DAVID R. SKEIE. FIELDS OF INTEREST: Financial Intermediation, Financial Crises, Interbank Markets, Contract Theory, Corporate Finance

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1 DAVID R. SKEIE Texas A&M University Department of Finance, Mays Business School 360E Wehner, College Station, TX Phone: (979) Fax: (979) EMPLOYMENT: Assistant Professor of Finance and Mays Research Fellow, Mays Business School, Texas A&M University, 2014 present Adjunct Assistant Professor of Finance, NYU Stern School of Business, Spring 2014 Visiting Senior Economist, Board of Governors of the Federal Reserve System, 2014 Senior Economist, Federal Reserve Bank of New York, Lecturer, Princeton University, Consultant, Intelligent Markets, Inc., San Francisco, CA, 2000 Senior Associate, Capital Market Risk Advisors, Inc., New York, NY, Trader, Citadel Investment Group, Chicago, IL, EDUCATION: Ph.D., Economics, Princeton University, 2004 Dissertation Committee: Patrick Bolton, Franklin Allen, Ben Bernanke M.A., Economics, Princeton University, 2001 S.B., Economics, Massachusetts Institute of Technology, 1993 California Institute of Technology, (transferred to MIT) FIELDS OF INTEREST: Financial Intermediation, Financial Crises, Interbank Markets, Contract Theory, Corporate Finance REFEREED PUBLICATIONS: Bank Lending in Times of Large Bank Reserves (joint with Antoine Martin and James McAndrews), International Journal of Central Banking 12(4), pp , 2016 Information Management in Banking Crises (joint with Joel Shapiro), Review of Financial Studies 28(8), pp , 2015 Repo Runs (joint with Antoine Martin and Ernst-Ludwig von Thadden), Review of Financial Studies 27(4), pp , 2014 The Fragility of Short-Term Secured Funding Markets (joint with Antoine Martin and Ernst-Ludwig von Thadden), Journal of Economic Theory 149(1), pp , 2014 Bank Liquidity, Interbank Markets and Monetary Policy (joint with Xavier Freixas and Antoine Martin), Review of Financial Studies 24(8), pp , 2011

2 A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets (joint with Viral Acharya), Journal of Monetary Economics 58(5, Carnegie-Rochester Conference on Public Policy: Normalizing Central Bank Practice in Light of the Credit Turmoil, November 12 13, 2010), pp , 2011 Precautionary Reserves and the Interbank Market (joint with Adam Ashcraft and James McAndrews), Journal of Money, Credit and Banking 43(s2), pp , 2011 Banking with Nominal Deposits and Inside Money Journal of Financial Intermediation 17(4), pp , 2008 Payment Networks in a Search Model of Money (joint with Antoine Martin and Michael Orlando), Review of Economic Dynamics 11(4), pp , 2008 CURRENT WORKING PAPERS: Federal Reserve Tools for Managing Rates and Reserves (joint with Antoine Martin, James McAndrews, and Ali Palida), working paper, 2018 A Comparison of Libor to Other Measures of Bank Borrowing Costs (joint with Dennis Kuo and James Vickery), working paper, 2018 Digital Currency Runs, working paper, 2018 Commitment and Financial Fragility, working paper, 2017 Identifying Term Interbank Loans from Fedwire Payments Data (joint with Dennis Kuo, James Vickery, and Thomas Youle), 2015 NON-REFEREED PUBLICATIONS: LIBOR: Origins, Economics, Crisis, Scandal and Reform (joint with David Hou), The New Palgrave Dictionary of Economics, Online Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2013 Evaluating the Quality of Fed Funds Lending Estimates Produced from Fedwire Payments Data (joint with Anna Kovner), Federal Reserve Bank of New York Staff Reports, no. 629, 2013 A Sampling-Window Approach to Transactions-Based Libor Fixing (joint with Darrell Duffie and James Vickery), Federal Reserve Bank of New York Staff Reports, no. 596, 2013 Comment on Containing Systemic Risk: Paradigm-Based Perspectives on Regulatory Reform by Augusto De la Torre and Alain Ize, Economía 11(1), pp , 2010 Vesting and Control in Venture Capital Contracts Federal Reserve Bank of New York Staff Reports, no. 297, 2007 Money and Modern Bank Runs Princeton University, dissertation chapter; and Society for Economic Dynamics Meeting Papers no. 785, 2004 Translating VaR Using Square Root of T (with Frank Iacono), Derivatives Week, October 14, 1996

