Thomas M. Eisenbach

Federal Reserve Bank of New York

33 Liberty Street

New York, NY 10045

United States

http://teisenbach.github.io/

SCHOLARLY PAPERS

21

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7,745

SSRN CITATIONS
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Top 4,471

in Total Papers Citations

218

CROSSREF CITATIONS

158

Scholarly Papers (21)

1.

Fire-sale Spillovers and Systemic Risk

FRB of New York Staff Report No. 645
Number of pages: 116 Posted: 16 Oct 2013 Last Revised: 06 Dec 2019
Fernando Duarte and Thomas M. Eisenbach
Brown University and Federal Reserve Bank of New York
Downloads 1,082 (35,617)
Citation 56

Abstract:

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systemic risk, fire-sale externalities, leverage, linkage, concentration, bank holding company

2.

Horizon-Dependent Risk Aversion and the Timing and Pricing of Uncertainty

FRB of New York Staff Report No. 703. Rev. July 2023
Number of pages: 87 Posted: 09 Dec 2014 Last Revised: 12 Jul 2023
University of Southern California, Federal Reserve Bank of New York and CEPRUniversity of Oxford - Finance
Downloads 831 (51,591)
Citation 20

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risk aversion, early resolution, term structure, volatility risk

3.

Anxiety in the Face of Risk

FRB of New York Staff Report No. 610
Number of pages: 35 Posted: 03 Apr 2013 Last Revised: 28 Oct 2015
Thomas M. Eisenbach, Martin C. Schmalz and Martin C. Schmalz
Federal Reserve Bank of New York and CEPRUniversity of Oxford - Finance
Downloads 725 (61,820)
Citation 22

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risk premia, insurance, term structure, dynamic inconsistency

4.

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

FRB of New York Staff Report No. 1073, https://doi.org/10.59576/sr.1073
Number of pages: 49 Posted: 25 Sep 2023 Last Revised: 26 Sep 2023
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 662 (69,531)

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stablecoins, money market mutual funds, financial stability, crypto assets, runs, liquidity transformation

5.

Anxiety and Pro-cyclical Risk Taking with Bayesian Agents

FRB of New York Staff Report No. 711
Number of pages: 37 Posted: 21 Feb 2015 Last Revised: 23 Jan 2019
Thomas M. Eisenbach, Martin C. Schmalz and Martin C. Schmalz
Federal Reserve Bank of New York and CEPRUniversity of Oxford - Finance
Downloads 628 (74,337)
Citation 2

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overconfidence, dynamic inconsistency, biases, deception, risk taking

6.

The Term Structure of the Price of Variance Risk

FRB of New York Staff Report No. 736 Rev. June 2023
Number of pages: 22 Posted: 07 Aug 2015 Last Revised: 16 Jun 2023
University of Southern California, Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System and CEPRUniversity of Oxford - Finance
Downloads 435 (116,372)
Citation 6

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volatility risk, option returns, term structure

7.
Downloads 378 (136,749)

Fragility of Safe Asset Markets

FRB of New York Staff Report No. 1026, Rev. August 2023
Number of pages: 55 Posted: 18 Jul 2022 Last Revised: 10 Aug 2023
Thomas M. Eisenbach and Gregory Phelan
Federal Reserve Bank of New York and Williams College
Downloads 311 (167,718)

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safe assets, liquidity shocks, global games, treasury securities, COVID-19

Fragility of Safe Asset Markets

OFR 23-02
Number of pages: 52 Posted: 28 Apr 2023
Thomas M. Eisenbach and Gregory Phelan
Federal Reserve Bank of New York and Williams College
Downloads 67 (582,595)

Abstract:

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C7, G01, G1, G2, E4, E5

Supervising Large, Complex Financial Institutions: What Do Supervisors Do?

Economic Policy Review, Issue 23-1, pp. 57-77, 2017
Number of pages: 21 Posted: 02 Mar 2017 Last Revised: 16 Dec 2017
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York - Banking Studies Department, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 218 (239,915)

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bank supervision, large and complex financial companies

Supervising Large, Complex Financial Institutions: What Do Supervisors Do?

FRB of New York Staff Report No. 729
Number of pages: 40 Posted: 31 May 2015
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York - Banking Studies Department, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 155 (325,342)
Citation 7

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bank supervision, large and complex financial companies

9.
Downloads 356 (146,082)
Citation 17

Bank-Intermediated Arbitrage

FRB of New York Staff Report No. 858
Number of pages: 75 Posted: 20 Jun 2018 Last Revised: 29 Jul 2020
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Independent
Downloads 355 (145,491)
Citation 21

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cost of capital, beta, bank regulation, Dodd-Frank act, banks

Bank-Intermediated Arbitrage

CEPR Discussion Paper No. DP15097
Number of pages: 77 Posted: 28 Jul 2020 Last Revised: 16 Aug 2020
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Independent
Downloads 1 (1,095,497)
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10.

