Meet the Researchers
Stéphane Verani
[email protected]
Education
- Ph.D., Economics, University of California - Santa Barbara, 2011
- B.Ec., Economics (First Class Honours), University of Western Australia, 2006
- Non-bank financial intermediation
- Insurance companies, annuity pricing, retirement reforms
Principal Economist
Board of Governors of the Federal Reserve System
2017 - presentSenior Economist
Board of Governors of the Federal Reserve System
2015 - 2017Economist
Board of Governors of the Federal Reserve System
2011 - 2015
- Life Insurers’ Role in the Intermediation Chain of Public and Private Credit to Risky Firms
Sydney Carlino, Nathan Foley-Fisher, Nathan Heinrich, and Stéphane Verani
FEDS Notes (2025)
https://doi.org/10.17016/2380-7172.3691 - What’s Wrong with Annuity Markets?
Stéphane Verani and Pei Cheng Yu
Journal of the European Economic Association (2024)
https://doi.org/10.1093/jeea/jvae007
See also » FRB Working Paper (2021) - Adverse Selection Dynamics in Privately Produced Safe Debt Markets
Nathan Foley-Fisher, Gary Gorton, and Stéphane Verani
American Economic Journal: Macroeconomics (2024)
https://doi.org/10.1257/mac.20210383 - The Informational Centrality of Banks
Nathan Foley-Fisher, Gary B. Gorton, and Stéphane Verani
NBER Working Paper Series (2023)
https://doi.org/10.3386/w32007
See also » FRB Working Paper (2024) - Measuring Interest Rate Risk Management by Financial Institutions
Celso Brunetti, Nathan Foley-Fisher, and Stéphane Verani
Finance and Economics Discussion Series (2023)
https://doi.org/10.17016/FEDS.2023.067 - How Do U.S. Life Insurers Manage Liquidity in Times of Stress?
Nathan Foley-Fisher, Nathan Heinrich, and Stéphane Verani
FEDS Notes (2022)
https://doi.org/10.17016/2380-7172.3161 - Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry
Nathan Foley-Fisher, Borghan Narajabad, and Stéphane Verani
Journal of Political Economy (2020)
https://doi.org/10.1086/708817 - Assessing the Size of the Risks Posed by Life Insurers' Nontraditional Liabilities
Nathan Foley-Fisher, Borghan Narajabad, and Stephane Verani
FEDS Notes (2019)
https://doi.org/10.17016/2380-7172.2358 - Over-the-Counter Market Liquidity and Securities Lending
Nathan Foley-Fisher, Stefan Gissler, and Stéphane Verani
Review of Economic Dynamics (2019)
https://doi.org/10.1016/j.red.2019.02.005
See also » FRB Working Paper (2019) - Aggregate Consequences of Dynamic Credit Relationships
Stéphane Verani
Review of Economic Dynamics (2018)
https://doi.org/10.1016/j.red.2017.12.001
See also » FRB Working Paper (2015) - Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry
Nathan Foley-Fisher, Borghan Narajabad, and Stephane Verani
NBER Working Paper Series (2016)
https://doi.org/10.3386/w22774
See also » FRB Working Paper (2016) - Funding Agreement-Backed Securities in the Enhanced Financial Accounts
Nathan C. Foley-Fisher, Ralf R. Meisenzahl, Borghan Narajabad, Maria G. Perozek, and Stephane H. Verani
FEDS Notes (2016)
https://doi.org/10.17016/2380-7172.1823 - 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) - Financing Constraints, Firm Dynamics, and International Trade
Till Gross and Stephane Verani
Finance and Economics Discussion Series (2012)
https://doi.org/10.17016/FEDS.2013.02
seminar
January 2025U Paris-Dauphine Finance
Measuring Interest Rate Risk Management by Financial Institutions
conference
January 2025European Winter Finance Conference 2025
The Informational Centrality of Banks
conference
July 2024SED Barcelona
Optimal Retirement Policies with Private Annuities
discussion
January 2024European Winter Finance Conference 2024
Army of Mortgagors: Long-Run Evidence on Credit Externalities and the Housing Markes by Herbst, Kuhn and Saidi
conference
January 2024AFA 2024
What's Wrong with Annuities?
