Education

• BS in economics, University of New Orleans, May 1977
• MS in economics, Louisiana State University, May 1979
• PhD in economics, Ohio State University, August 1986

Articles in Academic Journals

• “Financial Sector Weakness and the M2 Velocity Puzzle,” with Cara Lown and Stavros Peristiani, Economic Inquiry, October 2006.
• “The Impact of Banks’ Expanded Securities Powers on Small-Business Lending,” with David P. Ely, Review of Financial Economics, Special Issue 2004.
• “The Wealth Effects of a Subordinated Debt Policy: Evidence from Passage of the Gramm-Leach-Bliley Act,” with Andrew H. Chen and Thomas F. Siems, Review of Financial Economics, Special Issue 2004.
• “Is the Community Reinvestment Act in Need of Further Reform? Evidence from Equity Markets During the 1995 Reform Process,” with David P. Ely, Journal of Financial Services Research, February 2003.
• “Increasing Market Discipline on Banks: Subordinated Debt and Bank Loan Sales,” with Andrew H. Chen and Thomas F. Siems, Research in Finance, 2003.
• “Deposit Insurance and Moral Hazard: Evidence from Texas Banking in the 1920s,” with Linda M. Hooks, Journal of Economic History, September 2002.
• “Adverse Selection and Competing Deposit Insurance Systems in Pre-Depression Texas,” with Jeffery W. Gunther and Linda M. Hooks, Journal of Financial Services Research, September 2000.
• “Are Stocks a Hedge Against Inflation? International Evidence Using a Long-Run Approach,” with David P. Ely, Journal of International Money and Finance, February 1997.
• “Bank Credit and Economic Activity: Evidence from the Texas Banking Decline,” with Cara S. Lown and Jeffery W. Gunther, Journal of Financial Services Research, March 1995.
• ”Stock Returns and Inflation: Further Tests of the Role of the Central Bank,” with David P. Ely, Journal of Macroeconomics, Summer 1992.

Articles in Books

• “Capital Regulation and Depository Institutions,” with Cara S. Lown and Stavros Peristiani, in Restructuring Regulation and Financial Instituitions, James R. Barth, R. Dan Brumbaugh Jr., and Glenn Yago editors, Santa Monica, Ca: Milken Institute Press, 41-70, 2000.
• “Bank Deposit Guarantees: Why Not Trust the market?” with Genie D. Short, in Money and the Nation State, Kevin Dowd and Richard H. Timberlake, editors, Oakland, Ca: The Independent Institute, 213-45, 1998.
• “The Stock Market and Inflation: A Synthesis of the Theory and Evidence,” with David P. Ely, in Financial Institutions and Markets: A Reader, Robert W. Kolb, editor, Miami: Kolb Publishing Co., 29-41, 1991.
• “The Stock Market and Inflation: A Synthesis of the Theory and Evidence,” with David P. Ely, in The Investments Reader, Robert W. Kolb, editor, Miami: Kolb Publishing Co., 63-75, 1991.

Federal Reserve Publications

• "Regional Lending in a World of Interstate Banking," Federal Reserve Bank of Dallas Southwest Economy, March/April 2007.
• “Banking on Basel: An Alternative for Capital Requirements,” with Kory Killgo, Federal Reserve Bank of Dallas Southwest Economy, July/August 2006.
• “Banks Venture into New Territory,” Federal Reserve Bank of Dallas Economic and Financial Policy Review, issue 1, 2002.
• “Consolidation, Technology, and the Changing Structure of Banks’ Small Business Lending,” with David P. Ely, Federal Reserve Bank of Dallas Economic and Financial Review, First Quarter 2001.
• “Industry Mix and Lending Environment Variability: What Does the Average Bank face?” with Jeffery W. Gunther, Federal Reserve Bank of Dallas Economic and Financial Review, Second Quarter 1999.
• “How Might Financial Institutions React to Glass-Steagall Repeal? Evidence from the Stock Market,” with David P. Ely, Federal Reserve Bank of Dallas Financial Industry Studies, September 1998.
• “Are Capital Requirements Effective? A Cautionary Tale from Pre-Depression Texas,” with Jeffery W. Gunther and Linda M. Hooks, Federal Reserve Bank of Dallas Financial Industry Studies, August 1997.
• “Does Greater Mortgage Activity lead to Greater Interest Rate Risk? Evidence from Bank Holding Companies,” with Kelly Klemme, Federal Reserve Bank of Dallas Financial Industry Studies, August 1996.
• “Interesting Times for Banks Since Basel,” Federal Reserve Bank of Dallas Financial Industry Studies, July 1995.
• “The Texas Banking Crisis and the Payments System," with Robert T. Claire and Joanna O. Kolson, Federal Reserve Bank of Dallas Economic Review, First Quarter 1995.
• “The Relationship between Bank Lending and Money Growth: Were Things Different in the 1980s?" Federal Reserve Bank of Dallas Financial Industry Studies, December 1993.
• “Empirically Assessing the Role of Moral Hazard in Increasing the Risk Exposure of Texas Banks,” with Jeffery W. Gunther, Federal Reserve Bank of Chicago: Rebuilding Banking: Proceedings of the 27th Annual Conference on Bank Structure and Competition, 199-220, 1991.
• “Money, Wages, and Factor Scarcity as Predictors of Inflation,” with John K. Hill, Federal Reserve Bank of Dallas Economic Review, May 1989.
• “The Stock Market and Inflation: A Synthesis of the Theory and Evidence,” with David P. Ely, Federal Reserve Bank of Dallas Economic Review, March 1989.
• “The Effect of Monetary Policy on Long-Term Interest Rates: Further Evidence from an Efficient Markets Approach,” Federal Reserve Bank of Dallas Economic Review, March 1988.
• “Estimating the Inflationary Consequences of Discretionary Central Bank Behavior,” Federal Reserve Bank of Dallas Economic Review, May 1987.