Jeremy C. Stein

Journal Articles

1. Jeremy C. Stein, Jonathan Wallen (2025). The Imperfect Intermediation of Money-Like Assets. Journal Of Finance, Vol. 800, No. 6.DOI
2. Samuel G. Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, Daniel K. Tarullo (2024). The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications. Brookings Papers On Economic Activity.DOI
3. Jeremy C. Stein (2024). Comment. NBER Macroeconomics Annual.DOI
4. Robin Greenwood, Samuel Hanson, Jeremy C. Stein, Adi Sunderam (2023). A Quantity-Driven Theory of Term Premia and Exchange Rates*. Quarterly Journal Of Economics, Vol. 1380, No. 4.DOI
5. Anil Kashyap, Jeremy C. Stein (2023). Monetary Policy When the Central Bank Shapes Financial-Market Sentiment. The Journal of Economic Perspectives.DOI
6. Mitali Das, Gita Gopinath, Helene Hall, Tae-Hoon Kim, Jeremy C. Stein (2022). Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings. American Economic Journal Macroeconomics.DOI
7. Gita Gopinath, Jeremy C. Stein (2021). BANKING, TRADE, AND THE MAKING OF A DOMINANT CURRENCY. Quarterly Journal Of Economics, Vol. 1360, No. 2.DOI
8. Jeremy C. Stein (2021). Can Policy Tame the Credit Cycle? Imf Economic Review, Vol. 690, No. 10.DOI
9. Samuel G. Hanson, Jeremy C. Stein, Adi Sunderam, Eric Zwick (2020). Business Credit Programs in the Pandemic Era. Brookings Papers On Economic Activity.
10. Jeremy C. Stein, Adi Sunderam (2018). The Fed, the Bond Market, and Gradualism in Monetary Policy. Journal Of Finance, Vol. 730, No. 3.DOI
11. Gita Gopinath, Jeremy C. Stein (2018). Trade Invoicing, Bank Funding, and Central Bank Reserve Holdings. AEA Papers and Proceedings.DOI
12. David Lopez-Salido, Jeremy C. Stein, Egon Zakrajsek (2017). CREDIT-MARKET SENTIMENT AND THE BUSINESS CYCLE. Quarterly Journal Of Economics, Vol. 1320, No. 3.DOI
13. Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein, Adi Sunderam (2017). Strengthening and Streamlining Bank Capital Regulation. Brookings Papers On Economic Activity.
14. Brian S. Chen, Samuel Hanson, Jeremy C. Stein (2017). The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets. National Bureau of Economic Research.DOI
15. Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein, Robert W. Vishny (2015). Banks as patient fixed-income investors. Journal Of Financial Economics, Vol. 1170, No. 3.DOI
16. Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein (2015). A Comparative-Advantage Approach to Government Debt Maturity. Journal Of Finance, Vol. 700, No. 4.DOI
17. Victoria Ivashina, David S. Scharfstein, Jeremy C. Stein (2015). DOLLAR FUNDING AND THE LENDING BEHAVIOR OF GLOBAL BANKS. Quarterly Journal Of Economics, Vol. 1300, No. 3.DOI
18. Samuel G. Hanson, Jeremy C. Stein (2015). Monetary policy and long-term real rates. Journal Of Financial Economics, Vol. 1150, No. 3.DOI
19. Darrell Duffie, Jeremy C. Stein (2015). Reforming LIBOR and Other Financial Market Benchmarks. Journal Of Economic Perspectives, Vol. 290, No. 2.DOI
20. Jeremy C. Stein, Adi Sunderam (2015). Gradualism in Monetary Policy: A Time-Consistency Problem? National Bureau of Economic Research.DOI
21. Mark A. Carlson, Burcu Duygan-Bump, Fabio Massimo Natalucci, William Richard Nelson, Marcelo Ochoa, Jeremy C. Stein, Skander Van den Heuvel (2014). The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies. Finance and Economics Discussion Series.DOI
22. Martin Neil Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Kenneth R. French, Anil Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Matthew J. Slaughter, Hyun Song Shin, Jeremy C. Stein, René M. Stulz (2013). Aligning Incentives at Systemically Important Financial Institutions: A Proposal by the Squam Lake Group. Journal of applied corporate finance.DOI
23. Jeremy C. Stein (2012). Monetary Policy as Financial Stability Regulation. Quarterly Journal Of Economics, Vol. 1270, No. 1.DOI
24. Anil K. Kashyap, Jeremy C. Stein (2012). The Optimal Conduct of Monetary Policy with Interest on Reserves. American Economic Journal-Macroeconomics, Vol. 4, No. 1.DOI
25. Jeremy C. Stein (2012). Comment. NBER Macroeconomics Annual.DOI
26. Robert H. Gertner, R. Gibbons, D. Scharfstein, Jeremy C. Stein, T. Tan (2011). Digitized by the Internet Archive in 2011 with Funding from Boston Library Consortium Iviember Libraries Working Paper Department of Economics Simultaneous Signaling to the Capital and Product Markets By.
