Photo of Seung Jung Lee

Seung Jung Lee

Education

  • Ph.D., Economics, University of Chicago, 2006
  • M.A., Economics, University of Chicago, 2001
  • B.A., Economics, Yale University, 1997
Current Research Topics
  • Financial Stability, Monetary Policy, Supervision and Regulation
  • Natural Language Processing, Machine Learning, Artificial Intelligence
  • Deputy Associate Director

    Board of Governors of the Federal Reserve System

    2023 - present
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2021 - 2023
  • Chief, International Financial Stability Section

    Board of Governors of the Federal Reserve System

    2018 - 2021
  • Senior Economic Project Manager

    Board of Governors of the Federal Reserve System

    2015 - 2018
  • Principal Economist, International Financial Stability Section

    Board of Governors of the Federal Reserve System

    2014 - 2015
  • Senior Economist, Banking Analysis Section

    Board of Governors of the Federal Reserve System

    2009 - 2014
  • Economist, Quantitative Risk Management Section

    Board of Governors of the Federal Reserve System

    2006 - 2008
  • Sowing the Seeds of Financial Imbalances: The Role of Macroeconomic Performance
    Elena Afanasyeva, Sam Jerow, Seung Jung Lee, and Michele Modugno
    Journal of Financial Stability (Forthcoming)
    https://doi.org/10.1016/j.jfs.2020.100839
    See also » FRB Working Paper (2020)
  • Less Bank Regulation, More Non-Bank Lending
    Mary Chen, Seung Jung Lee, Daniel Neuhann, and Farzad Saidi
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.026
  • Identifying Financial Crises Using Machine Learning on Textual Data
    Mary Chen, Matthew DeHaven, Isabel Kitschelt, Seung Jung Lee, and Martin J. Sicilian
    International Finance Discussion Papers (2023)
    https://doi.org/10.17016/IFDP.2023.1374
  • Identifying Financial Crises Using Machine Learning on Textual Data
    Mary Chen, Matthew DeHaven, Isabel Kitschelt, Seung Jung Lee, and Martin J. Sicilian
    Journal of Risk and Financial Management (2023)
    https://doi.org/10.3390/jrfm16030161
    See also » FRB Working Paper (2023)
  • The 1997–1998 Korean financial crisis
    Seung Jung Lee
    Elgar Encyclopedia of Financial Crises (2023)
  • The 2007 financial crisis in the United Kingdom
    Seung Jung Lee
    Elgar Encyclopedia of Financial Crises (2023)
  • Sentiment in Bank Examination Reports and Bank Outcomes
    Maureen Cowhey, Seung Jung Lee, Thomas Popeck Spiller, and Cindy M. Vojtech
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.077
  • Risk-Taking Spillovers of U.S. Monetary Policy in the Global Market for U.S. Dollar Corporate Loans
    Seung Jung Lee, Lucy Qian Liu, and Viktors Stebunovs
    Journal of Banking & Finance (2022)
    https://doi.org/10.1016/j.jbankfin.2019.05.006
    See also » FRB Working Paper (2019)
  • Risk taking and low longer-term interest rates: Evidence from the U.S. syndicated term loan market
    Sirio Aramonte, Seung Jung Lee, and Viktors Stebunovs
    Journal of Banking & Finance (2022)
    https://doi.org/10.1016/j.jbankfin.2019.02.010
    See also » FRB Working Paper (2015)
  • Bank Lending Conditions during the Pandemic
    David Bodovski, Hannah Firestone, Seung Jung Lee, and Viktors Stebunovs
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.3000
  • The U.S. syndicated loan market: Matching data
    Gregory J. Cohen, Jacob Dice, Melanie Friedrichs, Kamran Gupta, William Hayes, Isabel Kitschelt, Seung Jung Lee, W. Blake Marsh, Nathan Mislang, Maya Shaton, Martin Sicilian, and Chris Webster
    Journal of Financial Research (2021)
    https://doi.org/10.1111/jfir.12261
    See also » FRB Working Paper (2018)
  • Sowing the Seeds of Financial Imbalances: The Role of Macroeconomic Performance
    Elena Afanasyeva, Sam Jerow, Seung Jung Lee, and Michele Modugno
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.028
  • Prudential Policies and Their Impact on Credit in the United States
    Paul Calem, Ricardo Correa, and Seung Jung Lee
    Journal of Financial Intermediation (2020)
    https://doi.org/10.1016/j.jfi.2019.04.002
    See also » FRB Working Paper (2016)
  • The Anatomy of Financial Vulnerabilities and Banking Crises
    Seung Jung Lee, Kelly E. Posenau, and Viktors Stebunovs
    Journal of Banking & Finance (2020)
    https://doi.org/10.1016/j.jbankfin.2018.04.013
    See also » FRB Working Paper (2017)
  • The U.S. Syndicated Term Loan Market: Who Holds What and When?
    Seung Jung Lee, , Dan Li, Ralf R. Meisenzahl, and Martin J. Sicilian
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2473
  • Risk-Taking Spillovers of U.S. Monetary Policy in the Global Market for U.S. Dollar Corporate Loans
    Seung Jung Lee, Lucy Qian Liu, and Viktors Stebunovs
    International Finance Discussion Papers (2019)
    https://doi.org/10.17016/IFDP.2019.1251
