Department of Finance
340 Wohlers Hall
1206 South Sixth Street
Champaign IL 61820

309 Wohlers Hall
1206 South Sixth Street
Champaign IL 61820

(217) 333-2813

- Research

- Official webpage at University of Illinois
- Personal webpage

- Department of Finance webpage
- Department of Economics webpage

- Papers downloadable from Ideas/Repec
- Papers downloadable from SSRN


Research

- Papers downloadable from Ideas/Repec
- Papers downloadable from SSRN



Unpublished Working Papers

- Repos, Fire Sales, and Bankruptcy Policy ( 2012 )
G. Antinolfi, F. Carapella, C. Kahn, A. Martin, D. Mills, and E. Nosal, Chicago Federal Reserve Working Paper 2012-15

- Identity Theft and Consumer Payment Choice: Does Security Really Matter? ( 2013 )
C. Kahn and J. Liñares-Zegarra, also available at SSRN: http://ssrn.com/abstract=2005694

- Sources of Liquidity and Liquidity Shortages ( 2011 )
C. Kahn and W. Wagner, available at SSRN: http://ssrn.com/abstract=1570504 or http://dx.doi.org/10.2139/ssrn.1570504

- Systemic Risk and Optimal Regulatory Architecture ( 2011 )
M. Espinosa-Vega, C. Kahn, R. Matta and J. Solé, IMF working paper 11/193

- Toward Time-Consistency in Bank Regulation ( 2011 )
C.Kahn, Presentation in special session on Financial Regulation, Royal Economic Society Annual Conference, 2011, University of London, Royal Holloway

- Collateral Policy in a World of Round-the-Clock Payment ( 2009 )
C. Kahn, University of Illinois College of Business working paper 10-0100

- A theory of transactions privacy ( 2000 )
C. Kahn, J. McAndrews and W.Roberds, Federal Reserve Bank of Atlanta working paper 2000-22

- On the efficiency of cash settlement ( 1995 )
C. Kahn and W. Roberds, Federal Reserve Bank of Atlanta working paper 1995-11

- Universal Coalition-Proof Equilibrium: Concepts and Applications ( 1993 )
B. Chakravorti and C. Kahn 1993. Bell Communications, Economic Research Group papers 98.

- The Role of Demandable Debt in Structuring Optimal Banking Arrangements ( 1989 )
(original version, including unpublished appendix)
C. Calomiris and C.Kahn, 1989, BEBR Faculty Working Paper 89-1541, University of Illinois.

Journal Articles

- Private Payment Systems, Collateral, and Interest Rates. ( 2013 )
C. Kahn, Annals of Finance, vol. 9, number 1, pp. 83-114.

- Comment on 'Precautionary Demand and Liquidity in Payment Systems' by Afonso and Shin ( 2011 )
C. Kahn, Journal of Money, Credit, and Banking, Vol. 43, Supplement s2, October, 2011, pp. 621-623.

- Why Pay? An Introduction to Payments Economics. ( 2009 )
C. Kahn, W. Roberds, Journal of Financial Intermediation, (18) January: 1-23 2009

- Payments Settlement: Tiering in Private and Public Systems. ( 2009 )
C. Kahn, W. Roberds, Journal of Money, Credit, and Banking, (41) August: 5 855-884 2009

- Credit and Identity Theft. ( 2008 )
C. Kahn, W. Roberds, Journal of Monetary Economics, (55) March: 251-264 2008

- Transferability, Finality and Debt Settlement. ( 2007 )
C. Kahn, W. Roberds, Journal of Monetary Economics, (54) May: 4 955-978 2007

- Comment on 'Who Should Act As Lender of Last Resort? An Incomplete Contracts Model' by Repullo. ( 2006 )
C. Kahn, J. Santos, Journal of Money, Credit, and Banking, (38) June: 4 1111-1118 2006

- Bank Consolidation and the Dynamics of Consumer Loan Interest Rates. ( 2005 )
C. Kahn, G. Pennacchi, B. Sopranzetti, Journal of Business, (78) January: 1, Part 2 99-133 2005

- Low Revenue Equilibria in Simultaneous Ascending Price Auctions. ( 2005 )
R. Engelbrecht-Wiggans, C. Kahn, Management Science, (51) March: 3 356-371 2005

