Stephane Verani

Board of Governors of the Federal Reserve System

Principal Economist

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

http://www.federalreserve.gov/econresdata/stephane-verani.htm

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

17

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6,210

TOTAL CITATIONS
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Top 6,647

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81

Scholarly Papers (17)

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1.

Are US Life Insurers the New Shadow Banks?

Number of pages: 64 Posted: 25 Feb 2020 Last Revised: 21 Apr 2023
Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 2,690 (10,762)
Citation 1

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shadow banking, insurance companies, annuities, private debt, private equity, leveraged loans, collateralized loan obligations

2.

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Downloads 582 (99,278)
Citation 13

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Number of pages: 73 Posted: 24 Oct 2014 Last Revised: 07 Jan 2020
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 259 (246,391)

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Shadow banking, self-fulfilling runs, life insurance companies, funding agreement-backed securities

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

Number of pages: 73 Posted: 18 Oct 2015 Last Revised: 07 Jan 2020
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 219 (290,804)
Citation 9

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Shadow banking, self-fulfilling runs, life insurance companies, funding agreement-backed securities

Self-Fulfilling Runs: Evidence from the U.S. Life Insurance Industry

FEDS Working Paper No. 2015-32r1, http://dx.doi.org/10.17016/FEDS.2015.032r1
Number of pages: 51 Posted: 31 May 2015
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 104 (548,385)
Citation 4

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Shadow banking, self-fulfilling runs, life insurance companies, funding agreement-backed securities

3.

From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply

Downloads 452 (135,240)
Citation 32

From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply

Journal of Finance, Forthcoming
Number of pages: 44 Posted: 28 Aug 2012 Last Revised: 15 Jan 2014
Rodney Ramcharan, Stephane Verani and Skander Van den Heuvel
University of Southern California, Marshall School of Business, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 324 (194,682)
Citation 30

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credit, crisis, banking

From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply

FEDS Working Paper No. 2013-10
Number of pages: 54 Posted: 04 Apr 2013
Rodney Ramcharan, Skander Van den Heuvel and Stephane Verani
University of Southern California, Marshall School of Business, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 128 (466,829)
Citation 2

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Asset backed securities, credit supply, credit unions

4.

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

Downloads 394 (158,473)
Citation 5

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

Number of pages: 61 Posted: 02 Dec 2015 Last Revised: 07 Jan 2020
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 254 (251,367)
Citation 3

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securities lending, wholesale funding, corporate bonds, repo, interest rate risk management, life insurers

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

NBER Working Paper No. w22774
Number of pages: 40 Posted: 31 Oct 2016 Last Revised: 25 Mar 2023
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 75 (674,829)
Citation 2

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Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry

FEDS Working Paper No. 2016-050
Number of pages: 38 Posted: 27 Jun 2016
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 65 (729,909)

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Securities lending, Wholesale funding, Life insurers, Market liquidity

5.

What's Wrong with Annuity Markets?

Downloads 371 (169,476)
Citation 6

What's Wrong with Annuity Markets?

UNSW Economics Working Paper 2020-10
Number of pages: 86 Posted: 14 Aug 2020 Last Revised: 27 Jan 2024
Stephane Verani and Pei Cheng Yu
Board of Governors of the Federal Reserve System and UNSW Australia Business School, School of Economics
Downloads 280 (227,470)

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life annuities; corporate bond market; retirement; interest rate risk; adverse selection

What's Wrong with Annuity Markets?

FEDS Working Paper No. 2021-44
Number of pages: 69 Posted: 10 Aug 2021 Last Revised: 07 Sep 2021
Stephane Verani and Pei Cheng Yu
Board of Governors of the Federal Reserve System and UNSW Australia Business School, School of Economics
Downloads 91 (600,670)
Citation 6

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6.

Over-the-Counter Market Liquidity and Securities Lending

Downloads 314 (203,019)
Citation 6

Over-the-Counter Market Liquidity and Securities Lending

Number of pages: 35 Posted: 16 Nov 2016 Last Revised: 19 Apr 2018
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 188 (336,045)
Citation 3

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Over-The-Counter Markets, Corporate Bonds, Market Liquidity, Securities Lending, Insurance Companies

Over-the-Counter Market Liquidity and Securities Lending

FEDS Working Paper No. 2019-011
Number of pages: 61 Posted: 05 Mar 2019
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 83 (636,156)
Citation 2

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Broker-dealers, Corporate bonds, Insurance companies, Market liquidity, Over-the-counter markets, Securities lending

Over-the-Counter Market Liquidity and Securities Lending

BIS Working Paper No. 768
Number of pages: 55 Posted: 27 Feb 2019
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 43 (889,178)
Citation 1

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over-the-counter markets, corporate bonds, market liquidity, securities lending, insurance companies, broker-dealers

7.

Financing Constraints, Firm Dynamics, and International Trade

Downloads 287 (223,352)
Citation 8

Financing Constraints, Firm Dynamics, and International Trade

FEDS Working Paper No. 2012-68
Number of pages: 48 Posted: 01 Jan 2013
Till Gross and Stephane Verani
Carleton University and Board of Governors of the Federal Reserve System
Downloads 191 (331,126)
Citation 4

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private information, private information, long-term lending contracts, exporter dynamics, international trade, financial intermediation

Financing Constraints, Firm Dynamics, and International Trade

Number of pages: 52 Posted: 09 Sep 2012 Last Revised: 05 May 2013
Till Gross and Stephane Verani
Carleton University and Board of Governors of the Federal Reserve System
Downloads 96 (580,164)
Citation 4

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private information, long-term financial contracts, exporter dynamics, international trade, financial intermediation

8.

