University of California
Rod Garratt is a professor and vice chair in the Department of Economics at the University of California, Santa Barbara. He received his PhD from Cornell University. In addition to working at UCSB, he has held visiting positions at UCLA and the University of Arizona. In 2009-10, he went on leave from UCSB to work in the Financial Stability Directorate at the Bank of England. He is an Occasional Visitor at the Federal Reserve Bank of New York and has been a Visiting Scholar at the Bank of Canada and De Nederlandsche Bank in Holland. He has over thirty publications in refereed journals that include Econometrica, the American Economic Review, the Journal of Political Economy, and the Journal of Monetary Economics.
The authors address the problem of how to capture the contributions of bank failures to systemic risk.
The authors study the issue of liquidity provision in the context of payment systems where participating banks have flexibility on the timing of their outgoing payments during the settlement day.