  • What's Driving Leveraged Loan Spreads?
    Blake Marsh and Seung Jung Lee
    Macro Bulletin (2019)
  • The U.S. Syndicated Loan Market: Matching Data
    Gregory J. Cohen, Melanie Friedrichs, Kamran Gupta, William Hayes, Seung Jung Lee, W. Blake Marsh, Nathan Mislang, Maya Shaton, and Martin Sicilian
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2018.085
  • The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Narrative Investigation
    Elena Afanasyeva, Seung Jung Lee, Michele Modugno, and Francisco Palomino
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2253
  • The Relationship between Macroeconomic Overheating and Financial Vulnerability: A Quantitative Exploration
    Elena Afanasyeva, Seung Jung Lee, Michele Modugno, and Francisco Palomino
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2254
  • Prudential Policies and Their Impact on Credit in the United States
    Paul Calem, Ricardo Correa, and Seung Jung Lee
    BIS Working Papers (2017)
  • Mapping Heat in the U.S. Financial System
    David Aikman, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana
    Journal of Banking & Finance (2017)
    https://doi.org/10.1016/j.jbankfin.2017.04.013
    See also » FRB Working Paper (2015)
  • The Anatomy of Financial Vulnerabilities and Crises
    Seung Jung Lee, Kelly E. Posenau, and Viktors Stebunovs
    International Finance Discussion Papers (2017)
    https://doi.org/10.17016/IFDP.2017.1191
  • Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market
    Seung Jung Lee, Lucy Qian Liu, and Viktors Stebunovs
    International Finance Discussion Papers (2017)
    https://doi.org/10.17016/IFDP.2017.1188
  • Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market
    Seung Jung Lee, Lucy Qian Liu, and Viktors Stebunovs
    IMF Working Papers (2017)
    See also » FRB Working Paper (2017)
  • Prudential Policies and Their Impact on Credit in the United States
    Paul Calem, Ricardo Correa, and Seung Jung Lee
    International Finance Discussion Papers (2016)
    https://doi.org/10.17016/IFDP.2016.1186
  • Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment
    Seung Jung Lee and Viktors Stebunovs
    International Finance Discussion Papers (2016)
    https://doi.org/10.17016/IFDP.2016.1161
  • Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment
    Seung Jung Lee and Viktors Stebunovs
    Journal of Economics & Business (2016)
    https://doi.org/10.1016/j.jeconbus.2015.11.002
    See also » FRB Working Paper (2016)
  • Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan Market
    Sirio Aramonte, Seung Jung Lee, and Viktors Stebunovs
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.068
  • Mapping Heat in the U.S. Financial System: A Summary
    David Aikman, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1574
    See also » FRB Working Paper (2015)
  • Mapping Heat in the U.S. Financial System
    David Aikman, Michael T. Kiley, Seung Jung Lee, Michael G. Palumbo, and Missaka N. Warusawitharana
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.059
  • Estimating Changes in Supervisory Standards and Their Economic Effects
    William F. Bassett, Seung Jung Lee, and Thomas Popeck Spiller
    Journal of Banking & Finance (2015)
    https://doi.org/10.1016/j.jbankfin.2015.07.010
    See also » FRB Working Paper (2012)
  • The Credit Crunch and Fall in Employment during the Great Recession
    Samuel Haltenhof, Seung Jung Lee, and Viktors Stebunovs
    Journal of Economic Dynamics & Control (2014)
    https://doi.org/10.1016/j.jedc.2014.03.013
    See also » FRB Working Paper (2014)
  • The Credit Crunch and Fall in Employment during the Great Recession
    Samuel Haltenhof, Seung Jung Lee, and Viktors Stebunovs
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.06
  • Bank Capital Ratios and the Structure of Nonfinancial Industries
    Seung Jung Lee and Viktors Stebunovs
    Finance and Economics Discussion Series (2012)
    https://doi.org/10.17016/FEDS.2012.53
  • Estimating Changes in Supervisory Standards and Their Economic Effects
    William F. Bassett, Seung Jung Lee, and Thomas W. Spiller
    Finance and Economics Discussion Series (2012)
    https://doi.org/10.17016/FEDS.2012.55
  • Profits and Balance Sheet Developments at U.S. Commercial Banks in 2009
    Seung Jung Lee and Jonathan D. Rose
    Federal Reserve Bulletin (2010)
    https://doi.org/10.17016/bulletin.2010.96-5
  • How Information Quality of Macro Aggregates Affects Sovereign Risk: An Empirical Investigation
    Seung Jung Lee
    Review of International Economics (2009)
    https://doi.org/10.1111/j.1467-9396.2009.00814.x
  • An Inquiry into the Effects of Information Quality of Macro Aggregates on Sovereign Risk
    Seung Jung Lee
    University of Chicago (2006)
  • The Financial Crisis in Korea
    Seung Jung Lee
    Yale University (1997)
  • seminar

