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

---- Acknowledgments ----

We thank Markus Brunnermeier, Eduardo Davila, John Driscoll, 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 FDIC, FRB Chicago, FRB New York, FRB Philadelphia, FRB San Francisco, Federal Reserve Board, LBS Summer Symposium, Office of Financial Research, Princeton University, University of Michigan, NBER Summer Institute Corporate Finance, University of Rochester, NBER Monetary Economics, University of Amsterdam, and for their comments. We also thank Patrick Farrell and Manasa Gopal 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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