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Matt Jaremski

Associate Professor of Economics
Economics, 221 Persson Hall
p 315-228-7524


Austin College, B.A. in Economics (with Honors), Business Administration, and Classical Civilizations, summa cum laude, 2006
Honors Thesis: “Greek Economics: Repositioning Aristotle in the History of Economic Thought”

Vanderbilt University, Ph.D. in Economics, 2010
Dissertation Title: “Free Banking: A Reassessment Using Bank-Level Data”


Financial and Monetary Economic History, Financial Crises, Bank Regulation, and Finance-Growth Nexus


American Economic History, Money and Banking, Financial Economics, and Macroeconomics


Published Articles

  • “Stealing Deposits: Deposit Insurance, Risk-Taking and the Removal of Market Discipline in Early 20th Century Banks” (With Charles Calomiris) Forthcoming Journal of Finance
  • “The (Dis)Advantages of Clearinghouses Before the Fed” Forthcoming Journal of Financial Economics
  • “Liquidity Risk, Bank Networks, and the Value of Joining the Fed” (With Haelim Anderson, Charles Calomiris, and Gary Richardson) Forthcoming Journal of Money, Credit, and Banking
  • “The Dawn of an ‘Age of Deposits’ in the United States” (With Peter Rousseau) Forthcoming Journal of Banking and Finance
  • “How was the Quantitative Easing Program of the 1930s Unwound? ” (With Gabriel Mathy) Forthcoming Explorations in Economic History
  • “Did Inequality in Farm Sizes Lead to Suppression of Banking and Credit in the Late Nineteenth Century?” (With Price Fishback) Forthcoming Journal of Economic History
  • “Banker Preferences, Interbank Connections, and the Enduring Structure of the Federal Reserve System” (With David Wheelock) Forthcoming Explorations in Economic History
  • “Looking Back On the Age of Checking in America, 1800-1960” (with Gabriel Mathy) Forthcoming Revista de la Historia de la Economía y de la Empresa
  • “Deposit Insurance: Theories and Facts” (With Charles Calomiris) Annual Review of Financial Economics. Vol. 8 (2016), 97-120.
  • “Understanding the Cyclical Nature of Financial Intermediation Costs” (With Ayse Sapci) Southern Economic Journal vol. 84 (2017), pp. 181–201.
  • -"The Competition and Coexistance of Mutual and Commercial Banks in New England, 1870-1914" (With Brady Plastaras) Cliometrica.Vol. 10 (2016), 151-179.
  • "The Evolution of Bank Supervision: Evidence from U.S. States" (With Kris Mitchener) Journal of Economic History Vol. 75 (2015), pp 819-859.
  • "Introduction au régime de banque libre aux États-Unis (An Introduction to Free Banking in the United States)" Revue d'économie financière Vol. 117 (2015), pp. 245-248.
  • "Clearinghouses as Credit Regulators Before the Fed” Journal of Financial Stability Vol. 17 (2015), pp. 10–21.
  • "American Banking and the Transportation Revolution Before the Civil War” (with Jeremy Atack and Peter Rousseau) Journal of Economic History Vol. 74 (2015), pp. 943 - 986
  • "Sales and Firm Entry: The Case of Wal-Mart" (with PJ Glandon) Southern Economic Journal Vol. 81 (2014), pp. 168-192
  • "National Banking's Role in U.S. Industrialization, 1850-1900" Journal of Economic History Vol. 74 (2014), pp. 109-140.
  • “State Banks and the National Banking Acts: Measuring the Response to Increased Financial Regulation, 1860–1870” Journal of Money, Credit, and Banking Vol. 45 (2013), pp. 379–399.
  • “Banks, Free Banks, and Economic Growth” (with Peter Rousseau) Economic Inquiry Vol. 51 (2013), pp. 1603–1621.
  • “Land, Location, and Labor: Accounting for Racial Differences in Postbellum Cotton Production” (with Neil Canaday) Explorations in Economic History Vol. 49 (2012), pp. 291-302.
  • “Estimating Antebellum Passenger Costs: A Hub-and-Spoke Approach” Historical Methods Vol. 45 (2012), pp. 93-101.
  • “Bank-Specific Default Risk In The Pricing Of Bank Note Discounts” Journal of Economic History Vol. 71 (2011), pp. 950-975.
  • “Free Bank Failures: Risky Bonds vs. Undiversified Portfolios”, Journal of Money, Credit, and Banking Vol. 42 (2010), pp. 1565-1587.

