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Stijn Van Nieuwerburgh

Stijn Van Nieuwerburgh

Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance, Columbia Business School

Stijn Van Nieuwerburgh is the Earle W. Kazis and Benjamin Schore Professor of Real Estate and Professor of Finance at Columbia University’s Graduate School of Business.

He serves as the President of the American Real Estate and Urban Economics Association in 2022, after having served as its First (2021) and Second (2020) Vice President and as an elected Board member (2016-19). He also serves as an elected Board member of the American Finance Association (2022-24).

His research lies in the intersection of housing, asset pricing, and macroeconomics. He studies the impact of remote work on real estate valuations, affordable housing policies, the impact of foreign buyers on the housing market, mortgage market design, regional house price inequality, and mortgage choice.

He has served as an advisor to the Norwegian Minister of Finance. He has been a visiting scholar at to the Central Bank of Belgium, the New York and Minneapolis Federal Reserve Banks, the Swedish House of Finance, and the International Center for Housing Risk. He has contributed to the World Economic Forum project on real estate price dynamics.

He is a Faculty Research Associate at the National Bureau of Economic Research and at the Center for European Policy Research and the Asian Bureau for Finance and economics Research.

Professor Van Nieuwerburgh was awarded the 15th Edition of the Bérnácer Prize for his research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets. In 2020, he won the TIAA Paul Samuelson Award for research on lifelong financial security for his work on combining life and health insurance.

Born: 1976.

Citizenship: USA; Belgium.

Dissertation: Equity Returns and the Role of Housing as a Collateral Asset.

Doctoral Advisors: Thomas Sargent, Robert Hall, Dirk Krueger.

Columbia Graduate School of Business: MBA, Real Estate Finance, Fall 2019, 2020, 2021; Ph.D., Empirical Asset Pricing II, Fall 2018, 2019, 2020, 2021; MBA/MSFE Real Estate Analytics, Winter 2022.

NYU Stern School of Business: M.B.A. (full‐time+part‐time)+UG, Real Estate Investment Strategies Spring 2014‐ 17; M.B.A. (full‐time), Foundations of Finance, NYU Stern Fall 2008‐12; M.B.A. (part‐time), Foundations of Finance, NYU Stern Fall 2004‐09; Ph.D., Asset Pricing Theory (core course), NYU Stern Fall 2011‐17; Ph.D., Asset Pricing Theory Seminar, NYU Stern Fall 2007, 2009; Undergraduate, Foundations of Financial Markets, NYU Stern Spring 2004; Executive Master Program in Risk Management – Securitization module (10 cohorts) 2010‐18.

Education
PhD Economics, Stanford University · MSc Financial Mathematics, Stanford University · MA Economics, Stanford University · BA Economics, Ghent University
Topics
Real Estate Economics · Macroeconomics · Asset Pricing

