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Joseph Haubrich
Person

Joseph G. Haubrich

Senior Economic and Policy Advisor​
Areas of Expertise financial institutions, regulatory policy, term structure of interest rates
Department Research
Education
  • AB,
  • Economics,
  • University of Chicago,
  • 1980
  • MA,
  • Economics,
  • University of Rochester,
  • 1983
  • PhD,
  • Economics,
  • University of Rochester,
  • 1985

Joseph Haubrich is a senior economic and policy advisor​ in the Research Department at the Federal Reserve Bank of Cleveland. He conducts research concerning regulatory policy and banking issues and provides advice on financial policy formulation with a special emphasis on fixed income markets.

Before joining the Bank in 1990, Dr. Haubrich was assistant professor of finance at the Wharton School of the University of Pennsylvania.

Born in Oak Park, Illinois, Dr. Haubrich earned his BA in economics from the University of Chicago and his MA and PhD from the University of Rochester in New York. His research has been published in a variety of professional journals. He has also served on the editorial board and as referee for several professional journals.

Featured Publications

  • “Does the Yield Curve Predict Output?” Annual Review of Financial Economics, 2021 (November): 13: 341-362. 

  • “Inflation Expectations, Real Rates, and Risk Premia: Evidence from Inflation Swaps.” With George Pennacchi and Peter Ritchken. Review of Financial Studies, 2012, 25(5): 1588-1629.

  • “Credit Crises, Money, and Contractions: An Historical View.” With Michael D. Bordo. Journal of Monetary Economics, 2010, 57(1): 1–18.

  • “Risk Aversion, Performance Pay, and the Principal–Agent Problem.” Journal of Political Economy, 1994, 102(2): 258–276.

    • Review of Leveraged: The New Economics of Debt and Financial Fragility, edited by Moritz Schularick, National Association for Business Economics, 2023

    • “Some International Evidence on the Causal Impact of the Yield Curve.” With Michael D. Bordo. Finance Research Letters, 2022 (March): 45: 102116.

    • “Does the Yield Curve Predict Output?” Annual Review of Financial Economics, 2021 (November): 13: 341-362.

    • “How Cyclical Is Bank Capital?” Journal of Financial Services Research, 2020, 58: 27–38.

    • Quantifying Systemic Risk. Edited with Andrew W. Lo. NBER Conference Volume, University of Chicago Press, 2013.

    • “Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record.” With Michael D Bordo. Economic Inquiry, 55(1): 527–541.

    • “Gross Loan Flows.” With Ben R. Craig. Journal of Money, Credit, and Banking, 2013, 45(2–3): 401–421.

    • “Inflation Expectations, Real Rates, and Risk Premia: Evidence from Inflation Swaps.” With George Pennacchi and Peter Ritchken. Review of Financial Studies, 2012, 25(5): 1588-1629.

    • “Credit Crises, Money, and Contractions: An Historical View.” With Michael D. Bordo. Journal of Monetary Economics, 2010, 57(1): 1–18.

    • “Umbrella Supervision and the Role of the Central Bank.” With James B. Thomson. Journal of Banking Regulation, 2008, 10(1): 17–27.

    • “Forecasting with the Yield Curve: Level, Slope, and Output 1875–1997.” With Michael D. Bordo. Economics Letters, 2008, 99(1): 48–50.

    • “The Yield Curve as a Predictor of Growth: Long–Run Evidence, 1875–1997.” With Michael D Bordo. The Review of Economics and Statistics, 2008, 90(1): 182–185.

    • “Banking and Commerce: A Liquidity Approach.” With Joao A.C. Santos. Journal of Banking and Finance, 2005, 29 (February): 271–294.

    • “Committing and Reneging: A Dynamic Model of Policy Regimes.” With Joseph A. Ritter. International Review of Economics and Finance, 2004, 13: 1–18.

    • “Getting the Most Out of a Mandatory Subordinated Debt Requirement.” With Rong Fan, Peter Ritchken, and James B. Thomson. Journal of Financial Services Research, 2003, 24(2/3): 149–179.

    • “Large Shareholders and Market Discipline in a Regulated Industry: A Clinical Study of Mellon Bank.” Corporate Ownership and Control, 2003, 1(1): 156–169.

    • “Alternative Forms of Mixing Banking with Commerce: Evidence from American History.” With Joao A.C. Santos. Financial Markets, Institutions, and Instruments, 2003, 12(2): 121–164.

    • “Dynamic Commitment and Incomplete Policy Rules.” With Joseph A. Ritter. Journal of Money, Credit, and Banking, 2000, 32(4, part 1): 766–784.

    • “Executive Compensation: A Calibration Approach.” With Ivilina Popova. Economic Theory, 1998, 12(3): 561–581.

    • “Loan Sales: Pacific Rim Trade in Nontradeable Assets.” With James B. Thomson. Advances in International Banking and Finance, 1998, 3: 73–98.

    • “Loan Sales, Implicit Contracts, and Bank Structure.” With James B. Thomson. Review of Quantitative Finance and Accounting, 1996, 7: 137–162.

    • “Risk Aversion, Performance Pay, and the Principal–Agent Problem.” Journal of Political Economy, 1994, 102(2): 258–276.

    • “Consumption and Fractional Differencing: Old and New Anomalies.” Review of Economics and Statistics, 1993, 75(4): 767–772.

    • “Sticky Prices, Money, and Business Fluctuations.” With Robert G. King. Journal of Money, Credit, and Banking, 1991, 23 (May): 243-259.

    • “Banking and Insurance.” With Robert G. King. Journal of Monetary Economics, 1990, 26 (December): 361–386.

    • “Nonmonetary Effects of Financial Crises: Lessons from the Great Depression in Canada.” Journal of Monetary Economics, 1990, 25 (March): 223–252.

    • “Financial Intermediation: Delegated Monitoring and Long–Term Relationships.” Journal of Banking and Finance, 1989, 13: 9–20.

    • “Optimal Financial Structure in Exchange Economies.” International Economic Review, 1988, 29 (May): 217–235.

    • “Dynamic Collusion in an Open Economy.” With Val E. Lambson. Economics Letters, 1986, 20/21: 75–78.

  • Book Chapters

    • “The Loan Sales Market.” With Gary B. Gorton. InResearch in Financial Services: Private and Public Policy, Volume 2, edited by G. G. Kaufman, 1990.

    • “The Wholesale Money Market.” The New Palgrave Dictionary of Money and Finance, Volume 3, (N-Z), edited by Peter Newman, Murray Milgate, and John Eatwell, 798-800.

    Conference Proceedings

    • “Introduction to ‘Quantifying Systemic Risk.’” With Andrew W. Lo. In Quantifying Systemic Risk, edited by Joseph G. Haubrich and Andrew W. Lo, 1–11, 2013.

    • “Comment on ‘The Quantification of Systemic Risk and Stability: New Methods and Measures.’” In Quantifying Systemic Risk, edited by Joseph G. Haubrich and Andrew W. Lo, 262–263, 2013.

    • “Introduction: Bank Concentration and Competition: An Evolution in the Making.” With Allen N. Berger, Asli Demirguc-Kunt, and Ross Levine. Journal of Money, Credit, and Banking, 2004, 36(3, part 2): 433–451.

    • “Interview: Issue in Expensing Stock Options.” ICFAI Reader, 2004, 7(4): 18–19.

    • “Introduction, ‘Declining Treaury Debt.’” With James B. Thomson. Journal of Money, Credit, and Banking, 2002, 34(3, part 2): 701–706.

    • “Introduction, ‘What Should Central Banks Do?’” With James B. Thomson.Journal of Money, Credit, and Banking, 2000, 32(3, part 2): 445–449.

    • “Introduction, ‘Comparative Financial Systems.’” With James B. Thomson. Journal of Money, Credit, and Banking, 1998, 30(3 part 2): 421–425.

    • “Introduction, ‘Derivatives and Intermediation.’” With James B. Thomson. Journal of Money, Credit, and Banking, 1996, 28(3 part 2): 421–425.

    • “Introduction, ‘Federal Credit Allocation: Theory, Evidence, and History.’” With James B. Thomson. Journal of Money, Credit, and Banking, 1994, 26(3 part 2): 517–522.

    • “Comment on Reagan and Stulz.”Journal of Money, Credit, and Banking, 1993, 25(3 part 2): 609–611.

    • “An Overview of the Market for Loan Sales.” Commercial Lending Review, 1989, 4 (Spring): 39–47.

    • “The Paradox of Loan Sales.” With Gary B. Gorton. Merging Commercial and Investment Banking: Proceedings, 123–144. Federal Reserve Bank of Chicago, 1987.

    • “Bank Deregulation, Credit Markets, and the Control of Capital.” With Gary B. Gorton. In Bubbles and Other Essays, Carnegie–Rochester Conference Series, 1987, 26: 289–348.

    • “Assessing Deregulation: Further Considerations.” With Gary B. Gorton. In Bubbles and Other Essays, Carnegie–Rochester Conference Series, 1987, 26: 345–348.

    • “Does the Potency of Monetary Policy Vary with Capacity Utilization? A Comment.” In The National Bureau Method, International Capital Mobility, and Other Essays, Carnegie-Rochester Conference Series, 1986, 24: 333–337.

    Film

    • The Panic of 1907. (Producer) 2015. Official Selection, 2015 Chagrin Documentary Film Fest.