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Vice President and Economist
Phone: (215) 574-3822
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Ph.D. University of Pennsylvania 1986
B.A. University of Chicago 1978
Fields of Interest
Banking, Financial Contracting, Corporate Finance, Industrial Organization, Law and Finance
Vice President and Economist, Head of the Banking and Financial Markets Section, Federal Reserve Bank of Philadelphia (Jan. 2007 present)
- Assistant Vice President and Economist, Head of the Banking and Financial Markets Section, Federal Reserve Bank of Philadelphia (Jan. 2004 Dec. 2006)
- Research Officer and Economist, Head of the Banking and Financial Markets Section, Federal Reserve Bank of Philadelphia (Oct. 2000 Jan. 2004)
- Economic Advisor, Federal Reserve Bank of Philadelphia (Sept. 1999 - Oct. 2000)
- Senior Economist and Research Advisor, Federal Reserve Bank of Philadelphia (July 1995 - Sept. 1999)
- Assistant Professor of Finance, School of Business, Indiana University (Aug. 1993 - May 1995)
- Assistant Professor of Finance, Stern School of Business, NYU (Sept. 1988 - Aug. 1993)
- Senior Economist, Federal Reserve Bank of Philadelphia (Aug. 1987 - Sept. 1988)
- Economist, Federal Reserve Bank of Philadelphia (Aug. 1984 - Aug. 1987)
- Lecturer in Finance, The Wharton School, University of Pennsylvania (Spring 1986)
- Lecturer in Economics, Fashion Institute of Technology, New York (1984)
- Lecturer in Economics, St. Joseph's University, Philadelphia (1982-83)
- Lecturer in Economics, University of Pennsylvania (1979-82).
- "Credit Card Rates and Consumer Search," with Loretta J. Mester, Review of Financial Economics 13, 2004.
- "Lender Liability and Large Investors," with Loretta J. Mester, Journal of Financial Intermediation 10, April 2001. [Second place for best paper in Vol.10 of the Journal of Financial Intermediation.]
- "Deposits and Relationship Lending," with Loretta J. Mester, Review of Financial Studies 12, Fall 1999.
- "Intermediation and Vertical Integration," with Loretta J. Mester, Journal of Money, Credit, and Banking 30, August 1998, Part 2.
- "On the Profitability and Cost of Relationship Lending," with Loretta J. Mester, Journal of Banking and Finance 22, August 1998.
- "Bank Equity Stakes in Borrowing Firms and Financial Distress," with K. John and A. Saunders, Review of Financial Studies 9, Fall 1996.
- "Debt Covenants and Renegotiation," with Loretta J. Mester, Journal of Financial Intermediation 2, June 1992. [Won the D.P. Jacobs Prize for the most significant paper in Vol. 2 of the Journal of Financial Intermediation.]
- "Deposit Insurance Reform: What Are the Issues and What Needs to Be Fixed?" with A. Saunders and G. Udell, Journal of Banking and Finance, 15, 4/5, September 1991. [Reprinted in M.J.B. Hall (ed.), The Regulation and Supervision of Banks, Edward Elgar, 2001.]
- "Bond Covenants and Delegated Monitoring," with J. Loeys, Journal of Finance 43 June 1988. [Reprinted in C. James and C. Smith (eds.), Studies in Financial Institutions: Commercial Banks, McGraw Hill, 1994.]
- "Financial Intermediary Structure," in Arnoud Boot and Anjan Thakor (eds.) Handbook of Financial Intermediation, Elsevier, forthcoming.
- "Introduction to the Special Issue on the Conference on Retail Credit Risk Management and Measurement," with Loretta J. Mester, Journal of Banking and Finance, 28, 2004.
- "Comment on Scott," Journal of Financial Services Research 25:2/3, 2004
- "Discussion: Comments on Rajan and James," in A. Saunders and I. Walters (eds.). Universal Banking: Financial System Design Reconsidered, New York University Salomon Center, Irwin, 1995.
- "Securitization," in John Eatwell, et al. (eds.). The New Palgrave Dictionary of Money and Finance, MacMillan Press, 1993.
- "Technology and Financial Services: Regulatory Problems in a Deregulated Environment," with A. Phillips in G. Faulhaber, et. al. (eds.) Services in Transition: The Impact of Technology on the Service Sector, Ballinger, 1986.
Federal Reserve Bank of Philadelphia Business Review Articles
- “New Perspectives on Consumer Behavior in Credit and Payments Markets,” First Quarter 2014.
- "Banks and Markets: Substitutes, Complements, or Both?" Second Quarter 2012.
- "Recent Developments in Consumer Credit and Payments," First Quarter 2012.
