Research

Publications

• Aramonte, Sirio, Seung Jung Lee, and Viktors Stebunovs (2019). "Risk Taking and Low Longer-term Interest Rates: Evidence from the U.S. Syndicated Loan Market," Journal of Banking and Finance, forthcoming.

  • Earlier version cited in: Governor Jerome H. Powell's speech "Monetary Policy Accommodation, Risk-Taking, and Spillovers" at the Global Research Forum on International Macroeconomics and Finance, November 14, 2014, Washington, D.C.

• Seung Jung Lee, Lucy Qian Liu, Viktors Stebunovs (2019). "Risk-taking spillovers of US monetary policy in the global market for U.S. dollar corporate loans," Journal of Banking and Finance, forthcoming.

• Argimon, Isabel, Clemens Bonner, Ricardo Correa, Patty Duijm, Jon Frost, Jakob de Haan, Leo de Haan, and Viktors Stebunovs (2019). "Financial Institutions' Business Models and the Global Transmission of Monetary Policy," Journal of International Money and Finance, vol. 90, pp. 99-117.

• Lee, Seung Jung, Kelly Posenau, and Viktors Stebunovs (2018). "The Anatomy of Financial Vulnerabilities and Crises," Journal of Banking and Finance, forthcoming.

• Lee, Seung Jung and Viktors Stebunovs (2016). "Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment," Journal of Economics and Business, vol. 83, pp. 44-69.

  • Cited in: Bill Nelson, "WSJ Column Combines Two Academic Papers and Draws the Wrong Conclusion," The Clearing House blog, September 23, 2016.

• Cacciatore, Matteo, Fabio Ghironi, and Viktors Stebunovs (2015). "The Domestic and International Effects of Interstate U.S. Banking," Journal of International Economics, vol. 95, no. 2, pp. 171-187.

• Haltenhof, Samuel, Seung Jung Lee, and Viktors Stebunovs (2014). "The Credit Crunch and Fall in Employment during the Great Recession," Journal of Economic Dynamics and Control, vol. 43, pp. 31-57.

• Bech, Morten, Elizabeth Klee, and Viktors Stebunovs (2014). "The Repo and Federal Funds Markets before, during, and Emerging from the Financial Crisis," in Chadha, Jagjit S., Alain C. J. Durre, Michael A. S. Joyce and Lucio Sarno eds., Developments in Macro-Finance Yield Curve Modelling. Cambridge, Mass: Cambridge University Press, pp. 293-325.

Blog posts

• Bodovski, David, Hannah Firestone, Seung Jung Lee, and Viktors Stebunovs (2021). "Bank Lending Conditions during the Pandemic," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, October 15, 2021.

• Coleman, Nicholas and Viktors Stebunovs (2019). "Do Negative Interest Rates Explain Low Profitability of European Banks?", FEDS Notes. Washington: Board of Governors of the Federal Reserve System, November 29, 2019.

• Niepmann, Friederike, and Viktors Stebunovs (2018). "How EU banks modelled their stress away in the 2016 EBA stress tests," VoxEU/CEPR, July 30, 2018.

Working papers

• Niepmann, Friederike, and Viktors Stebunovs (2018). "Modeling Your Stress Away," International Finance Discussion Papers 1232. Board of Governors of the Federal Reserve System (U.S.).

  • Cited in: Haselmann, Rainer and Mark Wahrenburg (2018). "How demanding and consistent is the 2018 stress test design in comparison to previous exercises?", report for the European Parliament's Committee on Economic and Monetary Affairs; 2018 Annual Report, Bank of International Settlements; Central Banking column "Banks tend to game stress tests, Fed economists say," July 23, 2018; WSJ Pro Central Banking column "Modeling Their Stress Away," July 30, 2018; EuroIntelligence Professional Daily Morning Newsbriefing, August 2, 2018.

• Lee, Seung Jung, Lucy Q. Liu, and Viktors Stebunovs (2017). "Risk Taking and Interest Rates: Evidence from Decades in the Global Syndicated Loan Market," International Finance Discussion Papers 1188. Board of Governors of the Federal Reserve System.

  • Cited in: Governor Jerome H. Powell's speech "Monetary Policy Accommodation, Risk-Taking, and Spillovers" at the Global Research Forum on International Macroeconomics and Finance, November 14, 2014, Washington, D.C.

• Banegas, Ayelen, Ruth Judson, Charles Sims, and Viktors Stebunovs (2015). "International Dollar Flows," International Finance Discussion Papers 1144. Board of Governors of the Federal Reserve System.

• Lee, Seung Jung, and Viktors Stebunovs (2012). "Bank Capital Ratios and the Structure of Nonfinancial Industries," Finance and Economics Discussion Series 2012-53. Board of Governors of the Federal Reserve System (U.S.).

• Bech, Morten L., Elizabeth Klee, and Viktors Stebunovs (2012). "Arbitrage, Liquidity and Exit: The Repo and Federal Funds Markets before, during, and Emerging from the Financial Crisis," Finance and Economics Discussion Series 2012-21. Board of Governors of the Federal Reserve System (U.S.).

• Gaul, Lewis, and Viktors Stebunovs (2009). "Ownership and Asymmetric Information Problems in the Corporate Loan Market: Evidence from a Heteroskedastic Regression," OCC Economics Working Paper 2009-1. Office of the Comptroller of the Currency.

• Stebunovs, Viktors (2007). "Finance as a Barrier to Entry in Dynamic Stochastic General Equilibrium (DSGE) Models," Ph.D. dissertation, Boston College.

Work in progress

• Cohen, Gregory J., Seung Jung Lee, and Viktors Stebunovs. "Limits to Monetary Policy Transmission at the Zero Lower Bound and Beyond: The Role of Nonbanks," mimeo. Washington: Board of Governors of the Federal Reserve System.

• Lee, Seung Jung, Lucy Q. Liu, and Viktors Stebunovs. "The Effects of U.S. Unconventional Monetary Policy on Employment in Disaggregated Data," mimeo. Washington: Board of Governors of the Federal Reserve System.