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Person

Ben R. Craig

Economist Emeritus
Areas of Expertise economics of networks, econometrics, banking and finance
Department Research
Education
  • BA,
  • Economics,
  • Harvard College,
  • 1976
  • PhD,
  • Economics,
  • Stanford University,
  • 1986

Ben Craig is an economist emeritus of the Research Department of the Federal Reserve Bank of Cleveland. Before his retirement, he specialized in the economics of networks, banking, and finance, with an emphasis on empirical structural modeling.

Dr. Craig joined the Bank in 1994 and retired in July 2023. Dr. Craig was an assistant professor of economics at Indiana University. He has also taught at Washington State University, Stanford University, and the University of Konstanz in Germany. He was a visiting scholar at the Bundesbank in Germany in 2001, 2007-2008, and 2012-2014.

Dr. Craig earned a BA with honors from Harvard University in 1976 and received a PhD in economics from Stanford in 1986. He is married and the father of three children.

  • “Filling in the Blanks: Network Structure and Interbank Contagion.” With Goetz von Peter and Kartik Anand. Journal of Quantitative Finance, 2015, 15(4): 625–636.

  • “The Role of Interbank Relationships and Liquidity Needs.” With Falko Fecht and Günseli Tümer-Alkan. Journal of Banking and Finance, 2015, 53 (April) 99-111.

  • “Tiering in the Interbank Market.” With Goetz von Peter. Journal of Financial Intermediation, 2014, (July): 322–347.

  • “The Duration of Bank Interest Rates.” With Valeriya Dinger. International Journal of the Economics of Business, 2014, 21(2): 191–207.

  • “Deposit Market Competition, Wholesale Funding, and Bank Risk.” With Valeriya Dinger. Journal of Banking and Finance, 2013, 37(9): 3605–3622.

  • “Gross Loan Flows.” With Joseph G. Haubrich. Journal of Money, Credit, and Banking, 2013, 45(2–3): 401–421.

  • “Public Policy in Support of Small Business: The American Experience.” With James Thomson and William Jackson. Entrepreneurial Business Law Journal, 2011.

  • “Bank Mergers and the Dynamics of Deposit Rates.” With Valeriya Dinger. Journal of Financial Services Research, 2008.

  • “State-Dependent Pricing, Inflation, and Welfare in Search Economies.” With Guillaume Rocheteau. European Economic Review, 2007.

  • “Inflation and Welfare: A Search Approach.” With Guillaume Rocheteau. Journal of Money, Credit, and Banking, 2007.

  • “The Euro-system Money Market Auctions: A Banking Perspective.” With Falko Fecht. Journal of Banking and Finance, 2007.

  • “Income Effects on Small Business Loans.” With James B. Thomson and William Jackson III. Journal of Small Business Studies, 2007.

  • “SBA Loan Guarantees and Local Growth.” With James B. Thomson and William Jackson III. Journal of Small Business Management, 2006.

  • “Recovering Market Expectations of FOMC Rate Changes with Options on Federal Funds Futures.” With John B. Carlson and William Melick. Journal of Futures Markets, January 2006.

  • “Currency Portfolios, Nominal Price Rates, and Price Distributions in a Dual Currency Search Economy.” With Chris Waller. Journal of Monetary Economics, 2004 (May).

  • “Gresham’s Law versus Currency Competition.” With Chris Waller and Gabriel Camera. Journal of International Economics, 2004 (March).

  • “The Myth of a Strong Dollar Policy.” With Owen Humpage. Cato Journal, 2002.

  • “Federal Home Loan Bank Lending to Community Banks: Are Subsidies Desirable?” With James B. Thomson. Journal of Financial Services Research, 2001.

  • “Comment on ‘Inside and Outside Money as Alternative Media of Exchange’ by Neil Wallace and Ricardo O. Cavalcanti.” Journal of Money, Credit, and Banking, 1999, 31 (3, Part 2): 458-460.

  • “Structural Uncertainty and Breakpoint Tests: An Application to Equilibrium Velocity.” With John B. Carlson and Jeffrey C. Schwartz. Journal of Economics and Business, 1999, 52(1–2): 101–115.

  • “Review of Microsoft FORTRAN Powerstation.” Economic Journal, 1997.

  • “Voting on Public Pension Schemes: Evidence from OECD Countries.” With Friedrich Breyer. European Journal of Political Economy, 1997.

  • “Participation and Productivity: A Comparison of Worker–Owned Cooperatives and Conventional Firms in the Plywood Industry.” With John Pencavel, Brookings Papers on Economic Activity, Microeconomics Annual, 1995.

  • “Review of ‘Profit Sharing, Does It Make a Difference?’ by Douglas L. Kruse.” Journal of Comparative Economics, 1995.

  • “The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives.” With John Pencavel. Journal of Political Economy, 1994, 102(4): 718–744.

  • “The Objectives of Worker Cooperatives.” With John Pencavel. Journal of Comparative Economics, 1993, 17(2): 288–308.

  • “Labor Market Outcomes under Alternative Institutions: The Plywood Companies of Washington State.” With John Pencavel. American Economic Review, 1992 (December): 1083–1105. (Reprinted in Producer Cooperatives and Labor-Managed Systems, edited by David Prychitko and Jaroslav Vanek. Cheltenham, UK: Edward Elgar Publishing Ltd., 1994.

  • “Review of ‘The Timber Bubble that Burst: Government Policy and the Bailout of 1984’ by Joe P. Mattey,” Journal of Economic Literature, 1992 (September): 1547–1548.

  • “The Effects of Social Security in a Life Cycle Family Labor Supply Simulation Model.” With Ray Batina. Journal of Public Economics, 1991 (November): 199–226.

  • “Large Risks and the Decision to Incorporate.” With Stuart Thiel. Journal of Business and Economics, 1990, 42(3): 185–194.

  • “Survival Analysis Software on MS/PC-DOS Computers.” With Jennifer Anderson, Arlene Ash, David Harrington, and Marcello Pagano. Journal of Applied Econometrics, 1989, 4: 393–414.

Book Chapters

  • “Government Intervention in Small Business Lending Markets.” With James Thomson and William Jackson. In Public Economics in the United States: How the Federal Government Analyzes and Influences the Economy, Volume 1, edited by Steven Payson, 147–160, 2014.

  • With James B. Thomson and William Jackson III. “On SBA-Guaranteed Lending and Economic Growth.” Economic Development through Entrepreneurship: Government, University and Business Linkages, edited by Scott Shane, 127–150, Edward Elgar Publishing, 2006.

  • “Banking Consolidation in Europe: Discussion.” In Issues in European Integration, Deutsche Bundesbank in April 2003.

  • “Labor Market Outcomes under Alternative Institutions: The Plywood Companies of Washington State.” With John Pencavel. In Producer Cooperatives and Labor-Managed Systems, edited by David Prychitko and Jaroslav Vanek. Cheltenham, UK: Edward Elgar Publishing Ltd., 1994.

  • “Comment on ‘Job Security versus Income Security.’” In Adjustments in Labor Markets: An International Comparison, edited by Peter Chinloy and Ernst Stromsdorfer, 295–299, 1985.

Other Articles

  • “Worker-Owned Plywood Companies of the Pacific Northwest.” With John Pencavel. Research Report #11, Center for Cooperatives, 1993 (January).

  • “Estimating the Impact of Training on Earnings: The DCC Experiment.” With P. K. Trivedi. Ameritech Occasional Papers, 1993.