I gave a lecture at the London School of Economics on the structural changes in the global financial system and how they shed light on recent events Some highlights:

A beta version of my slide deck for my upcoming lecture on Geoeconomics at Oxford this Friday is now online: sas.upenn.edu/~jesusfv/Lectu… I’m looking for feedback: What else should I include? Are there any important citations I might have missed? Please note: I don’t have room for

Extremely happy to share that the paper “Interlocking Directorates and Competition in Banking”, joint with Guglielmo Barone and Fabiano Schivardi, has been published in the Journal of Finance Journal of Finance -doi.org/10.1111/jofi.1… (1/N)

This paper started with data. We were convinced that the discrepancy between book and market values of banks was key to understanding the data. We then developed a theory where, with a simple model, only one state variable driving Tobin's Q, you can explain several data moments.

The video of my talk last week at Oxford, “Geoeconomics is Back!”, is now online: youtu.be/ezzVhAA-ABc?si… A version of the slide deck, including a few more references, is available here: sas.upenn.edu/~jesusfv/Lectu… An important topic I didn’t have time to discuss in detail was

🚨If you are a macroeconomist using the “sequence-space” to solve your models, come share your work at this SITE conference, September 8-10! Both substantive and methodological contributions are welcome. The deadline is this Monday, June 16! with Ludwig Straub and Matt Rognlie

🚨 "Consumption in Asset Returns" (w. Svetlana Bryzgalova & Jiantao Huang) forthcoming Journal of Finance We use asset returns to uncover the elusive dynamics of consumption. Turns out, financial markets know a lot about future consumption—and it matters for both macro & asset pricing🧵👇1/n

Please repost: The submission deadline for the second NBER conference on “Compensation of Top Executives: Determinants and Consequences” is on June 23. The conference will be in Cambridge, MA, on Oct. 9-10, 2025. Please submit your best work! The link is in the first reply.

Excited to discuss this paper by Anna at the WFA this morning. Clever empirical design allows the authors to show that slow information release after FOMC announcements, via speeches and hearings, can drive risk premia in equity and bond markets. Great read!

OpenAI CEO Sam Altman will be the keynote at the Fed board's conference next month on bank capital and regulation federalreserve.gov/conferences/in…

Call for Papers! The 26th MFS Workshop will take place on November 13–14, 2025, at the University of Chicago. Carolin Pflueger and Rohan Kekre will serve as co-organizers. More details here: bfi.uchicago.edu/events/event/c…

Thanks NBER! Here's a thread breaking down our methodology and key findings - including why FCI* stayed stable after 2008 while r* crashed, and how FCI gaps captured the 2022 policy shift before rate gaps: x.com/alpsimsek_econ…

This conference 👇 is one of the most intellectual and well-organized I have been to in the last 10 years. uni.lu/fdef-en/events… I highly recommend submitting your paper. Got terrific feedback on our #GreenCoins paper and the keynote/panel speakers were AWESOME.

I asked ChatGPT to turn my son’s goal celebration into a painting. A Monet was born. 😂

I'm planning a small US seminar tour in mid-November. My work covers my travel expenses, so I'm easy on your seminar budget. Invite me if you're interested in hearing about rationing in sticky price models!

We are hosting the 14th Advances in Macro-Finance Conference in Santa Barbara on Oct 17 and 18. Please submit your paper at forms.gle/DaP86ZptjX4J1K…

LLMs are trained on a tapestry of internet text, making it possible to for them to "stand in" for human perspectives. We cross 5 FINRA demographics with politics, giving 216 distinct "investor personas"... then, we "survey" them via a LLM (Llama 3) about 207k news headlines.

This paper rocks!! 😀👇

Excited to announce my paper "Collateralized Loan Obligations as Fire-Sale Insulation" with Clara Xu and Luigi Falasconi. We explain why CLOs are a useful financial innovation that are beneficial for financial stability and also show why regulating them may be beneficial.

Forthcoming in the AER: "A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers" by Pierre-Olivier Gourinchas, Walker Ray, and Dimitri Vayanos. aeaweb.org/articles?id=10…