College of Business: University of Illinois at Urbana-Champaign

Professor of Finance and Fred S. Bailey Memorial Chair of Finance

Kahn, C. 2013. Private Payment Systems, Collateral, and Interest Rates. Annals of Finance, 9: 83-114

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

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

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

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

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

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

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

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

Kahn, C. 2004. Comment on 'Competition and Financial Stability' by Allen and Gale. Journal of Money, Credit, and Banking

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Calomiris, C., Kahn, C. 1990. Cooperative Arrangements for the Regulation of Banking by Banks. Ill. Business Review

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

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

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

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

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

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

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

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

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

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

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

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

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

Espinosa-Vega, M., Sole, J., Kahn, C., Matta, R. 2011. Some Implications of Systemic Risk and the Design of Regulatory Architecture. In Stijn Claessens, Douglas D Evanoff, George G. Kaufman and Laura Kodres (Ed.), Macrorudential Regulatory Policies: The New Road to Financial Stability. World Scientific Publishing Co..

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

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

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

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

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

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

Calomiris, C., Kahn, C. 1988. Demandable Debt as the Optimal Banking ContractGarn Institute of Finance Symposium on Federal Insurance, 35-43

Kahn, C. 2009. Financial Regulation in the Crisis and BeyondCapital Markets Board of Turkey International Conference "Global Financial Markets and Future of Regulation" , Ankara.

Kahn, C. 2009. Offshore Settlement, Collateral, and Interest RatesChina International Conference in Finance, Guangzhou.

Kahn, C. 2009. Collateral Policy in a World of Round-the-Clock Payment Chicago Federal Reserve Summer Workshop on Money, Banking, Payments and Finance, Chicago.

Kahn, C. 2009. Collateral Policy in a World of Round-the-Clock Payment Recent Developments in Theories of Money, Banking, and Asset Markets, University of Wisconsin – Madison , Madison.

Kahn, C. 2009. Collateral Policy in a World of Round-the-Clock Payment Bank for International Settlements, Basel.

Kahn, C. 2009. Offshore Settlement, Collateral and Interest RatesNew York Federal Reserve 4th annual Money and Payments Workshop, New York.

Kahn, C. 2009. Offshore Settlement, Collateral and Interest RatesFederal Reserve Bank of Chicago, Chicago.

Kahn, C., Santos, J. 2009. Liquidity, Payment and Endogenous Financial FragilityGlobal Market Integration and Financial Crises, Organized by the Center for Asian Financial Markets at HKUST , Hong Kong.

Kahn, C., Santos, J. 2009. Liquidity, Payment and Endogenous Financial Fragility Korean Institute of Finance, Seoul.

Kahn, C., Santos, J. 2009. Liquidity, Payment and Endogenous Financial Fragility Bank of Korea, Seoul.

Kahn, C., Santos, J. 2009. Liquidity, Payments, and Endogenous Financial FragilityWorkshop on Payments Systems, Collateral And Liquidity, Bank of Canada, Ottawa.

Kahn, C., Wagner, W. 2009. Lender of last resort, crisis resolution and liquidity policyCentre for Banking Studies Research Forum: Lender of last resort, crisis resolution and liquidity policy, London.

Kahn, C. 2008. Offshore Settlement, Collateral and Interest RatesOxford Financial Research Summer Symposium, Oxford.

Kahn, C. 2008. Offshore Settlement, Collateral and Interest RatesBank of Canada workshop "Payments Economics: Theory and Policy", Ottawa.

Kahn, C., Roberds, W. 2008. Why Pay? An Introduction to Payments EconomicsEuropean Central Bank, Frankfurt.

Kahn, C., Roberds, W. 2008. Why Pay? An Introduction to Payments EconomicsNottingham University, Nottingham.

Kahn, C., Roberds, W. 2008. Why Pay? An Introduction to Payments EconomicsTilburg University, Tilburg.

Kahn, C., Santos, J. 2008. Endogenous Financial Fragility and Prudential RegulationLancaster University, Lancaster.

Kahn, C., Santos, J. 2008. Endogenous Financial Fragility and Prudential RegulationBank of Finland, Helsinki.

Kahn, C., Santos, J. 2008. Endogenous Financial Fragility and Prudential RegulationBank of Norway, Oslo.

Kahn, C., Santos, J. 2008. Liquidity, Payment and Endogenous Financial Fragility"Payments and Networks," conference sponsored by the Laboratory for Aggregate Economics and Finance, University of California, Santa Barbara, Santa Barbara.

Kahn, C., Santos, J. 2008. Liquidity, Payment and Endogenous Financial FragilityCES-Ifo and Deutsche Bundesbank, Joint Conference on Liquidity: Concepts and Risks, Munich.

Kahn, C., Santos, J. 2008. Endogenous Financial Fragility and Prudential RegulationInternational Monetary Fund, Washington.

