Constantine Yannelis is an Associate Professor of Finance, and joined Chicago Booth in 2018. He is also a faculty research fellow at the National Bureau of Economic Research. His research focuses on household finance, corporate finance, public finance, human capital and student loans. His recent research primarily explores repayment, information asymmetries and strategic behavior in the student loan market. Yannelis’ academic research has been featured in The Wall Street Journal, Financial Times, The New York Times, The Washington Post, The Economist, Bloomberg, Forbes and other media outlets and has been published in leading academic journals such as the Journal of Financial Economics, the Journal of Finance, the Review of Financial Studies and the American Economic Review. Yannelis won the 2021 AQR Young Researcher Award, recognizing talented new academics producing innovative and impactful research.
Before joining Booth, Yannelis was an Assistant Professor of Finance at New York University Stern School of Business. Prior to his time at NYU Stern, he worked at the United States Department of the Treasury, the Organization for Economic Cooperation and Development, the United Nations and the Federal Reserve Bank of Chicago as an Associate Economist.
Yannelis earned a BA in economics and history from the University of Illinois at Urbana-Champaign and an MA in applied mathematics from Université de Paris I: Panthéon-Sorbonne. He holds a PhD in economics from Stanford University.
“A Day Late and a Dollar Short: Subsidies to Human Capital Investment, Credit Constraints and Consumption Smoothing” (with Adam Isen and Sarena Goodman) Journal of Financial Economics, accepted
“Loan Guarantees and Credit Supply” (with Natalie Bachas and Olivia Kim) Journal of Financial Economics, forthcoming
“Financial Inclusion, Human Capital, and Wealth Accumulation: Evidence from the Freedman’s Savings Bank” (with Luke Stein) Review of Financial Studies, 33 (11), 5333–5377, November 2020
“When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education” (with Charlie Eaton and Sabrina Howell) Review of Financial Studies, 33(9), 4024–4060, September 2020
“Does Climate Change Affect Real Estate Prices? Only If You Believe In It” (with Markus Baldauf and Lorenzo Garlappi) Review of Financial Studies, 33(3), 1256–1295, March 2020
“Students in Distress: Home Prices and Student Loan Default in the Great Recession” (with Holger M. Mueller) Journal of Financial Economics, (lead article) 131(1), 1-19, January 2019
“The Real Effects of the Uninsured on Premia” (with Stephen Sun) Journal of the European Economic Association, 14(2), 405-37, April 2016
“Income Changes and Consumption: Evidence from the 2013 Federal Government Shutdown” (with Scott Baker) Review of Economic Dynamics, 23(1), 99-124, January 2017
“Credit Constraints and Demand for Higher Education: Evidence from Financial Deregulation” (with Stephen Sun) The Review of Economics and Statistics, 98(1), 12-24, March 2016
“A Crisis in Student Loans? How Changes in the Characteristics of Borrowers and in the Institutions they Attended Contributed to Rising Loan Defaults” (with Adam Looney) Brookings Papers on Economic Activity, (lead article) 2015(2), 1-89, Fall 2015