Talks & video3

Selected publications74

  1. 2023Fiscal Capacity: An Asset Pricing Perspective, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, October 2022, in preparation for Annual Review of Financial Economics 2023
  2. 2022Take the Q Train: Measuring the Returns from Infrastructure Investment from Real Estate, A. Gupta, C. Kontokosta, S. Van Nieuwerburgh, Journal of Urban Economics, 2022, vol. 129.
  3. 2022The Government Bond Valuation Puzzle, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐ Zhang, January 2022, submitted
  4. 2022Manufacturing Risk‐free Government Debt, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, February 2022, submitted
  5. 2022What Drives Variation in the Debt/Output Ratio? The Dogs that Did Not Bark, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, May 2022, submitted
  6. 2022Exorbitant Privilege Gained and Lost: Fiscal Implications, Z. Chen, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, May 2022, SSRN working paper
  7. 2022Aggregate Lapsation Risk, R. Koijen, HK Lee, and S. Van Nieuwerburgh, May 2022, SSRN working paper
  8. 2022Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, October 2022, in preparation for Brookings Papers on Economic Activity, Fall 2022
  9. 2021Financial Fragility with SAMs? D. Greenwald, T. Landvoigt, and S. Van Nieuwerburgh, Journal of Finance, April 2021, vol. 76(2).
  10. 2021A Macroeconomic Model with Financially Constrained Producers and Intermediaries, V. Elenev, T. Landvoigt, S. Van Nieuwerburgh, Econometrica, May 2021, vol. 89 (3), pp. 1361‐1418.
  11. 2021Real and Private Value Assets, W. Goetzmann, C. Spaenjers, and S. Van Nieuwerburgh, Review of Financial Studies, August 2021, vol. 34 (9), pp. 3497‐3526.
  12. 2021Out‐of‐town Home Buyers and City Welfare, J. Favilukis and S. Van Nieuwerburgh, Journal of Finance, October 2021, vol. 76 (5), pp. 2577‐2638.
  13. 2021Valuing Private Equity Strip by Strip, A. Gupta and S. Van Nieuwerburgh, Journal of Finance, December 2021, vol 76 (7), pp. 3255‐3307.
  14. 2021Flattening the Curve: Pandemic‐Induced Revaluation of Real Estate, A. Gupta, V. Mittal, J. Peeters, and S. Van Nieuwerburgh, October 2021, Journal of Financial Economics, forthcoming
  15. 2021Identifying the Benefits from Home Ownership: A Swedish Experiment, P. Sodini, S. Van Nieuwerburgh, R. Vestman, and U. von Lilienfeld‐Toal, July 2021, R&R resubmitted
  16. 2021Machine‐Learning the Skill of Mutual Fund Managers, R. Kaniel, M. Z. Lin, M. Pelger, and S. Van Nieuwerburgh, December 2021, submitted
  17. 2021Bond Convenience Yields in the Eurozone Currency Union, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, July 2021, submitted
  18. 2021Financial and Total Wealth Inequality with Declining Rates, D. Greenwald, H. Lustig, M. Leombroni, and S. Van Nieuwerburgh, July 2021, SSRN working paper 67. Can Monetary Policy Create Fiscal Capacity? E. Elenev, T. Landvoigt, P. Shultz, and S. Van Nieuwerburgh, submitted
  19. 2021Quantifying Treasury Investor Optimism, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐ Zhang, June 2021, SSRN working paper
  20. 2020Combining Life and Health Insurance, R. Koijen and S. Van Nieuwerburgh, Quarterly Journal of Economics, February 2020, vol. 135, pp. 913‐958.
  21. 2020New Methods in the Cross‐Section of Stock Returns, G. Andrew Karolyi and Stijn Van Nieuwerburgh, Review of Financial Studies, May 2020, vol. 33, pp. 1879‐1890
  22. 2020Firm Volatility in Granular Networks, B. Herskovic, B. Kelly, H. Lustig, and S. Van Nieuwerburgh, Journal of Political Economy, November 2020, vol. 128 (11).
  23. 2020The New York Times Building: Opportunity of a Lifetime? S. Van Nieuwerburgh, Fall 2020, Columbia CaseWorks Case ID: 210303
  24. 2019Why Are REITS Currently So Expensive? S. Van Nieuwerburgh, Real Estate Economics, Spring 2019, vol. 47, pp. 18‐65 (lead article).
  25. 2018Are Mutual Fund Managers Paid for Investment Skill? M. Ibert, R. Kaniel, S. Van Nieuwerburgh, and R. Vestman, Review of Financial Studies, vol. 31, February 2018, pp. 715–772
  26. 2017Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium, J. Favilukis, S. Ludvigson, and S. Van Nieuwerburgh, Journal of Political Economy, vol. 125 (1), February 2017, pp. 140‐223 Reprinted in: Recent Developments in the Economics of Housing, The International Library of Critical Writings in Economics series, Ed. Y. M. Ioannides
  27. 2017ESBies: Safety in the Tranches, M. Brunnermeier, S. Langfield, M. Pagano, R. Reis, S. Van Nieuwerburgh, and D. Vayanos, Economic Policy, vol. 32, April 2017, pp. 175‐219