- "Can We Explain Banks’ Capital Structures?," Second Quarter 2011.
- "Recent Developments in Consumer Credit and Payments," First Quarter 2010.
- "Bank Credit Standards," Second Quarter 2008.
- "Recent Developments in Consumer Credit and Payments," First Quarter 2008.
- "Debt Maturity: What Do Economists Say? What Do CFOs Say?," First Quarter 2006.
- "True Confessions: Should Banks Be Required to Disclose More?" Fourth Quarter 2004.
- "Trade Credit: Why Do Production Firms Act as Financial Intermediaries?" Third Quarter 2003.
- "Should Business Bankruptcy Be a One-Chapter Book?" Third Quarter 2002.
- "We Control the Vertical: Three Theories of the Firm," Fourth Quarter 2001.
- "Why Don’t Banks Take Stock?" May/June 2000.
- "Jack of All Trades? Product Diversification in Nonfinancial Firms," May/June 1999.
- "That Thing Venture Capitalists Do," January/February 1998. [Reprinted in Instructor’s Manual for Ross, Westerfield, and Jordan, Fundamentals of Corporate Finance, 1999.]
- "For Better and for Worse: Three Lending Relationships," November/December 1996. [Reprinted in F. Mishkin (ed.) Readings for the Economics of Money, Banking, and Financial Markets, 1997, 1999.]
- "Banking Reform: An Overview of the Restructuring Debate," July/August 1988.
- "Bank Loans and Marketable Securities: How Do Financial Contracts Control Borrowing Firms?" July/August 1987. [Reprinted in: F. Mishkin (ed.) Readings for The Economics of Money, Banking and Financial Markets, 1992; A. Saunders, et al, (eds.) Readings in Financial Markets and Institutions, 1993; Centro de Estudios Monetarios Latinoamericanos, Boletin, Nov/Dec 1987.]
- "Loan Commitments: Insurance Contracts in a Risky World," May/June 1986.
- "Courts and Contractual Innovation: A Preliminary Analysis," with Yaron Leitner, Working Paper No. 05-27/R.
- "Collateral and Competition," with Alexander Butler, Working Paper No. 02-22, December 2002.
- "Public Versus Private Debt: Confidentiality, Control, and Product Markets," with A. Butler, October 2002.
- "Financial Intermediation as Vertical Integration," with Loretta J. Mester, July 1994.
- "Loan Reschedulings and the Size of the Banking Sector," June 1992.
- "Financing, Commitment, and Entry Deterrence," with P. Calem, Working Paper 87-8, August 1987.
- "The Case Against the Fed Providing ATM and POS Switching Services," Internal Policy Discussion Paper, January 1986.
Research in Progress
- "Optimal Financial Claims for Large Investors"
- "Securitization and Standardization"
- "Courts and Contractual Innovations" with Yaron Leitner
- Second place for best paper in Vol.10 of the Journal of Financial Intermediation, May 2002.
- Received the D.P. Jacobs Prize for the most significant paper in Vol. 2 of the Journal of Financial Intermediation, May 1993.
- Financial Institutions (undergraduate, M.B.A., and Ph.D.)
- Money and Banking (undergraduate)
- Microeconomics (undergraduate)
- Macroeconomics (undergraduate)
- American Finance Association
- American Economic Association
- Econometric Society
- Financial Management Association
American Economic Review; European Economic Review; Financial Management; International Economic Review; Journal of Accounting, Auditing, and Finance; Journal of Banking and Finance; Journal of Business; Journal of Economics and Business; Journal of the European Economic Association; Journal of Finance; Journal of Financial Intermediation; Journal of Financial Services Management; Journal of Money, Credit, and Banking; Review of Economic Studies; Papers in Regional Economics; Review of Financial Studies.
- Co-editor of conference volume on Retail Credit Risk, Journal of Banking and Finance 28, 2004.
- Co-organizer of Conference on Retail Credit Risk, jointly sponsored by Philadelphia Fed and Journal of Banking and Finance (Spring 2003).
Program committee for Conference on Technology in Financial Services, sponsored by Philadelphia Fed (Spring 2002).
- Program committee for Financial Management Association meetings (Fall 2001).
- Program committee for Conference on Consumer Transactions and Credit, jointly sponsored by Philadelphia Fed and Wharton Financial Institutions Center (Spring 2000).
- Organized session on financial distress for Financial Management Association meetings, Fall (1995).
- Judge for best paper in the field of financial institutions for the Financial Management Association meetings (Fall 1993).
- Program committee for Financial Management Association meetings (Fall 1993).
- Co-organizer of Conference on Deposit Insurance Reform at the Salomon Center, NYU (Spring 1991).