Henry Kaufman Initiative in Financial History | Research

A list of recent faculty research in financial history and related topics include:

Banking and Non-Bank Financial Intermediation

• Acharya, V.V., Schnabl, P., and Suarez, G. (2013). Securitization Without Risk Transfer, Journal of Financial Economics, Volume 107, Issue 3, Pages 515-536
• Acharya, V.V., and Steffen, S. (2015). The Greatest Carry Trade Ever? Understanding Eurozone Bank Risks, Journal of Financial Economics, Volume 115, Issue 2, 215-236
• Drechsler, I., Savov, A., Schnabl, P., and Wang, O. (2023). Banking on Uninsured Deposits, Working paper, NYU Stern School of Business
• Philippon, T. (2014). Notes on Equilibrium Financial Intermediation, Working paper, NYU Stern School of Business
• Sarto, A., and Wang, O. (2023). The Secular Decline in Interest Rates and the Rise of Shadow Banks, Working paper, NYU Stern School of Business

Central Banking and Bank Regulation 

• Acharya, V.V., Chauhan, R., Rajan, R., and Steffen, S. (2022). Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets, Working paper, NYU Stern School of Business
• Acharya, V.V., Eisert, T., Eufinger, C., and Hirsch, C. (2019). Whatever It Takes: The Real Effects of Unconventional Monetary Policy, Review of Financial Studies, Volume 32, Issue 9, Pages 3366–3411
• Cecchetti, S.G. and Schoenholtz, K. (2019). Improving U.S. Monetary Policy Communications, CEPR Discussion Paper DP13915
• Cecchetti, S.G. and Schoenholtz, K. (2008). How Central Bankers See It: The First Decade of ECB Policy and Beyond, NBER Working Paper 14489
• Cecchetti, S.G. and Schoenholtz, K. (2017). Regulatory Reform: A Scorecard, CEPR Discussion Paper DP12465
• Saunders, A., and Wilson, B. (1995). Contingent Liability in Banking: Useful Policy for Developing Countries? Reforming Financial Systems: Historical Implications for Policy, pp. 101-112. New York: Cambridge University Press

FinTech

• Cecchetti, S.G. and Schoenholtz, K. (2020). Finance and Technology: What is Changing and What is Not, CEPR Discussion Paper DP15352
• Gopal, M. and Schnabl, P. (2022). The Rise of Finance Companies and FinTech Lenders in Small Business Lending, The Review of Financial Studies, Volume 35, Issue 11, Pages 4859–4901
• Philippon, T. (2016). The Fintech Opportunity, NBER Working Paper 22476

Inflation and Disinflation

• Acharya, V.V., Crosignani, M., Eisert, T., and Eufinger, C. (2019). Zombie Credit and (Dis-)Inflation: Evidence from Europe, Review of Financial Studies, Volume 32, Issue 9, Pages 3366-3411
• Boudoukh, J., and Richardson, M. (1993). Stock Returns and Inflation: A Long-Horizon Perspective, American Economic Review, Volume 83, Number 5, Pages 1346-1355 
• Cecchetti, S.G., Feroli, M.E., Hooper, P., Mishkin, F.S., and Schoenholtz, K. (2023). Managing Disinflations, CEPR Discussion Paper DP18068
• Drechsler, I., Savov, A., and Schnabl, P. (2020). The Financial Origins of the Rise and Fall of American Inflation, Working paper, NYU Stern School of Business
• Drechsler, I., Savov, A., and Schnabl, P. (2023). Credit Crunches and the Great Stagflation, Working paper, NYU Stern School of Business
• Levine, A. Ooi, Y.H., Richardson, M., and Sasseville, C. (2018). Commodities for the Long Run, Financial Analysts Journal, Volume 74, Issue 2, Pages 55-68

Causes and Consequences of Financial Crises

• Acharya, V.V., Cooley, M., Richardson, M., and Walter, I. (2010). Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007-09, Foundations and Trends in Finance, Volume 4, Number 4, Pages 247-325
• Acharya, V.V., and Mora, N. (2015). A Crisis of Banks as Liquidity Providers, Journal of Finance, Volume 70, Issue 1, Pages 1-44
• Acharya, V.V., Lenzu, S., and Wang, O. (2021). Zombie Lending and Policy Traps, Working paper, NYU Stern School of Business
• Giroud, X., and Mueller, H.M. (2017). Firm Leverage, Consumer Demand, and Employment Losses During the Great Recession, The Quarterly Journal of Economics, Volume 132, Issue 1, Pages 271–316
• Philippon, T., Jones, C., and Midrigan, V. (2021). Household Leverage and the Recession, Econometrica, Volume 90, Issue 5, Pages 2471-2505
• Philippon, T., and Martin, P. (2017). Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone, American Economic Review, Volume 107, Number 7, Pages 1904-37

Long-term Historical Perspectives

• Boudoukh, J., Richardson, M., Shen, Y., and Whitelaw, R.F. (2007). Do Asset Prices Reflect Fundamentals?: Freshly Squeezed Evidence from the FCOJ Market, Journal of Financial Economics Volume 83, Issue 2, Pages 397-412
• Cowen, D. and Sylla, R. (2018). Alexander Hamilton on Finance, Credit, and Debt. Columbia University Press
• Gomory, R. and Sylla, R. (2013). The American Corporation. Daedalus, Volume 142, Number 2, Pages 102–18
• Philippon, T. (2014). Has the US Finance Industry Become Less Efficient? American Economic Review, Volume 105, Number 4, Pages 1408-38
• Philippon, T. and Reshef, A. (2012). Wages and Human Capital in the U.S. Financial Industry: 1909-2006, Quarterly Journal of Economics Volume 127, Number 4, Pages 1551–1609
• Saunders, A., and Wilson, B. (1994). Contagious Bank Runs: Evidence from the 1929-1933 Period, Social Science Research Network
• Sylla, R. (2016). Alexander Hamilton: The Illustrated Biography. Union Square & Co
• Sylla, R. (2015). Genealogy of American Finance. Columbia Business School Publishing