  28. 2017The Cross‐Section and the Times Series of Stock and Bond Returns, R. Koijen, H. Lustig, and S. Van Nieuwerburgh, Journal of Monetary Economics, vol. 88, June 2017, pp. 50‐69
  29. 2017What to Do About the GSEs? M. Richardson, S. Van Nieuwerburgh, and L. White, Annual Review of Financial Economics, vol. 9, November 2017, pp 21‐41
  30. 2017Regulating Wall Street: CHOICE Act vs. Dodd‐Frank, NYU Stern White Paper, ed. M. Richardson, K. Schoenholtz, B. Tuckman, and L. White, pp. 229‐253, March 2017
  31. 2016The Common Factor in Idiosyncratic Volatility, B. Herskovic, B. Kelly, H. Lustig, and S. Van Nieuwerburgh, Journal of Financial Economics, vol. 119(2), February 2016, pp. 249‐283 – lead article
  32. 2016Rational Attention Allocation over the Business Cycle, M. Kacperczyk, S. Van Nieuwerburgh, and L. Veldkamp, Econometrica, vol. 84(2), March 2016, pp. 571‐626
  33. 2016Health and Mortality Delta: Assessing the Welfare Costs of Household Insurance Choice, R. Koijen, S. Van Nieuwerburgh, M. Yogo, Journal of Finance, vol. 71(2), April 2016, pp. 957‐1010
  34. 2016Breaking the Sovereign‐Bank Diabolic Loop: A Case for ESBies, M. Brunnermeier, L. Garicano, P. Lane, M. Pagano, R. Reis, T. Santos, D. Thesmar, S. Van Nieuwerburgh, and D. Vayanos, American Economic Review Papers and Proceedings, vol. 106(5), May 2016, pp. 1‐5
  35. 2016Too‐Systemic‐To‐Fail: What Option Markets Imply about Sector‐wide Government Guarantees, B. Kelly, H. Lustig, and S. van Nieuwerburgh, American Economic Review, vol. 106(6), June 2016, pp. 1278‐1319
  36. 2016Phasing Out the GSEs, V. Elenev, T. Landvoigt, S. Van Nieuwerburgh, Journal of Monetary Economics, vol. 81, August 2016, pp. 111‐132
  37. 2016A review of real estate and infrastructure investments by the Norwegian Government Pension Fund Global, S. Van Nieuwerburgh, R. Stanton, L de Bever, Report to the Norwegian Ministry of Finance, December 2015 58. The Infrastructure Finance Challenge, ed. I Walter. Open Book Publishers, Cambrige, UK., December 2016
  38. 2016Foreign Ownership of U.S. Debt: Good or Bad? J. Favilukis, S. Ludvigson, S. Van Nieuwerburgh, January 2016, R&R
  39. 2015Housing, Finance, and the Macro‐economy, M. Davis and S. Van Nieuwerburgh, Handbook of Regional and Urban Economics, edited by G. Duranton, J. V. Henderson and W. C. Strange, 2015, Chapter 12, pp. 735‐811
  40. 2014Time‐Varying Fund Manager Skill, M. Kacperczyk, S. Van Nieuwerburgh, and L. Veldkamp, Journal of Finance, vol. 69(4), August 2014, pp. 1455‐1484 – lead article
  41. 2014Judging the Quality of Survey Data by Comparison with ʺTruthʺ as Measured By Administrative Records: Evidence from Sweden, R Koijen, S. Van Nieuwerburgh, R. Vestman, in Improving the Measurement of Consumption Expenditures, NBER Book Series in Income and Wealth, University of Chicago Press, edited by C. Carroll, T. Crossley, and J. Sabelhaus, 2014
  42. 2013The Wealth‐Consumption Ratio, H. Lustig, A. Verdelhan, and S. Van Nieuwerburgh, Review of Asset Pricing Studies, vol. 3(1), 2013, pp. 38‐94
  43. 2013Guaranteed to Fail: Fannie Mae and Freddie Mac and What to Do About Them, V. Acharya, M. Richardson, S. Van Nieuwerburgh and L. White, Economist Voice, vol. 10 (1), 2013, pp. 15‐19
  44. 2013International Capital Flows and House Prices: Theory and Evidence, J. Favilukis, S. Ludvigson, S. Van Nieuwerburgh, in Housing in the Financial Crisis, NBER Book Series, edited by E. Glaeser and T. Sinai, 2013.
  45. 2012The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macro‐economy, S. Van Nieuwerburgh, Economic Dynamics Newsletter, vol. 13 (2), April 2012
  46. 2011Technological Change and the Growing Inequality in Managerial Compensation, H. Lustig, C. Syverson, and S. Van Nieuwerburgh, Journal of Financial Economics, vol. 99(3), March 2011, pp. 601‐627
  47. 2011The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Bequest and Precautionary Motives, J. Ameriks, A. Caplin, S. Laufer, and S. Van Nieuwerburgh, Journal of Finance, vol. 66 (2), April 2011, pp. 519‐561
  48. 2011Predictability of Stock Returns and Cash Flows, R. Koijen, S. Van Nieuwerburgh, Annual Review of Financial Economics, vol. 3, December 2011, pp. 467‐491
  49. 2011Guaranteed to Fail: Freddie, Fannie, and the Debacle of U.S. Mortgage Finance, V. Acharya, M. Richardson, S. Van Nieuwerburgh, and L. White, Princeton University Press, March 2011
  50. 2011Reforming the U.S. Housing Finance System: A Proposal, V. Acharya, M. Richardson, S. Van Nieuwerburgh and L. White, Chapter 1.4, in Financial Development Report 2011, World Economic Forum
