Stephan Luck is a Financial Research Advisor at the Federal Reserve Bank of New York. In Stephan's first appearance on the show, he discusses how the 2008 Great Financial Crisis shaped his career, how he and his coauthors leverage LLMs to comb through massive amounts of historical data, what this data can teach us about responding to bank failures, what people get wrong when they try and make historical analogies to the GENIUS era, the lessons we can learn from the German hyperinflation, and much more.

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Recorded on June 1st, 2026

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Timestamps

00:00:00 - Intro

00:02:55 - Stephan's Career

00:11:21 - Bank Failures

00:28:19 - Policy Implications of Bank Failures

00:37:21 - National Banking System

00:46:30 - German Hyperinflation

00:57:06 - Outro