27. Robin Greenwood, Samuel Hanson, Jeremy C. Stein (2010). A Gap-Filling Theory of Corporate Debt Maturity Choice. Journal Of Finance, Vol. 650, No. 3.DOI
28. Jeremy C. Stein (2010). Securitization, shadow banking & financial fragility. Daedalus.DOI
29. Kenneth R. French, Martin Neil Baily, John Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Anil Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein, René M. Stulz (2010). The Squam Lake Report: Fixing the Financial System*. Journal of applied corporate finance.DOI
30. Jeremy C. Stein (2009). Presidential Address: Sophisticated Investors and Market Efficiency. Journal Of Finance, Vol. 640, No. 4.DOI
31. Harrison Hong, Jeffrey D. Kubik, Jeremy C. Stein (2008). The only game in town: Stock-price consequences of local bias. Journal Of Financial Economics, Vol. 900, No. 1.DOI
32. Philippe Aghion, Jeremy C. Stein (2008). Growth versus margins: Destabilizing consequences of giving the stock market what it wants. Journal Of Finance, Vol. 630, No. 3.DOI
33. Philippe Aghion, Mathias Dewatripont, Jeremy C. Stein (2008). Academic freedom, private-sector focus, and the process of innovation. Rand Journal Of Economics, Vol. 390, No. 3.DOI
34. Joseph S. Chen, Samuel Hanson, Harrison G. Hong, Jeremy C. Stein (2008). Do Hedge Funds Profit From Mutual-Fund Distress? National Bureau of Economic Research.DOI
35. K. Froot, D. Scharfstein, Jeremy C. Stein (2008). Gestão do risco: coordenação dos investimentos corporativos e das políticas de financiamento.
36. Oliver Hart, Harvard University, Nber, Bengt Holmstrom, Philippe Aghion, George P. Baker, L. Bebchuk, Pablo Casas-Arce, M. Dewatripont, Robert S. Gibbons, L. Kaplow, Meg Meyer, D. Scharfstein, Chris Snyder, Jeremy C. Stein, Lars A. Stole, E. Van den Steen (2008). " a Theory of Firm Scope " *.
