NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Credit-Market Sentiment and the Business Cycle

David López-Salido, Jeremy C. Stein, Egon Zakrajšek

NBER Working Paper No. 21879
Issued in January 2016

---- Acknowledgements ----

We are grateful to Olivier Blanchard, Claudia Buch, Bill English, Robin Greenwood, Sam Hanson, Òscar Jordà, Arvind Krishnamurthy, Hélène Rey, Andrei Shleifer, and seminar participants at numerous institutions for helpful comments. Miguel Acosta, Ibraheem Catovic, Gregory Cohen, Shaily Patel, and Rebecca Zhang provided outstanding research assistance. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, anyone else associated with the Federal Reserve System, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Jeremy C. Stein ----

August 2015

Jeremy C. Stein

Outside (Non-Harvard) Activities Since 2006

A. Compensated Activities*

Speaking Engagements

I have given paid talks for a number of financial firms, investor groups, academic institutions, and central banks.

Consulting

BlueMountain Capital Management: consultant, 2015-present.

Guggenheim Partners: design of quantitative asset-management strategies, 2005-2007.

Commissioned Research

The Clearing House Association: unpublished paper with Anil Kashyap and Samuel Hanson, “An Analysis of the Impact of ‘Substantially Heightened’ Capital Requirements on Large Financial Institutions,” 2010.

Public Service

Federal Reserve Board: Governor, May 2012-May 2014.

U.S. Treasury Department: Senior Advisor to the Secretary; and concurrently, staff of National Economic Council, February-July 2009.

Other

Quarterly Journal of Economics: co-editor, 2011-2012.

Journal of Economic Perspectives: co-editor, 2007-2008.

Study Center, Gerzensee, Switzerland: summer-school course, 2011.

Northwestern University: visiting scholar, 2009.

B. Significant Non-Compensated Activities

Harvard Management Company: Board of Directors, 2015-present.

American Finance Association: President, 2008; President-Elect, 2007; Vice-President, 2006; Board of Directors, 2009-2011.

Financial Advisory Roundtable, Federal Reserve Bank of New York, 2006-2012.

Squam Lake Group, 2008-2012.

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