Stijn Van Nieuwerburgh

Publications

Journal Articles

1. Housing 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

2. Stock 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

3. Learning Asymmetries in Real Business Cycles, S. Van Nieuwerburgh and L. Veldkamp, Journal of Monetary Economics, vol. 53(4), May 2006, pp. 753‐772

4. Inside 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

5. Reconciling the Return Predictability Evidence, M. Lettau and S. Van Nieuwerburgh, Review of Financial Studies, vol. 21(4), July 2008, pp. 1607-1652

6. The 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

7. Information Immobility and the Home Bias Puzzle, S. Van Nieuwerburgh and L. Veldkamp, Journal of Finance, vol. 64(3), June 2009, pp. 1187‐1215

8. Mortgage Timing, R. Koijen, O. van Hemert, and S. Van Nieuwerburgh, Journal of Financial Economics, August 2009, vol. 93 (2), pp. 292‐324

9. Information Acquisition and Under‐Diversification, S. Van Nieuwerburgh and L. Veldkamp, Review of Economic Studies, vol. 77(2), April 2010, pp. 779‐805

10. How 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

11. Long‐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

12. Why 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

13. Technological 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

14. The 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

15. Predictability of Stock Returns and Cash Flows, R. Koijen, S. Van Nieuwerburgh, Annual Review of Financial Economics, vol. 3, December 2011, pp. 467‐491

16. The Wealth‐Consumption Ratio, H. Lustig, A. Verdelhan, and S. Van Nieuwerburgh, Review of Asset Pricing Studies, vol. 3(1), 2013, pp. 38‐94

17. Guaranteed 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

18. Time‐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

19. The 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

20. Rational Attention Allocation over the Business Cycle, M. Kacperczyk, S. Van Nieuwerburgh, and L. Veldkamp, Econometrica, vol. 84(2), March 2016, pp. 571‐626

21. Health 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

22. Breaking 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

23. Too‐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

24. Phasing Out the GSEs, V. Elenev, T. Landvoigt, S. Van Nieuwerburgh, Journal of Monetary Economics, vol. 81, August 2016, pp. 111‐132

25. Macroeconomic 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

26. ESBies: 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

27. The 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

28. What 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

29. Are 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

30. Why Are REITS Currently So Expensive? S. Van Nieuwerburgh, Real Estate Economics, Spring 2019, vol. 47, pp. 18‐65 (lead article).

31. Combining Life and Health Insurance, R. Koijen and S. Van Nieuwerburgh, Quarterly Journal of Economics, February 2020, vol. 135, pp. 913‐958.

32. New 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

33. Firm Volatility in Granular Networks, B. Herskovic, B. Kelly, H. Lustig, and S. Van Nieuwerburgh, Journal of Political Economy, November 2020, vol. 128 (11).

34. Financial Fragility with SAMs? D. Greenwald, T. Landvoigt, and S. Van Nieuwerburgh, Journal of Finance, April 2021, vol. 76(2).

35. A Macroeconomic Model with Financially Constrained Producers and Intermediaries, V. Elenev, T. Landvoigt, S. Van Nieuwerburgh, Econometrica, May 2021, vol. 89 (3), pp. 1361‐1418.

36. Real and Private Value Assets, W. Goetzmann, C. Spaenjers, and S. Van Nieuwerburgh, Review of Financial Studies, August 2021, vol. 34 (9), pp. 3497‐3526.

37. Out‐of‐town Home Buyers and City Welfare, J. Favilukis and S. Van Nieuwerburgh, Journal of Finance, October 2021, vol. 76 (5), pp. 2577‐2638.

38. Valuing Private Equity Strip by Strip, A. Gupta and S. Van Nieuwerburgh, Journal of Finance, December 2021, vol 76 (7), pp. 3255‐3307.

39. Can the Covid Bailouts Save the Economy? V. Elenev, T. Landvoigt, and S. Van Nieuwerburgh, Economic Policy, forthcoming

40. Take 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.

41. Flattening 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

42. 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

Books, Book Chapters, and Other Non‐Refereed Publications

43. Exercises in Recursive Macroeconomic Theory S. Van Nieuwerburgh, P.O. Weill, L. Ljungqvist, and T. Sargent, 2003

44. Annuity 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

45. Market Efficiency and Return Predictability, R. Koijen and S. Van Nieuwerburgh, Encyclopedia of Complexity & Systems Science, Robert Meyers (Ed.),Springer, 2009, pp. 3448‐3456

46. Mortgage 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.

47. What 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.

48. The 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.

49. Consumer 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.

50. Guaranteed 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

51. Reforming 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

52. ESBies: 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

53. The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macro‐economy, S. Van Nieuwerburgh, Economic Dynamics Newsletter, vol. 13 (2), April 2012

54. International 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.

55. Judging 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

56. Housing, 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

57. A 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

59. Regulating 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

Working Papers

60. Identifying 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

61. The Government Bond Valuation Puzzle, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐ Zhang, January 2022, submitted

62. Manufacturing Risk‐free Government Debt, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, February 2022, submitted

63. Machine‐Learning the Skill of Mutual Fund Managers, R. Kaniel, M. Z. Lin, M. Pelger, and S. Van Nieuwerburgh, December 2021, submitted

64. What 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

65. Bond Convenience Yields in the Eurozone Currency Union, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, July 2021, submitted

66. Financial 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

68. Quantifying Treasury Investor Optimism, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐ Zhang, June 2021, SSRN working paper

69. Exorbitant Privilege Gained and Lost: Fiscal Implications, Z. Chen, Z. Jiang, H. Lustig, S. Van Nieuwerburgh, M. Xiaolan‐Zhang, May 2022, SSRN working paper

70. Aggregate Lapsation Risk, R. Koijen, HK Lee, and S. Van Nieuwerburgh, May 2022, SSRN working paper

71. Fiscal 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

72. Measuring 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

73. The Commercial Real Estate Eco‐system, R. Koijen and S. Van Nieuwerburgh, in progress

74. Foreign Ownership of U.S. Debt: Good or Bad? J. Favilukis, S. Ludvigson, S. Van Nieuwerburgh, January 2016, R&R

75. Can Housing Collateral Explain Long‐Run Swings in Asset Returns? H. Lustig and S. Van Nieuwerburgh, NBER Working Paper, December 2006, legacy paper

Cases

76. The New York Times Building: Opportunity of a Lifetime? S. Van Nieuwerburgh, Fall 2020, Columbia CaseWorks Case ID: 210303

Positions Held

Academic Positions

Columbia University, Graduate School of Business Professor of Finance 7/2018‐present

Earle W. Kazis and Benjamin Schore Professor of Real Estate New York University, Stern School of Business David S. Loeb Professor of Finance 5/2016‐6/2018

Director of the Center for Real Estate Finance Research 4/2012‐6/2018

Fellow Center for Global Economy and Business 8/2011‐6/2018

Professor of Finance 9/2012‐5/2016

Yamaichi Faculty Fellow 9/2009‐5/2016

Associate Professor of Finance (tenured) 9/2009‐8/2012

Charles Schaefer Family Fellow 8/2006‐8/2009

Assistant Professor of Finance 8/2003‐8/2009

Elsewhere

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

Editorial

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

Refereeing

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

Courses Taught

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

Awards

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

UCLA Zinman Research Center for Real Estate grant ($10,000), 2007