37. Harrison Hong, Jeremy C. Stein, Jialin Yu (2007). Simple forecasts and paradigm shifts. Journal Of Finance, Vol. 620, No. 3.DOI
38. Malcolm Baker, Joshua Coval, Jeremy C. Stein (2007). Corporate financing decisions when investors take the path of least resistance. Journal Of Financial Economics, Vol. 840, No. 2.DOI
39. Harrison Hong, Jeremy C. Stein (2007). Disagreement and the stock market. Journal Of Economic Perspectives, Vol. 210, No. 2.DOI
40. Harrison G. Hong, Jeffrey D. Kubik, Jeremy C. Stein (2005). Thy Neighbor's Portfolio: Word‐of‐Mouth Effects in the Holdings and Trades of Money Managers. The Journal of Finance.DOI
41. Malcolm P. Baker, Jeremy C. Stein (2004). Market liquidity as a sentiment indicator. Journal of Financial Markets.DOI
42. Harrison G. Hong, Jeremy C. Stein (2003). Differences of Opinion, Short-Sales Constraints, and Market Crashes. Review of Financial Studies.DOI
43. Jeremy C. Stein (2002). Information Production and Capital Allocation: Decentralized versus Hierarchical Firms. The Journal of Finance.DOI
44. Anil Kashyap, Raghuram G. Rajan, Jeremy C. Stein (2002). Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit‐taking. The Journal of Finance.DOI
45. Allen N. Berger, Nathan Miller, Mitchell A. Petersen, Raghuram G. Rajan, Jeremy C. Stein (2002). Does Function Follow Organizational Form? Evidence From the Lending Practices of Large and Small Banks. National Bureau of Economic Research.DOI
46. Jeremy C. Stein, Stephen E. Usher, Daniel LaGattuta, Jeff Youngen (2001). A COMPARABLES APPROACH TO MEASURING CASHFLOW‐AT‐RISK FOR NON‐FINANCIAL FIRMS. Journal of applied corporate finance.DOI
47. Harrison G. Hong, Terence Lim, Jeremy C. Stein (2000). Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies.DOI
48. D. Scharfstein, Jeremy C. Stein (2000). The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment.DOI
49. Harrison G. Hong, Jeremy C. Stein (1999). Differences of Opinion, Rational Arbitrage and Market Crashes.DOI
50. Jeremy C. Stein (1998). An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy. The RAND Journal of Economics.DOI
51. Harrison G. Hong, Jeremy C. Stein (1997). A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset Markets.DOI
52. Anil Kashyap, Jeremy C. Stein (1997). What Do a Million Banks Have to Say About the Transmission of Monetary Policy? National Bureau of Economic Research.DOI
53. Jeremy C. Stein (1997). Internal Capital Markets and the Competition for Corporate Resources.DOI
54. Jeremy C. Stein (1996). Rational Capital Budgeting In An Irrational World. The Journal of Business.DOI
55. Kenneth A. Froot, Jeremy C. Stein (1996). Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach. National Bureau of Economic Research.DOI
56. Jeremy C. Stein (1995). Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects.DOI
57. Jeremy C. Stein (1994). Waves of Creative Destruction: Customer Bases and the Dynamics of Innovation. National Bureau of Economic Research.DOI
58. Robert H. Gertner, D. Scharfstein, Jeremy C. Stein (1994). Internal Versus External Capital Markets.DOI
59. Kenneth A. Froot, David S. Scharfstein, Jeremy C. Stein (1993). Risk Management: Coordinating Corporate Investment and Financing Policies. The Journal of Finance.DOI
60. Anil Kashyap, Jeremy C. Stein (1993). Monetary Policy and Bank Lending. National Bureau of Economic Research.DOI
61. Anil Kashyap, Owen A Lamont, Jeremy C. Stein (1992). Credit Conditions and the Cyclical Behavior of Inventories: A Case Studyof the 1981-82 Recession. National Bureau of Economic Research.DOI
62. Kenneth A. Froot, David S. Scharfstein, Jeremy C. Stein (1992). Herd on the Street: Informational Inefficiencies in a Market with Short‐Term Speculation. The Journal of Finance.DOI
