First two months of turnaround statistics

Princeton Initiative 2021: 3 days of Macro, Money and International Finance for PhD students (at or after 2nd year). initiative.princeton.edu/programs/2021-… taught by, Yuliy Sannikov, Chris Sims, Atif Mian, Harold James, Moto Yogo, Moritz Lenel, Jonathan Payne, ...

Alexi Savov Alexi Savov , Itamar Drechsler Itamar Drechsler and I are teaching an online class on Financial Intermediation and Monetary Policy, April 4th-7th. Focus is on latest research. Deadline for applications tomorrow. Hope to see you at the class! eabcn.org/event/financia…

Congratulations to Johannes Stroebel (@stroebel_econ) for winning the Fischer Black Prize. He is an outstanding researcher AND an amazing colleague. Bravo, Johannes! afajof.org/news/johannes-…

SVB got in trouble for investing in MBS. It’s certainly not alone in doing so. Why do banks invest in assets like MBS in the first place? 1/

Great points by my colleague Arpit Gupta. For more on what SVB should have done to manage interest rate risk, check out this note with Alexi Savov and Itamar Drechsler. pages.stern.nyu.edu/~pschnabl/rese…

11.For more, check out the note with Philipp Schnabl and Itamar Drechsler on bank interest rate risk and the deposit franchise: pages.stern.nyu.edu/~pschnabl/rese…

Alexi Savov, Itamar Drechsler and I have a new note on how to estimate the deposit franchise value. This is a key factor when evaluating the stability of banks Alexi Savov Itamar Drechsler

Monetary policy does not exclusively affectdem. Room for sizably adverse supply-side effects on the financial system & capital formation process. This paper is worth your time: Credit Crunches and the Great Stagflation pages.stern.nyu.edu/~asavov/alexis… h/t Alexi Savov, Philipp Schnabl

@RobinBrooksIIF You are right that it is always the case that deposits flow out when the Fed raises rates. We (Alexi Savov Philipp Schnabl) documented and explained this in paper in the QJE in 2017 . We called it the "Deposits Channel of Monetary Policy": academic.oup.com/qje/article-ab…

The NY Fed-NYU Financial Intermediation conference is back in person on May 5 at the NY Fed. Open to all researchers, please join us.

Learn what #NYUStern Profs Viral Acharya, Philipp Schnabl, and Lawrence J. White said in a recent panel moderated by Gillian Tett Financial Times about the fallout from the #SiliconValleyBank failure, banking stress, and the path forward: stern.nyu.edu/experience-ste…

We posted data on bank-level deposit betas. This is a key measure of the value of the deposit franchise. The data is available here: pages.stern.nyu.edu/~pschnabl/data… With Alexi Savov, Itamar Drechsler, and Dominik Supera.

The NY Fed-NYU conference is on Friday, May 5th. All researchers are welcome. If you are interested, please register at the link below.

Happy to see my first (!!!) publication in the RFS (Society for Financial Studies)! And just in time to shed light on recent events in the banking sector. The paper uses a natural experiment to study how the health of lenders alters the strength of monetary policy. (1/n) doi.org/10.1093/rfs/hh…

🧵Bloomberg's Matt Levine writes today about the bank deposit franchise, and how the traditional bank model assumes deposits can be treated as long duration liabilities because customers are loyal and deposits sticky...

Excellent article by Izabella Kaminska on the risks of “banking on deposits.”

***The 2023 Macro Finance Society Virtual Summer School,*** Aug 7-11 With Jesus Fernandez-Villaverde (Penn), Carolin Pflueger (Chicago), Ralph S.J. Koijen (Chicago), Motohiro Yogo (Princeton), Stefano Giglio (Yale), Alexi Savov and Olivier Wang (NYU) Sign up now: macrofinancesociety.org/mfs-virtual-su…

Exciting news! Our book "SVB and Beyond: The Banking Stress of 2023" is now available! 📖 Co-authored with my amazing colleagues at NYU Stern, it's an exploration of the recent banking turmoil's events, causes, and proposed solutions. stern.nyu.edu/experience-ste…

🚨 Friendly reminder 🚨 The submission deadline for the NY Fed/NYU Financial Intermediation conference is today. Don't miss out – submit your papers now!