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Finance & Banking

Finance & Banking

Housing prices across the country reflect arbitrary supply-side restrictions on new units, including environmental and other zoning rules. Well-intentioned affordable housing carve outs stymie overall supply.

Featured Research
2023 SURVEY OF INVESTORS, RETIREMENT SAVINGS, AND ESG
Articles
2023 Survey Of Investors, Retirement Savings, And ESG
December 12, 2023 By David Larcker, Amit Seru, Brian Tayan

via Analysis

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Articles
Fragile: Why More US Banks Are At Risk Of A Run
November 21, 2023 By Amit Seru

via Stanford Institute for Economic Policy Research

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Working Papers

Monetary Tightening, Commercial Real Estate Distress, And US Bank Fragility

Building on the work of Jiang et al. (2023) we develop a framework to analyze the effects of credit risk on the solvency of U.S. banks in the rising interest rate environment. We focus on…

December 18, 2023 By Amit Seru , Gregor Matvos , Tomasz Piskorski , Erica Xuewei Jiang

via NBER Working Paper

Working Papers
Aggregate Lending and Modern Financial Intermediation: Why Bank Balance Sheet Models are Miscalibrated
July 24, 2023 By Amit Seru, Gregor Matvos, Tomasz Piskorski, Greg Buchak

via Analysis

Essays
Digital Currencies: The US, China, And The World At A Crossroads
March 4, 2022 Edited By Darrell Duffie, Elizabeth Economy

via Hoover Institution Press

Books
How Big Banks Fail and What to Do about It
November 7, 2010 By Darrell Duffie

via Princeton University Press

Fellows in this Policy Area
Amit Seru Hoover Headshot

Amit Seru

Senior Fellow
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Amit Seru Hoover Headshot

Amit Seru

Senior Fellow

Amit Seru is a Senior Fellow at the Hoover Institution, the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business (Stanford GSB), a senior fellow at Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER). He was formerly a faculty member at the University of Chicago’s Booth School of Business. He is currently co-directing Hoover initiatives on corporate governance, long-run prosperity, and regulation and the rule of law. Professor Seru’s research focuses on corporate finance with an emphasis on financial intermediation and regulation, technological innovation and incentive provision and financing in firms. His research in these areas has been published in American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and other peer-reviewed journals. He is a co-editor of the Journal of Finance and was previously an editor of Review of Corporate Finance Studies, department editor (Finance) of Management Science and an associate editor of the Journal of Political Economy. He has presented his research to U.S. and international regulatory agencies, including the Bank for International Settlement (BIS), Consumer Finance Protection Bureau (CFPB), European Central Bank (ECB), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Financial Industry Regulatory Authority (FINRA), the International Monetary Fund (IMF), the Monetary Authority of Singapore (MAS), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC). Most recently, he gave the Biennial Andrew Crockett lecture on regulation of banks in the era of fintechs to central bank governors around the world at the BIS. He has received various National Science Foundation grants, the Alexandre Lamfalussy research fellowship from BIS and was named as one of the top 25 Economists under 45 by the International Monetary Fund in 2014. His research has been featured in major media, including the Wall Street Journal, The New York Times, the Financial Times and the Economist. His opinion essays have appeared in several outlets including the Wall Street Journal and The New York Times. Seru earned a B.E. in electronics and communication and an MBA from the University of Delhi. Subsequently, he received a PhD in finance from the University of Michigan. He was a senior consultant at Accenture before pursuing his Ph.D. Seru was the recipient of a Rackham Pre-Doctoral Fellowship at University of Michigan and received a Lt. Governor’s gold medal for overall academic excellence at the University of Delhi.

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Darrell Duffie

Senior Fellow (courtesy)
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Darrell Duffie

Senior Fellow (courtesy)

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, professor (by courtesy) at the Department of Economics, and Senior Fellow (by courtesy) at the Hoover Institution. Duffie is a fellow of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. He was the 2009 president of the American Finance Association. From October 2008 to April 2018 Duffie was a member of the board of directors of Moody’s Corporation. From 2013 to 2017 he chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform. Duffie’s recent work focuses on the design and regulation of capital markets. His research is published in Econometrica, Journal of Political Economy, and Journal of Finance, among other journals. His most recent books are How Big Banks Fail: And What to Do about It (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets: Asset Pricing and Information Trasmission in Over-the-Counter Markets (Princeton University Press, 2012).