63. Anil Kashyap, Jeremy C. Stein, David W. Wilcox (1992). Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance. National Bureau of Economic Research.DOI
64. K. Froot, André F. Perold, Jeremy C. Stein (1991). Shareholder Trading Practices and Corporate Investment Horizons.DOI
65. Steven Kaplan, Jeremy C. Stein (1990). How Risky is the Debt in Highly Leveraged Transactions? Evidence from Public Recapitalizations. National Bureau of Economic Research.DOI
66. Jeremy C. Stein (1989). Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior. The Quarterly Journal of Economics.DOI
67. Jeremy C. Stein (1989). Overreactions in the Options Market. The Journal of Finance.DOI
68. Kenneth A. Froot, Jeremy C. Stein (1989). Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach. National Bureau of Economic Research.DOI
69. Kenneth A. Froot, David S. Scharfstein, Jeremy C. Stein (1988). LDC Debt: Forgiveness, Indexation, and Investment Incentives. The Journal of Finance.DOI
70. Jonathan S. Feinstein, Jeremy C. Stein (1988). Employee opportunism and redundancy in firms. Journal of Economic Behavior & Organization.DOI
71. Bruce C. N. Greenwald, Jeremy C. Stein (1988). The Task Force Report: The Reasoning Behind the Recommendations. The Journal of Economic Perspectives.DOI
72. Jeremy C. Stein (1987). Informational Externalities and Welfare-Reducing Speculation. Journal of Political Economy.DOI

Preprints

1. John Y. Campbell, Jeremy C. Stein, Alex A. Wu (2024). Economic Budgeting for Endowment-Dependent Universities. SSRN Electronic Journal.DOI
2. Martin Neil Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Kenneth R. French, Anil Kashyap, Frederic S. Mishkin, David S. Scharfstein, Robert J. Shiller, Matthew J. Slaughter, Hyun Song Shin, Jeremy C. Stein, René M. Stulz (2011). Reforming Money Market Funds. SSRN Electronic Journal.DOI
3. Samuel Hanson, Anil Kashyap, Jeremy C. Stein (2010). A Macroprudential Approach to Financial Regulation. SSRN Electronic Journal.DOI
4. Jeremy C. Stein (2007). Conversations Among Competitors. SSRN Electronic Journal.DOI
5. Owen A Lamont, Jeremy C. Stein (2005). Investor Sentiment and Corporate Finance: Micro and Macro. SSRN Electronic Journal.DOI
6. Jeremy C. Stein (2004). Why are Most Funds Open-End? Competition and the Limits of Arbitrage. SSRN Electronic Journal.DOI
7. Owen A Lamont, Jeremy C. Stein (2004). Aggregate Short Interest and Market Valuations. SSRN Electronic Journal.DOI
8. Malcolm P. Baker, Jeffrey A. Wurgler, Jeremy C. Stein (2002). When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms. SSRN Electronic Journal.DOI
9. Jeffrey D. Kubik, Harrison G. Hong, Jeremy C. Stein (2001). Social Interaction and Stock Market Participation. SSRN Electronic Journal.DOI
10. Joseph S. Chen, Harrison G. Hong, Jeremy C. Stein (2001). Breadth of Ownership and Stock Returns. SSRN Electronic Journal.DOI
11. Joseph S. Chen, Harrison G. Hong, Jeremy C. Stein (2000). Forecasting Crashes: Trading Volume, Past Returns and Conditional Skewness in Stock Prices. SSRN Electronic Journal.DOI
12. Owen A Lamont, Jeremy C. Stein (1999). Leverage and House-Price Dynamics in U.S. Cities. SSRN Electronic Journal.DOI
13. Jeremy C. Stein (1992). Convertible Bonds as. SSRN Electronic Journal.

Book Chapters

1. Robin Marc Greenwood, Samuel Hanson, Jeremy C. Stein (2018). The Federal Reserve’s Balance Sheet as a Financial-Stability Tool. World Scientific-Now Publishers series in business.DOI
2. David S. Scharfstein, Jeremy C. Stein (2008). The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment. Springer eBooks.DOI
3. Jeremy C. Stein (2001). Agency, Information and Corporate Investment. Handbook of the economics of finance.DOI