- Money Is Privacy. ( 2005 )
C. Kahn, J. McAndrews, W. Roberds, International Economic Review, (46) May: 2 377-399 2005

- Allocating Bank Regulatory Power: Lender of Last Resort, Deposit Insurance and Supervision. ( 2005 )
C. Kahn, J. Santos, European Economic Review, (49) 8 2107-2136 2005

- Comment on 'Competition and Financial Stability' by Allen and Gale. ( 2004 )
C. Kahn, Journal of Money, Credit, and Banking, (36) June: 3; part 2 2004

- Moral Hazard and Optimal Subsidiary Structure for Financial Institutions. ( 2004 )
C. Kahn, A. Winton, Journal of Finance, (59) December: 6 2531-2575 2004

- Settlement Risk under Gross and Net Settlement. ( 2003 )
C. Kahn, W. Roberds, J. McAndrews, Journal of Money, Credit, and Banking, (35) August: 4 591-608 2003

- The Economics of Payment Finality. ( 2002 )
C. Kahn, W. Roberds, Federal Reserve Bank of Atlanta Economic Review, (87) 30-39 2002

- Multiunit Auctions in Which Almost Every Bid Wins. ( 2002 )
R. Engelbrecht-Wiggans, C. Kahn, Southern Economic Journal, (68) January: 3 617-31 2002

- Performance-Based Wages in Tax Collection: The Brazilian Tax Collection Reform and Its Effects. ( 2001 )
C. Kahn, E. Silva, J. Ziliak, Economic Journal, (111) January: 468 188-205 2001

- Real Time Gross Settlement and the Costs of Immediacy. ( 2001 )
C. Kahn, W. Roberds, Journal of Monetary Economics, (47) April: 2 299-319 2001

- Economic Functions of Referrals and Referral Fees. ( 2001 )
P. Colwell, C. Kahn, Journal of Real Estate Finance and Economics, (23) November: 3 267-296 2001

- The Design of Wholesale Payments Networks: The Importance of Incentives. ( 1999 )
C. Kahn, W. Roberds, Federal Reserve Bank of Atlanta Economic Review, Summer: 30-39 1999

- Strategic Transmission of Information and Short-Term Commitment. ( 1999 )
C. Kahn, T. Tsoulouhas, Economic Theory, (14) July: 1 131-153 1999

- Bank Deposit Rate Clustering: Theory and Empirical Evidence. ( 1999 )
C. Kahn, G. Pennacchi, B. Sopranzetti, Journal of Finance, (54) December: 6 2185-2214 1999

- Calibration of a Model of the Afternoon Effect in Cattle Auctions. ( 1999 )
R. Engelbrecht-Wiggans, C. Kahn, Quarterly Review of Economics and Finance, (39) Spring: 1 113-128 1999

- Demandable Debt as a Means of Payment: Bank Notes vs. Checks. ( 1999 )
C. Kahn, W. Roberds, Journal of Money, Credit, and Banking, (31) August: 3; part 2 500-525 1999

- Uniform-Price Auctions with Variable Awards. ( 1998 )
R. Engelbrecht-Wiggans, C. Kahn, Games and Economics Behavior, (23) April: 1 25-42 1998

- Competition and Incentives with Nonexclusive Contracts. ( 1998 )
C. Kahn, D. Mookherjee, Rand Journal of Economics, (29) Fall: 3 443-465 1998

- Multi-Unit Auctions with Uniform Prices. ( 1998 )
R. Engelbrecht-Wiggans, C. Kahn, Economic Theory, (12) September: 2 227-258 1998

- Ownership Structure, Speculation and Shareholder Information. ( 1998 )
C. Kahn, A. Winton, Journal of Finance, (53) February: 1 99-130 1998

- Payment System Settlement and Bank Incentives. ( 1998 )
C. Kahn, W. Roberds, Review of Financial Studies, (11) Winter: 4 845-870 1998

- One-Stop Shopping for Settlement Services: RESPA, Referral Fees, and Consumer Reaction. ( 1998 )
C. Kahn, Illinois Real Estate Letter, Summer: 1998

