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About the Author(s)


Matthew S. Jaremski is a research associate in the NBER's Development of the American Economy Program and an associate professor in the Department of Economics and Finance of the Jon M. Huntsman School of Business at Utah State University. His research explores the intersection of financial economics and economic history. Topics include the effects of interbank networks on financial instability, the role of regulation in bank outcomes, the connection between financial development and economic growth, and the determinants and consequences of financial crises. A unifying theme is using unique historical variation to study dynamics that are obscured or hard to isolate in modern data.

Jaremski received a BA in economics, classical civilizations, and business administration from Austin College in 2006 and his PhD in economics from Vanderbilt University in 2010. Before joining Utah State, he was an associate professor at Colgate University and has held visiting positions at Yale University and the Office of Financial Research at the US Treasury.

He grew up in Dallas, Texas and currently lives in Logan, Utah, with his wife. They enjoy hiking and swimming during the summer, and board games and movies during the winter.


1. "Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock," Jaremski M, Wheelock D. NBER Working Paper 25159, June 2019. Forthcoming in Journal of Money, Credit, and Banking. Go to ⤴︎
2. "Stealing Deposits: Deposit Insurance, Risk-Taking and the Removal of Market Discipline in Early 20th Century Banks," Calomiris C, Jaremski M. NBER Working Paper 22692, September 2016, and Journal of Finance 74(2), April 2019, pp. 711–54. Go to ⤴︎
3. "The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network," Jaremski M, Wheelock D. NBER Working Paper 26034, July 2019. Forthcoming in Journal of Economic HistoryGo to ⤴︎
4. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," Calomiris C, Jaremski M, Park H, Richardson G. NBER Working Paper 21684, October 2015, and Journal of Money, Credit and Banking 50(1), February 2018, pp. 173–201. Go to ⤴︎
5. "Interbank Connections, Contagion and Bank Distress in the Great Depression," Calomiris C, Jaremski M, Wheelock D. NBER Working Paper 25897, May 2019.  Go to ⤴︎
6. "How was the Quantitative Easing Program of the 1930s Unwound?" Jaremski M, Mathy G. NBER Working Paper 23788, September 2017, and Explorations in Economic History 69, July 2018, pp. 27–49.  Go to ⤴︎

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