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Giovanni Favara

Board of Governors of the Federal Reserve System

Assistant Director

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

http://www.giovannifavara.com

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

17

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52

Scholarly Papers (17)

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1.

Zombie Lending to U.S. Firms

Downloads 1,159 (46,924)
Citation 4

Zombie Lending to U.S. Firms

Number of pages: 55 Posted: 26 May 2022 Last Revised: 15 Sep 2025
Giovanni Favara, Camelia Minoiu and Ander Perez-Orive
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Atlanta and Board of Governors of the Federal Reserve System
Downloads 1,054 (52,672)
Citation 1

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Zombie lending, Zombie firms, Banks, Nonbanks, Capital regulation

Zombie Lending to U.S. Firms

FRB Atlanta Working Paper No. 2024-7
Number of pages: 55 Posted: 02 Dec 2024
Giovanni Favara, Camelia Minoiu and Ander Perez-Orive
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Atlanta and Board of Governors of the Federal Reserve System
Downloads 105 (684,532)
Citation 3

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zombie lending, zombie firms, banks, nonbanks

2.

Uncertainty, Access to Debt, and Firm Precautionary Behavior

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Citation 4

Uncertainty, Access to Debt, and Firm Precautionary Behavior

Journal of Financial Economics (JFE), Forthcoming, Swedish House of Finance Research Paper No. 17-17, Kelley School of Business Research Paper No. 17-64, European Corporate Governance Institute – Finance Working Paper No. 682/2020
Number of pages: 59 Posted: 29 Aug 2017 Last Revised: 16 Sep 2020
Giovanni Favara, Janet Gao and Mariassunta Giannetti
Board of Governors of the Federal Reserve System, McDonough School of Business and Stockholm School of Economics
Downloads 1,056 (52,200)
Citation 4

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SPVs, anti-recharacterization laws, creditor rights, cash, intangible assets, geopolitical risk, political uncertainty

Uncertainty, Access to Debt, and Firm Precautionary Behavior

CEPR Discussion Paper No. DP13531
Number of pages: 51 Posted: 19 Feb 2019
Giovanni Favara, Janet Gao and Mariassunta Giannetti
Board of Governors of the Federal Reserve System, McDonough School of Business and Stockholm School of Economics
Downloads 5 (1,646,315)

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anti-recharacterization laws, cash, Creditor rights, Financial Frictions, Hedging, intangible assets, SPVs

3.

Debt Enforcement, Investment, and Risk Taking Across Countries

Journal of Financial Economics (JFE), Forthcoming, Swiss Finance Institute Research Paper No. 13-64
Number of pages: 49 Posted: 10 Jan 2014 Last Revised: 15 Sep 2016
Giovanni Favara, Erwan Morellec, Enrique J. Schroth and Philip Valta
Board of Governors of the Federal Reserve System, Ecole Polytechnique Fédérale de Lausanne, EDHEC Business School and University of Bern
Downloads 687 (94,006)
Citation 11

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Debt renegotiation, Default; Investment , Asset sales, Risk-taking

4.

Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges

Downloads 645 (101,913)

Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges

FRB of New York Staff Report No. 1003
Number of pages: 33 Posted: 16 Feb 2022
Nina Boyarchenko, Giovanni Favara and Moritz Schularick
Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System and University of Bonn - Department of Economics
Downloads 542 (125,508)

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monetary policy, financial stability, financial crises, credit, leverage, liquidity, asset prices

Financial Stability Considerations for Monetary Policy: Empirical Evidence and Challenges

FEDS Working Paper No. 2022-6
Number of pages: 33 Posted: 17 Feb 2022
Nina Boyarchenko, Giovanni Favara and Moritz Schularick
Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System and University of Bonn - Department of Economics
Downloads 103 (679,343)

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Monetary Policy, Financial Stability, Financial Crises, Credit, Leverage, Liquidity, Asset Prices

5.

Forced Asset Sales and the Concentration of Outstanding Debt: Evidence from the Mortgage Market

Journal of Finance, Forthcoming
Number of pages: 49 Posted: 01 Feb 2014 Last Revised: 01 Aug 2017
Giovanni Favara and Mariassunta Giannetti
Board of Governors of the Federal Reserve System and Stockholm School of Economics
Downloads 446 (161,631)
Citation 4

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House Prices; Foreclosures; Bank Concentration; Fire Sales

6.

GSIB Surcharges and Bank Lending: Evidence from U.S. Corporate Loan Data

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 52 Posted: 18 Sep 2020 Last Revised: 28 Jun 2021
Giovanni Favara, Ivan Ivanov and Marcelo Rezende
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 445 (162,519)
Citation 1

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GSIB surcharges, Basel III regulation, Bank capital requirements, Bank lending

7.

