Working Papers 

The Cost of Private Debt Over the Credit Cycle. With Dilek Aykut and Eugen Tereanu.  IMF Working Paper  No. 10/283.

Excess Reserves During the U.S. Financial Crisis: A Bank-level Perspective.  With Silvio Contessi and Su-Hsin Chang.

Work in Progress

Entrepreneurs, Wealth and the Capitalist Spirit. 

Entrepreneurship, Inequality and Home-ownership. With Stanley Cho. 

Published Papers

1. Contessi, Silvio, De Pace Pierangelo and Johanna L. Francis. The Cyclical Properties of Disaggregated Capital Flows. Forthcoming. Journal of International Money and Finance. 
2. Demiralp, Berna and Johnana L. Francis.  (2013) Wealth, Human Capital and the Transition to Self Employment. Eastern Economic Journal.
3. Contessi, Silvio, De Pace Pierangelo, Johanna L. Francis.  Changes in the Second-Moment Properties of Disaggregated Capital Flows. Forthcoming Economic Letters
4. Contessi, Silvio, and Johanna L. Francis. (2011) TARP Beneficiaries and their Lending Patterns during the Financial Crisis.  St. Louis Federal Reserve Review.  
5. Cho, Sang-Wook and Johanna L. Francis. (2011) Tax Treatment of Owner Occupied Housing and Wealth Inequality.  Journal of Macroeconomics PDF.
6. Contessi, Silvio, and Johanna L. Francis. U.S. commercial bank lending through 2008:Q4: new evidence from gross credit flows. Forthcoming  Economic Inquiry. 
7. Francis, Johanna L.  (2009) Wealth and the Capitalist Spirit.  Journal of Macroeconomics ,  vol. 31(3), pages 394-408, September. PDF
8. Feldman, M.P., Francis, J.L. and J. Bercovitz (2005). Creating a Cluster While Building a Firm: Entrepreneurs and the Formation of Industrial Clusters, Regional Studies 39: 129-141.
9. Feldman, M. P. and J.L. Francis (2004). Home Grown Solutions:Fostering Cluster Formation through Entrepreneurship, Economic Development Quarterly 18: 127-137.
10. Feldman, M. P. and J.L. Francis (2003). Fortune Favors the Prepared Region: The Case of Entrepreneurship and the Capitol Region Biotechnology Cluster, European Planning Studies 11(7): 765-788.