Andrew Hertzberg

Andrew Hertzberg studies topics in consumer finance that have been traditionally set aside by the economics profession. For example, how does the interaction between family members affect the way they spend and save? Or, what is the effect of being diagnosed with a mental illness on a person’s long-term economic and financial outcomes? He also studies banking and online consumer lending.

He received the Journal of Finance best paper prize in 2010 and 2011. In the first paper he studied the way loan officers suppress information about the firms they lend to in order to protect their reputation. In the second paper he showed that lenders react more to information about a corporate borrower if that is also seen by other lenders to the same firm. This demonstrated that the risk of creditor runs is potentially an important feature of corporate lending. Both of those papers have been influential in the way that people study banking.

Andrew joined the Bank in 2017 as an economic advisor and economist. Prior to that, he was an assistant professor of finance at Columbia University and Northwestern University. He attained his Ph.D. in economics from the Massachusetts Institute of Technology, an M.A. in economics from Queen’s University at Kingston, and a B.Ec in economics and econometrics from the University of Sydney.