Leverage Regulations and Treasury Market Participation: Evidence from Credit Line Drawdowns

Downloads 380 (202,609)
Citation 8

Leverage Regulations and Treasury Market Participation: Evidence from Credit Line Drawdowns

Number of pages: 39 Posted: 04 Aug 2022 Last Revised: 21 Oct 2025
Giovanni Favara, Sebastian Infante and Marcelo Rezende
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 370 (200,485)
Citation 8

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Credit lines, Treasury securities, supplementary leverage ratio

Leverage Regulations and Treasury Market Participation: Evidence from Credit Line Drawdowns

Number of pages: 45 Posted: 23 Jun 2026
Giovanni Favara, Sebastian Infante and Marcelo Rezende
Board of Governors of the Federal Reserve System, Central Bank of Chile and Board of Governors of the Federal Reserve System
Downloads 10

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Credit lines, Treasury securities, supplementary leverage ratio.

8.

Externalities and Macroprudential Policy

Downloads 189 (227,311)
Citation 1

Externalities and Macroprudential Policy

Journal of Financial Perspectives, Vol. 2, No. 1, 2014
Number of pages: 16 Posted: 29 Nov 2017
Gianni De Nicolo, Giovanni Favara, Lev Ratnovski and Lev Ratnovski
Johns Hopkins University - Carey Business School, Board of Governors of the Federal Reserve System and International Monetary FundEuropean Central Bank, Financial Research Division
Downloads 189 (405,901)
Citation 1

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9.

Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas

Downloads 157 (482,968)

Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas

FEDS Notes No. 2025-03-31-2
Posted: 17 Apr 2025
Giovanni Favara, Francesca Loria, Greg Marchal and Egon Zakrajšek
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent and Federal Reserve Bank of Boston

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Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas

FRB of Boston Working Paper No. 25-1
Number of pages: 23 Posted: 26 Feb 2025
Giovanni Favara, Francesca Loria and Egon Zakrajšek
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston
Downloads 157 (482,631)

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income inequality, distributional impact of monetary policy, high-frequency monetary policy surprises, local labor markets

10.

Monetary Policy Uncertainty and Monetary Policy Surprises

FEDS Working Paper No. 2020-32
Number of pages: 34 Posted: 18 May 2020
Michiel De Pooter, Giovanni Favara, Michele Modugno and Jason Wu
Amazon Web Services, Inc., Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Hong Kong Monetary Authority
Downloads 96 (709,832)
Citation 19

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Monetary policy surprises; Monetary policy uncertainty; Interest rates; Primary dealers

11.

Of House and Home-Related Goods: The Home Purchase Channel of Expenditure

Downloads 77 (860,052)

Of House and Home-Related Goods: The Home Purchase Channel of Expenditure

No.
Number of pages: 43 Posted: 16 Jun 2025
James Graham, Giovanni Favara and Geng Li
The University of Sydney - School of Economics, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 50 (1,095,444)

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Housing, Home purchase, Household spending, Housing cycle

Of House and Home-Related Goods: The Home Purchase Channel of Expenditure

FEDS Working Paper No. 2025-45
Number of pages: 50 Posted: 07 Jul 2025
Giovanni Favara, James Graham and Geng Li
Board of Governors of the Federal Reserve System, The University of Sydney - School of Economics and Board of Governors of the Federal Reserve System
Downloads 27 (1,459,262)

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Housing, Home purchase, Household spending, Housing cycle

12.

Financial Conditions and Risks to the Economic Outlook

FEDS Notes No. 2024-09-20-1
Posted: 27 Sep 2024
Andrea Ajello, Giovanni Favara, Greg Marchal and Balint Szoke
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent and Board of Governors of the Federal Reserve System

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13.

A New Index to Measure U.S. Financial Conditions

FEDS Notes No. 2023-06-30
Posted: 11 Jul 2023
Andrea Ajello, Michele Cavallo, Giovanni Favara, William Peterman, John W. Schindler and Nitish Ranjan Sinha
Board of Governors of the Federal Reserve System, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Independent and Board of Governors of the Federal Reserve System

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14.

U.S. Zombie Firms: How Many and How Consequential?

FEDS Notes No. 2021-07-30-2
Posted: 18 Aug 2021
Giovanni Favara, Camelia Minoiu and Ander Perez-Orive
Board of Governors of the Federal Reserve System, Federal Reserve Bank of Atlanta and Board of Governors of the Federal Reserve System

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15.

Monetary Policy Surprises and Monetary Policy Uncertainty

FEDS Notes No. 2018-05-18
Posted: 06 Jun 2018 Last Revised: 25 Jun 2020
Michiel De Pooter, Giovanni Favara, Michele Modugno and Jason Wu
Amazon Web Services, Inc., Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Hong Kong Monetary Authority

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16.

Updating the Recession Risk and the Excess Bond Premium

FEDS Notes No. 2016-10-06
Posted: 22 Oct 2016
Egon Zakrajšek, Kurt F. Lewis and Giovanni Favara
Federal Reserve Bank of Boston, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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17.

Recession Risk and the Excess Bond Premium

FEDS Notes No. 2016-04-08
Posted: 17 Mar 2016
Giovanni Favara, Simon Gilchrist, Kurt F. Lewis and Egon Zakrajšek
Board of Governors of the Federal Reserve System, National Bureau of Economic Research (NBER), Board of Governors of the Federal Reserve System and Federal Reserve Bank of Boston

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