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Stephan Luck

Financial Research Advisor · Federal Reserve Bank of New York

Financial Research Advisor at the Federal Reserve Bank of New York, working on finance, macroeconomics and economic history. Co-author of Failing Banks (QJE 2026) with Sergio Correia and Emil Verner.

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Published Quarterly Journal of Economics Online 8 Sep 2025 Published Jan 2026

Failing Banks

Sergio Correia · Stephan Luck · Emil Verner

Correia, Luck, and Verner ask a foundational question in banking: why do banks fail? Specifically, they seek to adjudicate between two theoretical views — the solvency view (failures caused by …

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