  51. 2011ESBies: A realistic reform of Europe’s financial architecture, Brunnermeier, M. K., Garicano, L., Lane, P., Pagano, M., Reis, R., Santos, T., Thesmar, D., Van Nieuwerburgh, S., & Vayanos, D., October 2011, in The Future of Banking, Ed. T. Beck
  52. 2010Information Acquisition and Under‐Diversification, S. Van Nieuwerburgh and L. Veldkamp, Review of Economic Studies, vol. 77(2), April 2010, pp. 779‐805
  53. 2010How Much Does Household Collateral Constrain Regional Risk Sharing? H. Lustig and S. Van Nieuwerburgh, Review of Economic Dynamics, vol. 13(2), April 2010, pp. 265‐294
  54. 2010Long‐Run Risk, the Wealth‐Consumption Ratio, and the Temporal Pricing of Risk, R. Koijen, H. Lustig, S. Van Nieuwerburgh, and A. Verdelhan, American Economic Review P&P, vol. 100(2), May 2010, pp. 552‐556
  55. 2010Why Has House Price Dispersion Gone Up? S. Van Nieuwerburgh and P.‐O. Weill Review of Economic Studies, vol. 77(4), October 2010, pp.1567‐1606
  56. 2010The Government Sponsored Enterprises, V. Acharya, S. Kon, S. Oncu, M. Richardson, S. Van Nieuwerburgh, and L. White, in Regulating Wall Street, John Wiley and Sons, September 2010, edited by V. Acharya, T. Cooley, M. Richardson, and I. Walter.
  57. 2010Consumer Financial Protection, T. Cooley, X. Gabaix, S. Lee, T. Mertens, V. Morowitz, S. Sanatana, A. Schmeits, S. Van Nieuwerburgh, and R. Whitelaw, in Regulating Wall Street, John Wiley and Sons, September 2010, edited by V. Acharya, T. Cooley, M. Richardson, and I. Walter.
  58. 2009Information Immobility and the Home Bias Puzzle, S. Van Nieuwerburgh and L. Veldkamp, Journal of Finance, vol. 64(3), June 2009, pp. 1187‐1215
  59. 2009Mortgage Timing, R. Koijen, O. van Hemert, and S. Van Nieuwerburgh, Journal of Financial Economics, August 2009, vol. 93 (2), pp. 292‐324
  60. 2009Market Efficiency and Return Predictability, R. Koijen and S. Van Nieuwerburgh, Encyclopedia of Complexity & Systems Science, Robert Meyers (Ed.),Springer, 2009, pp. 3448‐3456
  61. 2009Mortgage Origination and Securitization in the Financial Crisis, D. Jaffee, A. Lynch, M. Richardson, and S. Van Nieuwerburgh, in: Restoring Financial Stability: How to Repair a Failed System, John Wiley and Sons, March 2009, edited by V. Acharya and M. Richardson, Chapter 1.
  62. 2009What to Do About the Government Sponsored Enterprises?, D. Jaffee, M. Richardson, S. Van Nieuwerburgh, L. White, and R. Wright, in: Restoring Financial Stability: How to Repair a Failed System, John Wiley and Sons, March 2009, edited by V. Acharya and M. Richardson, Chapter 4.
  63. 2008Reconciling the Return Predictability Evidence, M. Lettau and S. Van Nieuwerburgh, Review of Financial Studies, vol. 21(4), July 2008, pp. 1607-1652
  64. 2008The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street, H. Lustig and S. Van Nieuwerburgh, Review of Financial Studies, vol. 21(5), September 2008, pp. 2097‐ 2137
  65. 2008Annuity Valuation Given Long‐term Care Concerns and Bequest Motives, J. Ameriks, A. Caplin, S. Laufer, and S. Van Nieuwerburgh, Recalibrating Retirement Spending and Saving, J. Ameriks and O. Mitchel, (Eds), Oxford University Press, September 2008
  66. 2006Stock Market Development and Economic Growth in Belgium, S. Van Nieuwerburgh, F. Buelens and L. Cuyvers, Explorations in Economic History, vol. 43(1), January 2006, pp. 13‐38
  67. 2006Learning Asymmetries in Real Business Cycles, S. Van Nieuwerburgh and L. Veldkamp, Journal of Monetary Economics, vol. 53(4), May 2006, pp. 753‐772
  68. 2006Inside Information and the Own Company Stock Puzzle, S. Van Nieuwerburgh and L. Veldkamp, Journal of the European Economic Association P&P, vol. 4 (2‐3), May 2006, pp. 623‐633
  69. 2006Can Housing Collateral Explain Long‐Run Swings in Asset Returns? H. Lustig and S. Van Nieuwerburgh, NBER Working Paper, December 2006, legacy paper
  70. 2005Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perspective, H. Lustig and S. Van Nieuwerburgh, Journal of Finance, vol. 60 (3), June 2005, pp. 1167‐1219
  71. 2003Exercises in Recursive Macroeconomic Theory S. Van Nieuwerburgh, P.O. Weill, L. Ljungqvist, and T. Sargent, 2003
  72. Can the Covid Bailouts Save the Economy? V. Elenev, T. Landvoigt, and S. Van Nieuwerburgh, Economic Policy, forthcoming
  73. Affordable Housing and City Welfare, J. Favilukis, P. Mabille, and S. Van Nieuwerburgh, Review of Economic Studies, forthcoming. Books, Book Chapters, and Other Non‐refereed Publications
  74. The Commercial Real Estate Eco‐system, R. Koijen and S. Van Nieuwerburgh, in progress

