Photo of Yasser Boualam

Yasser Boualam

Research Interests: macro-finance, financial institutions, financial fragility and crises, economic theory

Links: CV, Job Market Paper

Contact Information

Address: 2254 SH-DH, 3620 Locust Walk, Philadelphia, PA 19104
Mobile: 412-304-1847


I am on the job market and will be available for interviews at the 2015 ASSA meetings in Boston.

Contact Information
Phone: 412-304-1847
Address: 3620 Locust Walk, 2254 Steinberg-Dietrich Hall, Philadelphia, PA 19104
Research Interests

Macro-Finance, Financial Institutions, Financial Fragility and Crises, Economic Theory


 Bank Lending and Relationship Capital - Job Market Paper 
I develop a general equilibrium theory of bank lending relationships in an economy subject to search frictions and limited enforceability. The model features a dynamic contracting problem embedded within a directed search equilibrium with aggregate and bank-specific uncertainty. The interaction between search and agency frictions generates a slow accumulation of lending relationship capital and distorts the optimal allocation of credit along both intensive and extensive margins. A crisis characterized by a sizable destruction of lending relationships therefore leads to a significant contraction in credit and a sluggish recovery, consistent with the Great Recession.
I calibrate the model to study aggregate and cross-sectional implications and analyze policies aimed at reviving bank lending.
Joel S. Ehrenkranz Family Professor of Finance
The Wharton School
University of Pennsylvania
Howard Butcher III Professor of Finance
The Wharton School
University of Pennsylvania
Safra Professor of International Finance and Capital Markets 
The Wharton School
University of Pennsylvania
Associate Professor
Department of Economics
University of Pennsylvania




Conference Presentations

2015: University of North Carolina at Chapel Hill, Rochester, University of Illinois at Urbana-Champaign, Imperial College, Richmond Fed, Yale, Wharton, 5th NYU Search Theory Workshop, 2nd ECB Forum on Central Banking, The Financial Intermediation Research Society Conference 

2014: 14th Trans-Atlantic Doctoral Conference (London Business School), 2014 European Summer Meetings of the Econometric Society (Toulouse), 11th Annual Conference on Corporate Finance (Washington University in St. Louis), Wharton

2013: 2013 American Economic Association Meetings (San Diego), 1st Marshall Ph.D.Conference in Finance (University of Southern California), 2013 EconCon (Columbia University), Wharton

  • Yasser Boualam (Draft), Bank Lending and Relationship Capital (Job Market Paper).  Abstract
  • Yasser Boualam (Draft), Bank Dynamics and Credit Market Competition.  Abstract  Related Materials
  • Yasser Boualam, Joao F. Gomes, Colin Ward (Draft), Understanding the Behavior of Distressed Stocks.  Abstract
  • Yasser Boualam (Draft), Inflation, External Default, and the Composition of Sovereign Debt.  Abstract

Awards And Honors


Teaching Fellowships
  • FNCE 924 - Intertemporal Macro Finance (PhD)                                                                                                                                                                 Professor Pricila Maziero (Spring 2011), Professor Mathieu Taschereau-Dumouchel (Spring 2012/2013/2014)

  • FNCE 393/893 - Global Monetary and Financial Institutions: Theory and Practice (UGD/MBA)                                                                             Professor Zvi Eckstein (Fall 2011)
  • FNCE 962 - Macroeconomics and the Global Economic Environment (MBA)                                                                                                             Professor Ravi Bansal (Spring 2012)