Stephan Luck is a Financial Research Advisor at the Federal Reserve Bank of New York. In Stephan&#x27;s first appearance on the show, he discusses how the 2008 Great Financial Crisis shaped his career, how he and his coauthors leverage LLMs to comb through massive amounts of historical data, what this data can teach us about responding to bank failures, what people get wrong when they try and make historical analogies to the GENIUS era, the lessons we can learn from the German hyperinflation, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week&#x27;s episode, now with links. Recorded on June 1st, 2026 Subscribe to David&#x27;s Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:02:55 - Stephan&#x27;s Career 00:11:21 - Bank Failures 00:28:19 - Policy Implications of Bank Failures 00:37:21 - National Banking System 00:46:30 - German Hyperinflation 00:57:06 - Outro

Stephan Luck on What History can Teach Us about Financial Stability

Macro Musings with David Beckworth

[SPEAKER_A] Welcome to Macro Musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present, and future. I am your host, David Beckworth, a Senior Research Fellow with the Mercatus Center at George Mason University. And I'm glad you've decided to join us. Our guest today is Stephan Luck. Stephan works at the New York Federal Reserve Bank and has written widely on financial stability and recently released, along with his co-authors, a sweeping historical study of US bank runs that covers a long sweep of history in the 19th and 20th century. He joins us today to discuss this work and its implications for financial stability today, as well as some of his other work on stablecoins and the German hyperinflation. Stephan, welcome to the podcast.

[SPEAKER_B] Thank you so much, David. It's really a pleasure to be here. I'm of course a huge fan of your show, which I consider really a massive public good, a super interesting show, and really an honor to be here to talk to you.

[SPEAKER_A] Well, thank you for listening and thank you for coming on. Now, we recently met at the Wharton Financial Regulation Conference that Peter Conti-Brown and others hosted, and you had a great presentation, which is really what led to you coming on here. And as it turns out, Stephan, your coauthor on that paper is a previous guest as well, Emil Verner. We discussed his paper with you, which I didn't realize. So you have been on the show already in spirit, number one.

Stephan Luck on What History can Teach Us about Financial Stability

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Stephan Luck on What History can Teach Us about Financial Stability

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.