    June 2024

    Quantitative Surveillance Call, Board of Governors of the Federal Reserve System, Washington, DC

    Assessing Cyber Vulnerabilities through Scenario Analysis

  • discussion

    June 2024

    Reserve Bank Operations and Payment Systems, Board of Governors of the Federal Reserve System, Washington, DC

    Artificial Intelligence Panel Discussion

  • discussion

    May 2024

    Federal Reserve Bank of San Francisco, San Francisco, CA

    AI-nomics: The Nexus of GenAI + the Economy, Panel Discussion with Fed Economists

  • discussion

    May 2024

    OECD-FSB Roundtable on Artificial Intelligence in Finance, Paris, France

    Financial Stability Implications of the Growing Use of AI in Finance Panel Discussion

  • seminar

    May 2024

    Division of Financial Stability Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    FedBERT: General Purpose Language Model for Central Bank Communications

  • conference

    May 2024

    Econdat Conference, King's College London, London, United Kingdom

    Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2023

  • discussion

    May 2024

    Econdat Conference, King's College London, London, United Kingdom

    Discussion: Monetary Policy and Financial Markets: Evidence from Twitter Traffic

  • seminar

    February 2024

    Big Data Big Talks, International Monetary Fund, Washington, DC

    Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2023

  • conference

    November 2023

    2023 Southern Finance Association Annual Meeting, Farjado, Puerto Rico

    Sentiment in Bank Examination Reports and Bank Outcomes

  • seminar

    November 2023

    Division of Financial Stability Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Introduction to Retrieval-augmented Generation (RAG) Systems

  • conference

    November 2023

    Quantitative Skills Virtual Conference, Federal Reserve Bank of Atlanta

    FedBERT

  • conference

    October 2023

    3rd IFC and Bank of Italy Workshop on "Data Science in Central Banking: Enhancing the access to and sharing of data," Bank of Italy, Rome, Italy

    Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2023

  • conference

    October 2023

    3rd IFC and Bank of Italy Workshop on "Data Science in Central Banking: Enhancing the access to and sharing of data," Bank of Italy, Rome, Italy

    Let's Talk about Sentiment: Natural Language Processing using Machine Learning on Bank Earnings Transcripts

  • conference

    October 2023

    Central Bank Data Collaboration Group Meeting, Board of Governors of the Federal Reserve System, Washington, DC

    Enhancing Unstructured Data

  • discussion

    August 2023

    Division of Monetary Affairs Regroup, Board of Governors of the Federal Reserve System, Washington, DC

    AI Panel Discussion

  • conference

    July 2023

    IFABS 2023 Oxford Conference, Oxford University, Oxford, United Kingdom

    Sentiment in Bank Examination Reports and Bank Outcomes

  • conference

    July 2023

    2023 Central Bank Research Association (CEBRA) Annual Meeting, New York, NY

    Sentiment in Bank Examination Reports and Bank Outcomes

  • seminar

    May 2023

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Natural Language Processing, Machine Learning, Artificial Intelligence, and Large Language Models at the Fed

  • seminar

    March 2023

    Center for Financial Research Seminar, FDIC, Washington, DC

    Sentiment in Bank Examination Reports and Bank Outcomes

  • discussion

    February 2023

    Division of Monetary Affairs Regroup, Board of Governors of the Federal Reserve System, Washington, DC

    Quantitative Surveillance and System Connections Panel Discussion

  • conference

    November 2022

    8th Quantitative Skills Virtual Conference, Federal Reserve Bank of Atlanta

    Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2022

  • conference

    October 2022

    System Committee Meeting on Regional Analysis, Federal Reserve Bank of Kansas City, Kansas City, MO

    Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2022

  • seminar

    October 2022

    Federal Reserve Bank of Kansas City, Kansas City, MO

    Identifying Financial Crises Using Machine Learning on Textual Data

  • seminar

    August 2022

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2022

  • conference

    July 2022

    2022 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Sentiment in Bank Examination Reports and Bank Outcomes

  • conference

    July 2022

    2022 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Identifying Financial Crises Using Machine Learning on Textual Data

  • discussion

    July 2022

    2022 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Discussion: Predicting bank failures using simple static and time-varying models

  • discussion

    July 2022

    2022 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Discussion: Supervisory Stringency, Payout Restrictions, and Bank Equity Prices

  • conference

    June 2022

    4th International Conference on Advanced Research Methods and Analytics - Internet and Big Data in Economics and Social Sciences - (Virtual)

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    May 2022

    2022 RiskLab/Bank of Finland/ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    Sentiment in Bank Examination Reports and Bank Outcomes

  • conference

    January 2022

    2022 American Economic Association Annual Virtual Meeting

    Sentiment in Bank Examination Reports and Bank Outcomes

  • seminar

    November 2021

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Federal Reserve Advanced National Corporate Information Service: The FRANCIS Project on Corporate Family Trees and Entity Cross Reference

