Stavros Panageas

Anderson School of Management
University of California, Los Angeles
110 Westwood Plaza
Los Angeles, CA 90095-1481
Tel: (773) 834 4711

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: AP
NBER Affiliation: Research Associate
Institutional Affiliation: University of California at Los Angeles

NBER Working Papers and Publications

August 2020Optimal Management of a Pandemic in the Short Run and the Long Run
with Andrew B. Abel: w27742
April 2020The Implications of Heterogeneity and Inequality for Asset Pricing
March 2020An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints
with Andrew B. Abel: w26898
January 2020Precautionary Saving in a Financially-Constrained Firm
with Andrew B. Abel: w26628
Heterogeneity and Asset Prices: A Different Approach
with Nicolae B. Gârleanu: w26607
September 2016Impediments to Financial Trade: Theory and Applications
with Nicolae Gârleanu, Jianfeng Yu: w22697

Published: Nicolae Gârleanu & Stavros Panageas & Jianfeng Yu & Stijn Van Nieuwerburgh, 2020. "Impediments to Financial Trade: Theory and Applications," The Review of Financial Studies, vol 33(6), pages 2697-2727.

August 2013Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
with Nicolae Gârleanu, Jianfeng Yu: w19381

Published: Gârleanu, Nicolae, Stavros Panageas, and Jianfeng Yu. 2015. "Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion." American Economic Review, 105(7): 1979-2010.

March 2010Optimal retirement benefit guarantees
October 2009The Demographics of Innovation and Asset Returns
with Nicolae Gârleanu, Leonid Kogan: w15457

Published: Displacement Risk and Asset Returns (with Leonid Kogan and Stavros Panageas). Journal of Financial Economics , vol. 105 (2012), issue 3, pp. 491-510. Best Paper Award , Utah Winter Finance Conference 2011.

Optimal taxation in the presence of bailouts

Published: “Optimal taxation in the presence of bailouts'', Journal of Monetary Economics, 2010, 57(1), pp. 101-116

September 2009Technological Growth and Asset Pricing
with Nicolae B. Gârleanu, Jianfeng Yu: w15340

Published: “Technological Growth and Asset Pricing” (joint with Nicolae Garleanu and Jianfeng Yu) , Journal of Finance, August 2012, Vol. 67, Issue 4, pp. 1265-1292

June 2009Bailouts, the Incentive to Manage Risk, and Financial Crises

Published: S. Panageas ( 2010 ) “Bailouts, the incentive to manage risk, and financial crises”, Journal of Financial Economics , 95(3) , pp. 296 -­‐ 311

May 2009Optimal Inattention to the Stock Market with Information Costs and Transactions Costs
with Andrew B. Abel, Janice C. Eberly: w15010

Published: Abel, A. B., Eberly, J. C. and Panageas, S. (2013), Optimal Inattention to the Stock Market With Information Costs and Transactions Costs. Econometrica, 81: 1455–1481. doi: 10.3982/ECTA7624

May 2005A Quantitative Model of Sudden Stops and External Liquidity Management
with Ricardo Caballero: w11293
September 2004Contingent Reserves Management: An Applied Framework
with Ricardo J. Caballero: w10786


  • Ricardo J. Caballero G. & Stavros Panageas, 2005. "Contingent Reserves Management: an Applied Framework," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 8(2), pages 45-56, August. citation courtesy of
  • Caballero, Ricardo, and Stavros Panageas. 2006."Contingent Reserves Management: An Applied Framework." In "External Vulnerability and Preventive Policies," edition 1, volume 10, edited by Ricardo Caballero, César Calderón, Luis Felipe Céspedes, and Norman Loayza (Series Editor), Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, chapter 12, pages 399-420

June 2003Hedging Sudden Stops and Precautionary Contractions
with Ricardo J. Caballero: w9778

Published: Caballero, Ricardo J. & Panageas, Stavros, 2008. "Hedging sudden stops and precautionary contractions," Journal of Development Economics, Elsevier, vol. 85(1-2), pages 28-57, February. citation courtesy of

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