Papers

In addition to the three books and the MOOC, I have written quite a number of papers over the years.  Here are some of the more recent, and more popular, ones arranged in categories to make it easier to find what interests you.

New

• “On Par:  A Money View of Stablecoin”  BIS WP 1146 (November 2023)
• “The Minsky-Kindleberger Connection and the Making of Manias, Panics, and Crashes”  Oeconomia 13-4 (December 2023)
• “Bagehot’s Classical Money View:  A Reconstruction” (forthcoming)
• “Exorbitant Privilege? On the Rise (and Rise) of the Global Dollar System” (forthcoming)

Favorites

• “Beyond Bancor.”
• “Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance.”
• “The Inherent Hierarchy of Money.” 
• “Financial Economics.”
• “The Monetary Education of John Hicks.”  

International Money

• “Where’s My Swap Line?:  A Money View of International Lender of Last Resort” Economic History Yearbook / Jahrbuch für Wirtschaftsgeschichte 63(2):559–574 2022
• “Beyond Bancor.” Challenge 59 No. 1 (Jan/Feb 2016):  22-34
• “Essential Hybridity:  a money view of FX.”  Journal of Comparative Economics 41 No. 2 (May 2013):  355-363.
• China’s Engagement with an evolving International Monetary System, A Payments Approach (with Thomas Bernes, Paul Jenkins, Daniel Neilson). Center for International Governance Innovation and Institute for New Economic Thinking, 2014.
• “Discipline and Elasticity in the Global Swap Network.” International Journal of Political Economy 44 No. 4 (October 2015):  311-324.

 Shadow Banking

• “Bagehot was a Shadow Banker:  Shadow Banking, Central Banking, and the Future of Global Finance” (with Zoltan Pozsar, James Sweeney, Daniel Nielson).  In Shadow Banking Within and Across Borders, edited by Stijn Claessens, Douglas Evanoff, George Kaufman, and Luc Laeven.  World Scientific Publishing, 2014.
• “Three Principles for Market-Based Credit Regulation.” American Economic Review 102 No. 3 (May 2012):  107-112.
• “Insights from Walter Bagehot.”  Pages 13-42 in The Economic Crisis in Retrospect:  Explanations by Great Economics, edited by G. Page West III and Robert M. Whaples.  Elgar, 2013.
• “Financial Globalization and the Future of the Fed.” Pages 268-285 in Keynesian Reflections, edited by Toshiaki Hirai, Cristina Marcuzzo, and Perry Mehrling.  New Delhi:  Oxford University Press, 2013.

 Monetary Theory

• “Payment vs. Funding:  The Law of Reflux for Today” Pages 103-118 in Monetary Economics, Banking and Policy: Expanding Economic Thought to Meet Contemporary Challenges. Hawkins P, Negru I.  Routledge, London UK and New York NY 2023
• “Which Citadel?”  A review of Marglin’s Raising Keynes.
• “The Inherent Hierarchy of Money.” Pages 394-404 in Social Fairness and Economics:  Economic Essays in the Spirit of Duncan Foley, edited by Lance Taylor, Armon Rezai, and Thomas Michl.  Routledge, 2013.
• “Monetary Policy Implementation: A Microstructure Approach.”  Pages 212-232 in David Laidler’s contributions to Macroeconomics, edited by Robert Leeson.  Palgrave Macmillan, 2010.
• “Why Central Banking should be Re-imagined.” Pages 108-118 in Re-thinking the lender of last resort, BIS Paper #79, Bank for International Settlements, 2014.
• “Reimagining Central Banking.” Pages 159-171 in Contemporary Issues in Macroeconomics, Lessons from the Crisis and Beyond, edited by Joseph Stiglitz and Martin Guzman.  Palgrave Macmillan, 2016.
• “Re-Theorizing Liquidity.” In Inside Money:  Liquidity as a Matter of Design, edited by Chris Desan. 

History of Money (and Finance)

• “Financial Economics.” In Handbook of the History of Economic Analysis, edited by Heinz Kurz and Gilbert Faccarello. Elgar, 2016.
• “The Monetary Education of John Hicks.”  In Money, Finance and Crises in Economic History; the long-term impact of economic ideas, edited by Annalisa Roselli, Nerio Naldi and Eleonora Sanfilippo.  Routledge, 2019.
• “The Vision of Hyman P. Minsky.”  Journal of Economic Behavior and Organization 39 No. 2 (June 1999):  129-158.
• “How did Schumpeter Do It?“.  Pages 231-239 in Research in the History of Economic Thought and Methodology, Vol 17.  JAI Press, 1999.
• “Love and Death:  The Wealth of Irving Fisher.”  Pages 47-61 in Research in the History of Economic Thought and Methodology, edited by Warren J. Samuels and Jeff E. Biddle.  Elsevier, 2001.
• “Economists and the Fed: ”  Journal of Economic Perspectives 16 No. 4 (Fall 2002):  207-218.
• “Mr. Goodhart and the EMU.” Pages 26-38 in The State, the Market, and the Euro:  Chartalism  versus Metallism in the theory of money, edited by Stephanie Bell and Edward Nell.  Edward Elgar, May 2003.
• “A Tale of Two Cities.”  History of Political Economy 42 No. 2 (2010):  201-219.
• “The monetary economics of Benjamin Graham:  a bridge between goods and money?”  Journal of the history of economic thought 33 No. 3 (2011):  285-305.
• “MIT and Money.” In MIT and the Transformation of American Economics, edited by E. Roy Weintraub.  Duke University Press, 2014.

Persuasion

• “Financialization and its Discontents.” Finance and Society 3 No. 1 (October 2017):  1-10.
• “The State as Financial Intermediary.” Journal of Economic Issues 34 No. 2 (June 2000):  365-68.
• “Modern Money: fiat or credit?”  Journal of Post Keynesian Economics 22 No. 3 (Spring 2000):  397-406.
• “Minsky and Modern Finance: the case of Long Term Capital Management.”  Journal of Portfolio Management 26 No. 2 (Winter 2000):  81-88.