Positions & affiliations33

  • Earl Kazis and Benjamin Shore Professor of Real Estate, Columbia University Graduate School of Business (July 2018 - Present)
  • David S. Loeb Professor of Finance, New York University Stern School of Business (2015-2018)
  • Inaugural Director of the Center for Real Estate Finance Research, New York University Stern School of Business (2012-2018)
  • Professor of Finance, New York University Stern School of Business (2012-2015)
  • Associate Professor of Finance, New York University Stern School of Business (2009-2012)
  • Assistant Professor of Finance, New York University Stern School of Business (2003-2009)
  • Advisor to the Norwegian Minister of Finance
  • Foundation for Advancement of Research in Financial Economics, member 02/2022‐present
  • Director American Finance Association 01/2022‐01/2025
  • Independent Director, Moody’s Investor Services 09/2020‐09/2025
  • President American Real Estate and Urban Economics Association 2022
  • First Vice President American Real Estate and Urban Economics Association 2021
  • Second Vice President American Real Estate and Urban Economics Association 2020
  • ABFER Senior Fellow 12/2020‐present NBER Asset Pricing Group steering committee member 7/2019‐6/2024
  • Member Model Validation Council, Federal Reserve Stress Testing 6/2019‐6/2022
  • Advisory Board Member Anchor Properties 4/2019‐present
  • Mitsui Distinguished Visiting Scholar, University of Michigan Ross School of Business 5/2019
  • Visiting Senior Research Scholar Columbia GSB (sabbatical from NYU) 9/2017‐6/2018
  • Member of the Advisory Board of the NYU Marron Institute 10/2016‐6/2018
  • Distinguished Visiting Scholar University of Texas at Austin AIM Center 3/2017
  • Board of Directors American Real Estate and Urban Economics Association 01/2016‐12/2018
  • Research Affiliate Swedish House of Finance 2015‐2018
  • Head of the expert review commission for Norway’s Government Pension Fund Global 2015
  • Member of the Advisory Board World Economic Forum Project on Housing Risk 2014‐2016
  • Member of the Academic Council of the AEI International Center on Housing Risk 2014‐2016
  • Visiting Scholar Federal Reserve Bank of New York 2012, 2014, 2015, 2016, 2018
  • NBER Research Associate 2010 – present
  • CEPR Faculty Research Fellow 2009‐present
  • Visiting Scholar Federal Reserve Bank of Minneapolis 4/2013
  • Academic Consultant, National Bank of Belgium 4/2012‐12/2014
  • Visiting Scholar Stanford University GSB (sabbatical from NYU) 9/2010‐6/2011
  • NBER Faculty Research Fellow 4/ 2006 –3/2010
  • Research Assistant for Prof. T. Sargent, Stanford University 6/2000‐8/2002