  • conference

    November 2021

    7th Quantitative Skills Virtual Conference, Federal Reserve Bank of Atlanta

    Federal Reserve Advanced National Corporate Information Service (FRANCIS)

  • conference

    November 2021

    7th Quantitative Skills Virtual Conference, Federal Reserve Bank of Atlanta

    Constructing Textual Indicators of Financial Stress from News Articles

  • seminar

    August, 2021

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Fedmatch

  • seminar

    August, 2021

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Let's Talk about Sentiment: Natural Language Processing using Machine Learning on Bank Earnings Transcripts

  • conference

    July, 2021

    2021 RiskLab/Bank of Finland/ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    Identifying Financial Crises Using Machine Learning on Textual Data

  • seminar

    March, 2021

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Textual Indicators of Financial Stress

  • seminar

    December 2020

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Textual Indicators of Financial Stress

  • conference

    November 2020

    2020 Southern Finance Association Virtual Meeting

    Identifying Financial Crises Using Machine Learning on Textual Data

  • discussion

    November 2020

    2020 Southern Finance Association Virtual Meeting

    Discussion: How can Innovation Screening be Improved? A Machine Learning Analysis with Economic Consequences for Firm Performance

  • conference

    November 2020

    6th Quantitative Skills Virtual Conference, Federal Reserve Bank of Atlanta

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    October 2020

    2020 Financial Management Association Virtual Meeting

    Identifying Financial Crises Using Machine Learning on Textual Data

  • discussion

    October 2020

    2020 Financial Management Association Virtual Meeting

    Discussion: A Picture is Worth a Thousand Words: Measuring Investor Sentiment by Combining Machine Learning and Photos from News

  • seminar

    October 2020

    Division of Financial Stability Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    September 2020

    2020 Northern Finance Association Online Conference

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    August 2020

    2020 European Economic Association Virtual Congress

    Identifying Financial Crises Using Machine Learning on Textual Data

  • seminar

    August 2020

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Data solutions for Corporate Structure & Legal Entity Identifier Cross Referencing: the FRANCIS Project Phase 1 Results

  • seminar

    July 2020

    QSR Virtual Brown Bag, Federal Reserve Bank of Richmond, VA

    Identifying Financial Crises Using Machine Learning on Textual Data

  • discussion

    June 2020

    2016 International Banking, Economics, and Finance Association Summer Meeting (Virtual)

    Discussion: Home Sweet Host: Prudential and monetary policy spillovers through global banks

  • seminar

    February 2020

    Federal Reserve Bank of Boston, Boston, MA

    The U.S. Syndicated Term Loan Market: Who holds what and when?

  • conference

    January 2020

    Systemic Risk Committee Meeting, The U.S. Department of the Treasury, Washington, DC

    The U.S. Syndicated Term Loan Market: Who holds what and when?

  • conference

    January 2020

    2020 American Economic Association Annual Meeting, San Diego, CA

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    December 2019

    Joint FRB-IMF Workshop on New Techniques and Data in Macro Finance, Washington, DC

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    November 2019

    5th Quantitative Skills Conference, Federal Reserve Bank of Atlanta, Atlanta, GA

    The U.S. Syndicated Loan Market: Matching Data and Applications

  • conference

    November 2019

    Textual Analysis in Economics and Finance Research Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Identifying Financial Crises Using Machine Learning on Textual Data

  • conference

    October, 2019

    2019 Financial Management Association Annual Meeting, New Orleans, LA

    The U.S. Syndicated Loan Market: Matching data

  • discussion

    October, 2019

    2019 Financial Management Association Annual Meeting, New Orleans, LA

    Discussion: Banking Relationship and Syndicated Loan Underwriting

  • discussion

    October, 2019

    2019 Financial Management Association Annual Meeting, New Orleans, LA

    Discussion:The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool

  • conference

    October, 2019

    3rd Forecasting at Central Banks Conference, Bank of Canada, Ottawa, Canada

    Identifying Financial Crises Using Machine Learning on Textual Data

  • discussion

    October, 2019

    Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics Conference, Washington, DC

    Discussion: Making text count: economic forecasting using newspapers

  • seminar

    September, 2019

    European Systemic Risk Board / European Central Bank, Frankfurt, Germany

    Identifying Financial Crises Using Machine Learning on Textual Data

  • seminar

    August, 2019

    Quantitative Surveillance Call, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Term Loan Market: Who holds what and when?

  • seminar

    July, 2019

    Finance Forum, Board of Governors of the Federal Reserve System, Washington, DC

    Identifying Financial Crises using Machine Learning on Textual Data

  • conference

    July, 2019

    2019 Western Economic Association International Meeting, San Francisco, CA

    The U.S. Syndicated Loan Market: Matching data

  • discussion

    July, 2019

    2019 Western Economic Association International Meeting, San Francisco, CA

    Discussion: What can you reliably ask in a phone or web survey? New results from validations on household energy equipment

  • conference

    June 2019

    The Society of Computational Economics: Computing in Economics and Finance Conference, Ottawa, Canada

    Macroeconomic Overheating and Financial Vulnerability

  • conference

    June 2019

    2019 Annual Conference of the Canadian Economics Association, Banff, Canada

    Macroeconomic Overheating and Financial Vulnerability

  • conference

    May 2019

    2019 Georgetown Center for Economic Research Biennial Conference, Washington, DC

    Macroeconomic Overheating and Financial Vulnerability

  • conference

    May 2019

    2019 RiskLab/Bank of Finland/ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    Macroeconomic Overheating and Financial Vulnerability

  • seminar

    May 2019

    Division of International Finance Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Identifying Financial Crises using Machine Learning on Textual Data

  • seminar

    April 2019

    Division of Financial Stability Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Term Loan Market: Who holds what and when?

