Fermionic localization of the schwarzian theory

The SYK model is a quantum mechanical model that has been proposed to be holographically dual to a $1+1$-dimensional model of a quantum black hole. An emergent "gravitational" mode of this model is governed by an unusual action that that has been called the Schwarzian action. It governs a reparametrization of a circle. We show that the path integral of the Schwarzian theory is one-loop exact. The argument uses a method of fermionic localization, even though the model itself is purely bosonic.