Publications
Money, Liquidity and
Monetary Policy (with Tobias
Adrian)(link
to paper) American Economic Review (papers and proceedings), 99,
600–605, 2009
Yen Carry Trade and the
Subprime Crisis (with Masazumi Hattori) (link to
paper) IMF Staff Papers, 56, 384-409, 2009
Geneva Report on the
World Economy 11: The Fundamental
Principles of Financial Regulation (with Markus Brunnermeier Andrew Crockett Charles Goodhart and Avinash Persaud), June
2009 (conference version)
(VoxEU page) (link to final
version)
Securitisation and
Financial Stability Economic Journal, 119, 309 – 332 (2009), paper presented as the Economic
Journal Lecture at the 2008 Royal Economic Society Conference (pdf file of
paper) (presentation
slides) (VoxEU page)
(audio interview for Vox)
Reflections on Northern
Rock: The Bank Run that Heralded
the Global Financial Crisis Journal of Economic
Perspectives, 23-1, 101-119 (Winter 2009) (paper) (link to longer working paper
version) (link
to JEP issue) (short
version in Italian) (Economist
article)
Financial Regulation in
a System Context (with Stephen
Morris) Brookings Papers on Economic Activity, Fall 2008, 229-274 (link
to paper on Brookings site) (presentation
slides)
Financial
Intermediaries, Financial Stability and Monetary Policy (with Tobias
Adrian)(pdf file of
paper) Proceedings of the 2008 Federal Reserve Bank of Kansas City
Symposium at Jackson Hole, August 2008 (Jackson
Hole Symposium page with link to discussion)
Leveraged Losses: Lessons from the Mortgage Market
Meltdown (with David
Greenlaw, Jan
Hatzius and Anil
Kashyap) US
Monetary Policy Forum Report No. 2 (2008) (some press comment)
Risk and Liquidity in a
System Context (pdf
file) Journal of Financial
Intermediation, 17, 315-329 (2008)
Marking to Market: Panacea or Pandora’s Box? (with Haresh
Sapra and Guillaume Plantin),
Journal of Accounting Research, 46,
435 – 460 (2008) (link to paper) (link to powerpoint file)
(audio interview for Vox)
(some press comment)(non-technical summary
in Banque de France Financial Stability Review )(French version)
Optimal Communication (with Stephen Morris) (pdf file), Journal of the European Economic Association,
5, 594-602, conference proceedings (2007)
Catalytic
Finance: When Does It Work? (with Stephen
Morris) (pdf file)
(powerpoint
presentation), Journal of International Economics, 70, 161-177 (2006)
Beauty Contests and Iterated
Expectations in Asset Markets (with Franklin Allen and Stephen Morris) (pdf file) (slides), Review of
Financial Studies, 19, 719 – 752
(2006)
Disclosure Risk and
Price Drift (pdf file) (slides) Journal of
Accounting Research, 44, 351 – 379
(2006)
Inertia of
Forward-Looking Expectations (with Stephen
Morris) (pdf file)
(slides) American Economic Review Papers and Proceedings, 96(2), 152-157
(2006)
Reply to "Social
Value of Public Information: Morris and Shin (2002) is Actually Pro Transparency
Not Con" (with Stephen Morris
and Hui Tong) (pdf
file) short note in American Economic Review, 96(1), 453-455 (2006). This short note was written in response
to a comment
by Lars Svensson.
Imperfect Common
Knowledge and the Information Value of Prices (with Jeffery Amato) (pdf file) (slides), Economic
Theory, symposium issue on monetary policy, 27, 213 – 241 (2006).
Central Bank
Transparency and the Signal Value of Prices (with Stephen Morris) (pdf file) (powerpoint slides) Brookings Papers on Economic Activity,
Issue 2, 2005, 1 – 66.
Heterogeneity and
Uniqueness in Interaction Games (with Stephen
Morris) (PDF file) in The
Economy as an Evolving Complex System III, edited by L. Blume and S. Durlauf. Santa Fe Institute Studies in the Sciences
of Complexity.
The Analytics of
Sovereign Debt Restructuring (with Andy Haldane, Adrian Penalver and Vicky
Saporta) (pdf file) Journal
of International Economics 65, 315-333, (2005) (link
to Bank of England working paper version)
Opening and Closing the
Market: Evidence from the
Liquidity Risk and
Contagion (with Rodrigo Cifuentes and Gianluigi Ferrucci) Journal of the European Economic Association, 3, 556-566 (2005)
(link to long
version of paper).
Liquidity and
Contagion: the Crisis of 1763 (with Isabel Schnabel) (formerly
entitled “Foreshadowing LTCM: the Crisis of 1763”), Journal of the
European Economic Association, 2(6), 929-968, (2004) (abstract) (pdf file) (slides).