  • seminar

    January 2019

    Division of Financial Stability Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Loan Market: Matching data

  • seminar

    January 2019

    Division of Supervision and Regulation, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Loan Market: Matching data

  • conference

    January 2019

    2019 American Economic Association Annual Meeting, Atlanta, GA

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    November 2018

    Systemic Risk Integration Forum, Federal Reserve Bank of New York, New York, NY

    International Experience with the Countercyclical Capital Buffer

  • conference

    November 2018

    Systemic Risk Integration Forum, Federal Reserve Bank of New York, New York, NY

    Prudential Policies and Their Impact on Credit in the United States

  • seminar

    November 2018

    Central Intelligence Agency, McLean, VA

    The Anatomy of Financial Vulnerabilities and Banking Crises

  • seminar

    October 2018

    European Systemic Risk Board / European Central Bank, Frankfurt, Germany

    The Relationship between Macroeconomic Overheating and Financial Vulnerability

  • conference

    October 2018

    2018 Financial Management Association Annual Meeting, San Diego, CA

    The Anatomy of Financial Vulnerabilities and Banking Crises

  • conference

    October 2018

    2018 Financial Management Association Annual Meeting, San Diego, CA

    Discussion: What Drives Global Syndication of Bank Loans? Effects of Bank Regulations

  • conference

    August 2018

    8th IWH/INFER Workshop on International Capital Flows and Macroprudential Stability, Halle Institute for Economic Research, Halle, Germany

    Risk Taking Spillovers of U.S. Monetary Policy in the Global Market for U.S. Dollar Corporate Loans

  • seminar

    August 2018

    Division of International Finance Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Loan Market: Matching data & Risk Taking Spillovers of U.S. Monetary Policy in the Global Market for U.S. Dollar Corporate Loans

  • seminar

    July 2018

    Finance Forum, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Loan Market: Matching data

  • seminar

    July 2018

    International Banking and Finance Brownbag, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Loan Market: Matching data

  • conference

    June 2018

    2018 Annual Conference of the Canadian Economics Association, McGill University, Montreal, Canada

    Prudential Policies and Their Impact on Credit in the United States

  • discussion

    June 2018

    2018 Annual Conference of the Canadian Economics Association, McGill University, Montreal, Canada

    Discussion: Financial Safety Nets

  • seminar

    May 2018

    Quantitative Surveillance Call, Board of Governors of the Federal Reserve System, Washington, DC

    The Anatomy of Financial Vulnerabilities and Banking Crises

  • seminar

    May 2018

    Financial Stability Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The Anatomy of Financial Vulnerabilities and Banking Crises

  • discussion

    April 2018

    2018 Chicago Financial Institutions Conference, Chicago, IL

    Discussion: Hidden in Plain Sight: Equity Price Discovery with Informed Private Debt

  • conference

    February 2018

    Global Financial Linkages Conference, Central Bank of Ireland, Dublin, Ireland

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market

  • conference

    January 2018

    2018 American Economic Association Annual Meeting, Philadelphia, PA

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    October 2017

    Workshop on Financial Crises, Innovation, and Regulation: Adjustment and Trade-offs, Board of Governors of the Federal Reserve System, Washington, DC

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    October 2017

    2017 Financial Management Association Annual Meeting, Boston, MA

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    October 2017

    2017 Financial Management Association Annual Meeting, Boston, MA

    Prudential Policies and Their Impact on Credit in the United States

  • seminar

    August 2017

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Transmission of Shocks from Direct and Indirect Foreign Claims of U.S. Banks

  • seminar

    August 2017

    Division of Research and Statistics Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The U.S. Syndicated Lending Market: Lessons learned from matched data

  • conference

    July 2017

    IFABS 2017 Oxford Conference, Oxford University, Oxford, United Kingdom

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    July 2017

    IFABS 2017 Oxford Conference, Oxford University, Oxford, United Kingdom

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market

  • conference

    June 2017

    2017 RiskLab / Bank of Finland / ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    June 2017

    2017 RiskLab / Bank of Finland / ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    The Anatomy of Financial Vulnerabilities and Banking Crises

