Details about Thomas M. Eisenbach

Access statistics for papers by Thomas M. Eisenbach.

Last updated 2024-12-27. Update your information in the RePEc Author Service.

Short-id: pei36

Working Papers

2024

1. Anatomy of the Bank Runs in March 2023
   Liberty Street Economics, Federal Reserve Bank of New York
   See also Journal Article Anatomy of the Bank Runs in March 2023, Richmond Fed Economic Brief, Federal Reserve Bank of Richmond (2024) (2024)
2. Banking System Vulnerability: 2024 Update
   Liberty Street Economics, Federal Reserve Bank of New York
3. Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Staff Reports, Federal Reserve Bank of New York (2014) View citations (12)
   See also Journal Article Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty, The Review of Financial Studies, Society for Financial Studies (2024) (2024)
4. Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?
   Supervisory Research and Analysis Working Papers, Federal Reserve Bank of Boston
   Also in Working Papers, Federal Reserve Bank of Boston (2023) View citations (1)
   Staff Reports, Federal Reserve Bank of New York (2023) View citations (1)
5. Stablecoins and Crypto Shocks
   Liberty Street Economics, Federal Reserve Bank of New York
6. Tracing Bank Runs in Real Time
   Working Paper, Federal Reserve Bank of Richmond
   Also in Staff Reports, Federal Reserve Bank of New York (2024) View citations (1)

2023

7. Banking System Vulnerability: 2023 Update
   Liberty Street Economics, Federal Reserve Bank of New York
8. Fragility of Safe Assets
   Working Papers, Office of Financial Research, US Department of the Treasury
9. OFR Models One Theory on the Cause of March 2020’s Treasury Market Fragility
   The OFR Blog, Office of Financial Research, US Department of the Treasury
10. Runs on Stablecoins
    Liberty Street Economics, Federal Reserve Bank of New York

2022

11. Banking System Vulnerability: 2022 Update
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
12. Fragility of Safe Asset Markets
    Staff Reports, Federal Reserve Bank of New York View citations (1)
13. How Can Safe Asset Markets Be Fragile?
    Liberty Street Economics, Federal Reserve Bank of New York
14. When It Rains, It Pours: Cyber Risk and Financial Conditions
    Staff Reports, Federal Reserve Bank of New York View citations (1)

2021

15. Banking System Vulnerability through the COVID-19 Pandemic
    Liberty Street Economics, Federal Reserve Bank of New York
16. How Does Market Power Affect Fire-Sale Externalities?
    Liberty Street Economics, Federal Reserve Bank of New York

2020

17. Bank-Intermediated Arbitrage
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in Staff Reports, Federal Reserve Bank of New York (2018) View citations (11)
    Liberty Street Economics, Federal Reserve Bank of New York (2018) View citations (12)
18. Cournot Fire Sales
    Department of Economics Working Papers, Department of Economics, Williams College
    Also in Department of Economics Working Papers, Department of Economics, Williams College (2018)
    Staff Reports, Federal Reserve Bank of New York (2018)
    See also Journal Article Cournot Fire Sales, American Economic Journal: Macroeconomics, American Economic Association (2022) (2022)
19. Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis
    Staff Reports, Federal Reserve Bank of New York View citations (3)
    See also Journal Article Cyber risk and the U.S. financial system: A pre-mortem analysis, Journal of Financial Economics, Elsevier (2022) View citations (12) (2022)
20. How Has COVID-19 Affected Banking System Vulnerability?
    Liberty Street Economics, Federal Reserve Bank of New York
21. How Has Post-Crisis Banking Regulation Affected Hedge Funds and Prime Brokers?
    Liberty Street Economics, Federal Reserve Bank of New York

2019

22. Banking System Vulnerability: Annual Update
    Liberty Street Economics, Federal Reserve Bank of New York
23. Since the Financial Crisis, Aggregate Payments Have Co-moved with Aggregate Reserves. Why?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2018

24. Ten Years after the Crisis, Is the Banking System Safer?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2017

25. Mission Almost Impossible: Developing a Simple Measure of Pass-Through Efficiency
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
26. The Term Structure of the Price of Variance Risk
    2017 Meeting Papers, Society for Economic Dynamics
    Also in Staff Reports, Federal Reserve Bank of New York (2015) View citations (14)
27. What Makes a Safe Asset Safe?
    Liberty Street Economics, Federal Reserve Bank of New York

2016

28. Are Asset Managers Vulnerable to Fire Sales?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (23)
29. Quantifying Potential Spillovers from Runs on High-Yield Funds
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
30. Resource Allocation in Bank Supervision: Trade-offs and Outcomes
    Staff Reports, Federal Reserve Bank of New York View citations (15)
    See also Journal Article Resource Allocation in Bank Supervision: Trade‐Offs and Outcomes, Journal of Finance, American Finance Association (2022) View citations (4) (2022)
31. The Economics of Bank Supervision
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
32. The Economics of Bank Supervision: So Much to Do, So Little Time
    Liberty Street Economics, Federal Reserve Bank of New York View citations (10)

