Home: Academic Webpage of José Luis Peydró Alcalde


  Professor of Finance, Imperial College London.

  ICREA Professor of Economics, Universitat Pompeu Fabra, CREI and Barcelona GSE; Catedràtic d’Economia, Universitat Pompeu Fabra.

  Research Fellow at CEPR (London) and at CEMFI (Madrid).

  European Research Council Consolidator Grant on Debt and Persistence of Financial Shocks  (1,3 million euros).

  European Central Bank’s Duisenberg Fellow.

  Advisor at Bank of Spain, Dirección General de Estabilidad Financiera, Regulación y Resolución.

  Bundesbank Research Professor.

 Link to my Google Scholar citations, IDEA-RePEc page, Curriculum Vitae, SSRN working papers, jose.peydro@gmail.com and administrative assistant (Mariona Novoa, mariona.novoa@upf.edu and Humayra Anmed, humayra.ahmed@imperial.ac.uk)


Research Interests:

  • Banking; NonBank Intermediaries; Shadow Banks and Fintech; Systemic Risk; Financial Crises; Macroeconomics and Credit; Monetary Policy; International Finance and Macro; Macroprudential Supervision and Regulation.


“Systemic Risk, Crises and Macroprudential Policy,” (co-authored with Xavier Freixas and Luc Laeven),  MIT Press, 2015.


Working Papers:

From Finance to Fascism” (with S. Doerr, S. Guissler, J. Voth). Forthcoming at the Journal of Finance

   Monetary Policy and Inequality" (with A. Andersen, N. Johannesen, M. Jørgensen). Revise & Resubmit at the Journal of Finance.

   Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort" (with M. Jasova, L. Laeven, C. Mendicino, D. Supera). Revise and Resubmit at the Review of Financial Studies.

   Production and Financial Networks in Interplay: Crisis Evidence from Supplier-Customer and Credit Registers” (with K. Huremovic, G. Jiménez, E. Moral-Benito, F. Vega-Redondo). Revise & Resubmit at the American Economic Review.

   Burning Money? Government Lending in a Credit Crunch” (with G. Jiménez, R. Repullo, J. Saurina). Revise & Resubmit at the Review of Economic Studies.

   "Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence From Credit Register Data" (with M. Bottero, C. Minoiu, A. Presbitero, A. Polo, E. Sette). Revise & Resubmit at Journal of Financial Economics

"Macroprudential Policy, Mortgage Cycles and Distributional Effects: Evidence from the UK" (with F. Tous, J. Tripathy, A. Uluc). Revise & Resubmit at Review of Financial Studies.

   “Dressing up for the Regulator: Evidence from the Largest-Ever Supervisory Review" (with P. Abbassi, R. Iyer, P. Soto). Revise & Resubmit at Management Science.

   “Global Liquidity and Impairment of Local Monetary Policy" (with S. Fendoglu, E. Gulsen). Revise & Resubmit at American Economic Journal: Macroeconomics.

   "Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy" (with A. Fabiani, M. López-Piñeros, P. E. Soto). Presented at the Journal of International Economics conference on "Financial Frictions: Macroeconomic Implications and Policy Options for Emerging Economies", Banco Central de Chile/ Inter-American Development Bank, May 2021.

What Did We Learn from Credit Registry Data Around the World?” In preparation for the  Annual Review of Economics.

International Financial Integration, Crises and Monetary Policy: Cross-Border Interbank Lending During the Euro Crises” (with Puriya Abbassi, Falk Brauning, Falko Fecht). Accepted at the Journal of International Economics.



“The Rise of Shadow Banking: Evidence from Capital Regulation” (with Rustom IraniRajkamal Iyer, and Ralf Meisenzahl).  Review of Financial Studies. Lead article, Editor's choice, May 2021.

   “Monetary Policy at Work: Security and Credit Application Registers Evidence" (with Andrea Polo and Enrico Sette). Journal of Financial Economics, June 2011.

   "The Real Effects of the Bank Lending Channel" (with Gabriel Jiménez, Atif Mian and Jesús Saurina). Journal of Monetary Economics, 2020.