  • conference

    June 2017

    2017 Annual Conference of the Canadian Economics Association, St. Francis Xavier University, Antigonish, Canada

    The Anatomy of Financial Vulnerabilities and Crises

  • discussion

    June 2017

    2017 Annual Conference of the Canadian Economics Association, St. Francis Xavier University, Antigonish, Canada

    Discussion: Political Values and SEC Enforcement Actions

  • conference

    April 2017

    2017 Royal Economic Society Annual Conference, University of Bristol, Bristol, United Kingdom

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    April 2017

    2017 Royal Economic Society Annual Conference, University of Bristol, Bristol, United Kingdom

    The Anatomy of Financial Vulnerabilities and Crises

  • discussion

    March 2017

    2017 Chicago Financial Institutions Conference, Chicago, IL

    Discussion: Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending

  • conference

    March 2017

    2017 Midwest Finance Association Annual Meeting, Chicago, IL

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    March 2017

    2017 Midwest Finance Association Annual Meeting, Chicago, IL

    The Anatomy of Financial Vulnerabilities and Crises

  • discussion

    March 2017

    2017 Midwest Finance Association Annual Meeting, Chicago, IL

    Discussion: Dynamic Interpretation of Emerging Systemic Risks

  • conference

    February 2017

    Wholesale and Small Business Risk Ratings Workshop, Federal Reserve Bank of Boston, Boston, MA

    Public and Private Ratings

  • conference

    January 2017

    2017 American Economic Association Annual Meeting, Chicago, IL

    Anatomy of Financial Crises

  • conference

    December 2016

    Financial Stability Monitoring and Early Warning Systems Round Table, Board of Governors of the Federal Reserve System, Washington, DC

    Mapping Heat in Financial Systems

  • conference

    December 2016

    2016 Financial Stability Conference, Washington, DC

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    November 2016

    2016 Southern Economics Association Annual Meeting, Washington, DC

    Anatomy of Financial Crises

  • conference

    November 2016

    2016 Southern Finance Association Annual Meeting, Sandestin, FL

    Anatomy of Financial Crises

  • conference

    November 2016

    2016 Southern Finance Association Annual Meeting, Sandestin, FL

    Prudential Policies and Their Impact on Credit in the United States

  • discussion

    November 2016

    2016 Southern Finance Association Annual Meeting, Sandestin, FL

    Discussion: When Time Is Not on Our Side: The Costs of Regulatory Forbearance in the Closure of Insolvent Banks

  • conference

    November 2016

    System Committee Meeting on Financial Structure and Regulation, Federal Reserve Bank of San Francisco, San Francisco, CA

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • conference

    October 2016

    2016 Financial Management Association Annual Meeting, Las Vegas, NV

    The Effects of U.S. Unconventional Monetary Policy on Employment in Disaggregated Data

  • conference

    October 2016

    2016 Stress Testing Research Conference, Federal Reserve Bank of Boston, Boston, MA

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    October 2016

    2016 Federal Reserve System Surveillance Conference, Federal Reserve Bank of Cleveland, Cleveland, OH

    Anatomy of Financial Crises

  • seminar

    September 2016

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks

  • seminar

    August 2016

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: Evidence from Syndicated Leveraged Loan Markets

  • conference

    July 2016

    Regional Conference on International Financial Standards Implementation, CEMLA, Mexico City, Mexico

    Anatomy of Financial Crises

  • conference

    July 2016

    2016 Western Economic Association International Meeting, Portland, OR

    The Effects of U.S. Unconventional Monetary Policy on Employment in Disaggregated Data

  • conference

    July 2016

    2016 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Anatomy of Financial Crises

  • discussion

    July 2016

    2016 Western Economic Association International Meeting, Portland, OR

    Discussion: Impact of Fiscal and Monetary Policy on Heterogeneous Labor, under Limited Participation

  • discussion

    July 2016

    2016 Western Economic Association International Meeting, Portland, OR

    Discussion: Do Shocks to Animal Spirits Cause Output Fluctuations?

  • discussion

    July 2016

    2016 International Banking, Economics, and Finance Association Summer Meeting, Portland, OR

    Discussion: The Signalling Content of Asset Prices for Inflation

  • conference

    June 2016

    Closing Conference of the BIS CCA CGDFS Working Group, Mexico City, Mexico

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    June 2016

    IFABS 2016 Barcelona Conference, Universitat Autonoma de Barcelona (UAB) Casa Convalescencia, Barcelona, Spain

    Anatomy of Financial Crises

  • seminar

    April 2016

    Division of International Finance Policy Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Anatomy of Financial Crises

  • seminar

    March 2016

    Division of International Finance Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Prudential Policies and Their Impact on Credit in the United States

  • seminar

    March 2016

    The U.S. Department of the Treasury, Washington, DC

    Financial Vulnerabilities and Crises

  • conference

    March 2016

    2016 Midwest Finance Association Annual Meeting, Atlanta, GA

    Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment

  • discussion

    March 2016

    2016 Midwest Finance Association Annual Meeting, Atlanta, GA

    Discussion: Dynamics of Capital Regulation and US Banks' Risk-Taking

  • conference

    January 2016

    2016 American Economic Association Annual Meeting, San Francisco, CA

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market

  • seminar

    December 2015

    Center for Financial Research Seminar, Federal Deposit Insurance Corporation, Washington, DC