3 TEACHING AND ADVISOR EXPERIENCE: Assistant Professor of Finance, Mays Business School, Texas A&M University: Corporate Finance Theory (PhD), Fall ; Macro Finance (undergraduate and master s), Fall ; Managerial Macroeconomics (MBA core macro course), Fall 2014 Adjunct Assistant Professor of Finance, NYU Stern School of Business: Global Economy (MBA core macro course), Spring 2014 Lecturer, Princeton University: Undergraduate Advisor for Junior Independent Work, Teaching Assistant for Antoine Faure-Grimaud and Patrick Bolton, Princeton University: Corporate Finance (undergraduate), Spring Teaching Assistant for John Quiqley, Princeton University: Venture Capital & Private Equity Investing (undergraduate and master s), Fall 2001 Teaching Assistant for Markus Brunnermeier, Princeton University: Financial Economics (PhD), Fall 2000 DOCTORAL DISSERTATION COMMITTEE MEMBER: Christopher Yost-Bremm (Texas A&M University, PhD, 2015, placement: San Francisco State University) Thomas Youle (University of Minnesota, PhD, 2014, placement: Dartmouth) SCHOLARSHIPS, GRANTS AND AWARDS: Mays Research Fellowship, 2014 present Founding Main Collaborator, Leverhulme Trust International Network Grant ( ), providing approximately $200,000 initial funding for the European Financial Intermediation Theory Research Network (EuroFIT) Towbes Prize for Outstanding Teaching, Princeton University, 2002 American Finance Association Student Travel Award for the AFA/ASSA Meetings, 2002 Princeton Graduate School Summer Fellowship, Princeton University Fellowship, San Gabriel Valley Club Scholarship (undergraduate), 1989 PROFESSIONAL SERVICE: Ad Hoc Referee American Economic Journal: Macroeconomics, American Economic Review, Econometrica, Economic Notes, Economic Theory, European Economic Review, Federal Reserve Bank of New York Economic Policy Review, IMF Staff Papers, International Finance, International Journal of Central Banking, International Review of Economics and Finance, Journal of Applied Finance, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Economic Interaction and Coordination, Journal of Economic Theory, Journal of the European Economics Association, Journal of Finance, Journal of Financial Intermediation, Journal of Financial Stability, Journal of Monetary Economics, Journal of Money, Credit and Banking, Management Science, North American Journal of Economics and Finance, Quarterly Journal of Economics, RAND Journal of Economics, Review of Economic Studies, Review of Economics and Statistics, Review of Finance, Review of Financial Studies, Southern Economic Journal, Swiss National Bank Working Papers Program Committee Young Scholars Finance Consortium, Texas A&M University, Oxford Financial Intermediation Theory Conference, th NY Fed and NYU Stern joint Conference on Financial Intermediation, 2015 Financial Intermediation Research Society, Financial Management Association Annual Meeting, 2005

4 Paper Reviewer Annual Meeting of the European Finance Association, Conference Co-Organizer The Economics of Payments III, Federal Reserve Bank of Atlanta, 2008 The Economics of Payments II, Federal Reserve Bank of New York, 2006 ACADEMIC AFFILIATIONS: American Finance Association Western Finance Association Financial Intermediation Research Society European Financial Intermediation Theory Research Network American Economic Association Econometric Society European Finance Association MEDIA AND POSTS: Media Mentions and Interviews What does the tax reform bill mean for you, KBTX-TV television news interview, Brazos County, TX, December 20, 2017 Four Legal Questions the Fed Would Face If It Decided to Go Negative, Josh Zumbrun, Wall Street Journal, February 10, 2016 Secondary Sources: Interest Rates, 1620 Financial Crisis, Fed History, Phil Izzo, Wall Street Journal, June 24, 2013 NY Fed Says Don t Fear High Bank Reserve Levels, Michael S. Derby, Wall Street Journal, June 1, 2011 Liberty Street Economics blog posts, Federal Reserve Bank of New York Crisis Chronicles series (joint with James Narron), : The Panic of 1819 America s First Great Economic Crisis (also with Don Morgan) The British Export Bubble of 1810 and Pegged versus Floating Exchange Rates (also with Don Morgan) The Hamburg Crisis of 1799 and How Extreme Winter Weather Still Disrupts the Economy The Collapse of the French Assignat and Its Link to Virtual Currencies Today Canal Mania (1793) Central Bank Crisis Management during Wall Street s First Crash (1792) Not Worth a Continental The Currency Crisis of 1779 and Today s European Debt Crisis The Credit and Commercial Crisis of 1772 The Commercial Credit Crisis of 1763 and Today s Tri-Party Repo Market The Mississippi Bubble of 1720 and the European Debt Crisis The South Sea Bubble of 1720 Repackaging Debt and the Current Reach for Yield The Not So Great Re-Coinage of 1696 Tulip Mania, Years of Financial Crises ( ) Other: I Want My Money Now: The Highs and Lows of Payments in Real Time (with Parinitha Sastry), 2013 Why Did U.S. Branches of Foreign Banks Borrow at the Discount Window during the Crisis? (with Linda Goldberg), 2011

