Photo of Skander Van den Heuvel

Skander Van den Heuvel

Education

  • Ph.D., Economics, Yale University, 2001
  • M.Phil., Economics, Yale University, 1997
  • B.A., Economics, University of Groningen, 1994
Current Research Topics
  • Bank Capital and Liquidity, Interest Rate Risk,
  • Temporal Risk Aversion and Long Run Risk
  • Asstistant Director; Chief; Senior Economist; Economist

    Board of Governors of the Federal Reserve System

    2008 - 2018
  • Research Adviser (Visiting)

    European Central Bank

    2015 - 2017
  • Assistant Professor

    Finance Department, The Wharton School, University of Pennsylvania

    2001 - 2008
  • Comment on "Low Interest Rates and Risk Incentives for Banks with Market Power," by Whited, Wu, and Xiao
    Skander J. Van den Heuvel
    Journal of Monetary Economics (2021)
    https://doi.org/10.1016/j.jmoneco.2021.04.007
  • Discussion of Bubeck, Maddaloni, and Peydró
    Skander J. Van den Heuvel
    Journal of Money, Credit and Banking (2020)
    https://doi.org/10.1111/jmcb.12741
  • Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates
    Miguel Ampudia and Skander J. Van den Heuvel
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.064
  • Interest Rate Risk and Bank Equity Valuations
    William B. English, Skander J. Van den Heuvel, and Egon Zakrajšek
    Journal of Monetary Economics (2018)
    https://doi.org/10.1016/j.jmoneco.2018.04.010
    See also » FRB Working Paper (2012)
  • Benefits and Costs of Liquidity Regulation
    Marie Hoerova, Caterina Mendicino, Kalin Nikolov, Glenn Schepens, and Skander Van den Heuvel
    Working paper series (European Central Bank) (2018)
  • The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies
    Mark Carlson, Burcu Duygan-Bump, Fabio Natalucci, Bill Nelson, Marcelo Ochoa, Jeremy Stein, and Skander Van den Heuvel
    International Journal of Central Banking (2016)
    See also » FRB Working Paper (2014)
  • From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
    Rodney Ramcharan, Stephane Verani, and Skander J. Van den Heuvel
    Journal of Finance (2016)
    https://doi.org/10.1111/jofi.12209
    See also » FRB Working Paper (2012)
  • Basel III: Long-term Impact on Economic Performance and Fluctuations
    Paolo Angelini, Laurent Clerc, Vasco Cúrdia, Leonardo Gambacorta, Andrea Gerali, Alberto Locarno, Roberto Motto, Werner Roeger, Skander J. Van den Heuvel, and Jan Vlček
    Manchester School (2015)
    https://doi.org/10.1111/manc.12056
  • Banking Conditions and the Effects of Monetary Policy: Evidence from U.S. States
    Skander J. Van den Heuvel
    B.E. Journal of Macroeconomics: Advances (2012)
    https://doi.org/10.1515/1935-1690.2411
  • Monetary Policy and the Global Housing Bubble
    Jane Dokko, Brian M. Doyle, Michael T. Kiley, Jinill Kim, Shane Sherlund, Jae Sim, and Skander J. Van den Heuvel
    Economic Policy (2011)
    https://doi.org/10.1111/j.1468-0327.2011.00262.x
  • Comment on 'Financial Regulation and Securitization: Evidence from Subprime Loans,' by Benjamin Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig
    Skander J. Van den Heuvel
    Journal of Monetary Economics (2009)
    https://doi.org/10.1016/j.jmoneco.2009.05.004
  • Temporal Risk Aversion and Asset Prices
    Skander J. Van den Heuvel
    Finance and Economics Discussion Series (2008)
    https://doi.org/10.17016/FEDS.2008.37
  • The Welfare Cost of Bank Capital Requirements
    Skander J. Van den Heuvel
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2007.12.001
  • Does Bank Capital Matter for Monetary Transmission?
    Skander J. Van den Heuvel
    Economic Policy Review (2002)
  • The United Kingdom's Experience with Inflation Targeting
    Timothy D. Lane and Skander J. Van den Heuvel
    IMF Working Papers (1998)
  • conference

    June 2021

    Norges Bank Workshop on Low Interest Rates and Unconventional Monetary Policy

    Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates

  • discussion

    May 2021

    King's College London Conference on Challenges facing central banks in the 2020s

    "Why so negative? The effect of monetary policy on bank credit supply across the euro area" by Bittner, Bonfim, Heider, Saidi, Schepens, and Soares

  • discussion

    January 2021

    Federal Reserve "Week After" Conference on Financial Markets and Institutions

    "Banks, Maturity Transformation, and Monetary Policy" by Pascal Paul

  • discussion

    November 2020

    Carnegie-Rochester-NYU Conference on Public Policy

    "Risk Incentives for Banks with Market Power when Interest Rates are Low" by Whited, Wu, and Xiao