- Multi-Unit Pay-Your-Bid Auctions with Variable Awards. ( 1998 )
C. Kahn, Games and Economics Behavior, (23) 25-42 1998

- The Efficiency of Self Regulated Payments Systems: Leaming from the Suffolk System. ( 1996 )
C. Calomiris, C. Kahn, Journal of Money, Credit, and Banking, (28) November: 4 766-797 1996

- Coalition Proof Equilibrium in an Adverse Selection Insurance Economy. ( 1995 )
C. Kahn, D. Mookherjee, Journal of Economic Theory, (66) June: 1 113-138 1995

- Market Failure with Moral Hazard and Side Trading. ( 1995 )
C. Kahn, D. Mookherjee, Journal of Public Economics, (58) October: 2 159-184 1995

- Housing-Finance Intervention and Private Incentives: Helping Minorities and the Poor. ( 1994 )
C. Calomiris, C. Kahn, S. Longhofer, Journal of Money, Credit, and Banking, (26) August: 3 634-674 1994

- The Economic Role of Foreclosures. ( 1994 )
C. Kahn, A. Yavas, Journal of Real Estate Finance and Economics, (8) January: 1 35-51 1994

- Introducing Work Rules into Models of Wage-Employment Contracts. ( 1993 )
C. Kahn, P. Reagan, Quarterly Review of Economics and Finance, (33) Fall: 3 217-231 1993

- Non Existence and Inefficiency of Equilibria with American Options and Convertible Bonds. ( 1993 )
C. Kahn, S. Krasa, Economic Theory, (3) 1 1993

- An Equilibrium Model of Quits Under Optimal Contracting. ( 1993 )
C. Kahn, S. Longhofer, European Economic Review, (37) August: 6 1203-1222 1993

- Exclusion and Moral Hazard: The Case of Identical Demand. ( 1993 )
C. Kahn, E. Silva, Journal of Public Economics, (52) September: 2 217-235 1993

- The Existence and Characterization of Optimal Contracts on a Continuous State Space. ( 1993 )
C. Kahn, Journal of Economic Theory, (59) February: 122-144 1993

- The Good, the Bad and the Ugly: Coalition-Proof Equilibrium in Infinite Games. ( 1992 )
C. Kahn, Games and Economics Behavior, 101-121 1992

- Protecting the Winner: Second-Price Versus Oral Auctions. ( 1991 )
R. Englebrecht-Wiggans, C. Kahn, Economics Letters, (35) 243-248 1991

- The Role of Demandable Debt in Structuring Optimal Banking Arrangements. ( 1991 )
C. Calomiris, C. Kahn, The American Economic Review, (81) June: 497-513 1991

- The Economic Role of Foreclosure Rules. ( 1991 )
C. Kahn, Illinois Real Estate Letter, Summer: 8-11 1991

- Cooperative Arrangements for the Regulation of Banking by Banks. ( 1990 )
C. Calomiris, C. Kahn, Ill. Business Review, Fall: 1990

- Default, Foreclosure and Strategic Renegotiation. ( 1989 )
C. Kahn, G. Huberman, Law and Contemporary Problems, (52) Winter: 49-61 1989

- The Use of Complicated Models as Explanations: A Re-examination of Williamson's Late 19th Century America. ( 1988 )
C. Kahn, Research in Economic History, (11) 185-216 1988

- Limited Contract Enforcement and Strategic Renegotiation. ( 1988 )
G. Huberman, C. Kahn, The American Economic Review, (78) June: 3 471-484 1988

- Two-Sided Uncertainty and Up-or-Out Contracts. ( 1988 )
C. Kahn, G. Huberman, Journal of Labor Economics, (6) October: 423-443 1988

- A Competitive Efficiency Wage Model with Keynesian Features. ( 1988 )
C. Kahn, D. Mookherjee, Quarterly Journal of Economics, (103) November: 609-645 1988

- Strategic Renegotiation. ( 1988 )
G. Huberman, C. Kahn, Economics Letters, (28) December: 117-121 1988

- Erratum: The Durable Goods Monopolist and Consistency with Increasing Costs. ( 1988 )
C. Kahn, D. Malueg, J. Solow, Econometrica, (56) March: 754 1988