5 ACADEMIC PRESENTATIONS: Seminars Banco Central de Chile (Central Bank of Chile), Federal Reserve Bank of Cleveland, Danmarks Nationalbank (Danish Central Bank), Copenhagen Business School, Texas A&M University (Mays), Federal Reserve Bank of Philadelphia, Norwegian School of Economics (NHH), Einaudi Institute for Economics and Finance (EIEF), Bocconi University, Queen Mary University of London, Frankfurt School of Finance and Management, Baruch College, University of Oxford (Saïd Business School), Toulouse School of Economics / IDEI, Universitat Pompeu Fabra, University of Pennsylvania (Wharton), Federal Reserve Bank of Chicago, Federal Reserve Bank of Richmond, Federal Deposit Insurance Corporation, New York University (Stern), Board of Governors of the Federal Reserve System, University of North Carolina Chapel Hill (Kenan-Flagler), Federal Reserve Bank of New York, Princeton University Conference Presentations (or discussant / session chair as noted) Midwest Finance Association Conference, San Antonio, March 2018 (presenter and session chair) OTC Markets and Their Reform, Universities of Lausanne, Geneva and St. Gallen, Rigi, Switzerland, June 2017 (discussant) European Winter Finance Conference, Mageve, France, January 2017 (session chair) American Real Estate and Urban Economics Association (ASSA), Chicago, January 2017 (discussant) Santiago Finance Workshop, University of Chile, December 2016 EuroFIT Workshop on Financial Intermediation and Risk, Barcelona GSE Summer Forum, Barcelona, June 2016 (discussant) Financial Intermediation Research Society, Lisbon, June 2016 Young Scholars Finance Consortium, Texas A&M, Houston, April 2016 (discussant) Chicago Financial Institutions Conference, DePaul University, Chicago, March 2016 (discussant) European Winter Finance Conference, Mageve, France, January 2016 (discussant) North American Winter Meeting of the Econometric Society (ASSA), San Francisco, January th Oxford Financial Intermediation Theory Conference (OxFIT), Oxford, September 2015 (discussant) Financial Intermediation Research Society, Reykjavik, Iceland, June 2015 (session chair) International Banking, Economics & Finance Association (ASSA), Boston, January 2015 Federal Reserve System "Day-Ahead" Conference on Financial Markets and Institutions, Federal Reserve Bank of Boston, Boston, January 2015 Isaac Newton Institute for Mathematical Sciences Workshop on Regulating Systemic Risk: Insights from Mathematical Modeling, Cambridge, December rd Oxford Financial Intermediation Theory Conference (OxFIT), Oxford, September 2014 (discussant) European Meeting of the Econometric Society, Toulouse, August 2014 European System of Central Banks Day-Ahead Conference on Monetary Economics, Toulouse, August 2014 Western Finance Association, Monterey, California, June 2014 (discussant) Bank of England Centre for Central Banking Studies Conference, London, June 2014 Financial Intermediation Research Society, Quebec City, June 2014 (discussant) UC Davis conference on Financial Institutions and Financial Stability, November 2013 ECB Workshop on Structural Changes in Money Markets: Implications for Monetary Policy Implementation, Frankfurt, September 2013 London Financial Intermediation Theory Workshop, London Business School, September 2013 System Committee Meeting on Financial Structure and Regulation, Federal Reserve Bank of Atlanta, September nd Oxford Financial Intermediation Theory Conference (OxFIT), Oxford, September 2013 (discussant) LSE Networks and Banking Conference, London, July 2013 (discussant)