  • seminar

    April 2020

    IMF

    Monetary Policy and Bank Equity Values in a Time of Low Interest Rates

  • conference

    November 2019

    Norges Bank and IBEFA workshop: Prepared for the next crisis? The costs and benefits of financial regulation

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • discussion

    November 2019

    FRB New York and NYU Stern Conference on Financial Intermediation

    "Unintended Consequences of Post-Crisis Liquidity Regulation" by Sundaresan and Xiao

  • conference

    July 2019

    NBER Summer Institute: Capital Markets and the Macroeconomy

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • conference

    July 2019

    CEBRA Annual Meeting

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • conference

    June 2019

    SED Annual Meeting

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • discussion

    June 2019

    MOFiR banking workshop

    "Bank Capital Forbearance" by Martynova, Perotti, and Suarez

  • discussion

    April 2019

    UNC/Duke Corporate Finance Conference

    "Foreseen Risks" by Gomes, Grotteria, and Wachter

  • discussion

    March 2019

    Financial intermediation, regulation and economic policy: the 50th anniversary of the Journal of Money, Credit and Banking

    "Negative Monetary Policy Rates and Systemic Banks' Risk-Taking" by Bubeck, Maddaloni, and Peydró

  • conference

    February 2019

    SUERF/Narodowy Bank Polski Conference: Challenges of Interactions between Macroprudential and other Policies

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • conference

    January 2019

    "Day Ahead" Conference on Financial Markets and Institutions

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • seminar

    September 2018

    Federal Reserve Board

    Monetary Policy and Bank Equity Values in a Time of Low and Negative Interest Rates

  • conference

    September 2018

    FDIC/JFSR Bank Research Conference

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • conference

    June 2018

    Financial Intermediation Research Society

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • discussion

    June 2018

    IJCB Research Conference, DNB

    "The Rise of Shadow Banking: Evidence from Capital Regulation," by Rustom M. Irani, Rajkamal Iyer, Ralf R. Meisenzahl, and Jose-Luis Peydro

  • discussion

    April 2018

    2018 FIFI Conference, University of South Carolina

    "Dynamic Bank Capital Regulation in Equilibrium," by Douglas Gale, Andrea Gamba, and Marcella Lucchetta

  • conference

    February 2018

    Columbia University/THC Conference on Optimal Bank Liquidity Regulation

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • conference

    October 2017

    Federal Reserve System Conference on Macroeconomics

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • seminar

    June 2017

    European Central Bank

    Monetary policy and bank equity values in a time of low interest rates

  • conference

    October 2016

    Wharton Conference on Liquidity and Financial Crises

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • seminar

    October 2016

    University of Pennsylvania

    Interest Rate Risk and Bank Equity Valuations

  • seminar

    October 2016

    Federal Reserve Bank of Cleveland

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • discussion

    October 2016

    European Central Bank conference on monetary policy pass-through and credit markets

    "Monetary Policy and Global Banking" by Falk Brauning and Victoria Ivashina

  • seminar

    September 2016

    Bank of England

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • discussion

    July 2016

    NBER: Capital Markets and the Macroeconomy

    "A Dynamic Model of Heterogeneous Banks with Uninsurable Risks and Capital Requirements" by Mankart, Michaelides, and Pagratis

  • conference

    July 2016

    Macroprudential Policy Group

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • seminar

    May 2016

    University of Cologne

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • seminar

    April 2016

    De Nederlansche Bank (Visiting Scholar Program)

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • discussion

    January 2016

    American Economic Association

    "Monetary Shocks and Bank Balance Sheets" by Sebastian Di Tella and Pablo Kurlat

  • discussion

    December 2015

    ECB workshop on Money markets and central bank balance sheets

    "The Liquidity Coverage Ratio and Security Prices" by Fuhrer, Mueller and Steiner

  • seminar

    October 2015

    European Central Bank

    The Welfare Costs of Bank Liquidity and Capital Requirements

  • seminar

    October 2015

    Norwegean Business School (BI)

    The Welfare Costs of Bank Liquidity and Capital Requirements

  • conference

    October 2015

    ECB workshop on Financial Intermediation

    Interest Rate Risk and Bank Equity Valuations

  • conference

    July 2015

    Society for the Advancement of Economic Theory

    The Welfare Cost of Bank Liquidity and Capital Requirements

  • discussion

    April 2015

    GSU/CEAR Conference on Liquidity Risk and Capital Requirements

    "Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model" by Juliane Begenau

  • seminar

    March 2015

    International Monetary Fund

    The Welfare Cost of Bank Liquidity and Capital Requirements

  • discussion

    June 2014

    Macro-prudential Research Network, ECB

    "Tools for Assessing Macro-prudential Regulatory Instruments" (session discussant)

