The Sovereign-Bank Diabolic Loop and ESBies

Markus K. Brunnermeier, Luis Garicano, Philip Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh, Dimitri Vayanos

NBER Working Paper No. 21993
Issued in February 2016, Revised in June 2016

---- Acknowledgments ----

This paper is a longer version of an article that will appear in the American Economic Review Papers and Proceedings 2016. We thank Sam Langfield, Saverio Simonelli and Jeremy Stein for insightful comments and Yann Koby for excellent research assistance. The views expressed in this paper do not represent the views of the Central Bank of Ireland, the Eurosystem, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Markus K. Brunnermeier ----

Disclosures 2015-

As a guiding principle I follow the NBER Research Disclosure Policy:

To date, no single relationship (other than my salary form Princeton University) has accounted for more than 10 percent of my aggregate annual income in that year.

Significant Remunerated Activities:

Speaking engagements and lectures

Central banks

ECB, ESRB, Bundesbank (Research Council), Bank of Korea (Keynote presentation), Bank of England, National Bank of Austria, Swiss National Bank, Bank of Japan, Federal Reserve, New York Fed, Bank of Canada, Bank of Chile, Bank of Korea

International financial institution


Academic Organizations

Swiss Finance Institute, 2012-

No expert testimony for law suits or paid consulting work for private cooperation to date.

Research Grants:

Sloan Foundation 2011-12

Guggenheim Fellowship, 2010-11

INQUIRE Europe, Research Grant

Visiting Scholar and Other:

Milton Friedman Institute, visiting scholar 2011

American Economic Review, Journal of Finance, Associated Editorship

Significant Non-Compensated Activities:

American Finance Association: Director

Financial Advisory Roundtable and Monetary Policy Panel, Federal Reserve Bank of New York, 2006 – present

INET Advisory Board Member, 2009 – present

---- Disclosure of Financial Relationships for Philip Lane ----

The views in this paper are personal and should not be attributed to the Central Bank of Ireland or the Governing Council of the European Central Bank.

---- Disclosure of Financial Relationships for Ricardo Reis ----

I have been an academic consultant or have given lectures receiving modest financial compensation at many policy institutions over the past 3 years, including the Bank of England, the Central Bank of Brasil, the FRB Minneapolis, the FRB New York, the FRB Richmond, the Norges Bank, and the Swiss National Bank. None of these interfered in any way with my research in this paper.

return to bibliography page

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us