Kahn, C. 2007. Efficiency of Payment SystemsReserve Bank of India, New Delhi.

Kahn, C. 2007. Liquidity Policy and PaymentWorkshop on Liquidity Research, Bank of England, London.

Kahn, C. 2007. Why Pay? The Economics of Payments and Payment SystemsPublic Lecture, National University of Singapore, Singapore.

Kahn, C. 2007. A Theory of PaymentsNational University of Singapore, Singapore.

Kahn, C., Roberds, W. 2007. Credit and Identity TheftSouthern Methodist University, Dallas.

Kahn, C., Roberds, W. 2007. Credit and Identity TheftNational University of Singapore, Singapore.

Kahn, C., Santos, J. 2007. Endogenous Financial Fragility and Prudential RegulationCass Business School, London City University, London.

Kahn, C., Santos, J. 2007. Endogenous Financial Fragility and Prudential RegulationLondon School of Economics, London.

Kahn, C., Santos, J. 2007. Endogenous Financial Fragility and Prudential RegulationOxford University, Oxford.

Kahn, C., Roberds, W. 2006. Credit and Identity TheftDePaul University, Chicago.

Kahn, C., Roberds, W. 2005. Credit and Identity TheftUniversity of Illinois at Chicago, Chicago.

Kahn, C., Roberds, W. 2005. Credit and Identity TheftConference at the University of Toronto, "Research on Money and Markets", Toronto.

Kahn, C., Roberds, W. 2005. Credit and Identity TheftFDIC Center for Financial Research 5th Annual Banking Research Conference, "Emerging Risks in Banking and Financial Services", Arlington.

Kahn, C., Roberds, W. 2005. Payment Settlement: Tiering in Private and Public SystemsBank of England Conference, "The Future of Payments", London.

Kahn, C., Santos, J. 2005. Endogenous Financial Fragility and Prudential RegulationEuropean Finance Association Annual Meeting, Moscow.

Kahn, C., Santos, J. 2005. Endogenous Financial Fragility and Prudential RegulationBanco de Portugal conference "Financial Fragility and Bank Regulation", Lisbon.

Kahn, C. 2004. Money is PrivacyClarence Tow Conference on the Theory of Money, Transactions, and Financial Itermediation, Iowa City.

Kahn, C., McAndrews, J., Roberds, W. 2004. Money is PrivacyModels of Monetary Economics II: The Next Generation, Minneapolis.

Kahn, C. 2003. A Theory of PaymentsMidwest Economic Theory Meetings, Bloomington, IN

Kahn, C. 2003. A Theory of PaymentsHightower Lecture, Emory Universtiy

Kahn, C. 2003. Overview of Auctions ResearchResearch Group of the Treasury Department of Brazil, Brasilia, Brazil

Kahn, C. 2003. A Theory of PaymentsCatholic University of Brasilia, Brazil

Kahn, C. 2003. A Theory of PaymentsConference of the Society for Advancement of Economic Theory, Rodos, Greece

Kahn, C. 2003. Endogenous Financial Fragility and Prudential RegulationWharton/CFS Conference

Kahn, C., Roberds, W. 2003. Payments Settlement under Limited Enforcement: Private versus Public SystemsMidwest Finance Association Annual Meeting, St. Louis.

Kahn, C. 2002. RESPA, Middlement and RegulationFederal Trade Commission, Washington.

Kahn, C., Roberds, W. 2002. Transferability, Finality and Debt SettlementPurdue University, West Lafayette.

Kahn, C., Santos, J. 2002. Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance and SupervisionWestern Finance Association Annual Meetings, 2011

Kahn, C., Santos, J. 2002. Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance and SupervisionAmerican Finance Association Meetings

Kahn, C., Santos, J. 2002. Allocating Lending of Last Resort and Supervision in the Euro AreaFordham University, Bronx.

Kahn, C., Winton, A. 2002. Moral Hazard and Optimal Subsidiary Structure for Financial InstitutionsChicago Federal Reserve Bank Structure Conference, Chicago.

Kahn, C., Winton, A. 2002. Moral Hazard and Optimal Subsidiary Structure for Financial InstitutionsAmerican Finance Association Meetings

Kahn, C. 2001. A Theory of Transactions PrivacyFederal Reserve Bank, Philadelphia.

Kahn, C. 2001. Transferability, Finality, and Debt SettlementCleveland Federal Reserve payments conference, Cleveland.

Kahn, C., Pennacchi, G. , Sopranzetti, B. 2001. Bank Consolidation and Consumer Loan RatesFederal Reserve Bank, Philadelphia.

Kahn, C., Roberds, W., McAndrews, J. 2001. Settlement Risk under Gross and Net SettlementASSA Meetings, New Orleans.

Kahn, C., Santos, J. 2001. Allocating Bank Regulatory Powers: Lender of Last Resort, Deposit Insurance and SupervisionChicago Federal Reserve Bank Structure Conference, Chicago.

