Photo of Nicholas S. Souleles

Nicholas S. Souleles

Michael L. Tarnopol Professor

Professor of Finance

Research Interests: applied econometrics, finance, and macroeconomics, household finance: household consumption, saving/borrowing, and investments

Links: Personal Website

Contact Information

Address: 2311 Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104
Office: (215) 898-9466



PhD, Massachusetts Institute of Technology, 1995; BA, University of Oxford, 1991; BSE, Princeton University, 1988

Recent Teaching and Professional Awards

Christian R. and Mary F. Lindback Teaching Award (University of Pennsylvania), 2006; David W. Hauck Undergraduate Teaching Award (Wharton), 2004; Marc and Sheri Rapaport Undergraduate Core Teaching Award (Wharton), 1997, 2003, 2007, 2011; Undergraduate Excellence in Teaching Award (Wharton), 2004, 2005, 2008; MBA Core Curriculum Teaching Award, 1998, 1999, 2000

Academic Positions Held

Wharton: 1995-present (named Michael L. Tarnopol Professor, 2008; named Michael L. Tarnopol Associate Professor, 2007-08; named Gilbert and Shelly Harrison Term Assistant Professor of Finance, 2000-2002)

Other Positions

National Bureau of Economic Research, 2001-present; Visiting Scholar, Federal Reserve Bank of Philadelphia, 2002-; Co-director, NBER Working Group on Household Finance, 2009-; Co-editor, SSRN Household Finance eJournal, 2010-;


  • Ronel Elul, Nicholas S. Souleles, Souphala Chomsisengphet, Dennis Glennon, Robert Hunt (Forthcoming), What 'Triggers' Mortgage Default?, AER P&P, forthcoming
  • Todd Sinai, Nicholas S. Souleles (2013), Can Owning a Home Hedge the Risk of Moving, American Economic Journal: Economic Policy, 5 (2), 282 - 312.    Abstract
  • Jonathan A. Parker, Nicholas S. Souleles, David S. Johnson, Robert McClelland (Working), Consumer Spending and the Economic Stimulus Payments of 2008.  Abstract
  • Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, Nicholas S. Souleles (Working), Benefits of Relationship Banking: Evidence from Consumer Credit Markets.  Abstract
  • Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, Nicholas S. Souleles (Working), Do Consumers Choose the Right Credit Contracts?.  Abstract
  • Nicholas S. Souleles, Sumit Agarwal, Chunlin Liu (2007), The Reaction of Consumer Spending and Debt to Tax Rebates – Evidence from Consumer Credit Data, Journal of Political Economy, 115(6).
  • David S. Johnson, Jonathan A. Parker, Nicholas S. Souleles (2006), Household Expenditure and the Income Tax Rebates of 2001, American Economic Review, 96 (5).  Abstract
  • David Musto, Nicholas S. Souleles (2006), A Portfolio View of Consumer Credit, Journal of Monetary Economics, 53 (1), 59 - 84.  Abstract
  • Gary B Gorton, Nicholas S. Souleles (2006), Special Purpose Vehicles and Securitization, The Risks of Financial Institutions, Eds. Carey, M., and Stulz, R., Chicago: University of Chicago Press for the NBER, 2006.  Abstract
  • Todd Sinai, Nicholas S. Souleles (2005), Owner Occupied Housing as a Hedge Against Rent Risk, Quarterly Journal of Economics, 120 (2), 763 - 789.  Abstract
  • David B. Gross, Nicholas S. Souleles (2002), An Empirical Analysis of Personal Bankruptcy and Delinquency, Review of Financial Studies, 15 (1).  Abstract
  • David B. Gross, Nicholas S. Souleles (2002), Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data, Quarterly Journal of Economics, 117 (1).  Abstract

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