   “Negative Monetary Policy Rates and Systemic Banks’ Risk-Taking: Evidence from the Euro Area Securities Register” (with Johannes Bubeck, Angela Maddaloni). Special issue on the 50th anniversary of the Journal of Money, Credit and Banking, 2020.

   “Anticipating the Financial Crisis: Evidence from Insider Trading in Banks” (with Akin, Ozlem, José M. Marín). Economic Policy, 2020.   

   “Political Connections and Informed Trading: Evidence from TARP” (with Akin, Ozlem, Nicholas S. Coleman, Christian Fons-Rosen). Financial Management, 2020.

"The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects," (with Bernardo Morais, , Jessica Roldan and Claudia Ruiz). Journal of Finance, 74 (1) 55-90, 2019.

   Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects," (with C. Abuka, R. Alinda, C. Minoiu, A. Presbitero). Journal of Development Economics, 139: 185-202, 2019.

   “Monetary policy and bank profitability in a low interest rate environment” (with Carlo Altavilla,  Miguel Boucinha). Economic Policy, 33:96, 2018.

   “Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply:  Evidence from the Spanish Dynamic Provisioning Experiments," (with Gabriel Jiménez, Steven Ongena and Jesús Saurina).  Journal of Political Economy, 125 (6), 2017.

   “Capital Flows and the International Credit Channel,” (with Yusuf Soner Baskaya, Julian di Giovanni, Sebnem Kalemli-Özcan and Mehmet Fatih Uluk). 2017. Journal of International Economics, 108, 2017.

   "Double Bank Runs and Liquidity Risk Management," (with Filippo Ippolito, Andrea Polo and Enrico Sette).  Journal of Financial Economics, 122 (1), 135-154, 2016. 

   "Securities Trading by Banks and Credit Supply: Micro-Evidence," (with Puriya Abbassi, Raj Iyer and Francesc Tous).  Journal of Financial Economics, 121 (3), 569-594, 2016. 

   "Monetary Policy, Risk-Taking and Pricing: Evidence from a Quasi-Natural Experiment" (with Vasso Ioannidou and Steven Ongena). Review of Finance19, 1, 95-144. 2015.

   "Trusting the Bankers: Another Look at the Credit Channel of Monetary Policy" (with Matteo Ciccarelli and Angela Maddaloni).  Review of Economic Dynamics, 18(4), 979-1002, 2015.

   "Shocks Abroad, Pain at Home? Bank-Firm Level Evidence on Financial Contagion during the 2007-2009 Crisis," (with Steven Ongena and Neeltje van Horen). IMF Economic Review, 63 (4), 698-750, 2015.

   "Hazardous Times for Monetary Policy: What do 23 Million Loans Say About the Impact of Monetary Policy on Credit Risk-Taking?" (with Gabriel Jiménez, Steven Ongena and Jesús Saurina),  Econometrica, 82 (2), 463-505, 2014  (Lead Article).

   "The Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007-09 Crisis" (with Raj Iyer, Samuel da Rocha and Antoinette Schoar),  Review of Financial Studies, 24 (6), 2121-2165, 2014.

   “The Real State and Credit Bubble: Evidence from Spain,” (with Ozlem Akin, José Garcia Montalvo, Jaume Garcia Villar and Josep M. Raya). SERIEs, the Journal of the Spanish Economic Association special issue on "The Crisis of the Spanish Economy". (Special Issue Editors: Juan Francisco Jimeno and Tano Santos), vol. 5, pp. 223-243, 2014. 2016 SERIEs Award, for articles published from 2012 to 2015.

   "Financial Regulation, Globalization and Synchronization of Economic Activity" (with Sebnem Kalemli-Ozcan and Elias Papaioannou),  Journal of Finance, vol 68-3, 1179-1228, June 2013.

   “Financial Fragility in the Euro Area," (with Matteo Ciccarelli and Angela Maddaloni), Economic Policy, vol 28-75, 459-512, July 2013.

   "Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications" (with Gabriel Jiménez, Steven Ongena and Jesús Saurina),     American Economic Review, August vol. 102: 5, 2301-26, 2012.

   "Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro Area and U.S. Lending Standards" (with Angela Maddaloni),  Review of Financial Studies, 24, 2121-65, 2011.

   Interbank Contagion at Work: Evidence from a Natural Experiment” (with Rajkamal Iyer),  Review of Financial Studies, 24, 1337-77, 2011.

