1978, 1983, 1988, 1991, 1992, 1993, 1997, 1999, 2000.
Western Statistical Association: 1970.
Western Finance Association: 1971, 1973, 1975, 1976, 1978, 1980, 1981, 1982, 1983, 1984, 1987.
Western Economic Association: 1973, 1977, 1979, 1981, 1982, 1986, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996,1998, 1999, 2000, 2003, 2005
Federal Reserve Bank of Chicago Bank Structure Conference: 1967, 1971, 1972, 1974, 1976, 1977, 1979, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1992, 1993, 1999.
Econometric Society: 1971, 1973, 1980, 1985.
Eastern Finance Association: 1973, 1978, 1990, 1992, 1999.
American Real Estate and Urban Economics Association: 1977, 1978, 1980.
Financial Management Association: 1978, 1979, 1980, 1985, 1986, 1988, 1990, 1991, 1992, 1993, 1994, 1995, 1998, 1999, 2000, 2002, 2003, 2004, 2005, 2006 (European Meeting), 2006
American Finance Association: 1981, 1983, 1993.
Canadian Finance Association: 1988 (Distinguished Lecture).
European Finance Association: 1990, 1992.
American Association for the Advancement of Science: 1993.
Japanese Society of Monetary Economics: 1996 (Keynote).
Academy of Economics and Finance: 1997 (Keynote).
Global Finance Association, 2000.
North American Economics and Finance Association, 1999, 2003, 2004, 2005
Society on Economics and
Management in Pacific Countries, 2000, 2001, 2003
INVITED SEMINARS AT UNIVERSITIES:
University of Minnesota, University of Michigan, Stanford University, Northwestern University, University of Southern California, University of Maryland, University of Washington, University of Iowa, University of Nebraska, Northern Illinois University, University of Notre Dame, Northern Michigan University, University of Arizona, Arizona State University, University of Illinois, DePaul University, University of Louisville, Pennsylvania State University, University of Toledo, University of Chicago, Emory University, University of Delaware, Dartmouth College, Columbia University, Western Michigan University, Northern Iowa University, Southern Methodist University, Texas Tech University, University of New Mexico, University of Texas, Deakin University (Australia), Hofstra University, New York University, University of Texas, University of Miami, Florida International University, University of Wisconsin at Milwaukee, Wake Forest University, Case Western Reserve University, University of Rome, Colorado State University, University of Alabama, Oklahoma State University, Concordia University (Canada). University of the South, York University (Canada), Dalhousie University (Canada), Harvard Law School, St. Mary’s University (Canada), Victoria University (New Zealand), Auckland University (New Zealand), Canterbury University (New Zealand), Massey University (New Zealand), Otago University (New Zealand), Bocconi University (Italy), Cass Business School (London), London School of Economics, University of Groningen (Netherlands), University of Zurich, Harvard University, University of Warwick (UK) ,Oberlin College, Indiana State University.
INVITED OTHER PRESENTATIONS:
Federal Reserve Bank of San Francisco, Federal Reserve Bank of St. Louis, American Enterprise Institute, Cato Institute, Georgetown Law School, Columbia University Management Program, University of Chicago Management Program, The World Bank, Federal Home Loan Bank of San Francisco, Federal Reserve Bank of Cleveland, Federal Home Loan Mortgage Corporation, University of New South Wales (Australia) Banking Conference, University of Melbourne (Australia) Banking Conference, Columbia University Banking Conference, Stanford University Banking Conference, Reserve Bank (Australia), Chicago Clearing House Association, Salomon Brothers Conference, Federal Financial Institutions Examination Council, Levy Economics Institute, Brookings Institution, National Bureau of Economic Research, John Marshall Law School, Chicago Bar Association, Institute for Comparative and International Law at the University College (Dublin, Ireland), St. Xavier University, Financial Manager's Society, Institute for EastWest Studies (Budapest, Hungary), Canisius University, Bank of Italy, Federal Reserve Bank of Atlanta, Board of Governors of the Federal Reserve System, Koc University (Turkey), International Conference, University of Toronto, Bank for International Settlements (Basel, Switzerland), Inter-American Development Bank, Federal Reserve Bank of Chicago, Federal Reserve Bank of Richmond, Japanese Society of Monetary Economies, Academy of Economics and Finance, Canada Deposit Insurance Corporation, East-West Center and Korea Development Institute (Hawaii), International Monetary Fund, University of Palermo (Argentina), International Communications for Management (London), Dubrovnik Conference on Transitional Economics (Croatia), Forum on Global Derivatives (Paris, France), Bank of England, Nederlandsche Bank, Federal Reserve Bank of New York, National Association of Business Economists, World Bank, Swedish Riksbank (Stockholm), Reserve Bank of New Zealand, Federal Deposit Insurance Corporation, Mexican Deposit Insurance Authority, Bank of Guatemala, American Institute for Economic Research, FDIC, European Commission, European Central Bank, Bank of Finland, Bank of Estonia, Bank of Spain, Spanish Saving Banks Foundation.
