NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Banking on Deposits: Maturity Transformation without Interest Rate Risk

Itamar Drechsler, Alexi Savov, Philipp Schnabl

NBER Working Paper No. 24582
Issued in May 2018, Revised in January 2020

---- Acknowledgments ----

We thank Markus Brunnermeier, Eduardo Davila, John Driscoll, Mark Egan, Mark Flannery, Raj Iyer, Arvind Krishnamurthy, Yueran Ma, Gregor Matvos, Monika Piazzesi, Anthony Saunders, David Scharfstein, Andrei Shleifer, Philip Strahan, Adi Sunderam, Bruce Tuckman, James Vickery, and seminar participants at the American Economic Association Meeting, BIS Research Meeting, Brandeis University, Carnegie Mellon, Chinese University in Hong Kong, ECB Monetary Policy Forum, FDIC, FRB Chicago, FRB New York, FRB Philadelphia, FRB San Francisco, Federal Reserve Board, Hong Kong University of Science and Technology, International Research Forum on Monetary Policy, LBS Summer Symposium, MIT Macroeconomics Seminar, NBER Summer Institute Corporate Finance, NBER Monetary Economics, Northwestern Macroeconomics Seminar, Ohio State University, Office of Financial Research, Princeton University, Purdue University, SITE, University of Amsterdam, University of Michigan, University of Pittsburgh, University of Rochester, and Yale University for their comments. We also thank Patrick Farrell, Manasa Gopal, and Pauline Liang for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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