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February 19, 2016

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January 31, 2019

Disputes, Debt and Equity, co-authored with Charles Nolan, is now forthcoming at Theoretical Economics. 


We show how the prospect of disputes over firms’ revenue reports promotes debt financing over equity. This is demonstrated in a costly state verification mod...

February 18, 2018

Charles Nolan and I have a survey article on financial macroeconomics forthcoming in the Oxford Research Encyclopedia of Economics and Finance. A recent draft of the survey is available here.


In this chapter we: (i) Review the core DSGE workhorse models of finan...

February 18, 2018

I have a short comment on Lloyds' ban on credit card purchases of bitcoin here at

July 25, 2017

This short course provides an overview of the stylised facts of the credit cycle and depressions, followed by an introduction to the theories of debt deflation and credit cycles. The course concludes with a discussion of the role of macroprudential policy in stabilisin...

December 1, 2016

This 9 lecture introduction to financial economics was given to third year undergraduate students at the University of Kent in the Fall term of 2016. The course starts a brief introduction to the choice between equity and debt finance before moving on to asset pricing....

September 22, 2016

On Saturday 10 September, I presented a short paper, Substitutable Tax Shields, at the Cambridge Symposium on Economic Crime. The 8 day Symposium brings together academics, government officials, judges, lawyers and professionals from across the globe, providing a uniqu...