2015

33. Anxiety and pro-cyclical risk taking with Bayesian agents
    Staff Reports, Federal Reserve Bank of New York View citations (5)
34. Asset Pricing with Horizon-Dependent Risk Aversion
    2015 Meeting Papers, Society for Economic Dynamics View citations (8)
35. Have Dealers' Strategies in the GCF Repo® Market Changed?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
36. Supervising large, complex financial companies: what do supervisors do?
    Staff Reports, Federal Reserve Bank of New York View citations (5)
37. Watering a lemon tree: heterogeneous risk taking and monetary policy transmission
    Staff Reports, Federal Reserve Bank of New York View citations (1)
    See also Journal Article Watering a lemon tree: Heterogeneous risk taking and monetary policy transmission, Journal of Financial Intermediation, Elsevier (2021) View citations (1) (2021)

2014

38. At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
    Liberty Street Economics, Federal Reserve Bank of New York
39. Factors that Affect Bank Stability
    Liberty Street Economics, Federal Reserve Bank of New York
40. Fire-Sale Spillovers and Systemic Risk
    2014 Meeting Papers, Society for Economic Dynamics View citations (15)
    Also in Staff Reports, Federal Reserve Bank of New York (2013) View citations (101)
    See also Journal Article Fire‐Sale Spillovers and Systemic Risk, Journal of Finance, American Finance Association (2021) View citations (31) (2021)
41. On Fire-Sale Externalities, TARP Was Close to Optimal
    Liberty Street Economics, Federal Reserve Bank of New York
42. What Makes a Bank Stable? A Framework for Analysis
    Liberty Street Economics, Federal Reserve Bank of New York

2013

43. Anxiety in the face of risk
    Staff Reports, Federal Reserve Bank of New York View citations (5)
    Also in Working Papers, Princeton University, Department of Economics, Econometric Research Program. (2011)
    See also Journal Article Anxiety in the face of risk, Journal of Financial Economics, Elsevier (2016) View citations (22) (2016)
44. Rollover risk as market discipline: a two-sided inefficiency
    Staff Reports, Federal Reserve Bank of New York View citations (14)
    See also Journal Article Rollover risk as market discipline: A two-sided inefficiency, Journal of Financial Economics, Elsevier (2017) View citations (45) (2017)

2012

45. In a Relationship: Evidence of Underwriters’ Efforts to Stabilize the Share Price in the Facebook IPO
    Liberty Street Economics, Federal Reserve Bank of New York
46. Macroeconomics with Financial Frictions: A Survey
    Levine's Working Paper Archive, David K. Levine View citations (235)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (210)

2011

47. Pricing under the Threat of Piracy: Flexibility and Platforms for Digital Goods
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University View citations (2)

2005

48. Flexibility as an Instrument in Digital Rights Management
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University View citations (2)

Journal Articles

2025

1. When It Rains, It Pours: Cyber Vulnerability and Financial Conditions
   Economic Policy Review, 2025, 31, (1), 1-24

2024

2. Anatomy of the Bank Runs in March 2023
   Richmond Fed Economic Brief, 2024, 24, (39)
   See also Working Paper Anatomy of the Bank Runs in March 2023, Liberty Street Economics (2024) (2024)
3. Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty
   The Review of Financial Studies, 2024, 37, (11), 3272-3334
   See also Working Paper Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty, CEPR Discussion Papers (2024) (2024)

2022

4. Cournot Fire Sales
   American Economic Journal: Macroeconomics, 2022, 14, (3), 508-42
   See also Working Paper Cournot Fire Sales, Department of Economics Working Papers (2020) (2020)
5. Cyber risk and the U.S. financial system: A pre-mortem analysis
   Journal of Financial Economics, 2022, 145, (3), 802-826 View citations (12)
   See also Working Paper Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis, Staff Reports (2020) View citations (3) (2020)
6. Resource Allocation in Bank Supervision: Trade‐Offs and Outcomes
   Journal of Finance, 2022, 77, (3), 1685-1736 View citations (4)
   See also Working Paper Resource Allocation in Bank Supervision: Trade-offs and Outcomes, Staff Reports (2016) View citations (15) (2016)

2021

7. Fire‐Sale Spillovers and Systemic Risk
   Journal of Finance, 2021, 76, (3), 1251-1294 View citations (31)
   See also Working Paper Fire-Sale Spillovers and Systemic Risk, 2014 Meeting Papers (2014) View citations (15) (2014)
8. Watering a lemon tree: Heterogeneous risk taking and monetary policy transmission
   Journal of Financial Intermediation, 2021, 47, (C) View citations (1)
   See also Working Paper Watering a lemon tree: heterogeneous risk taking and monetary policy transmission, Staff Reports (2015) View citations (1) (2015)

2017

9. Rollover risk as market discipline: A two-sided inefficiency
   Journal of Financial Economics, 2017, 126, (2), 252-269 View citations (45)
   See also Working Paper Rollover risk as market discipline: a two-sided inefficiency, Staff Reports (2013) View citations (14) (2013)
10. Supervising large, complex financial institutions: what do supervisors do?
    Economic Policy Review, 2017, (23-1), 57-77 View citations (14)

2016

11. Anxiety in the face of risk
    Journal of Financial Economics, 2016, 121, (2), 414-426 View citations (22)
    See also Working Paper Anxiety in the face of risk, Staff Reports (2013) View citations (5) (2013)
12. Sooner or Later: Timing of Monetary Policy with Heterogeneous Risk-Taking
    American Economic Review, 2016, 106, (5), 490-95 View citations (6)

2014

13. Stability of funding models: an analytical framework
    Economic Policy Review, 2014, (Feb), 29-47 View citations (23)