# Research

![American flags flying in front of the New York Stock Exchange](/sites/default/files/styles/866w/public/2023-10/AdobeStock_288593322.jpeg?h=9e650594&itok=Va8b-XuN)

##  Research

Research from NYU Stern faculty in the area of financial history

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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](https://www.sciencedirect.com/science/article/abs/pii/S0304405X12001894), 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](https://pages.stern.nyu.edu/~sternfin/vacharya/public_html/pdfs/carrytrade_jfe_v10June2014.pdf), Journal of Financial Economics, Volume 115, Issue 2, 215-236
- Drechsler, I., Savov, A., Schnabl, P., and Wang, O. (2023). [Banking on Uninsured Deposits](https://www.nber.org/papers/w31138), Working paper, NYU Stern School of Business
- Philippon, T. (2014). [Notes on Equilibrium Financial Intermediation](http://pages.stern.nyu.edu/~tphilipp/papers/Notes_FinInter.pdf), 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](https://www.dropbox.com/s/6vzygr1c7eil8mm/SW_live.pdf?raw=1), 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](https://pages.stern.nyu.edu/~sternfin/vacharya/public_html/pdfs/ACRS_liquidity_ALL_v60Final.pdf), 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](https://academic.oup.com/rfs/article/32/9/3366/5298322), Review of Financial Studies, Volume 32, Issue 9, Pages 3366–3411
- Cecchetti, S.G. and Schoenholtz, K. (2019). [Improving U.S. Monetary Policy Communications](https://cepr.org/publications/dp13915), CEPR Discussion Paper DP13915
- Cecchetti, S.G. and Schoenholtz, K. (2008). [How Central Bankers See It: The First Decade of ECB Policy and Beyond](https://www.nber.org/papers/w14489), NBER Working Paper 14489
- Cecchetti, S.G. and Schoenholtz, K. (2017). [Regulatory Reform: A Scorecard](https://cepr.org/publications/dp12465), CEPR Discussion Paper DP12465
- Saunders, A., and Wilson, B. (1995). [Contingent Liability in Banking: Useful Policy for Developing Countries?](https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-1538) 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](https://cepr.org/publications/dp15352), CEPR Discussion Paper DP15352
- Gopal, M. and Schnabl, P. (2022). [The Rise of Finance Companies and FinTech Lenders in Small Business Lending](https://academic.oup.com/rfs/article/35/11/4859/6607597), The Review of Financial Studies, Volume 35, Issue 11, Pages 4859–4901
- Philippon, T. (2016). [The Fintech Opportunity](https://www.nber.org/system/files/working_papers/w22476/w22476.pdf), 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](https://pages.stern.nyu.edu/~sternfin/vacharya/public_html/pdfs/ZombieCreditDisinflation.pdf), 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](https://www.jstor.org/stable/2117566), 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](https://cepr.org/publications/dp18068), CEPR Discussion Paper DP18068
- Drechsler, I., Savov, A., and Schnabl, P. (2020). [The Financial Origins of the Rise and Fall of American Inflation](https://pages.stern.nyu.edu/~asavov/alexisavov/Alexi_Savov_files/DSS_Inflation_Feb_2020.pdf), Working paper, NYU Stern School of Business
- Drechsler, I., Savov, A., and Schnabl, P. (2023). [Credit Crunches and the Great Stagflation](https://pages.stern.nyu.edu/~asavov/alexisavov/Alexi_Savov_files/DSS_Credit_Crunches.pdf), Working paper, NYU Stern School of Business
- Levine, A. Ooi, Y.H., Richardson, M., and Sasseville, C. (2018). [Commodities for the Long Run](https://www.tandfonline.com/doi/full/10.2469/faj.v74.n2.4), 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](https://pages.stern.nyu.edu/~sternfin/vacharya/public_html/tail_risk.pdf), 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](https://pages.stern.nyu.edu/~sternfin/vacharya/public_html/pdfs/WP_AM_070913.pdf), Journal of Finance, Volume 70, Issue 1, Pages 1-44
- Acharya, V.V., Lenzu, S., and Wang, O. (2021). [Zombie Lending and Policy Traps](https://www.dropbox.com/s/hgoztmauobg8n0l/zombie_live.pdf?raw=1), 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](https://doi.org/10.1093/qje/qjw035), 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](http://pages.stern.nyu.edu/~tphilipp/papers/HHleverage_v5.pdf), 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](http://pages.stern.nyu.edu/~tphilipp/papers/MartinPhilippon.pdf), 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](https://www.sciencedirect.com/science/article/abs/pii/S0304405X06001450), Journal of Financial Economics Volume 83, Issue 2, Pages 397-412
- Cowen, D. and Sylla, R. (2018). [*Alexander Hamilton on Finance, Credit, and Debt*](https://www.stern.nyu.edu/experience-stern/faculty-research/alexander-hamilton-finance-credit-and-debt). Columbia University Press
- Gomory, R. and Sylla, R. (2013). [The American Corporation](http://www.jstor.org/stable/43297237). Daedalus, Volume 142, Number 2, Pages 102–18
- Philippon, T. (2014). [Has the US Finance Industry Become Less Efficient?](http://pages.stern.nyu.edu/~tphilipp/papers/Finance_Efficiency.pdf) 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](http://pages.stern.nyu.edu/~tphilipp/papers/pr_qje2012.pdf), 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](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1299494), Social Science Research Network
- Sylla, R. (2016). [*Alexander Hamilton: The Illustrated Biography*](https://www.stern.nyu.edu/experience-stern/faculty-research/alexander-hamilton-illustrated-biography). Union Square & Co
- Sylla, R. (2015). [*Genealogy of American Finance*](https://www.stern.nyu.edu/experience-stern/faculty-research/sylla-genealogy-american-finance). Columbia Business School Publishing