Book Chapters

  • "Did Railroads Make Antebellum U.S. Banks More Sound? Linking Rail Locations With Bank Balance Sheets and Survival Rates" (With Jeremy Atack and Peter Rousseau) in Enterprising America: Business, Banks, and Credit Markets in Historical Perspective , Collins, William J., and Robert A. Margo eds., 149-178. Chicago: University of Chicago Press, 2015.
  • "The Cliometric Study of Financial Panics and Crashes" in the Handbook of Cliometrics
  • "Banking from 1790 to the Founding of the Federal Reserve" (With Peter Rousseau) Forthcoming Oxford Dictionary of American Economic History
  • "Privately Issued Money in the US" Forthcoming Handbook of the History of Money and Currency

Book Reviews

  • Review of Kenneth D. Garbade’s Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression. Economic History Review Vol. 66 (2013), pp. 1219–1220
  • Review of Nicholas Crafts and Peter Fearon's The Great Depression of the 1930s: Lessons for Today. Journal of Economic Literature Vol. 52 (2014), pp. 541-542
  • Review of Michael J Hightower’s Banking in Oklahoma Before Statehood. Journal of Economic History Vol. 74 (2014), pp. 1239-1241.
  • Review of Paul Kahn’s The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance. Forthcoming Journal of Economic History.
  • Review of Randall E. Parker and Robert Whaples’ Routledge Handbook of Major Events in Economic History. Forthcoming Journal of Economic Literature.
  • Review of Jane Ellen Knodell’s The Second Bank of the United States: “Central” banker in an era of nation-building, 1816-1936 Forthcoming Journal of Economic History.

Working Papers

  • “Populists at the Polls: Economic Factors in the 1896 Presidential Election” (With Barry Eichengreen, Michael Haines, and David Leblang)
  • “Banking on the Boom, Tripped by the Bust: Banks and the World War I Agricultural Price Shock” (With David Wheelock)
  • “An Empirical History of the United States Postal Savings System (With Steven Sprick Schuster and Elisabeth Ruth Perlman)
  • “Liquidity Requirements, Free-Riding, and the Implications for Financial Stability Evidence from the early 1900s” (With Mark Carlson)
  • “Bank Concentration in the United States, 1800-1914” (With Caroline Frohlin)
  • “Quantifying Wildcat Banking” (With Jeremy Atack)
  • “Banks, Life Cycle Saving, and the American Fertility Transition, 1800-1880” (With Michael Haines and J. David Hacker)

Archival and Data Collection Projects

  • U.S. Passenger Transportation Costs - 1837, 1849, 1859, 1867
  • National Bank Balance Sheets - Comptroller of the Currency - 1865-1929
  • State Bank Balance Sheets - Various State Banking Department Records- 1863-1924
  • Locations of National Banks, State Banks, and Trust Companies - Bankers Directories - 1860-1910, 1919
  • Correspondents of National Banks, State Banks, and Trust Companies - Bankers Directories - 1890, 1893, 1897, 1900, 1910, 1919, 1940

Professional Experience

  • Faculty Research Fellow, National Bureau of Economic Research, Spring 2012-Present
  • Yale University, Visiting Assistant Professor, Spring 2017
  • U.S. Treasury, Office of Financial Research, Visiting Economist, 2014-2015
  • Member of Editorial Board of Explorations in Economic History, Spring 2017-Present
  • Chair of Budget and Audit Committee for Economic History Association, 2015-present
  • Central New York Economic History Conference Committee, 2015-present
  • Economics Network Representative for Social Science History Association, 2013-present
  • Member of Cliometrics Society ASSA Conference Committee, 2013-2015
  • Referee for American Economic Review, Annals of Public and Cooperative Economics, Business History Review, Cliometrica, Columbia University Press, Eastern Economic Journal, Economic History of Developing Regions, Economic Review of European History, Economic History Review, Essays in Economic and Business History, Explorations in Economic History, Financial History Review, The Independent Review, Journal of Economic History, Journal of Financial Stability, Journal of Financial Intermediation, Journal of Law and Economics, Journal of Money, Credit, and Banking, Journal of Policy History, Oxford Economic Papers, Quarterly Review of Economics and Finance, Southern Economic Journal, Social Science History, and Western Historical Quarterly


  • Intergovernmental Personal Act Grant, Office of Financial Research at U.S. Treasury, 2014-2015
  • Picker Research Fellowship, Colgate University, 2014
  • H. Cole Grants in Aid, Economic History Association, 2013
  • Major Grant, Colgate University, 2013
  • Summer Research Apprenticeship Funding, Colgate University, 2012 
  • Sokoloff Dissertation Fellowship, Economic History Association, 2010
  • Rendigs Fels Award for Excellence in Teaching, Vanderbilt University, 2010
  • Household International Best Research Paper Award, Vanderbilt University, 2009
  • College of Arts and Science Summer Research Award, Vanderbilt University, 2008
  • Graduate Fellowship/Assistantship, Vanderbilt University, 2006-2010
  • Phi Beta Kappa, National Undergraduate Honor Society, Austin College, 2006
  • Mellon Summer Research Fellowship, Austin College, 2005
  • Grace and Will Collins Scholarship in Economics, Austin College, 2005