Publications

Forthcoming
Greenwood, Robin, Samuel Hanson, Jeremy C. Stein, and Adi Sunderam. Forthcoming. “A Quantity-Driven Theory of Term Premia and Exchange Rates.” Quarterly Journal of Economics.
PDF Appendix
2023
Kashyap, Anil K, and Jeremy C. Stein. 2023. “Monetary Policy When the Central Bank Shapes Financial-Market Sentiment.” Journal of Economic Perspectives 37 (1): 53-76.
PDF Appendix
2021
2021. U.S. Treasury Markets: Steps Toward Increased Resilience. Group of Thirty’s Working Group on Treasury Market Liquidity.
PDF
Stein, Jeremy. 2021. “Can Policy Tame the Credit Cycle?” IMF Economic Review.
PDF
Gopinath, Gita, and Jeremy Stein. 2021. “Banking, Trade, and the Making of a Dominant Currency.” Quarterly Journal of Economics 136 (2): 783-830.
PDF Appendix
2020
Hanson, Samuel G., Jeremy Stein, Adi Sunderam, and Eric Zwick. 2020. “Business Credit Programs in the Pandemic Era.” Brookings Papers on Economic Activity, no. Fall: 3-60.
PDF brookings_appendix_hanson_et_al_10-2021.pdf
2018
Stein, Jeremy, and Adi Sunderam. 2018. “The Fed, the Bond Market, and Gradualism in Monetary Policy.” Journal of Finance 73 (3): 1015-1060.
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Gopinath, Gita, and Jeremy C. Stein. 2018. “Trade Invoicing, Bank Funding, and Central Bank Reserve Holdings.” American Economic Review Papers and Proceedings 108: 542-546.
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2017
Greenwood, Robin, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. 2017. “Strengthening and Streamlining Bank Capital Regulation.” Brookings Papers on Economic Activitiy Fall.
PDF Appendix
López-Salido, David, Jeremy C. Stein, and Egon Zakrajšek. 2017. “Credit-Market Sentiment and the Business Cycle.” Quarterly Journal of Economics 132 (3): 1373-1426.
PDF Appendix
2016
Greenwood, Robin, Samuel G. Hanson, and Jeremy C. Stein. 2016. “The Federal Reserve's Balance Sheet as a Financial-Stability Tool.” 2016 Economic Policy Symposium Proceedings. Jackson Hole: Federal Reserve Bank of Kansas City.
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Carlson, Mark, Burcu Duygan-Bump, Fabio Natalucci, Bill Nelson, Marcelo Ochoa, Jeremy Stein, and Skander Van den Heuvel. 2016. “The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies.” International Journal of Central Banking 12 (4): 307-333. Abstract

In this paper, we consider the extent to which central banks can improve financial stability and manage maturity transformation by the private sector through their ability to affect the public supply of short-term, safe instruments (STSI). First, we provide new evidence on two key important ingredients for there to be a role for policy: the extent to which public and private short-term debt are substitutes, and the relationship between the supply of STSI and the money premium, stemming from their liquid, short-term and safe nature.  Then, we discuss potential ways a central bank could use its balance sheet and monetary policy implementation framework to affect the quantity and mix of short-term liquid assets available to financial market participants. 

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Stein, Jeremy C. 2016. “Incomplete Contracts and the Role of Small Firms.” The Impact of Incomplete Contracts on Economics, edited by Philippe Aghion, Mathias Dewatripont, Patrick Legros, and Luigi Zinagales, 1st ed., 166-171. New York: Oxford University Press.
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2015
Ivashina, Victoria, David S Scharfstein, and Jeremy C Stein. 2015. “Dollar Funding and the Lending Behavior of Global Banks.” Quarterly Journal of Economics 130 (3): 1241-1281.
ivashina-scharfstein-qje-2015.pdf
Hanson, Samuel, Andrei Shleifer, Jeremy Stein, and Robert Vishny. 2015. “Banks as Patient Fixed-Income Investors.” Journal of Financial Economics 117: 449-469.
banks_appendix_20150305_final.pdf patient_banks_jfe_2015.pdf
Duffie, Darrell, and Jeremy C Stein. 2015. “Reforming LIBOR and Other Financial-Market Benchmarks.” Journal of Economic Perspectives 29 (2): 191-212.
libor_duffie_stein_jep_2015.pdf
Hanson, Samuel G, and Jeremy C Stein. 2015. “Monetary Policy and Long-Term Real Rates.” Journal of Financial Economics 115 (3): 429-448.
monetary_policy_and_real_rates_jfe_2015.pdf
Greenwood, Robin, Samuel G Hanson, and Jeremy C Stein. 2015. “A Comparative-Advantage Approach to Government Debt Maturity.” Journal of Finance LXX (4): 1683-1722.
greenwood_hanson_stein_jf_2015.pdf
2012
Stein, Jeremy C. 2012. “Monetary Policy as Financial-Stability Regulation.” Quarterly Journal of Economics 127 (1): 57-95.
qje-2012.pdf
Kashyap, Anil K, and Jeremy C Stein. 2012. “The Optimal Conduct of Monetary Policy with Interest on Reserves.” American Economic Journal: Macroeconomics 4 (4): 266-282.
optimalconduct.pdf

Pages