- The Durable Goods Monopolist and Consistency with Increasing Costs. ( 1986 )
C. Kahn, Econometrica, (54) March: 2 275-294 1986

- Optimal Employment Contracts with Bankruptcy Constraints. ( 1985 )
C. Kahn, J. Scheinkman, Journal of Economic Theory, (35) April: 2 343-365 1985

- Optimal Severance Pay with Incomplete Information. ( 1985 )
C. Kahn, Journal of Political Economy, (93) June: 3 435-451 1985

- Wage-Employment Contracts. ( 1983 )
J. Green, C. Kahn, Quarterly Journal of Economics, (98) Supplement: 173-187 1983

- The Solution of Linear Difference Models Under Rational Expectations. ( 1980 )
O. Blanchard, C. Kahn, Econometrica, (48) July: 1305-1311 1980

Chapters in Books

- Clearing House Interbank Payments System (CHIPS). ( 2012 )
C. Kahn and W. Roberds, in Wiley-Blackwell Encyclopedia of Globalization, (Eds: Ritzer, George), John Wiley & Sons: England, 2012

- Institutional Allocation of Bank Regulation: A Review. ( 2007 )
C. Kahn, J. Santos, inThe Structure of Financial Regulation, (Eds: Mayes, D.G., and G.E. Wood), Routledge: New York, 2007 pp. 185-204

- Allocating Lending of Last Resort and Supervision in the Euro Area. ( 2004 )
C. Kahn, J. Santos, in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development and Stability, (Eds: George M. von Furstenberg, Volbert Alexander, and Jacques Melitz), Oxford University Press: Oxford, 2004

- Modeling of Choices with Uncertain Preferences. ( 1994 )
C. Kahn, in Health Values for Policy: An Economic Approach, (Eds: George Tolley, Donald Kenkel and Robert Fabian), The University of Chicago Press: Chicago, 1994

- An Agency Theory Approach to Slave Incentives. ( 1992 )
C. Kahn, in Without Consent or Contract: Technical Papers on Slavery, (Eds: Robert Fogel and Stanley Engerman), W. W. Norton and Company: New York, 1992 pp. 551-565

- A Linear Programming Solution to the Slave Diet. ( 1992 )
C. Kahn, in Without Consent or Contract: Technical Papers on Slavery, (Eds: Robert Fogel and Stanley Engerman), W. W. Norton and Company: New York, 1992 pp. 522-535

Conference Proceedings

- The CLS Bank: A Solution to the Risks of International Payments Settlement? ( 2001 )
C. Kahn, W. Roberds, (54) Carnegie-Rochester Conference Series on Public Policy, June, 2001, Vol. 54: 191-226 2001

- Semi-Stability in Game Theory: A Survey of Ugliness. ( 1992 )
C. Kahn, C. Asilis, In Papers in Game Theory and Economic Applications: Procedings of An International Conference Held at the Indian Statistical Institute, (Eds: B. Dutta et al.), Springer-Verlag: Berlin-Heidelberg, 1992

- Demandable Debt as the Optimal Banking Contract. ( 1988 )
C. Calomiris, C. Kahn, Garn Institute of Finance Symposium on Federal Insurance, August, 1988, pp. 35-43.

Other Publications

- Effective Oversight of Payment and Settlement Systems: Maintaining financial plumbing
Kahn, C., Editor, Henry Stewart Talks Series, 2010.

- Review of Roger Bowden's 'Statistical Games and Human Affairs'
Kahn, C., Journal of Economic Literature, Vol 28, September, 1990, pp. 1213-1215.

Teaching

Courses for Spring 2013

Finance 461
Financial Intermediation (co-taught with Professor Rustom Irani)
Finance 590
PhD Seminar on Financial Institutions
Finance 580ST / MBA 505ST
Strategic Thinking, Incentives and Information

Other Activities

Editorial Boards
Economics Bulletin
Journal of Financial Intermediation
Journal of Financial Market Infrastructures
Swiss Winter Conference on Financial Intermediation

Other Recent Professional Activity
Visiting Scholar, New York Federal Reserve
Consultant, Chicago Federal Reserve
Financial Economists Roundtable