Measuring Interest Rate Risk Management by Financial Institutions

Downloads 281 (228,299)
Citation 1

Measuring Interest Rate Risk Management by Financial Institutions

Number of pages: 77 Posted: 09 Nov 2023
Celso Brunetti, Nathan Foley-Fisher and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 196 (323,172)

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Financial institutions, interest rate risk management, high-frequency financial econometrics, subsampling, life insurers

Measuring Interest Rate Risk Management by Financial Institutions

FEDS Working Paper No. 2023-67
Number of pages: 68 Posted: 20 Oct 2023
Celso Brunetti, Nathan Foley-Fisher and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 85 (627,088)
Citation 1

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Financial institutions, Interest rate risk management, High-frequency financial econometrics, Subsampling, Life insurers

9.

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

Downloads 277 (231,629)
Citation 6

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

Number of pages: 71 Posted: 21 Dec 2020 Last Revised: 12 Oct 2021
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 173 (362,373)

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safe debt, adverse selection, information sensitivity, collateralized loan obligations

Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

FEDS Working Paper No. 2020-88, Yale Program on Financial Stability Working Paper
Number of pages: 60 Posted: 27 Oct 2020 Last Revised: 04 Nov 2020
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 76 (669,680)

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Adverse Selection Dynamics in Privately-Produced Safe Debt Markets

NBER Working Paper No. w28016
Number of pages: 60 Posted: 02 Nov 2020 Last Revised: 21 Jul 2023
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 28 (1,041,869)
Citation 6

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10.

Who Limits Arbitrage?

Number of pages: 40 Posted: 18 Apr 2019 Last Revised: 11 Oct 2024
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 194 (327,374)

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limits of arbitrage, securities lending, life insurers, corporate bonds, market

11.

The Informational Centrality of Banks

Downloads 129 (462,335)

The Informational Centrality of Banks

Number of pages: 65 Posted: 24 Jan 2024
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 70 (701,270)

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price informativeness, asset pricing, banking system, financial crises

The Informational Centrality of Banks

FEDS Working Paper No. 2024-6
Number of pages: 66 Posted: 27 Feb 2024
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 48 (847,116)

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Price informativeness, Asset pricing, Banking system, Financial crises

The Informational Centrality of Banks

NBER Working Paper No. w32007
Number of pages: 66 Posted: 02 Jan 2024
Nathan Foley-Fisher, Gary B. Gorton and Stephane Verani
Board of Governors of the Federal Reserve System, Yale School of Management and Board of Governors of the Federal Reserve System
Downloads 11 (1,267,302)
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12.

Aggregate Consequences of Dynamic Credit Relationships

Downloads 109 (525,489)
Citation 3

Aggregate Consequences of Dynamic Credit Relationships

Number of pages: 56 Posted: 26 Nov 2016 Last Revised: 21 Oct 2018
Stephane Verani
Board of Governors of the Federal Reserve System
Downloads 62 (748,245)
Citation 2

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Private Information, Limited Enforcement, Dynamic Financial Contracting, Financial Development, Firm Dynamics, Colombia

Aggregate Consequences of Dynamic Credit Relationships

FEDS Working Paper No. 2015-063
Number of pages: 61 Posted: 28 Jan 2015 Last Revised: 08 Sep 2015
Stephane Verani
Board of Governors of the Federal Reserve System
Downloads 47 (855,239)
Citation 1

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private information; limited enforcement; financial contracting; financial development; firm dynamics

13.

Life Insurers' Role in the Intermediation Chain of Public and Private Credit to Risky Firms 

Number of pages: 14 Posted: 18 Nov 2024 Last Revised: 06 Dec 2024
Sydney Carlino, Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 95 (578,177)

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collateralized loan obligations, private credit, life insurers, leveraged loans, business development companies, joint venture loan funds, middle market loans

14.

Online Appendix- Further Robustness Tests

BIS Working Paper No. 768 (Appendix)
Number of pages: 8 Posted: 27 Feb 2019
Nathan Foley-Fisher, Stefan Gissler and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 35 (940,118)

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15.

How Do U.S. Life Insurers Manage Liquidity in Times of Stress?

FEDS Notes No. 2022-08-23
Posted: 03 Oct 2022
Nathan Foley-Fisher, Nathan Heinrich and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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16.

Assessing the Size of the Risks Posed by Life Insurers' Nontraditional Liabilities

FEDS Notes No. 2019-05-21-1
Posted: 26 Jul 2019
Nathan Foley-Fisher, Borghan Narajabad and Stephane Verani
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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17.

Funding Agreement-Backed Securities in the Enhanced Financial Accounts

FEDS Notes No. 2016-08-05-2 http://dx.doi.org/10.17016/2380-7172.1823
Posted: 22 Oct 2016
Stephane Verani, Maria G. Perozek, Borghan Narajabad, Ralf Meisenzahl and Nathan Foley-Fisher
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System

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