Photo of Antonio Falato

Antonio Falato


  • Ph.D., Economics, Columbia University, 2004
  • M.A., Economics, Bocconi University, 1998
  • B.A., Economics, University of Rome "La Sapienza", 1997
Current Research Topics
  • Executive Compensation, Financial Contracting
  • Corporate Cash Holdings
  • Economist

    Board of Governors of the Federal Reserve System

    2006 - present
  • Assistant Professor of Finance

    HEC School of Management, University of Montreal

    2004 - 2006
  • Visiting Assistant Professor of Finance

    Smith School of Business, University of Maryland

    2005 - 2006
  • Falato, Antonio, Itay Goldstein, and Ali Hortaçsu (2021). "Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets," Journal of Monetary Economics, vol. 123, pp. 35-52.
  • Chodorow-Reich, Gabriel, and Antonio Falato (forthcoming). "The Loan Covenant Channel: How Bank Health Transmits to the Real Economy," The Journal of Finance.
  • Falato, Antonio, Dalida Kadyrzhanova, Jae W. Sim, and Roberto Steri (forthcoming). "Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut," The Journal of Finance.
  • Falato, Antonio, Ali Hortaçsu, Dan Li, and Chaehee Shin (2021). "Fire-Sale Spillovers in Debt Markets," The Journal of Finance, vol. 76, no. 6, pp. 3055-3102
  • Falato, Antonio, Diana Iercosan, and Filip Zikes (2019). "Banks as Regulated Traders," Finance and Economics Discussion Series 2019-005. Board of Governors of the Federal Reserve System (U.S.).
  • Falato, Antonio, and David Scharfstein (2016). "The Stock Market and Bank Risk-Taking," NBER Working Papers 22689. National Bureau of Economic Research, Inc.
  • Falato, Antonio, and J. Nellie Liang (2016). "Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants," Journal of Finance., vol. 71, no. 6, pp. 2545–2590.
  • Li, Dan, Antonio Falato, and Tod Milbourn (2015). "Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials," Management Science, vol. 61, no. 2, pp. 2845-2869.
  • Falato, Antonio, Dalida Kadyrzhanova, and Ugur Lel (2014). "Distracted Directors: Does Board Busyness Hurt Shareholder Value?" Journal of Financial Economics, vol. 113, no. 3, pp. 404-426.
  • Falato, Antonio (2009). "Happiness Maintenance and Asset Prices," Journal of Economic Dynamics and Control, vol. 33, no. 6, pp. 1247-1262.
Last update: June 30, 2022