Credentials & fellowships8

  • Editor, Review of Financial Studies, January 2016‐July 2020 (handling revisions until December 2021)
  • Foreign Editor, Review of Economic Studies, September 2013‐January 2016
  • Associate Editor, Journal of Economic Theory, January 2013‐January 2016
  • Associate Editor, Journal of Finance, July 2012‐January 2016
  • Associate Editor, Journal of Banking and Finance, September 2011‐2014
  • Associate Editor, Review of Financial Studies, July 2010‐ July 2013
  • Associate Editor, Journal of Empirical Finance, September 2006‐ September 2012
  • American Economic Journals: Macro, American Economic Review, Berkeley Electronic Journals in Macroeconomics, Danish Research Council, Econometrica, Economic Letters, European Research Council, Explorations in Economic History, Financial Analyst Journal, International Economic Review, International Journal of Central Banking, Israel Science foundation, Journal of Banking and Finance, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Economic Dynamics and Control, Journal of Economic Literature, Journal of Economic Studies, Journal of Economic Theory, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of International Economics, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Journal of Political Economy, Journal of Urban Economics, Management Science, The National Science Foundation, Real Estate Economics, Review of Economic Dynamics, Review of Economic Studies, Review of Economics and Statistics, Review of Financial Studies, Quarterly Journal of Economics, The Social Sciences and Humanities Research Council of Canada

Honours & awards30

  • Skandia Award (Thule Foundation) for research on long‐term savings, 2021
  • Southern Finance Association Best Paper Prize (Flattening the Curve), 2021
  • Marshall Blume Award – honorable mention (Can Covid Bailouts Save US economy), 2021
  • NSF Award for government debt project with co‐PI H. Lustig ($293,000), 2021
  • Mapletree Annual Lecture, 2021
  • TIAA Paul A. Samuelson Award, Winner (Life and Health Insurance paper), 2021
  • Yuki Arai Prize – First prize (Valuing Private Equity paper), 2020
  • Best Paper Award, Real Estate Economics, 2019
  • Lincoln Land Institute Grant, infrastructure project ($45,000), 2018
  • Germán Bernácer Prize (best European economist in macro & finance under 40), 2016
  • Excellence in Refereeing Award, American Economic Review, 2016
  • Winner of the NYU Stern Faculty Leadership Award, 2015
  • Glucksman Institute Research Prize – First Prize (Too‐Systemic‐To‐Fail), 2014
  • Q‐group Best Paper Prize – 3rd prize, 2013
  • Keynote speaker Merton H. Miller Doctoral Seminar EFM, 2012
  • Best paper prize Western Finance Association (JP Morgan prize), 2012
  • Excellence in Refereeing Award, American Economic Review, 2012
  • Society for Economic Dynamics ‐ Research Agenda on Housing Overview, 2012
  • Best paper prize at the Utah Winter Finance Conference, 2012
  • World’s Best 40 Business School Professors under the Age of 40, Poets & Quants, 2011
  • Excellence in Refereeing Award, American Economic Review, 2011
  • NSF Grant ($423,800, 3 years) with co‐PI S. Ludvigson, 2010
  • Winner of the NYU Stern Teaching Excellence Award, 2010
  • Nominated for Professor of the Year award by MBA students, 2010
  • Distinguished Referee Award, Review of Financial Studies, 2010
  • Best paper prize at the Utah Winter Finance Conference, 2010
  • Q‐group Research Award ($10,000) with M. Kacperczyk and L. Veldkamp, 2009
  • Netspar Grant (€10,000) with R. Koijen and M. Yogo, 2009
  • NSF Grant ($35,000) with R. Vestman, 2008
  • Glucksman Institute Research Prize – First Prize (Mortgage Timing paper), 2008