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Meet the Researchers

Photo of Antonio Falato

Antonio Falato

Senior Economist Macroprudential Policy Analysis Section Financial Stability
202-452-2861
[email protected]

Education

  • 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
  • Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath
    Antonio Falato, Giovanni Favara, and David Scharfstein
    Review of Financial Studies (Forthcoming)
  • The Stock Market and Bank Risk-Taking
    Antonio Falato and David Scharfstein
    Journal of Finance (Forthcoming)
  • Banks as regulated traders
    Antonio Falato, Diana Iercosan, and Filip Zikes
    Journal of Financial Economics (2025)
    https://doi.org/10.1016/j.jfineco.2025.104080
    See also » FRB Working Paper (2021)
  • Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut
    Antonio Falato, Dalida Kadyrzhanova, Jae Sim, and Roberto Steri
    Journal of Finance (2022)
    https://doi.org/10.1111/jofi.13174
    See also » FRB Working Paper (2013)
  • Human Capitalists
    Andrea L. Eisfeldt, Antonio Falato, and Mindy Z. Xiaolan
    NBER Macroeconomics Annual Book Series (2022)
    https://doi.org/10.2139/ssrn.3847560
  • The Loan Covenant Channel: How Bank Health Transmits to the Real Economy
    Gabriel Chodorow-Reich and Antonio Falato
    Journal of Finance (2022)
    https://doi.org/10.1111/jofi.13074
  • Fire-Sale Spillovers in Debt Markets
    Antonio Falato, Ali Hortaçsu, Dan Li, and Chaehee Shin
    Journal of Finance (2021)
    https://doi.org/10.1111/jofi.13078
  • Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets
    Antonio Falato, Itay Goldstein, and Ali Hortaçsu
    Journal of Monetary Economics (2021)
    https://doi.org/10.1016/j.jmoneco.2021.07.001
  • Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants
    Antonio Falato and J. Nellie Liang
    Journal of Finance (2016)
    https://doi.org/10.1111/jofi.12435
    See also » FRB Working Paper (2012)
  • Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials
    Dan Li, Antonio Falato, and Tod Milbourn
    Management Science (2015)
    https://doi.org/10.1287/mnsc.2014.2024
  • Distracted Directors: Does Board Busyness Hurt Shareholder Value?
    Antonio Falato, Dalida Kadyrzhanova, and Ugur Lel
    Journal of Financial Economics (2014)
    https://doi.org/10.1016/j.jfineco.2014.05.005
  • Happiness Maintenance and Asset Prices
    Antonio Falato
    Journal of Economic Dynamics & Control (2009)
    https://doi.org/10.1016/j.jedc.2008.09.007
    See also » FRB Working Paper (2008)
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Last Update: June 9, 2025