Greg Phelan

Assistant Professor of Economics
Schapiro Hall Rm 314


B.A. Yale University
M.A. Yale University
M.Phil. Yale University
Ph.D. Yale University


Note: courses in gray are not offered this academic year.

ECON 364

Theory of Asset Pricing

ECON 472

Macroeconomic Instability and Financial Markets

Research and Teaching Fields

Macroeconomics, General Equilibrium, Financial Theory, Economic Theory, International Finance

Published and Forthcoming Articles

  1. Correlated Default and Financial Intermediation“, 2017, Journal of Finance, June 72:3, pp. 1253–1284
  2. Collateralized Borrowing and Increasing Risk“, 2017, Economic Theory, 63(2), pp. 471 — 502.
  3. Financial Intermediation, Leverage, and Macroeconomic Instability“, 2016, American Economic Journal: Macroeconomics8(4): 199-224
  4. Hyperbolic Discounting and Life Cycle Portfolio Choice” (with David Love), 2015, Journal of Pension Economics and Finance, volume 14, issue 04, pp. 492-524  

Working Papers

  1. Securitized Markets, International Capital Flows, and Global Welfare” (with Alexis Akira Toda)
  2. Debt Collateralization, Capital Structure, and Maximal Leverage” (with Feixue Gong)
  3. Global Collateral: How Financial Innovation Drives Capitals Flows and Increases Financial Instability” (with Ana Fostel and John Geanakoplos)
  4. A Collateral Theory of the Cash-Synthetic Basis” (with Feixue Gong)
  5. Dimensionality and Disagreement: Asymptotic belief divergence in response to common information” (with Isaac Loh)
  6. Macroprudential Policy Coordination with International Capital Flows” (joint with William Chen)

Work in Progress

  1. “Collateralized Carry Trades and Exchange Rate Risk” (joint with Ana Fostel and Feixue Gong)
  2. “Leverage regulation can increase fat tails” (joint with Ana Fostel and John Geanakoplos)

Old Papers

  1. On the Robustness of Theoretical Asset Pricing Models” (with Alexis Akira Toda)

Previous Employment

D. E. Shaw, LLC, Proprietary Trader, 2007-2009






Current Committees

  • College and Community Advisory Committee