Archive
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Working Paper
Working PaperDemocratic Sovereignty and the Prerogative to Make Money: The Case of the Federal Reserve
Mar 2026
As the Supreme Court’s unitary executive theory reaches the Federal Reserve, a deeper constitutional question comes into view: who holds the power to make money?
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Working Paper
Working PaperMove Fast and Break Everything: Crypto, Democrats and Deregulation
Jan 2026
After FTX’s collapse, crypto looked finished. Yet Washington revived it, culminating in Trump’s GENIUS Act and a surprising Democratic shift. How much did money and affluence predict pro-crypto votes, amid widening deregulation and cyber risk?
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Working Paper
Working Paper SeriesA Theory of How and Why Central-Bank Culture Supports Predatory Risk-Taking at Megabanks
Dec 2015
This paper applies Schein’s model of organizational culture to financial firms and their prudential regulators.
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Working Paper
Conference paperDebt Overhang and Capital Regulation
Apr 2012
We analyze shareholders’ incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer.