Urban Jermann

Education

PhD, The Graduate Institute of International Studies, Geneva, Switzerland, 1994; Licence, Universite de Geneve, Faculte des sciences economiques et sociales, Geneva, Switzerland, 1988.

Academic Positions Held

Wharton: 1994present (named Safra Professor of International Finance and Capital Markets, 2007). Previous appointments: University of Virginia; Universite de Geneve. Visiting appointment: University of Rochester.

Other Positions

CoEditor Journal of Monetary Economics, Editor Review of Economic Dynamics.

NBER Research Associate, Asset Pricing, International Finance & Macroecononomics.

Senior Economist, Federal Reserve Bank of Minneapolis, 200001; Visiting Scholar, Federal Reserve Bank of Philadelphia, 1997, 1999, 20072012; Economist, National Australia Bank, Melbourne, 198889.

Joao F. Gomes, Urban Jermann, Lukas Schmid (2016), Sticky Leverage, American Economic Review, 2016.

Abstract: We develop a tractable general equilibrium model that captures the interplay between nominal longterm corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent it is essential that debt maturity exceeds one period. We also show that interest rate rules can help stabilize our economy.

Urban Jermann and Vincenzo Quadrini (2012), Macroeconomic Effects of Financial Shocks , American Economic Review.

Urban Jermann (2010), The Equity Premium Implied by Production , Journal of Financial Economics.

Urban Jermann and Vincenzo Quadrini (2007), Stock Market Boom and the Productivity Gains of the 1990s , Journal of Monetary Economics.

Fernando Alvarez and Urban Jermann (2005), Using Asset Prices to Measure the Persistence of the Marginal Utility of Wealth , Econometrica, November 2005, 19772016.

Fernando Alvarez and Urban Jermann (2004), Using Asset Prices to Measure the Cost of Business Cycles , Journal of Political Economy, December 2004, 122356.