[2] He received a BS from Georgetown University and a Ph.D. from Massachusetts Institute of Technology, where he studied under Evsey Domar, Charles Kindleberger, Paul Samuelson and Robert Solow.
For many years, he was a consultant for the World Bank and a senior fellow in the Federal Deposit Insurance Corporation's Center for Financial Research.
The study of these fields seeks to explain how empirical data can be turned into meaningful information households, businesses, and governments need to make optimal decisions in their economic and policy affairs.
“Please Don’t Throw Me in the Briar Patch: The Flummery of Capital-Requirement Repairs Undertaken in Response to the Great Financial Crisis” “Insurance Contracts and Derivatives that Substitute for them: How and Where Should their Systemic and Nonperformance Risks be Regulated?” “Globalization of the US Financial Safety Net” “Hair of the Dog that Bit Us: The Insufficiency of New and Improved Capital Requirements” “Gaps and Wishful Thinking in the Theory and Practice of Central-Bank Policymaking,” in Morten Balling, Ernest Gnan and Patricia Jackson (eds.
“Safety-Net Losses from Abandoning Glass-Steagall Restrictions,” (with Kenneth A. Carow and Rajesh P. Narayanan), Journal of Money, Credit and Banking, 43 (October 2011), 1371–1398.
“Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession,” (with Santiago Carbo-Valverde and Francisco Rodriguez-Fernandez) “How to Reform the Credit-Rating Process to Support a Revival of Private-Label Securitization,” (with Richard Herring), Quarterly Journal of Finance, 2(2012).
“Missing Elements in US Financial Reform: A Kübler-Ross interpretation of the inadequacy of the Dodd-Frank Act,” Journal of Banking and Finance, 36 (March 2012).
"The Importance of Monitoring and Mitigating the Safety-Net Consequences of Regulation Induced Innovation" Review of Social Economy, 58, June 2010.
"Evidence of Improved Monitoring and Insolvency Resolution after FDICIA" "Ethical Failures in Regulating and Surpervising the Pursuit of Safety-Net Subsidies" European Business Organization Law Review, 10 (2009), 185–211.
"Incentive Conflict in Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries" in 2009 volume being edited by Douglas Evanoff of the Federal Reserve Bank of Chicago.
"Determinants of Deposit-Insurance Adoption and Design" (With Asli Demirguc-Kunt and Luc Laeven), Journal of Financial Intermediation, 17 (July 2008), pp. 407–38.
"How Country and Safety-Net Characteristics Affect Bank Risk-Shifting," (with Armen Hovakimian and Luc Laeven) Journal of Financial Services Research, 2003.
“What Lessons Might Crisis Countries in Asia and Latin America Have Learned from the S&L Mess?,” Business Economics, 38 (January 2003), pp. 21–30.
"Event-Study Evidence of the Value of Relaxing Longstanding Regulatory Restraints on Banks, 1970-2000" (with Kenneth A. Carow), Quarterly Review of Economics and Finance 42(Summer 2002), 439–463.
"Financial Safety Nets: Reconstructing and Modelling a Policymaking Metaphor," The Journal of International Trade and Economic Development, 10, (September 2001), 237–273.
"Dynamic Inconsistency of Capital Forbearance: Long-Run vs. Short-Run Effects of Too-Big-to-Fail Policymaking," Pacific Basin Finance Journal 9, 281–299.
"Relevance and Need for International Regulatory Standards," Proceedings of the Brookings-Wharton Conference on Integrating Emerging Market Countries into the Global Financial System.
"Bank Portfolio Allocation, Deposit Variability, and the Availability Doctrine," The Quarterly Journal of Economics, Vol LXXIX, (February 1965), 113–134.