Rollover Risk as Market Discipline: A Two-Sided Inefficiency

FRB of New York Staff Report No. 597
Number of pages: 47 Posted: 05 Feb 2013 Last Revised: 28 Oct 2016
Thomas M. Eisenbach
Federal Reserve Bank of New York
Downloads 349 (149,247)
Citation 29

Abstract:

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global games, rollover risk, market discipline, fire sales

Resource Allocation in Bank Supervision: Trade-offs and Outcomes

FRB of NY Staff Report No. 769
Number of pages: 74 Posted: 21 Mar 2016 Last Revised: 17 May 2021
Thomas M. Eisenbach, David O. Lucca and Robert M. Townsend
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Massachusetts Institute of Technology (MIT)
Downloads 273 (192,230)
Citation 6

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bank supervision, bank regulation, monitoring, time use

The Economics of Bank Supervision

NBER Working Paper No. w22201
Number of pages: 58 Posted: 02 May 2016 Last Revised: 01 Mar 2023
Thomas M. Eisenbach, David O. Lucca and Robert M. Townsend
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Massachusetts Institute of Technology (MIT)
Downloads 56 (639,381)
Citation 3

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12.

Macroeconomics with Financial Frictions: A Survey

NBER Working Paper No. w18102
Number of pages: 96 Posted: 01 Jun 2012 Last Revised: 19 Jun 2022
Markus K. Brunnermeier, Thomas M. Eisenbach and Yuliy Sannikov
Princeton University - Department of Economics, Federal Reserve Bank of New York and Stanford GSB
Downloads 299 (175,873)
Citation 45

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13.

Stability of Funding Models: An Analytical Framework

Economic Policy Review, Vol. 20, No. 1, 2014
Number of pages: 19 Posted: 05 Mar 2014
Thomas M. Eisenbach, Todd Keister, James McAndrews and Tanju Yorulmazer
Federal Reserve Bank of New York, Rutgers, The State University of New Jersey - Department of Economics, Wharton Financial Institutions Center and Koc University
Downloads 268 (196,782)
Citation 2

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financial crisis, bank run, market run, maturity, wholesale funding, liquidity

14.

Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis

FRB of New York Staff Report No. 909, January 2020, Rev. May 2021
Number of pages: 50 Posted: 23 Jan 2020 Last Revised: 27 Apr 2022
Thomas M. Eisenbach, Anna Kovner and Michael Lee
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 254 (207,633)
Citation 25

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cyber, banks, networks, payments

15.

Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission

FRB of NY Staff Report No. 724
Number of pages: 55 Posted: 07 Sep 2017 Last Revised: 08 Apr 2020
Dong Beom Choi, Thomas M. Eisenbach and Tanju Yorulmazer
Seoul National University - Business School, Federal Reserve Bank of New York and Koc University
Downloads 236 (223,072)

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monetary policy transmission, financial frictions, heterogeneous agents, financial intermediation

16.

Pricing Under the Threat of Piracy: Flexibility and Platforms for Digital Goods

Cowles Foundation Discussion Paper No. 1834
Number of pages: 23 Posted: 09 Nov 2011
Dirk Bergemann, Thomas M. Eisenbach, Joan Feigenbaum and Scott Shenker
Yale University - Cowles Foundation - Department of Economics, Federal Reserve Bank of New York, Yale University - Department of Computer Science and University of California, Berkeley - Department of Electrical Engineering & Computer Sciences (EECS)
Downloads 155 (325,072)

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Digital goods, Digital rights management, Platform, Flexibility, Piracy

17.

When It Rains, It Pours: Cyber Risk and Financial Conditions

FRB of New York Staff Report No. 1022, 2022. Rev. August 2023
Number of pages: 25 Posted: 01 Jul 2022 Last Revised: 13 Aug 2023
Thomas M. Eisenbach, Anna Kovner and Michael Lee
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 154 (326,808)
Citation 1

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cyber, banks, networks, payments, COVID-19

18.

Cournot Fire Sales

FRB of New York Staff Report No. 837
Number of pages: 54 Posted: 27 Feb 2018 Last Revised: 24 Nov 2020
Thomas M. Eisenbach and Gregory Phelan
Federal Reserve Bank of New York and Williams College
Downloads 119 (399,077)
Citation 4

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fire sales, pecuniary externalities, overinvestment, liquidity, financial regulation, macroprudential regulation

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

FRB of Boston Supervisory Research & Analysis Unit Working Paper No. SRA 23-02
Number of pages: 50 Posted: 06 Oct 2023
Federal Reserve Banks - Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Sloan School of Management, Students, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 57 (633,758)

Abstract:

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stablecoins, money market mutual funds, financial stability, crypto assets, runs, liquidity transformation

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

FRB of Boston Working Paper No. 23-11
Number of pages: 48 Posted: 09 Oct 2023
Federal Reserve Banks - Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Sloan School of Management, Students, Independent, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Boston, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 55 (644,963)

Abstract:

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stablecoins, money market mutual funds, financial stability, crypto assets, runs, liquidity transformation

20.

Banking System Vulnerability: 2023 Update

Liberty Street Economics
Posted: 16 Nov 2023
Matteo Crosignani, Thomas M. Eisenbach and Fulvia Fringuellotti
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

Abstract:

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banks, capital, fire sales, liquidity, runs

21.

Runs on Stablecoins

Liberty Street Economics
Posted: 12 Jul 2023
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston

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E42