John Cochrane Hoover Headshot

John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
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John Cochrane Hoover Headshot

John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute.  Before joining Hoover, Cochrane was  a Professor of Finance at the University of Chicago’s Booth School of Business, and earlier at its Economics Department. Cochrane earned a bachelor’s degree in physics at MIT and his PhD in economics at the University of California at Berkeley. He was a junior staff economist on the Council of Economic Advisers (1982–83). Cochrane’s recent publications include the book Asset Pricing and articles on dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can’t perfectly hedge. His monetary economics publications include articles on the relationship between deficits and inflation, the effects of monetary policy, and the fiscal theory of the price level. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. He was a coauthor of The Squam Lake Report. His Asset Pricing PhD class is available online via Coursera.  Cochrane frequently contributes editorial opinion essays to the Wall Street Journal, Bloomberg.com, and other publications. He maintains the Grumpy Economist blog.

Stephen Haber

Stephen Haber

Peter and Helen Bing Senior Fellow
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Stephen Haber

Stephen Haber

Peter and Helen Bing Senior Fellow

Stephen Haber is the Peter and Helen Bing Senior Fellow at the Hoover Institution, the A.A. and Jeanne Welch Milligan Professor in the School of Humanities and Sciences at Stanford University, and senior fellow at the Stanford Institute for Economic Policy Research. In addition, he is a professor of political science, professor of history, and professor of economics (by courtesy). Haber has spent his career investigating why the world distribution of income so uneven. His papers have been published in economics, history, political science, and law journals. He is the author of five books and the editor of six more. Haber’s most recent books include Fragile by Design with Charles Calomiris (Princeton University Press), which examines how governments and industry incumbents often craft banking regulatory policies in ways that stifle competition and increase systemic risk. The Battle Over Patents (Oxford University Press), a volume edited with Naomi Lamoreaux, documents the development of US-style patent systems and the political fights that have shaped them. His latest project focuses on a long-standing puzzle in the social sciences: why are prosperous democracies not randomly distributed across the planet, but rather, are geographically clustered? Haber and his coauthors answer this question by using geospatial tools to simulate the ecological conditions that shaped pre-industrial food production and trade. They then employ machine learning methods to elucidate the relationship between ecological conditions and the levels of economic development that emerged across the globe over the past three centuries. Haber holds a Ph.D. in history from UCLA and has been on the Stanford faculty since 1987. From 1995 to 1998, he served as associate dean for the social sciences and director of Graduate Studies of Stanford’s School of Humanities and Sciences. He is among Stanford’s most distinguished teachers, having been awarded every teaching prize Stanford has to offer.

Ross Levine

Ross Levine

Booth Derbas Family/Edward Lazear Senior Fellow
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Ross Levine

Ross Levine

Booth Derbas Family/Edward Lazear Senior Fellow

Ross Levine is the Booth Derbas Family/Edward Lazear Senior Fellow at the Hoover Institution and a Research Associate at the National Bureau of Economic Research. Previously a faculty member at the University of California, Berkeley’s Haas School of Business, Levine now co-directs Hoover’s Working Group on Financial Regulation. Levine’s research sheds light on how financial regulations and the operation of financial systems shape economic prosperity, including economic growth and stability, technological innovation, entrepreneurship, the economic opportunities available to individuals, poverty, income distribution, and the environment. In addition to authoring or editing six books, he has published almost 200 articles in premier economics, finance, and management journals. Two of his books, Rethinking Bank Regulation: Till Angels Govern and Guardians of Finance: Making Regulators Work for Us, and scores of his articles underscore the complexities of regulatory policies. He shows that regulatory policies often impede competition, harm the efficient allocation of capital, and encourage excessive risk-taking, adversely affecting living standards. Levine’s research resonates beyond academia, shaping dialogue and policies at prominent international institutions such as the World Bank, International Monetary Fund, and European Central Bank. He serves as an advisor to central banks and regulatory authorities across the globe, and his work has been featured in major media, including the Wall Street Journal, Financial Times, and the Economist. Having earned a BA from Cornell University and a PhD in economics from UCLA, Levine worked at the Board of Governors of the Federal Reserve System and the World Bank, where he conducted and managed research and operational programs. In addition to his research and policy contributions, Levine has won several teaching awards at Berkeley and Brown University.  

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