OTHER PROFESSIONAL ACTIVITIES AND PUBLIC SERVICE:
Program Coordinator for and editor of Proceedings of Annual Conference on Bank Structure and Competition sponsored by the Federal Reserve Bank of Chicago, 1964-69.
Midwest Finance Association
Member, Board of Directors, 1968-70, 1981-82.
Vice President, 1983-84.
Program Chair, 1984-85.
President Elect, 1985-86.
President, 1986-87.
Western Finance Association
Vice President and Program Chairman, 1973-74.
President, 1974-75.
Chairman, Nominating Committee, 1976, 1977, 1979.
Member, Program Committee, 1971, 1976, 1977, 1979, 1980, 1981, 1982, 1984,
1985,
1986, 1987, 1988, 1989, 1996, 1997
American Finance Association
Member, Nominations Committee, 1977.
Member, Board of Directors, 1977-80.
Member, Program Committee, 1990, 2002.
Financial Management
Association:
Member, Best Financial Institutions Paper Selection Committee, 1986-87 (Chair,
1987)
Member, Best Fixed Income Paper Award Committee, 1997
Member, Program Committee, 1988, 1989, 1990, 1991, 1993, 1999, 2002 (European
and U.S.).
Program Track Chair, 2000.
North
American Economic and Finance Association (International Banking, Economic
and Finance Association):
Program Chair, 2002
President, 2003
Program Chair- Summer meetings, 2004
Western Economic
Association:
Board
of Directors, 2005 -
Shadow
Financial Regulatory Committee:
Co-Chair, 1986-
Financial Economists
Roundtable:
Executive Committee, 1992-
Executive Director 1998 -
Program Coordinator and Editor, Annual International Banking Conference,
Federal Reserve Bank of Chicago, 1997-
Professional
Journals
Journal of Financial Services Research
Co-Editor, 1987-2000.
Journal of Financial Stability
Founding Editor, 2000-
Co-Editor, 2004-
Multinational
Finance Journal,
Editor
for Financial Institutions, 2001 -
Editorial
Boards (Associate Editor):
Journal of Financial and Quantitative Analysis, 1972-87.
Journal of Business Research, 1973-77.
Journal of Bank Research, 1979-87.
Journal of Credit Union Management and Economics, 1981-82.
Journal of Financial Research, 1982-1993.
Journal of Money, Credit and Banking, 1984-
Financial Review, 1986-92.
Journal of Applied Business Research, 1986-
Housing Finance Review, 1987-1990.
Contemporary Economic Policy, 1987-
North American Review of Economics and Finance, 1990-
Journal of Managerial Issues, 1992-
Review of Pacific Basin Financial Markets and Policies, 1998-
Multinational Finance Journal, 2001–
Journal of Economic Asymmetries, 2004 -
Refereed manuscripts for: American Economic Review; Journal of Finance; Journal of Money, Credit and Banking; Journal of Financial and Quantitative Analysis; Journal of Business Research; Journal of Political Economy; Economic Inquiry; Financial Management; State and Local Government Review; Journal of Banking and Finance; Journal of Financial Research; Management Science; National Tax Journal; American Real Estate and Urban Economics Association Journal; Financial Analysts Journal; Journal of Bank Research; Journal of International Money and Finance; Housing Finance Review; Journal of Business; Quarterly Review of Economics and Business; Journal of Portfolio Management; Business Economics; Growth and Change; Financial Review; Journal of Monetary Economics; Journal of Consumer Affairs; Journal of Financial Education; Managerial and Decision Economics; Journal of Economic Education; Journal of Regulatory Economics; Journal of Financial Services Research; International Review of Economics and Finance; Journal of Financial Intermediation, Real Estate Economics, Financial Services Review, Financial Practice and Education, Southern Economic Journal, Review of Quantitative Finance and Accounting, Journal of Economics and Finance, Review of Pacific Basin Financial Markets and Policies, Journal of Economic Surveys, Multinational Finance Journal, Bank of England Financial Stability Review, Quarterly Journal of Business and Economics, Journal of Applied Finance, Journal of Law and Economics
TIAA-CREF (Teachers Insurance
and Annuity Association-College Retirement Equity Fund)
Member, Policyholders Nominating Committee, 1976-78 (Chair, 1978).
