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Semyon Malamud
SFI Senior Chair
Associate Professor
Semyon Malamud is SFI Associate Professor of Finance at the Ecole Polytechnique Fédérale de Lausanne. He joined SFI in 2007 and has held an SFI Senior Chair since 2015. He obtained his PhD in Mathematics from ETHZ. Prof. Malamud is a regular speaker at leading academic conferences worldwide and his papers have been published in the top journals in finance and economics.
Research Interests:
His main research interest lies in asset pricing.
Recent Research:
In recent research, Prof. Malamud and his coauthor develop a new theory of monetary policy passthrough based on intermediation frictions. The authors show that monetary policy affects intermediaries’ ability to extract rents; this opens up a new channel for the transmission of monetary shocks into rates in the wider economy, which may be labelled the markup channel of monetary policy. Passthrough efficiency depends crucially on the anticipated sensitivity of future monetary policy to future stock market returns, the “central bank put”. The strength of this put determines monetary policy’s room for maneuver: when it is strong, monetary policy is destabilizing and may lead to market tantrums where deteriorating risk premia, illiquidity, and markups mutually reinforce each other; when the put is too strong, passthrough becomes fully inefficient and a surprise easing even begets a rise in real rates.

Research Projects