   "What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade" (with Sebnem Kalemli-Ozcan and Elias Papaioannou),  Journal of International Economics, 81, 75–88, 2010. 


Selected Recent Seminars/Conferences: 

   NBER Summer Institute (Monetary Economics group; Behavioural Macro group; and Capital Markets and the Economy group); Minnesota (macro); Boston University (macro); Federal Reserve Board; CERP seminar Micro and Macro Implications of Household Behaviour  and Financial Decision-Making; EFA (discussant); IMF Advances in Monetary Economics Conference; 2021 Central Bank Research Association; International Banking Research Network (discussant); Bonn; CEPR Endless Conference (discussant); Foro de Finanzas; HKUST; National University of Singapore; Singapore Management University and Nanyang Technology University; American Finance Association (discussion); 2021 Central Bank of Ireland workshop on Household and Enterprise Finance (keynote); CEPR Conference The Politics of Regulation and Central Banking (discussant); Corporate Finance Webinar Toulouse-CUNEF-ESCP; Journal of International Conference on "Financial Frictions, Macroeconomic Implications and Policy Options for Emerging Economies"; RFS ECB conference on Macro-Finance; Federal Reserve Board; Society for Financial Studies Cavalcade North America 2021 (discussant); Villanova Webinars in Financial Intermediation (WiFI); Bonn U.; IMF; Barcelona GSE Summer Forum 2021 “Financial Intermediation and Risk” and “Financial Shocks, Channels, and Macro Outcomes” (co-organizer) and Information Asymmetries in Financial Markets: Applications to Macro and Finance (presenter); Banco de Portugal’s Financial Stability Conference 2021; Zurich U and Swiss Central Bank; ESSEC; Norges Bank; Central Bank of Belgium; Glasgow U. (2021)

NBER Summer Institute, Industrial Organization Workshop, Discussant; NBER Conference on "Emerging and Frontier Markets: Capital Flows, Risks, and Growth", Discussant; Central Bank of Chile (teaching); Central Bank of Chile Conference on ‘Exploiting Micro Data to Understand Real-Financial Linkages’ (Keynote); IX International Moscow Finance Conference, Moscow, October; Bank of Russia Workshop ‘Research on Granular Credit Registry/History Data with Implications for Monetary Policy and (Macro-) Prudential Regulation’; Banco Central de Chile ‘Exploiting Micro Data to Understand Real- Financial Linkages’ Workshop, Keynote Speaker; Barcelona GSE Workshop ‘COVID-19 and the Economy: Data, Theory and Policy (I)’; Banco Central de Uruguay XXXV Jornadas Anuales de Economía, Keynote Speaker; Bank of England, Imperial College Business School, LSE and CFM ‘Virtual Workshop on Household Finance and Housing’, Panel Discussant; 2nd Biennial Banca d’Italia and Bocconi University Conference on “Financial Stability and Regulation”, Discussant; 6th Banque de France-Bank of England International Macroeconomics Workshop; Norges Bank conference on Frontier Research in Banking; 2020 autumn workshop of the Financial Intermediation Network of European Studies (FINEST), discussant; Cass Business School and the LSE Systemic Risk Centre “London Workshop on Political Finance (POLFIN)”; ERC/CEPR/LBS Conference on Granularity and Applications, discussant; Banque de France/Sciences Po; Minnesota University; 

Cass Business School; Groninger U.; Central Bank of Uruguay; Federal Reserve Board; School of Banking and Finance, University of New South Wales; Reserve Bank of Australia; Sydney UNSW BS, U Sydney and University of Technology of Sydney (2020, online)

