Daniel Greenwald

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Daniel Greenwald

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Daniel L. Greenwald is the Judy C. Lewent (1972) and Mark Shapiro Career Development Professor of Finance at the MIT Sloan School of Management. 

Greenwald's research focuses on the connections between financial markets and the macroeconomy. In recent work, he has studied how institutional features of mortgage markets—particularly  limits on the ratio of mortgage payments to borrower income—can amplify the effects of interest rate movements on debt, house prices, and economic activity, and can also help to explain the recent boom and bust in housing markets. In other work, he has investigated how inequality between workers and capital owners can affect the stock market, finding that shocks that redistribute between these factors of production are a central driver of long-horizon movements in stock prices.

Greenwald holds an AB in economics from Harvard College and a PhD in economics from New York University.

Current Research Focus: Greenwald studies the connections between financial markets and the macroeconomy. In recent work, he has investigated how institutional features of mortgage markets contributed to the recent boom-bust cycle, the impact of alternative mortgage contract designs on financial stability, the links between corporate debt covenants and the transmission of monetary policy, and the role of redistribution between workers and owners of capital in driving long-horizon movements in stock prices.

Honors

Dan Greenwald receives Homer Hoyt Doctoral Dissertation Award

Richard Stone Prize given to Dan Greenwald

Publications

"A Traditional Economic Stimulus Won’t Work. Here’s What Might."

Greenwald, Daniel. Medium Marker, March 24, 2020.

"Do Credit Conditions Move House Prices?"

Greenwald, Daniel and Adam Guren, MIT Sloan Working Paper 5910-19. Cambridge, MA: MIT Sloan School of Management, October 2021. SSRN.

"Financial Fragility with SAM?"

Greenwald, Daniel, Tim Landvoigt, and Stijn Van Nieuwerburgh. The Journal of Finance Vol. 76, No. 2 (2020): 651-706. SSRN Preprint.

"Firm Debt Covenants and the Macroeconomy: The Interest Coverage Channel."

Greenwald, Daniel, MIT Sloan Working Paper 5909-19. Cambridge, MA: MIT Sloan School of Management, March 2020.

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