Does One Soros Make a
Difference? A Theory of Currency Crises with Large and Small Traders (with Giancarlo Corsetti, Amil Dasgupta and Stephen Morris) (pdf file) (abstract) Review
of Economic Studies, 71 (1), 87-114 (2004)
Crisis costs and debtor
discipline: the efficacy of public policy in sovereign debt crises (with Prasanna Gai and
Simon Hayes) Journal of International Economics, 62, 245-262
(2004) (link to typescript)
(link
to Bank of England working paper version)
Coordination Risk and
the Price of Debt (with Stephen
Morris) (abstract)
European Economic Review, 48, 133 - 153 (2004) (link to typescript)
Debt Maturity Structure
with Pre-emptive Creditors (with Prasanna Gai) (PDF file), Economics
Letters, 85(2), 195 - 200, (2004) (link
to Bank of England working paper version)
The Impact of Risk
Regulation on Price Dynamics (with Jon
Danielsson and Jean-Pierre
Zigrand) Journal of Banking and Finance, 28, 1069-1087 (2004)
(abstract) (link to typescript)
Liquidity Black Holes (with Stephen Morris) Review
of Finance, 8, 1-18 (2004) (link
to paper on Review of Finance site) (link to typescript) (slides)
Disclosures and Asset
Returns (PDF file) (Slides) Econometrica, 71
(1), 105 - 133, (2003)
Global Games:
Theory and Applications (with Stephen
Morris) (PDF file) (Abstract), in Advances
in Economics and Econometrics, the Eighth World Congress (edited by M.
Dewatripont, L. Hansen and S. Turnovsky), Cambridge University
Press, (2003).
Social Value of Public
Information (with Stephen Morris)
(PDF file for paper)(PDF file for Appendix) (Slides) American
Economic Review, 52 (5), 1521-1534 (2002).
Equilibrium Departures from
Common Knowledge in Games with Non-Additive Expected Utility (with Sujoy
Mukerji) Advances in Theoretical Economics, BE Press (2002) (link to paper on
BE Press site)
Rethinking Multiple
Equilibria in Macroeconomic Modelling (with Stephen Morris) (PDFfile) (Abstract) (Slides) NBER
Macroeconomics Annual 2000, 139 - 161, MIT Press, 2001.
Approximate Common
Knowledge in a Search Model in P. Hammond and G. Myles (eds) Incentives,
Organization and Public Economics: Papers in Honour of Sir James Mirrlees,
Oxford University Press, 2000 (PDF
file)
A Theory of the Onset
of Currency Attacks (with Stephen Morris) (PDF file) in The Asian
Financial Crisis (edited by P.-R. Agenor, M. Miller, D. Vines and A.
Weber), Cambridge University Press, 1999.
A violation of
dominance and the consumption value of gambling (with Johnnie Johnson
and Raymond O'Brien) Journal of Behavioral Decision Making, 12, 19-36,
1999 (pdf file)
Unique Equilibrium in a
Model of Self-Fulfilling Currency Attacks (with Stephen Morris) American
Economic Review, 88, 587-597 (1998) (pdf file) (Summary), reprinted
in New
Research in Financial Markets, edited by B. Biais and M. Pagano, Oxford
University Press (2002); reprinted in Credit,
Intermediation and the Macroeconomy, edited by S.
Bhattacharya, A. Boot
and A.
Thakor, Oxford University Press (2004).
Adversarial and
Inquisitorial Procedures in Arbitration Rand Journal of
Economics, 29, 378-405 (1998) (PDF
file) (Summary).
International
Environmental Agreements under Uncertainty (with Seong-lin Na) Oxford
Economic Papers, 50, 173-185 (1998) (PDF file)
The Rationality and
Efficacy of Decisions under Uncertainty and the Value of an Experiment (with Stephen Morris),
Economic Theory, 9, 309-324 (1997)
Approximate Common
Knowledge and Coordination: Some Lessons from Game Theory (with Stephen Morris) Journal of
Logic, Language and Information, 6, 171-190 (1997) (PDF file)
How Much Common Belief
is Necessary for a Convention? (with Timothy
Williamson) Games and Economic Behavior, 13, 252-268 (1996) (link
to abstract and paper on Elsevier site) Reprinted in C. Bicchieri, ed., The
Logic of Strategy: 119-136. Oxford: Oxford University Press, 1999.
Comparing the
Robustness of Trading Systems to Higher Order Uncertainty Review of Economic
Studies, 63, 39-59 (1996) (PDF
file)
Depth of Knowledge and
the Effect of Higher Order Uncertainty (with Stephen Morris
and Andrew Postlewaite) Economic Theory, 6, 453-467 (1995)
p-Dominance and Belief Potential (with Stephen Morris
and Rafael Rob) Econometrica, 63, 145-158 (1995)
The Burden of Proof in
a Game of Persuasion Journal of Economic Theory, 64, 253-263 (1994)
(link
to abstract and paper on Elsevier site)
News Management and the
Value of Firms Rand Journal of Economics, 25, 58-71 (1994)
Representing the
Knowledge of Turing Machines (with Timothy
Williamson) Theory and Decision, 37, 125-146, (1994),
reprinted in M. Bacharach, L.-A. Gérard-Varet, P. Mongin and H.S. Shin, eds., Epistemic
Logic and the Theory of Games and Decisions: 169-190. Dordrecht: Kluwer
Academic Publishers, 1997.
Logical Structure of
Common Knowledge Journal of Economic Theory, 60, 1-13 (1993) (link
to abstract and paper on Elsevier site)
Measuring the Incidence
of Insider Trading in a Market for State-Contingent Claims Economic Journal, 103, 1141-1153
(1993).
A Comment on a Model of
Vertical Product Differentiation (with C. J. Choi) Journal of Industrial Economics,
40, 229-231.
Prices of State
Contingent Claims with Insider Traders and the Favourite Longshot Bias Economic Journal,
102, 426-435, (1992)
Optimal Betting Odds Against
Insider Traders Economic Journal, 101, 1179-85, (1991)
A Reconstruction of
Jeffrey's Notion of Ratifiability in Terms of Counterfactual Beliefs Theory and Decision,
31, 21 - 47 (1991)