John Boyd

John Boyd

Professor, Banking Industry of Minnesota Chair


  • BA 1966
    Economics Willamette University
  • PhD 1970
    Applied Economics University of Pennsylvania


  • Finance and development
  • Financial intermediation
  • Banking
  • Contract theory


Boyd received his PhD in Applied Economics from the University of Pennsylvania.   Prior to his current appointment at Minnesota, be was Senior Research Officer, Federal Reserve Bank of Minneapolis, and earlier Associate Professor of Finance at Kellogg Graduate School of Management, Northwestern University.  Boyd has been or is consultant to the United States Treasury, Council of Economic Advisers, Federal Home Loan Banks, World Bank, International Monetary Fund, Federal Reserve System, various banking and trade associations, and has testified before the United States Congress.  He has published in several Finance and Economics journals, including American Economic Review,  Journal of Economic Theory, Journal of Monetary Economics, Journal of Money, Credit and Banking, Economic Theory, Journal of Finance, Journal of Financial Intermediation,  Review of Financial Studies, Palgrave's Dictionary, and others.  Boyd's primary research interests include banking, financial intermediation, intermediation and development, and the economics of gun ownership.  

Selected Works & Activities

  • Journal Articles
    "Introduction to Special Finance Issue," J. Boyd, North American Journal of Economics and Finance (1999).
  • Journal Articles
    "Bank Capital Regulation with and without State-Contingent Penalties: A Comment," J. Boyd, Carnegie-Rochester Conference Series on Public Policy (2001).
  • Journal Articles
    "Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When? Comment," J. Boyd, Journal of Money, Credit, and Banking (August 2000).
  • Journal Articles
    "Moral Hazard under Commercial and Universal Banking," J. Boyd, C. Chang, B. Smith, Journal of Money, Credit, and Banking (1998).
  • Journal Articles
    "Capital Market Imperfections in a Monetary Growth Model," J. Boyd and B. Smith, Economic Theory (1998).
  • Journal Articles
    "Capital Market Imperfections, International Credit Markets, and Nonconvergence," J. Boyd and B. Smith, Journal of Economic Theory (1997).
  • Journal Articles
    "Ex-Dividend Price Behavior of Common Stocks," J. Boyd and R. Jagannathan, Review of Financial Studies (1994).
  • Journal Articles
    "How Good Are Standard Debt Contracts? Stochastic Versus Nonstochastic Monitoring in a Costly State Verification Environment," J. Boyd and B. Smith, Journal of Business (1994).
  • Journal Articles
    "The Equilibrium Allocation of Investment Capital in the Presence of Adverse Selection and Costly State Verification," J. Boyd and B. Smith, Economic Theory (1993).

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