  • conference

    June 2014

    Stress Test Modeling Symposium

    Interest Rate Risk at Banks

  • discussion

    May 2014

    SFS Finance Cavalcade

    "Bank Capital Requirements: A Quantitative Analysis" by Thien Nguyen

  • conference

    March 2014

    MFA

    Interest Rate Risk and Bank Equity Valuations

  • discussion

    March 2014

    MFA

    "Country Transparency and the Global Transmission of Financial Shocks" by Luis Brandao Marques, Gaston Gelos, Natalia Melgar

  • conference

    November 2013

    Indices of Riskiness Conference

    Interest Rate Risk and Bank Equity Valuations

  • conference

    January 2011

    American Economic Association, ASSA Meetings

    The Welfare Cost of Liquidity Requirements

  • conference

    October 2013

    Boston University/Boston Fed Conference on Macro-Financial Linkages

    Interest Rate Risk and Bank Equity Valuations

  • discussion

    January 2013

    American Economic Association

    Global Banks and Financial Shocks: Evidence from an Estimated Model

  • seminar

    August 2012

    Georgetown University

    Interest Rate Risk and Bank Equity Valuations

  • conference

    June 2017

    6th MoFiR Workshop on Banking

    The Welfare Effects of Bank Liquidity and Capital Requirements

  • conference

    July 2012

    NBER Risks of Financial Institutions

    From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply

  • discussion

    November 2011

    Liquidity Regulation Workshop, Federal Reserve Board and Federal Reserve Bank of New York

    "The Macroeconomic Impact of Adding Liquidity Regulations to Bank Capital Regulations" by Covas and Driscoll

  • conference

    October 2011

    Federal Reserve System Conference

    Banking Conditions and the Effects of Monetary Policy: Evidence from U.S. States

  • discussion

    October 2011

    The 2nd Boston University/Boston Fed Conference on Macro-Finance Linkages

    "Do Low Interest Rates Sow the Seeds of Financial Crises?" by Cociuba, Shukayev and Ueberfeldt

  • seminar

    June 2011

    International Monetary Fund

    Interest Rate Risk and Bank Equity Valuations

  • conference

    March 2011

    Conference on Empirical Macroeconomics Using Geographical Data

    Banking Conditions and the Effects of Monetary Policy: Evidence from U.S. States

  • conference

    January 2011

    Federal Reserve Day Ahead Financial Markets & Institutions Conference

    Interest Rate Risk and Bank Equity Valuations

  • discussion

    October 2010

    Financial Management Association

    "Interest Rates and the Cross-Section of Stock Returns" by Lioui and Maio

  • conference

    August 2010

    European Finance Association

    Temporal Risk Aversion and Long Run Risks

  • discussion

    August 2010

    European Finance Association

    "What is the Shape of the Risk-Return Relation?" by Rossi and Timmermann

  • discussion

    November 2009

    Federal Reserve System Conference on Financial Structure and Regulation

    "CoVaR" by Adrian and Brunnermeier

  • discussion

    October 2009

    NBER Workshop on Methods and Applications for DSGE Models

    "Banks, Credit Market Frictions and Business Cycles" by Ali Dib

  • discussion

    October 2009

    Conference on Models and Policies for Economies with Credit and Financial Instability

    "The Role of Bank Capital in the Propagation of Shocks" by Meh and Moran

  • conference

    May 2009

    Financial Intermediation Research Society annual conference

    Temporal Risk Aversion and Asset Prices

  • conference

    January 2009

    American Finance Association, ASSA Meetings

    Temporal Risk Aversion and Asset Prices

Conference Organization
  • September 2011 | Federal Reserve Board

    FRB-JMCB Conference on Regulation of Systemic Risk

Referee
  • American Economic Journal: Macro
  • American Economic Review
  • Econometrica
  • Economic Journal
  • European Economic Review
  • Finance Research Letters
  • International Economic Review
  • International Journal of Central Banking
  • Journal of Banking and Finance
  • Journal of Business
  • Journal of Economic Dynamics and Control
  • Journal of Economic Theory
  • Journal of Finance
  • Journal of Financial Intermediation
  • Journal of Financial Stability
  • Journal of Financial Services Research
  • Journal of International Money and Finance
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Journal of Political Economy
  • Journal of the European Economic Association
  • National Science Foundation
  • Review of Economic Dynamics
  • Review of Economics and Statistics
  • Review of Economic Studies
  • Review of Finance
  • Review of Financial Studies
  • Wharton School Publishing
Professional Affiliation
  • Wharton Financial Institutions Center
Last update: March 7, 2022