   NBER Summer Institute (Capital Markets and the Economy group; and Monetary Economics group); NBER Monetary Economics Spring meetings; NBER International Finance and Macroeconomics Program; Federal Reserve Board D.C. (two seminars); Instituto de Empresa; Cuneff; CNMV; MadBar conference at IESE; European Central Bank & Banca d’Italia Macroprudential policy: effectiveness, interactions and spillovers (Keynote); 10th CEPR-European Banking Center Network Conference at Luxembourg (Keynote); Knut Wicksell Conference on Financial Intermediation at Lund (Keynote); First Finance and Productivity conference at EBRD (Panelist); the Paris Financial History Workshop at PSE; European Commission Workshop on "Addressing housing market imbalances" (invited speaker); Monetary Policy Low Rates and Banks workshop (co-organizer); CEPR International Macro Meeting at the ECB; European Commission FISMA (teaching); Paris School of Economics (macro seminar); French Supervisory Authority ACPR; Frankfurt School; Goethe Frankfurt U.; Oslo BI Norwegian Business School; Norges Bank; European Bank of Reconstruction and Development (EBRD); ECB Conference on Monetary Policy: bridging science and practice (discussant); Foro de Finanzas; Banking Conference at Columbia University (discussant); Barcelona GSE Summer Forum 2019 “Financial Intermediation and Risk” and “Financial Shocks, Channels, and Macro Outcomes” (co-organizer); Central Bank of Canada-CREi Workshop on ‘Recent Developments in Macroeconomic Modelling’ (co-organizer); Galatina Summer Meetings (finance day, co-organizer) (2019)

   MIT Sloan (finance); NBER Summer Institute (Corporate Finance and Risk of Financial Institutions); NBER International Seminar on Macroeconomics (discussant);  ECB Monetary Policy (teaching); Bank of International Settlements;  BIS annual research conference; Wharton Liquidity and Financial Fragility conference (discussant); Economic Policy;  14th CSEF-IGIER Bocconi Symposium of Economics and Institutions at Anacapri (Keynote);  4TH IWH-FIN-FIRE Workshop on “Challenges to Financial Stability” at Halle (Keynote);  Fifth Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy at Belgium central bank (Keynote); RFS 2018 Conference on “New Frontiers in Banking: from Corporate Governance to Risk Management” in Rome (presenter and discussant); FIRS Barcelona (presenter and discussant); Workshop on Financial Intermediation at Barcelona (organizer); European Finance Association; Nova; Conference on Macroprudential Policy, Copenhagen (invited speaker); European Central Bank workshop on “Monetary Policy, Macroprudential Policy and Financial Stability" (invited speaker);  European Central Bank Conference on  "Monetary Policy Conference: Bridging Science and Practice" (invited speaker) (2018).

   NBER Summer Institute (Monetary Economics); NBER Financial Market Regulation;  Bundesbank (teaching); INSEAD;  Bocconi;  Imperial College London “Modelling Credit Cycles” Conference (discussant); London Financial Intermediation Workshop at the Bank of England (discussant);  EABCN Banque de France Conference on Recent Developments in Monetary Policy Research (discussant); Bank of Spain-CEMFI First Conference on Financial Stability (discussant); Carefin Bocconi "International Banking and Financial Regulation" (discussant); 1st Catalan Economic Society Conference; Simposio de Análisis Económico (Barcelona); Università Cattolica del Sacro Cuore Milan; Bank of Portugal; Barcelona GSE Summer Forum conference on Financial Intermediation (organizer and presenter);  European Central Bank Conference on Credit, Banking and Monetary Policy (organizer);  Foro de Finanzas (invited speaker); Bank of Portugal Workshop on Using Credit Register Data for Research: Past, Present, and Future (invited speaker); Central Bank of Turkey Conference on Global Environment and Policy Challenges in Emerging Markets (invited speaker); CEPR-ECBN 3rd Policy Research Conference on "Evaluating the Effectiveness of Macroprudential Policies" at Bank of Slovenia  (Keynote speaker)  (2017).

   Berkeley;  Stanford;  LSE (macro);  European Commission (FISMA);  Copenhagen Business School;  University of Copenhagen;  Bank of England;  European Central Bank conference on "Monetary Policy Pass-Through and Credit Markets" (organiser); Barcelona GSE Summer Forum conference on Financial Intermediation (organiser); Barcelona GSE Summer Forum workshop on "Asset Prices, Finance and Macroeconomics" (discussant);  European Systemic Risk Board annual conference (organiser); BIS-JFI-CCA-CGDFS Conference on "The impact of Macroprudential Policies and their interaction with monetary policy: An empirical analysis using credit registry data” at Mexico DF (discussant);  First Annual ECB Macroprudential Policy and Research Conference (organised by IMF and ECB) (discussant); Institute for Financial Research (SIFR) conference on “Credit Markets After the Crisis;  NBER International Seminar on Macroeconomics; IMF/HKMA/BoE Conference on "Monetary, Financial and Prudential Policy Interactions in the Post-Crisis World" at Hong Kong (discussant); SciencesPo OFCE Workshop on Empirical Monetary Economics 2016 (Keynote speaker);  European Central Bank and Banco de Portugal conference on “Transmission and Effectiveness of Macroprudential Policies”  (Keynote speaker)  (2016).