conference
January 2024European Winter Finance Conference 2022
What's Wrong with Annuities?
seminar
September 2023Toulouse School of Economics
What's Wrong with Annuities?
discussion
January 2023European Winter Finance Conference 2023
The Effect of Government Debt on Corporate Debt Borrowing in Developing Economies: Evidence from Africa by Colak, Habimana and Korkeamaki
discussion
November 2022OFR PhD Conference 2022
Social Inflation by Sangmin Oh
discussion
October 2022FMA 2022
Ex-Post Loss Sharing in Consumer Financial Markets by Alex Barbu
seminar
February 2022CREST Ecole Polytechnique
Adverse Selection Dynamics in Privately-Produced Safe Debt Markets
discussion
May 2021SFS Cavalcade 2021
The Externalities of Fire Sales: Evidence from Collateralized Loan Obligations by Kundu
seminar
August 2021CREST Ecole Polytechnique
What's Wrong with Annuities?
discussion
January 2021European Winter Finance Conference 2021
The impact of rating standards on risk-taking of financial institutions by Basten, Kartasheva, and Park
discussion
January 2020European Winter Finance Conference 2020
Do Municipal Bond Dealers Give their Customers `Fair and Reasonable' Pricing?
seminar
October 2019UNSW Business School - Economics
Who Limits Arbitarge?
conference
June 2019Society for Economic Dynamics Meetings, St Louis
Public and Private Longevity Insurance with Incomplete Markets
discussion
May 2019Financial Intermediation Research Society 2019
Financial Intermediation through Financial Disintermediation: Evidence from the ECB Corporate Sector Purchase Programme
conference
May 2019Macro Finance Society Workshop
Self-fulfilling Runs: Evidence from the US life insurance industry
discussion
January 2019European Winter Finance Conference 2019
How Risky is the US Corporate Sector?
seminar
October 2018Australian National University
Over-the-Counter Market Liquidity and Securities Lending
discussion
September 2018Federal Reserve System Banking Conference 2018
Capital Constraints and Risk Shifting: An Instrumental Approach
seminar
May 2018University of Technology Sydney
Lending to Invest
seminar
May 2018University of Sydney
Self-fulfilling Runs: Evidence from the US life insurance industry
seminar
May 2018Australian National University
Self-fulfilling Runs: Evidence from the US life insurance industry
seminar
May 2018University of Melbourne
Self-fulfilling Runs: Evidence from the US life insurance industry
seminar
May 2018Deakin University
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
April 2018RED Fragmented Financial markets Conference
Over-the-Counter Market Liquidity and Securities Lending
seminar
May 2018Monash Business School
Lending to Invest
seminar
April 2018Reserve Bank of Australia
Lending to Invest
seminar
April 2018University of Western Australia
Lending to Invest
seminar
May 2018UNSW Business School - Finance
Lending to Invest
seminar
June 2018UNSW Business School - Economics
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
August 2017American Risk and Insurance Association Meeting
Over-the-Counter Market Liquidity and Securities Lending
conference
March 2017Cass Business School Workshop on Corporate Debt Markets
Security Lending as Wholesale Funding: Evidence from the US life insurance industry
seminar
March 2017Norges Bank
Over-the-Counter Market Liquidity and Securities Lending
seminar
March 2017BI Norwegian Business School
Over-the-Counter Market Liquidity and Securities Lending
conference
January 2017American Finance Association, Chicago
Security Lending as Wholesale Funding: Evidence from the US life insurance industry
conference
July 2016CEPR ESSFM Corporate Finance
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
July 2016NBER SI Corporate Finance
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
July 2016Society for Economic Dynamics Meetings, Toulouse
Aggregate Consequences of Dynamic Credit Relationships
seminar
June 2016UC Santa Barbara
Security Lending as Wholesale Funding: Evidence from the US life insurance industry
conference
June 2016LBS Summer Finance Symposium
Security Lending as Wholesale Funding: Evidence from the US life insurance industry
discussion
May 2016Univ of Connecticut's Risk Management Conference
Lender of Last Resort versus Buyer of Last Resort: The Impact of the European Central Bank Actions on the Bank-Sovereign Nexus
seminar
January 2016Swiss National Bank
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
