Stephan Luck

Hi there!

I work as an advisor in the Research Group at the Federal Reserve Bank of New York.

My research focuses on finance, macroeconomics, and economic history.

Google Scholar Profile.

Contact information: stephan.luck@ny.frb.org

Photo with Paul and Mario

working papers/work in progress

Bank Runs With and Without Bank Failures (with Sergio Correia and Emil Verner)
- Check out the project website that allows to browse bank runs discussed in newspapers from 1812 through 1963 and more!

academic publications:

Supervising Failing Banks, (with Sergio Correia and Emil Verner), Journal of Finance, forthcoming.
- FDIC/CSBS/Federal Reserve System John W. Ryan Best Paper Award, 2025
Failing Banks, (with Sergio Correia and Emil Verner), Quarterly Journal of Economics, Volume 141, Issue 1, February 2026, Pages 147–204.
- You can download the FFIEC's Call Report data form 1959 through 2025 here. The replication kit (including OCC balance sheets for national banks from 1863-1935) can be found here.
The Debt-Inflation Channel of the German (Hyper-)inflation, (with Markus Brunnermeier, Sergio Correia, Emil Verner and Tom Zimmermann), American Economic Review, 115 (7): 2111–50, July 2025. [Lead Article]
Bank Funding Risk, Reference Rates, and Credit Supply, (with Harry Cooperman, Darrell Duffie, Zachry Wang, and Yilin Yang), Journal of Finance, Volume 80, Issue 1, February 2025, Pages 5-56. [Lead Article]
Who Can Tell Which Banks Will Fail?, (with Kristian Blickle and Markus Brunnermeier), Review of Financial Studies, Volume 37, Issue 9, September 2024, Pages 2685–2731.
- Awarded the 2025 Michael J. Brennan Award for the best paper in the Review of Financial Studies in 2024.
Bank Liquidity Provision Across the Firm Size Distribution, (with Gabriel Chodorow-Reich, Olivier Darmouni, and Matthew Plosser), Journal of Financial Economics, Volume 144, Issue 3, June 2022, Pages 908-932. ONLINE APPENDIX.
The Effects of Banking Competition on Financial Stability and Growth: Evidence from the National Banking Era, (with Mark Carlson and Sergio Correia), Journal of Political Economy, Vol. 130, Issue 2, February 2022, Pages 462-520.
- Sergio Correia and I digitized annual balance sheets as reported in the OCC's Annual Report to Congress for all years from 1867 through 1904. You can download the data here.
Employment Effects of Unconventional Monetary Policy: Evidence from QE, (with Tom Zimmermann), Journal of Financial Economics, Vol. 135, Issue 3, March 2020, Pages 678-703.
The Valuation of Collateral in Bank Lending, (with Joao Santos), Journal of Financial and Quantitative Analysis, Volume 59 , Issue 5 , August 2024 , pp. 2038 - 2067
Inefficient Liquidity Creation, (with Paul Schempp), Journal of Financial Intermediation, Volume 53, January 2023, 100996.
Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu, (with Sergio Correia and Emil Verner), Journal of Economic History, Volume 82, Issue 4, December 2022, pp. 917-957. [Lead Article] ONLINE APPENDIX

papers in special issues/review articles

Bank Failures: The Roles of Solvency and Liquidity (with Sergio Correia and Emil Verner), Annual Review of Financial Economics, forthcoming.
Digitizing Historical Balance Sheet Data: A Practitioner’s Guide, (with Sergio Correia), Explorations in Economic History, Methodological Advances in the Extraction and Analysis of Historical Data, Volume 87, January 2023, 101475. GitHub.
Did QE lead to lax bank lending standards? Evidence from the Federal Reserve's LSAPs, (with Robert Kurtzman and Tom Zimmermann), Journal of Banking and Finance, Special Issue on IFABS 2017 Financial Regulation, May 2022, Volume 138, 105403.

other writings

What Do Over 3,000 Bank Runs Teach Us About Banking Crises?, (with Sergio Correia and Emil Verner), Liberty Street Economics
Using AI to Let History Speak About Bank Runs, (with Sergio Correia and Emil Verner), Liberty Street Economics
Bank failures: The roles of solvency and liquidity (with Sergio Correia and Emil Verner), VoxEU
A New Public Data Source: Call Reports from 1959 to 2025, (with Sergio Correia, Tiffany Fermin, and Emil Verner) Liberty Street Economics
A Historical Perspective on Stablecoins, Liberty Street Economics
What Failing Banks Have in Common: Lessons from 160 Years of US Banking History, Hoover Institution Research Essay
Why Do Banks Fail?, (with Sergio Correia and Emil Verner), CATO Research Brief
Why Do Banks Fail? Bank Runs Versus Solvency, (with Sergio Correia and Emil Verner), Liberty Street Economics
Why Do Banks Fail? The Predictability of Bank Failures, (with Sergio Correia and Emil Verner), Liberty Street Economics
Why Do Banks Fail? Three Facts About Failing Banks, (with Sergio Correia and Emil Verner), Liberty Street Economics
Deposits and the March 2023 Banking Crisis—A Retrospective, (with Matthew Plosser), Liberty Street Economics
Inflating Away the Debt: The Debt-Inflation Channel of German Hyperinflation, (with Markus Brunnermeier, Sergio Correia, Emil Verner and Tom Zimmermann), Liberty Street Economics/VoxEU
Bank Funding during the Current Monetary Policy Tightening Cycle, (with Matthew Plosser and Josh Younger), Liberty Street Economics
Deposit Betas: Up, Up, and Away?, (with Matt Plosser and Alena-Kang Landsberg), Liberty Street Economics
How Do Interest Rates (and Depositors) Impact Measures of Bank Value, (with Matt Plosser and Josh Younger), Liberty Street Economics
Insights from Newly Digitized Banking Data, 1867-1904, (with Sergio Correia), Liberty Street Economics
How the LIBOR Transition Affects the Supply of Revolving Credit, (with Harry Cooperman, Darrell Duffie, Alena-Kang Landsberg, Zachry Wang, and Yilin (David) Yang), Liberty Street Economics
How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History, (with Kristian Blickle and Markus Brunnermeier), Liberty Street Economics
Weathering the Storm: Who Can Access Credit in a Pandemic?, (with Gabriel Chodorow-Reich, Harry Cooperman, Olivier Darmouni, and Matthew Plosser), Liberty Street Economics
The Banking Industry and COVID-19: Lifeline or Life Support?, (with Madeline Finnegan, Sarah Ngo Hamerling, Beverly Hirtle, Anna Kovner, and Matthew Plosser), Liberty Street Economics
Implications of the COVID-19 Disruption for Corporate Leverage, (with Sungmin An and Anna Kovner), Liberty Street Economics
Fight the Pandemic, Save the Economy: Lessons from the 1918 Flu, (with Sergio Correia and Emil Verner), Liberty Street Economics
Once Upon a Time in the Banking Sector, (with Sergio Correia and Mark Carlson), Liberty Street Economics
Ten years later - Did QE work?, (with Tom Zimmermann), Liberty Street Economics

retired working papers

Sovereign Defaults, Bank Runs, and Contagion, (with Paul Schempp), unpublished working paper
Outside Liquidity, Rollover Risk, and Government Bonds, (with Paul Schempp), unpublished working paper
Banks, Shadow Banking and Fragility, (with Paul Schempp), ECB working paper,
- Awarded the Young Economist Award at the ECB Forum in Sintra

(Disclaimer: this is a private homepage and does not represent views of the Federal Reserve System, the Federal Reserve Bank of New York or anyone else but me)