   NBER Summer Institute “Macro, Money and Financial Frictions” group (joint with “Monetary Economics” group);  NBER Summer Institute “International Finance & Macroeconomics” (discussant);  LSE (Macroeconomics);  Oxford University;  CEPR-Assonime “Workshop on Corporate Financing and European Investment Financing” at Oxford University (discussant);  Einaudi Institute for Economics and Finance in Rome; Banca d’Italia;  CBRT-BIS-IMF “Macroprudential Policy: Effectiveness and Implementation Challenges” (invited speaker); Vienna Graduate School of Finance (Vienna University of Economics and Business, the University of Vienna and the Institute of Advanced Studies);  World Bank;  Federal Reserve Board;  Banque de France;  Bank of England; IMF;  62nd Economic Policy Panel Meeting (discussant); Copenhagen business school; La Caixa; CEPR-FGN-University of St. Gallen “Finance, Capital Reallocation and Growth” conference (Keynote speaker);  Conference on Corporate Debt at the European Commission's DG for Economic and Financial Affairs (Keynote speaker);  American Finance Association and American Economic Association; ECMI National Bank of Belgium - Imperial College-Brevan Howard Centre for Financial Analysis Conference on “Navigating the storm: Setting long-term goals in volatile market conditions?  (Keynote speaker) (2015-16).

   Princeton;  Columbia (Finance);  Imperial (Tanaka); Zurich University; Universidad de Navarra; Tilburg; Maastricht; Banque de France; European Central Bank; Becker Friedman Institute-INET conference on Macroeconomic Fragility, University of Chicago; LSE Economic Networks and Finance Conference; Journal of Monetary Economics 2014 Gerzensee Conference (discussant); NBER conference on "Monetary Policy and Financial Stability in Emerging Markets" Istanbul June 2014; NBER Corporate Finance Cambridge November 2014; CEPR CREI Ninth Annual Workshop on Macroeconomics of Global Interdependence (discussant); CEPR Conference on Financial Stability and Regulation at IESE (discussant); CEMLA-Association of Central Banks in Latin America and the Caribbean; Safe Assets Conference at the London Business School (discussant); European Finance Association (discussant); Barcelona GSE Summer Forum "Asset Prices and the Business Cycle" and "Financial Intermediation, Risk and Liquidity" (co-organizing); World Bank / Bank of Spain "Financing growth: Levers, Boosters and Brakes" (discussing); Keynote speaker XXXIX Simposio de la Asociación Española de Economía-Spanish Economic Association Mallorca; 14th Eurasia Business and Economics Society Conference (Keynote speaker) (2014).

   ECB "High Level Academics meeting on Counter Cyclical Capital Buffers"; The French Prudential Supervisory Authority conference on “Risk Taking in Financial Institutions, Regulation and the Real Economy”; CEPR-EBRD-EBC-RoF Conference on "Understanding Banks in Emerging Markets" at the at the European Bank for Reconstruction and Development (discussant); Foro de Finanzas (Segovia); ERSA-South Africa First Annual Financial Economics Workshop Cape Town  (Keynote speaker) (Fall/Winter 2013).

   NBER International Seminar on Macroeconomics (discussant);  Adam Smith Corporate Finance CEPR Conference at Oxford;  Federal Reserve Board;  HEC Paris;  CEPR Regulatory Reform Forum "A long term environment of low nominal interest rates" London;  U Free of Amsterdam-UvA-Tinbergen Institute;  IESE-ESADE-UPF (Accounting); Bank for International Settlements; LBS Conference on "Macroeconomic Dynamics with Heterogeneous Agents" (discussant); Barcelona GSE Summer Forum on "International Capital Flows" (discussant), on "Information, Competition and Market Frictions" (discussant) and on "Financial Intermediation, Risk and Liquidity Management" (co-organizer); Coface (Keynote speaker)  (Spring-Summer 2013).

