Publications

The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey  
With Cara Lown
Journal of Money, Credit and Banking, September 2006
24 pages / 604 kb
See also ››
Standards Data

Bank Integration and State Business Cycles
With Bertrand Rime and Philip E. Strahan
The Quarterly Journal of Economics, November 2004
Read the full text in MIT Press Journals  ››

Using Loan Rates to Measure and Regulate Bank Risk: Findings and an Immodest Proposal 
With Adam Ashcraft
Journal of Financial Services Research October 2003
30 pages / 290 kb

Rating Banks: Risk and Uncertainty in an Opaque Industry
American Economic Review, September 2002
Read the full text in American Economic Association  ››

Credit Effects in the Monetary Mechanism  
With Cara Lown
Federal Reserve Bank of New York Economic Policy Review, March 2002, vol. 8 no. 1, Pages 19

Market Discipline of Banks: The Asset Test
Journal of Financial Services Research, 2001
Read the full text in Springer Link  ››

Listening to Loan Officers: Commercial Credit Standards, Lending, and Output 
With Cara Lown and Sonali Rohatgi
Federal Reserve Bank of New York Economic Policy Review, July 2000
16 pages / 151 kb

Capital Market Frictions and Deposit Constraints at Banks
With Jith Jayaratne
Journal of Money Credit and Banking, February 2000
Read the full text in JSTOR  ››

Meet the New Borrowers 
With Sandra Black
Federal Reserve Bank of New York Current Issues in Economics and Finance, February 1999
6 pages / 60 kb

The Credit Effects of Monetary Policy: Evidence Using Loan Commitments  
Journal of Money Credit and Banking, February 1998
Read the full text in JSTOR  ››

Bad Debt Rising
With Ian Toll
Federal Reserve Bank of New York Current Issues in Economics and Finance, March 1997

Financial contracts when costs and returns are private
Journal of Monetary Economics, February 1993
Read the full text in ScienceDirect  ››

Donald Morgan's CV

The views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.