    Risk Taking and Interest Rates: Evidence from Syndicated Loan Markets

  • conference

    November 2015

    2015 Southern Finance Association Annual Meeting, Captiva Island, FL

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    October 2015

    2015 Financial Management Association Annual Meeting, Orlando, FL

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • discussion

    October 2015

    2015 Financial Management Association Annual Meeting, Orlando, FL

    Discussion: Bank Equity Capital and Risk-Taking Behavior: The Effect of Competition

  • discussion

    October 2015

    2015 Financial Management Association Annual Meeting, Orlando, FL

    Discussion: Corporate Cash Holdings and Monetary Shocks

  • conference

    September 2015

    2015 RiskLab / Bank of Finland / ESRB Conference on Systemic Risk Analytics, Helsinki, Finland

    Mapping Heat in the U.S. Financial System

  • conference

    August 2015

    Bank of International Settlements CCA CGDFS Research Group Meeting, Mexico City, Mexico

    Prudential Policies and Their Impact on Credit in the United States

  • conference

    August 2015

    X Seminar on Risk, Financial Stability, and Banking of the Banco Central do Brasil, Sao Paulo, Brazil

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    June 2015

    2015 Western Economic Association International Meeting, Honolulu, HI

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • discussion

    June 2015

    2015 Western Economic Association International Meeting, Honolulu, HI

    Discussion: Asset Price Bubbles and Monetary Policy

  • conference

    June 2015

    Class of Circa 2005 Reunion Conference, University of Chicago, Chicago, IL

    Mapping Heat in the U.S. Financial System

  • conference

    May 2015

    Georgetown Center for Economic Research Bienniel Conference, Washington, DC

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    May 2015

    Midwest Macroeconomics Meetings, Washington University, St. Louis, MO

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • seminar

    April 2015

    Division of Research and Statistics Policy Brownbag Seminar, Board of Governors of the Federal Reserve System, Washington, DC

    Mapping Heat in the U.S. Financial System

  • conference

    October 2014

    2014 Financial Management Association Annual Meeting, Nashville, TN

    Risk Taking and Low Longer-Term Interest Rates: Evidence from the U.S. Syndicated Loan Market

  • discussion

    October 2014

    2014 Financial Management Association Annual Meeting, Nashville, TN

    Discussion: The Impact of Unconventional Monetary Policies: Evidence from Corporate Credit Markets

  • seminar

    September 2014

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Markets

  • conference

    September 2014

    2014 Northern Finance Association Conference, Ottawa, Canada

    Risk Taking and Low Longer-Term Interest Rates: Evidence from the U.S. Syndicated Loan Market

  • conference

    June 2014

    2014 Western Economic Association International Meeting, Denver, CO

    Low Interest Rates and Risk Reallocation in the U.S. Syndicated Loan Market

  • discussion

    June 2014

    2014 Western Economic Association International Meeting, Denver, CO

    Discussion: Banking Consolidation and Changes in Banks' Portfolio--Coincidence or the Genesis of Financial Instability

  • seminar

    June 2014

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Low Interest Rates and Risk Reallocation in the U.S. Syndicated Loan Market

  • conference

    May 2014

    Midwest Macroeconomics Meetings, University of Missouri, Columbus, MO

    The Credit Crunch and Fall in Employment during the Great Recession

  • conference

    March 2014

    2014 Midwest Economic Association Annual Meeting, Evanston, IL

    Bank Capital Ratios and Employment in Nonfinancial Industries

  • discussion

    March 2014

    2014 Midwest Economic Association Annual Meeting, Evanston, IL

    Discussion: Did the Reserve Requirement Increases of 1936-1937 Reduce Bank Lending? Evidence from a Natural Experiment

  • conference

    January 2014

    2014 American Economic Association Annual Meeting, Philadelphia, PA

    Estimating Changes in Supervisory Standards and their Economic Effects

  • conference

    October 2013

    2013 Financial Management Association Annual Meeting, Chicago, IL

    Bank Lending Channels During the Great Recession

  • conference

    October 2013

    2013 Financial Management Association Annual Meeting, Chicago, IL

    Estimating Changes in Supervisory Standards and their Economic Effects

  • discussion

    October 2013

    2013 Financial Management Association Annual Meeting, Chicago, IL

    Discussion: The Effect of Bank Shocks on Corporate Financing and Investment: Evidence from 2007 - 2009 Financial Crisis

  • conference

    September 2013

    2013 Northern Finance Association Conference, Quebec City, Canada

    Estimating Changes in Supervisory Standards and their Economic Effects

  • conference

    June 2013

    2013 Western Economic Association International Meeting, Seattle, WA

    Bank Lending Channels During the Great Recession

  • conference

    January 2013

    2013 American Economic Association Annual Meeting, San Diego, CA

    Bank Lending Channels During the Great Recession

  • seminar

    December 2012

    Bank of Korea (DC Office) Brown Bag Seminar, Washington, DC

    Estimating Changes in Supervisory Standards and their Economic Effects

  • conference

    November 2012

    Statistics Orientation Session Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Survey of Terms of Lending Reports and Uses