   New York University (Stern Finance);  London Business School (Econ);   London School of Economics (Finance);  Cass Business School;  Bank for International Settlements;  CEPR Adam Smith conference in Oxford.

   NBER International Seminar on Macroeconomics  (discussant); CEPR Regulatory Reform Forum "A long term environment of low nominal interest rates";  XXV Moneda y Crédito Symposium;  Coface Spain;  XIII Madrid Finance Workshop;  AFA 2013 (paper+discussion);  U of Amsterdam Tinbergen Institute;  HEC Paris;  Federal Reserve Board  (October 2012- June13).

   NBER Summer Institute 2012 "Finance & Macro Meeting"; CEPR Gerzensee Corporate Finance week; EEA invited session on “New Approaches to Financial Regulation"; European System of Central Banks Day Ahead Conference on "Financial Stability: Measurement, Theory and Policy Analysis" (discussion) (Summer 2012).

   NBER Macro Annual 2012 (discussant); EUI Florence (Macro); Duke Fuqua (Finance); UNC Kenan-Flagler (Finance); AEA 2012 Chicago Corporate Finance Conference at U. of Minnesota  (Jan-May 2012); CEPR Banca d´Italia "Macroprudential Policies, Regulatory Reform and Macroeconomic Modeling" at Rome (December 2011); CEPR CREI on "Asset Prices and the Business Cycle", CEPR National Bank of Belgium "Financial Intermediation and Macroeconomics: Directions Since the Crisis" at Brussels (discussant) (December 2011); IMF Jacques Polak Annual Research Conference on "Monetary and Macroprudential Policies"; Bocconi Carefin on "Bank Competitiveness in the Post-Crisis World: Implications of Regulatory Reforms and Exit Strategies"; IX Trobada Barcelona GSE at CSIC IAE (October-November 2011); CEPR-EBC-HEC-NYSE/Euronext-RoF "Financial Intermediation and the Real Economy" @ Paris NYSE/Euronext (discussant);CEPR 20th ESSET Gerzensee "Financial Intermediation, Regulation, and the Crisis" week (morning session); CEPR-CREI Conference on Institutions and International Capital Flows;  ECB (Summer 2011) ; Federal Reserve Board at DC;  IMF ;  IESE   (Spring 2011).

   Harvard  (applied theory); MIT  (micro applications/ labor) (February 2011).  

   AEA (3 papers + discussion), AFA (1 paper) (scheduled) 2011 Denver: Bank of Santander (discussant), Universitat Pompeu Fabra; ECB (Sept-Nov 2010); EFA Frankfurt 2010 (discussion); Econometric Society World Congress 2010 Shanghai (August 2010).

   NBER Summer Institute 2010, Monetary Economics group, July 2010. WFA 2010 Victoria; Review of Financial Studies and Kauffmann Foundation "Entrepreneurial Finance and Innovation" Conference (June 2010) ; IESE & ESADE joint seminar;  BIS Basel;  Goethe University CEPR conference on “Bank Crisis Prevention and Resolution” Amsterdam (discussion) (April-May 2010); CEPR conference on "Procyclicality and Financial Regulation" Tilburg (discussion); Workshop on Industrial Organization and Banking at IESE (March 2010); New York Fed (February 2010); Darmouth College (econ);  De Nederlandsche Bank (February 2010); AFA Atlanta 2010 (discussion) ; ECARES-Université Libre de Bruxelles;  University of Amsterdam-Tinbergen Institute  (October 2009).

   NBER Summer Institute, Risk and Financial Institutions group, July 2009; NBER Summer Institute, Capital Markets and the Macroeconomy group, July 2009; Review of Financial Studies Financial Crisis Conference at Yale, July 2009; CEPR conference on Financial Crisis, Barcelona, May 2009; CEPR conference on Money, Banking and Finance, Rome, October 2009; CEPR conference on Global Interdependence, Florence, March 2009; Financial Intermediation Research Society, Prague, May 2009; AFA San Francisco 2009; ECB Staff Paper on The Euro at Ten - 5th ECB Central Banking Conference,  2008.