Edited by Thorsten Beck - Vox

VOX Research-based policy analysis and commentary from leading economists
measures of inflation, unconventional monetary policy, and the evaluation of fiscal
stimulus programs.
Tano Santos currently holds the David L. and Elsie M. Dodd Professor of Finance
and Economics chair at Columbia Business School of Columbia University and is a
CEPR Research Fellow. His research focuses in three areas: asset pricing, financial
intermediation and organizational economics.
David Thesmar is a Professor of Finance at HEC, Paris, and a Research Fellow at
CEPR. His research interests are: behavioral finance, financial intermediation, corporate
finance and governance.
Stijn Van Nieuwerburgh is Associate Professor of Finance and the Yamaichi Faculty
Fellow at New York University Leonard N. Stern School of Business, and a CEPR
Research Fellow. His research lies in the intersection of macroeconomics, asset pricing,
and housing. One strand of his work studies how financial market liberalization in the
mortgage market relaxed households’ down payment constraints, and how that affected
the macro-economy, and the prices of stocks and bonds.
Dimitri Vayanos is Professor of Finance at the London School of Economics, where he
also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality,
and a CEPR Research Fellow. His research, published in leading economics and finance
journals, focuses on financial markets with frictions, and on the frictions’ implications
for market liquidity, market anomalies and limits of arbitrage, financial crises, welfare
and policy. Vayanos has also worked on behavioral models of belief formation, and on
information transmission within organizations.
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