January 2016European Winter Finance Conference
Self-fulfilling Runs: Evidence from the US life insurance industry
seminar
October 2015Atlanta Fed
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
October 2015Becker-Friedman Institute Conference on Financial Regulation, U Chicago
Self-fulfilling Runs: Evidence from the US life insurance industry
seminar
July 2015FDIC
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
June 2015Western Finance Association, Seattle
Self-fulfilling Runs: Evidence from the US life insurance industry
conference
May 2015LAEF Conference on Macroeconomics and Business Cycles, Santa Barbara
Self-fulfilling Runs: Evidence from the US life insurance industry
seminar
March 2015UC Santa Barbara
Self-fulfilling Runs: Evidence from the US life insurance industry
discussion
January 2015Annual Meeting of the American Economic Association, Boston
Did Saving Wall Street Really Save Main Street? The Real Effects of TARP on Local Business Conditions
conference
October 2014Meeting of the System Committee on Financial Structure and Regulation, Houston
Liquidity Creation and Runs in the U.S. Life Insurance Industry
conference
May 2014LAEF Conference on Macroeconomics and Business Cycles, Santa Barbara
Aggregate Consequences of Firm's Financing Constraints
seminar
March 2014Georgia State University
Aggregate Consequences of Dynamic Credit Relationships
conference
January 2014Annual Meeting of the American Economic Association, Philadelphia
From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
conference
November 2013Midwest Macro Meeting, Minnesota
Aggregate Consequences of Dynamic Credit Relationships
discussion
June 2013Bank regulation and liquidity risk in a global financial system workshop / Oesterreichische Nationalbank & Basel Committee, Vienna
Bank ratings: what determines their quality?
conference
January 2013Federal Reserve's âDay Aheadâ Conference on Financial Markets and Institutions, San Diego
From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
conference
June 2012International Conference on Computing in Economics and Finance, Prague
Aggregate Consequences of Firm's Financing Constraints
conference
June 2012Society for Economic Dynamics Meetings, Cyprus
Financing Constraints, Firm Dynamics, and International Trade
seminar
May 2012UC Santa Barbara
Financing Constraints, Firm Dynamics, and International Trade
conference
March 2012Royal Economic Society Meeting, Cambridge UK
Financing Constraints, Firm Dynamics, and International Trade
seminar
February 2011Florida State University
Aggregate Consequences of Firm's Financing Constraints
seminar
February 2011University of New SouthWales
Aggregate Consequences of Firm's Financing Constraints
seminar
February 2011Fundacao Getulio Vargas
Aggregate Consequences of Firm's Financing Constraints
seminar
January 2011University du Quebec a Montreal
Aggregate Consequences of Firm's Financing Constraints
seminar
August 2010University of California, Davis
Financing Constraints, Firm Dynamics, and International Trade
seminar
June 2010The Australian National University
Financing Constraints, Firm Dynamics, and International Trade
seminar
June 2010University of Melbourne
Financing Constraints, Firm Dynamics, and International Trade
conference
June 2010Workshop on Macroeconomic Dynamics, Sydney
Aggregate Consequences of Firm's Financing Constraints
conference
February 2010LAEF Conference on Firm Financing, Dynamics and Growth, Santa Barbara
Aggregate Consequences of Firm's Financing Constraints
Conference Organization
2022-2025 | US
Short-Term Funding Markets Conference (co-sponsored by the Federal Reserve Board and the Center for Financial Policy
Program committee
2019-2025 | France
European Winter Finance Conference
Program committee
2019-2020 | US
Financial Management Association Annual Meeting
Program committee
2019 | Germany
ECB-BoE-Board Conference on Gender and Career Progression
Program committee
Referee
- Review of Financial Studies
- Journal of Financial Economics
- Review of Finance
- Management Science
- Review of Asset Pricing Studies
- Journal of Risk
- International Economic Review
- Review of Economic Dynamics
- Journal of Economic Dynamics and Control
- Journal of Banking and Finance
- Journal of Money, Credit and Banking
- Journal of Financial Stability
- International Finance
Professional Affiliation
- Macro Finance Society