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Photo of Stefan Gissler

Stefan Gissler

Principal Economist Systemic Financial Institutions and Markets Section Research and Statistics
202-452-2693
[email protected]

Education

  • Ph.D., Economics, Universitat Pompeu Fabra, 2014
Current Research Topics
  • Funding liquidty and market liquidity
  • Leverage and asset price volatility
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2021 - present
  • Sr Economist

    Board of Governors of the Federal Reserve System

    2017 - 2021
  • Economist

    Board of Governors of the Federal Reserve System

    2014 - 2017
  • Federal Home Loan Banks and Financial Stability
    Stefan Gissler, Borghan Narajabad, and Daniel K. Tarullo
    Journal of Financial Regulation (2023)
    https://doi.org/10.1093/jfr/fjad002
  • Financial Crises and Political Radicalization: How Failing Banks Paved Hitler's Path to Power
    Sebastian Doerr, Stefan Gissler, José-Luis Peydró, and Hans-Joachim Voth
    Journal of Finance (2022)
    https://doi.org/10.1111/jofi.13166
  • The Effects of Competition in Consumer Credit Markets
    Stefan Gissler, Rodney Ramcharan, and Edison Yu
    Review of Financial Studies (2020)
    https://doi.org/10.1093/rfs/hhaa035
  • Private Supply of Safe Assets: Shadow Banks versus Traditional Banks
    Stefan Gissler, Marco Macchiavelli, and Borghan Narajabad
    American Economic Review: Papers and Proceedings (2020)
    https://doi.org/10.1257/pandp.20201098
  • Over-the-Counter Market Liquidity and Securities Lending
    Nathan Foley-Fisher, Stefan Gissler, and Stéphane Verani
    Review of Economic Dynamics (2019)
    https://doi.org/10.1016/j.red.2019.02.005
    See also » FRB Working Paper (2019)
  • The Effects of Competition in Consumer Credit Markets
    Stefan Gissler, Rodney Ramcharan, and Edison Yu
    NBER Working Paper Series (2019)
    https://doi.org/10.3386/w26183
  • From Finance to Extremism: The Real Effects of Germany's 1931 Banking Crisis
    Sebastian Doerr, Stefan Gissler, José Luis Peydró, and Hans-Joachim Voth
    CEPR Discussion Paper Series (2018)
  • The Increased Role of the Federal Home Loan Bank System in Funding Markets, Part 1: Background
    Stefan Gissler and Borghan Narajabad
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.2070
  • The Increased Role of the Federal Home Loan Bank System in Funding Markets, Part 3: Implications for Financial Stability
    Stefan Gissler and Borghan Narajabad
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.2094
  • The Increased Role of the Federal Home Loan Bank System in Funding Markets, Part 2: Recent Trends and Potential Drivers
    Stefan Gissler and Borghan Narajabad
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.2093
  • Lockstep in Liquidity: Common Dealers and Co-movement in Bond Liquidity
    Stefan Gissler
    Journal of Financial Markets (2017)
    https://doi.org/10.1016/j.finmar.2016.03.006
  • Bank Complexity: Is Size Everything?
    Jeremy Oldfather, Stefan Gissler, and Doriana Ruffino
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1802
  • Lending on Hold: Regulatory Uncertainty and Bank Lending Standards
    Stefan Gissler, Jeremy Oldfather, and Doriana Ruffino
    Journal of Monetary Economics (2016)
    https://doi.org/10.1016/j.jmoneco.2016.03.011
  • A Margin Call Gone Wrong: Credit, Stock Prices, and Germany's Black Friday 1927
    Stefan Gissler
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.054
  • Slow Capital, Fast Prices: Shocks to Funding Liquidity and Stock Price Reversals
    Stefan Gissler
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.043

  • conference

    January 2018

    Fed Day Ahread Conference

    Over-the-counter market liquidity and securities lending

  • conference

    December 2016

    Meeting of German Economists Abroad

    Over-the-counter market liquidity and securities lending

  • conference

    June 2016

    WFA

    Lending on hold: Regulatory uncertainty and bank lending standards

  • conference

    November 2015

    Carnegie-Rochester-NYU Conference

    Lending on hold: Regulatory uncertainty and bank lending standards

  • conference

    August 2015

    World Economic History Congress, Kyoto

    A margin call gone wrong: Credit, stock prices, and Germany's Black Friday 1927

  • conference

    July 2015

    Crisis in historical perspective, Deutsche Bundesbank

    Slow capital, fast prices: Shocks to funding liquidity and stock price reversals

  • seminar

    May 2015

    University of Southern Denmark

    Slow capital, fast prices: Shocks to funding liquidity and stock price reversals

  • conference

    May 2015

    Monetary History Workshop, Federal Reserve Bank of Atlanta

    Slow capital, fast prices: Shocks to funding liquidity and stock price reversals

  • discussion

    January 2015

    Basel Research Task Force Workshop, BIS

    Abbassi, P., Iyer, R., Peydro, J., Tous: Security trading by banks and credit supply"

Awards
  • 2013

    European Finance Association

    Best Doctoral Tutorial Paper

Referee
  • Explorations in Economic History
  • Journal of Finance and Banking
  • Journal of Financial Services Research
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Last Update: August 2, 2024