Working papers

“Make-Whole Clauses as Skin in the Game,” with Dmitry Orlov. [Slides for VT] [Slides for KC Fed] [Code for simulations]

“Who Needs Banks?” with Sabrina Ben Saïd and Cyril Monnet. [Python notebook] [Slides for Midwest Macro] [Slides for ES meetings] [Slides for EWET meetings] [Slides for SED meetings] [Slides for MFA meetings]

“Asset Quality Dynamics,” with Dean Corbae. [Slides]

“A Model of Financial Rents,” with Sangeeta Pratap and Cyril Monnet. [Slides]

“A Back-up Quarterback View of Mezzanine Finance,” with Antonio Mello. [Online appendix] [Slides]

“Constructing Exchange Economies with Many Equilibria,” with Pascal Gauthier and Tim Kehoe. [Code for restart procedure]

“Optimal Exclusion,” with Cyril Monnet. [Slides] [Code for non stationary case]

“Cash-Flow Tranching and the Macroeconomy,” with Pedro Amaral and Dean Corbae. [Slides]

“On the Essentiality of Succession Plans,” with Antonio Mello.

“Limited Disclosure And Hidden Orders In Asset Markets,” with Cyril Monnet. [Slides] (Previously circulated as “A Theory of Blind Trading”)

“Rational Opacity,” with Cyril Monnet. [Slides]

“Default When Current House Prices are Uncertain,” with Morris Davis.

“The Rise of Securitization: A Recursive Security Design Approach,” with Dean Corbae. [Slides]

“On Existence in Equilibrium Models with Endogenous Default”

“Income Redistribution and Technology Diffusion," with Jim Dolmas and Cyril Monnet.

“Leverage and the Foreclosure Crisis,” with Dean Corbae. (Previously circulated under “Mortgage Innovation and the Foreclosure Boom.”)

“Efficient Contract Enforcement,” with Thorsten Koeppl and Cyril Monnet.

“Raising the Bar for Models of Turnover,” with John J. Stevens, Federal Reserve Board, unpublished manuscript, 2005.

“Financial Crises and Labor Market Turbulence,” with Sangeeta Pratap.