  • conference

    October 2012

    2012 Financial Management Association Annual Meeting, Atlanta, GA

    Bank Capital Ratios and Employment in Nonfinancial Industries

  • discussion

    October 2012

    2012 Financial Management Association Annual Meeting, Atlanta, GA

    Discussion: Making the Case for Corporate Bond Clawbacks as a Contingent Capital Requirement for Large Complex Financial Institutions

  • conference

    October 2012

    System Committee Meeting on Financial Structure and Regulation, Federal Reserve Bank of Chicago, Chicago, IL

    Firm and Household Access to Credit and Non-Financial Employment Over the Great Recession

  • seminar

    May 2012

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    The Role of Credit to Households and Firms in the Non-Financial Employment Dynamics over the Great Recession

  • conference

    November 2011

    Small Business and Entrepreneurship during an Economic Recovery, Board of Governors of the Federal Reserve System, Washington, DC

    Bank Capital Ratios and the Structure of Nonfinancial Industries

  • conference

    October 2011

    Statistics Orientation Session Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Survey of Terms of Lending Reports and Uses

  • conference

    October 2011

    Regional System Committee Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Bank Capital Ratios and the Structure of Nonfinancial Industries

  • seminar

    August 2011

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Supervisory Standards on Commercial Bank CAMELS Ratings

  • conference

    May 2011

    Midwest Macroeconomics Meetings, Vanderbilt University, Nashville, TN

    Bank Balance Sheet Pressures and the Structure of Manufacturing Industries

  • conference

    October 2010

    Statistics Orientation Session Conference, Board of Governors of the Federal Reserve System, Washington, DC

    Survey of Terms of Lending Reports and Uses

  • seminar

    September 2010

    Division of Monetary Affairs Lunch Workshop, Board of Governors of the Federal Reserve System, Washington, DC

    Bank Balance Sheet Pressures and the Structure of Manufacturing Industries

  • discussion

    April 2010

    George Washington University, Washington, DC

    Basel III

  • discussion

    October 2008

    Basel Committee on Banking Supervision Research Task Force Vendors Models Project Meeting, BIS, Basel, Switzerland

    Review of LossCalc Model from Moody's KMV

  • discussion

    March 2007

    Basel Committee on Banking Supervision Research Task Force Vendors Models Project Meeting, BIS, Basel, Switzerland

    Review of Moody's KMV's CreditEdge (Comments)

  • discussion

    January 2007

    Basel II Wholesale Advisory Group Meeting, Federal Reserve Bank of Boston, Boston, MA

    The NPR Supervisory Mapping Function for LGDs

  • seminar

    March 2006

    Deloitte & Touche USA, LLP, Chicago, IL

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    February 2006

    Wesleyan University, Middletown, CT

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    February 2006

    Bryant University, Smithfield, RI

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    February 2006

    Board of Governors of the Federal Reserve System, Washington, DC

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    January 2006

    St. Joseph's University, Philadelphia, PA

    How Information Quality of Macro Aggregates Affects Sovereign Risk

  • seminar

    November 2004

    Political Economy Workshop, University of Chicago, Chicago, IL

    How Information Quality of Macro Aggregates Affects Sovereign Risk

Conference Organization
  • November 2023 | El Conquistador, Fajardo, Puerto Rico

    Southern Finance Association (SFA) Annual Meeting

    Program Committee

  • July 2023 | Oxford, United Kingdom

    International Finance and Banking Society (IFABS) 2023 Oxford Conference

    Scientific Committee

  • June 2021 | Virtual

    ECB-FRB Joint Workshop on Financial Stability, Monetary Policy, and Macroprudential Policy

    Organizing and Scientific Committee

  • January 2020 | San Diego, CA

    American Economic Association Annual Meeting

    Session Organizer

  • October 2019 | Washington, DC

    Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconmics Conference

    Scientific Committee

  • September 2018 | Philadelphia, PA

    2018 Interagency Early Warning Workshop, Federal Reserve Bank of Philadelphia

    Scientific Committee

  • December 2016 | Washington, DC

    Financial Stability Monitoring and Early Warning Systems Round Table

    Organizer

Editor
  • Editorial Board Member, Measurement: Interdisciplinary Research and Perspectives (2023-present)
  • Guest Editor, Journal of Credit Risk, Special Issue (Volume 16, Number 3), September 2020
Referee
  • Bulletin of Economic Research
  • Economic Inquiry
  • Economic Modelling
  • Emerging Markets Finance and Trade
  • The Financial Review
  • International Finance
  • International Journal of Forecasting
  • Journal of Banking and Finance
  • Journal of Economic Dynamics and Control
  • Journal of Economics and Business
  • Journal of Financial and Quantitative Analysis
  • Journal of Financial Regulation
  • Journal of Financial Stability
  • Journal of International Economics
  • Journal of Risk Management in Financial Institutions
  • Journal of Futures Markets
  • North American Journal of Economics and Finance
  • Research in International Business and Finance
Professional Affiliation
  • American Economic Association (AEA)
  • American Finance Association (AFA)
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Last Update: August 2, 2024