Kahn, C., Winton, A. 2001. Moral Hazard and Optimal Subsidiary Structure for Financial InstitutionsCowles Foundation, Yale University Conference, New Haven.

Kahn, C. 2000. Economic Functions of Referrals and Referral FeesFederal Reserve Bank, Cleveland.

Kahn, C. 2000. The CLS Bank: A Solution to the Risks of International Payments Settlement?Washington University, St. Louis.

Kahn, C. 2000. Low-Revenue Equilibria in Simultaneous Ascending Price AuctionsRoyal Holloway College, University of Surrey, London.

Kahn, C. 2000. The CLS Bank: A Solution to the Risks of International Payments Settlement?Nuffield College of Oxford University, Oxford.

Kahn, C., Pennacchi, G. , Sopranzetti, B. 2000. Bank Consolidation and consumer Loan Interest RatesFederal Reserve Bank, Chicago.

Kahn, C., Roberds, W. 2000. The CLS Bank: A Solution to the Risks of International Payments Settlement?Carnegie-Rochester Conference Series on Public Policy, Rochester.

Kahn, C., Roberds, W. 2000. The CLS Bank: A Solution to the Risks of International Payments Settlement?Tulane University, New Orleans.

Kahn, C., Roberds, W. 2000. The CLS Bank: A Solution to the Risks of International Payments Settlement?Federal Reserve Bank, Cleveland.

Kahn, C., Roberds, W. 2000. The CLS Bank: A Solution to the Risks of International Payments Settlement?Bank of England, London.

Kahn, C. 1999. Low-Revenue Equilibria in Simultaneous Ascending Price AuctionsUniversity of Texas, Austin.

Kahn, C. 1999. Performace-Based Wages in Tax Collection: The Brazilian Tax Collection Reform and Its EffectsWorld Bank Seminar, Washington.

Kahn, C. 1999. Research on Payments SystemsCambridge University, Cambridge.

Kahn, C., Engelbrecht-Wiggans, R. 1999. Low-Revenue Equilibria in Simultaneous Ascending Price AuctionsUniversite de Toulouse, Toulouse Cedex.

Kahn, C., Roberds, W. 1999. Real Time Gross Settlement and the Costs of ImmediacyChicago Federal Reserve Bank Structure Conference, Chicago.

Kahn, C., Roberds, W. 1999. Real Time Gross Settlement and the Costs of ImmediacyClarence Tow Conference on the Theory of Money, Transactions, and Financial Itermediation, Iowa City.

Kahn, C., Roberds, W. 1999. Real Time Gross Settlement and the Costs of ImmediacyFederal Reserve Bank, Philadelphia.

Kahn, C., Roberds, W. 1999. Real Time Gross Settlement and the Costs of ImmediacyFederal Reserve Bank of New York, New York.

Kahn, C., Roberds, W. 1999. The CLS Bank: A Solution to the Risks of International Payments Settlement?Bank of Norway, Oslo.

Kahn, C., Roberds, W. 1999. The CLS Bank: A Solution to the Risks of International Payments Settlement?London School of Economics, London.

Kahn, C. 1998. Demandable Debt as a Means of Payment: Bank Notes vs. ChecksCarnegie Mellon University, Pittsburgh.

Kahn, C. 1998. On the Role of Bank Coalitions in the Provision of LiquidityChicago Federal Reserve Bank Structure Conference, Chicago.

Kahn, C. 1998. On the Role of Bank Coalitions in the Provision of LiquidityUniversity of British Columbia, Vancouver.

Kahn, C., Engelbrecht-Wiggans, R. 1998. Low-Revenue Equilibria in Simultaneous Ascending Price AuctionsConference on Auctions/National Science Foundation, College Park.

Kahn, C., Roberds, W. 1998. Demandable Debt as a Means of Payment: Bank Notes vs. ChecksCleveland Federal Reserve/Journal of Money Credit and Banking Conference, Cleveland.

Kahn, C., Roberds, W. 1998. Demandable Debt as a Means of Payment: Bank Notes vs. ChecksSociety for Economic Dynamic Meetings, Philadelphia.

Kahn, C., Roberds, W. 1998. Demandable Debt as a Means of Payment: Bank Notes vs. ChecksI.T.A.M, Mexico City.

Kahn, C. 1997. Payment System Settlement and Bank IncentivesWestern Economic Association Meetings

Kahn, C. 1997. Payment System Settlement and Bank IncentivesBank of Norway

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

Kahn, C. 1992. "What Discounts? Only Lawyers Will Gain from Airline Class-Action Suit" Atlanta Journal and Constitution, August 18, and "Airline Suit Settlement is a Gift for the Lawyers," Baltimore Evening Sun, Aug

Kahn, C. 1991. "Keep Banks on the Straight and Narrow," St. Louis Post-Dispatch, July 22

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