6 NYU Econ PhD Alumni Conference, New York, May 2013 (discussant) Oxford Financial Intermediation Theory Conference (OxFIT), Oxford, October 2012 (discussant) European Central Bank and Federal Reserve Bank of New York joint conference on Bank Funding Markets, Instruments and Implications for Corporate Lending and the Real Economy, Frankfurt, October 2012 (discussant) Financial Intermediation Research Society, Minneapolis, June 2012 (discussant) American Economic Association, Chicago, January 2012 American Finance Association, Chicago, January Bank of Canada Annual Economic Conference on New Developments in Payments and Settlement, Ottawa, November 2011 (discussant) Federal Reserve System Committee Conference on Financial Structure & Regulation, Federal Reserve Bank of Richmond, November 2011 (discussant) European Finance Association Annual Meeting, Sweden, August 2011 (presentation and session chair) Stern Microstructure Meeting, New York, May 2011 (discussant) American Finance Association, Denver, January 2011 (presentation and discussant) International Banking Economics & Finance Association, Denver, January 2011 Day-Ahead Conference on Financial Markets & Institutions, Federal Reserve Bank of Kansas City Denver Branch, January 2011 Financial Management Association Annual Meeting, New York, October 2010 (discussant) Conference on The Future of Monetary Policy, sponsored by The Banca d'italia and the Banque de France, The Einaudi Institute for Economics and Finance (EIEF), September 2010 Conference on Matching Stability and Performance: The Impact of New Regulations on Financial Intermediary Management; Centre for Applied Research in Finance (CAREFIN) and Department of Finance at Bocconi University, and Intesa Sanpaolo; September 2010 (presenter and discussant) Financial Intermediation Research Society, Florence, June 2010 (presenter and discussant) Financial Intermediation Research Society, Florence, June 2010 (discussant) European Banking Center 2 nd Financial Stability Conference, Tilburg University, Netherlands, June 2010 Federal Reserve Day Ahead Conference on Financial Markets & Institutions, Federal Reserve Bank of Atlanta, January 2010 European Central Bank, Frankfurt, December 2009 LACEA-LAMES Conference, Buenos Aires, October 2009 (presenter and discussant) Western Finance Association, San Diego, June 2009 Financial Intermediation Research Society, Prague, May 2009 (discussant) American Economic Association / KAEA Annual Meeting, San Francisco, January 2009 (discussant) Federal Reserve Bank of Cleveland, FRBC-JMCB Conference on Liquidity in Frictional Markets, Cleveland, November 2008 Federal Reserve Bank of New York, 2008 Money and Payments Workshop: Implementing Monetary Policy, October 2008 Western Finance Association, Hawaii, June 2008 (discussant) The Second New York Fed - Princeton Liquidity Conference, New York, December 2007 FDIC/JFSR 7 th Annual Bank Research Conference, Arlington, Virginia, September 2007 Federal Reserve Bank of Atlanta, Conference on The Credit Channel of Monetary Policy in the 21 st Century, June 2007 (discussant) CEPR and CREI, Conference on Financial Crises: Past, Theory and Future, University Pompeu Fabra, Barcelona, June 2007 (presenter and discussant) Journal of Financial Intermediation, Conference on Financial Contracting: Theory and Evidence, University of Mannheim, Germany, April 2007

7 AEA Annual Meeting, Chicago, January 2007 Journal of Financial Intermediation and World Bank, Conference on Bank Regulation and Corporate Finance: Challenges for the Future, Washington, D.C., October 2006 Journal of Banking and Finance 30 th Anniversary Conference, Beijing, June 2006 Financial Intermediation Research Society, Conference on Banking, Corporate Finance and Intermediation, Shanghai, June 2006 (presenter and discussant) Federal Reserve Bank of New York, System Committee on Financial Structure and Regulation, November 2005 (discussant) Financial Management Association Annual Meeting, Chicago, October 2005 University of Notre Dame, Seng Conference on Money, Banking and Economic Development, South Bend, October 2004 (discussant) Sveriges Riksbank Conference on Banking, Financial Stability and the Business Cycle, Stockholm, August 2004 Society for Economic Dynamics Annual Meeting, Florence, July 2004 REFERENCES: Viral V. Acharya Deputy Governor, Reserve Bank of India Department of Finance Leonard N. Stern School of Business New York University New York, NY Patrick Bolton Graduate School of Business and Department of Economics Columbia University New York, NY Franklin Allen Professor Emeritus of Finance and Economics, The Wharton School, University of Pennsylvania Executive Director, Brevan Howard Centre for Financial Analysis Imperial College Business School London, SW7 2AZ Darrell Duffie Graduate School of Business Stanford University Stanford, CA May 2018