Elected Trustee, CREF, 1982-1986.
Member, Research Advisory Committee to College of Business Administration,
University of Illinois at Chicago, 1969-70.
Member, Stonier Graduate Fellowship Committee, American Bankers Association,
1972.
Chairman, Oregon State Treasurer's Municipal Bond Issuance Committee, 1974-75.
Member, External Evaluation Committee, College of Business, University of
Minnesota, 1976.
Finance Area Coordinator - Annual Meetings of American Institute of Decision
Sciences, 1976.
Reviewer for National Science Foundation, 1976-
Member, ETS Graduate Record Examination in Economics Testing Committee, 1977-78.
Faculty, Pacific Coast Banking School, University of Washington, 1982-90.
Faculty, Graduate School of Banking, University of Wisconsin, 1986-1987.
Member, Planning Committee for Annual Chicago Economic Outlook Conference,
1982-84 (Chair, 1983-84).
Member, Research and Project Committee of the Herbert V. Prochnow Educational
Foundation (Wisconsin Graduate School of Banking), 1985-90.
Loyola University Chicago
Chair, SBA Research Committee, 1997- 2006
Member, Graduate Curriculum Committee, 2009-
Member, University Investment Committee, 1987-2000.
Member, SBA Rank and Tenure Committee, 2003-06, 2009-
Chair 2003-06
Member, SBA Dean Search Committee, 1999-2000 and 2004-05.
Chair, Considine Chair Search Committee, 2006-07.
Member, Board of Directors:
Rochester (NY) Community Savings Bank, 1988-1997.
Household Bank (Illinois), 2002-2003.
Member, Journal Policy Boards:
Midwest Finance Association - Financial Review, 1987-91
Western Finance Association - Journal of Financial and Quantitative Analysis,
1987-1988.
Member, International Association
of Financial Engineers
Board of Advisors, 1991-2000
Program Committee, 1993-94
Financial Engineer of Year Selection Committee, 1999.
Member, Systemic Risk Committee, Federation of American Scientists, 1995-96.
Advisory Committee, Lebanese-American Institute of Banking and Finance U.S. Advisory Committee, 1998
Member, Global Chicago Committee, Chicago Council on Foreign Relations, 2002-03.
Member, Advisory Panel, International Association of Deposit Insurers, 2008 –
Member, Program Committee, Finlawmetrics Conference, Bocconi University, Milan, Italy, 2008-
Member, Federal Reserve System’s Centennial Advisory Council, 2011-
Consultant:
State Treasurer, Oregon, 1974-77.
Government Development Bank, Puerto Rico, 1975.
Securities Industry Association, 1978-82.
U. S. Treasury Department, 1981.
Federal Reserve Bank of Chicago, 1981-
Federal Home Loan Bank Board (Task Force on Deposit Insurance Reform), 1982-83.
American Bankers Association (Task Force on Bank Safety and Soundness),
1984-85.
World Bank, 1988.
Institute for EastWest Studies, 1994-96.
Inter-American Development Bank, 1995
Private firms.
Visiting
Scholar:
Federal Reserve Bank of
Comptroller of the Currency, (1978)
Federal Reserve Bank of
Federal Reserve Bank of Dallas, (1989-90)
Deakin University (Australia)
Federal Reserve Bank of New York (1999)
Reserve
Bank of New Zealand, (2004)
President, Western Finance Association, 1974-75
President, Midwest Finance Association, 1986-87
President, North American Economic and Finance Association, 2003
Vice President, Western Economics Association, 2011-12
Board of Directors, American Finance Association, 1977-80
Board of Directors, Western Economic Association, 2005 - 2008
Adam Smith Award, National Association for Business Economics, 2002
Distinguished Scholar Award, Midwest Finance Association, 2002
Life time Achievement Award, Midwest Finance Association, 2011
Distinguished Fellow, North American Economic and Finance Association, 2006
Outstanding Faculty Member, College of Business, Loyola University, 1983
Faculty Member of the Year, Loyola University, 1992
Researcher of the Year, College of Business, Loyola University, 2007
Professional Fellow, Reserve Bank of New Zealand, Spring, 2004
State Bank Visiting Research Professor, Deakin University, Australia, Fall, 1990
NIGHT SCHOOL FACULTY:
Roosevelt University 1962
Chicago City Junior College 1962-63
Northwestern University 1965-68
RESEARCH GRANTS:
National Science Foundation
Federal Home Loan Bank Board
Securities Industry Association
American Enterprise Institute
Chartered Financial Analysts Foundation
Prochnow Foundation (Wisconsin Graduate School of Banking)
Institute for Quantitative Research in Finance
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