As 2007 began, historians prepared to reflect on several anniversaries of financial turmoil. It had been 10 years since the East Asian crisis, 20 years since the Black Monday stock market crash, 100 years since the Panic of 1907, and 150 years since the Hamburg financial crisis of 1857. Not...

We study the role of commitment in a version of the Diamond-Dybvig model with no aggregate uncertainty. As is well known, the banking authority can eliminate the possibility of a bank run by committing to suspend payments to depositors if a run were to start. We show, however, that in an...

Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.

Remarks at the ACI 2010 World Congress, Sydney, Australia.

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.