Paul Schmelzing is currently a postdoctoral research associate at the Yale School of Management, and since 2016 he has been a visiting researcher at the Bank of England. He graduated with a Ph.D. in history from Harvard University in 2019 and a B.S. in economic history from the London School of Economics in 2013. During his studies, he also interned at a global macro hedge fund, Goldman Sachs’ global markets division, and the Finance Committee of the German Bundestag. At Harvard, he worked as a research assistant for Carmen Reinhart and Kenneth Rogoff. Besides long-run real interest rate trends, his current research projects focus on central bank balance sheet trends and banking crisis interventions.