Stephan Luck

Hi there!

I work as an economist at the Federal Reserve Bank of New York.

I am interested in financial economics, macroeconomics, and economic history.

Google Scholar Profile.


Contact information:


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


  1. 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.

  2. 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.

  3. 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, May 2022, Volume 138, 105403.

  4. 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.

  5. Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu, (with Sergio Correia and Emil Verner), Journal of Economic History, forthcoming.

  6. Inefficient Liquidity Creation, (with Paul Schempp), Journal of Financial Intermediation, accepted.

  7. Digitizing Historical Balance Sheet Data: A Practitioner’s Guide, (with Sergio Correia), Explorations in Economic History, accepted.

working papers:

other writings (online publications/old working papers)