Urban Jermann

Urban Jermann
  • Safra Professor of International Finance and Capital Markets, Professor of Economics
  • Professor of Finance

Contact Information

  • office Address:

    2327 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: asset pricing, international finance, macroeconomics

Links: CV, Personal Website

Overview

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: 1994-present (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

Co-Editor Journal of Monetary Economics, Editor Review of Economic Dynamics.

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

Senior Economist, Federal Reserve Bank of Minneapolis, 2000-01; Visiting Scholar, Federal Reserve Bank of Philadelphia, 1997, 1999, 2007-2012; Economist, National Australia Bank, Melbourne, 1988-89.
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Research

  • 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 long-term 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, 1977-2016.
  • Fernando Alvarez and Urban Jermann (2004), Using Asset Prices to Measure the Cost of Business Cycles, Journal of Political Economy, December 2004, 1223-56.

Teaching

Past Courses

  • FNCE2190 - Intl Financial Markets/Crypto

    Major topics include foreign exchange rates, international money markets, currency and interest rate derivatives, international stock and bond portfolios, and cryptocurrencies. Students learn about the features of financial instruments and the motivations of market participants. The class focuses on risk management, investing, and arbitrage in these markets. In addition to course prerequisites, FNCE 1010 is recommended but not required.

  • FNCE7190 - Intl Financial Markets/Crypto

    Major topics include foreign exchange rates, international money markets, currency and interest rate derivatives, international stock and bond portfolios, and cryptocurrencies. Students learn about the features of financial instruments and the motivations of market participants. The class focuses on risk management, investing, and arbitrage in these markets. In addition to course prerequisites, FNCE 6130 is recommended but not required.

Activity

Latest Research

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