Arvind Krishnamurthy

The John S. Osterweis Professor of Finance
Senior Fellow, Stanford Institute for Economic Policy Research
Academic Area:
Arvind Krishnamurthy

Bio

Arvind Krishnamurthy is The John S. Osterweis Professor of Finance at the Stanford Graduate School of Business and a research associate at the National Bureau of Economic Research (NBER). He formerly taught at the Kellogg School of Management (1998-2014).

Professor Krishnamurthy studies finance, macroeconomics and monetary policy. He has studied the causes and consequences of liquidity crises in emerging markets and developed economies, and the role of government policy in stabilizing crises.  Recently he has been examining the importance of U.S. Treasury bonds and the dollar in the international monetary system.  He has published numerous journal articles and received awards for his research, including the Smith Breeden Prize for best paper published in the Journal of Finance, the Western Finance Association Corporate Finance Award, and the Swiss Finance Institute’s Outstanding Paper Award.  Professor Krishnamurthy’s research on financial crises and monetary policy has received national media coverage and been cited by central banks around the world. He was formerly an associate editor at the Journal of Finance, American Economics Journals-Macroeconomics, and the American Economic Review. He did his undergraduate studies at the University of Pennsylvania and his doctoral work at the Massachusetts Institute of Technology.

Stanford GSB Affiliations

Stanford University Affiliations

Academic Degrees

  • BS, Economics, BSE, Electrical Engineering, University of Pennsylvania, 1990
  • PhD, Financial Economics, Massachusetts Institute of Technology, 1998

Academic Appointments

  • John S. Osterweis Professor of Finance, Stanford Graduate School of Business, 2015–present
  • Research Associate, NBER Asset Pricing, Economic Fluctuations and Growth, Monetary Economics, and International Finance and Macro Groups
  • Professor of Finance, Stanford Graduate School of Business, 2014–15
  • Harold Stuart Professor of Finance, Kellogg School of Management, 2007–14
  • Associate Professor of Finance, Kellogg School of Management, 2005–07
  • Assistant Professor of Finance, Kellogg School of Management, 1998–2005

Awards and Honors

  • Spence Faculty Fellow, 2022–23
  • Lacob Family Faculty Fellow, 2015–16
  • Smith Breeden Prize, 2008
  • Western Finance Association Prize, 2003
  • Swiss Finance Institute Outstanding Paper Award, 2012, 2015
  • R. Michael Shanahan Faculty Fellow for 2020–21

Service to the Profession

Board Member

    • American Finance Association, 2015-2019

    Associate Editor

      • American Economic Review, 2012-2021
      • Journal of Finance, 2008 - 2012
      • American Economic Journal - Macroeconomics, 2009 - 2012

      Research Statement

      Arvind Krishnamurthy's research is in the areas of finance and macroeconomics. He has published research on financial intermediation, debt markets, housing markets, financial crises, monetary policy, and financial regulation. He has studied the causes and consequences of liquidity crises in emerging markets and developed economies, and the role of government policy in stabilizing crises. Recently he has been examining the importance of U.S. Treasury bonds and the dollar in the international monetary system.

      Journal Articles

      Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig
      The Review of Economic Studies
      October 2024 Vol. 91 Issue 5 Pages 2978-2915
      Arvind Krishnamurthy, Tyler Muir
      Journal of Finance
      June 1, 2024
      Arvind Krishnamurthy, Wenhao Li
      Journal of Political Economy
      May 2024
      Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig
      IMF Economic Review
      November 2023
      Arvind Krishnamurthy, Wenhao Li
      Review of Financial Studies
      May 2023 Vol. 36 Issue 5 Pages 2091–2130
      Markus Brunnermeier, Emmanuel Farhi, Ralph S.J. Koijen, Arvind Krishnamurthy, Sydney C. Ludvigson, Hanno Lustig, Stefan Nagel, Monika Piazzesi
      Review of Financial Studies
      April 2021 Vol. 34 Issue 4 Pages 2126–2160
      Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig
      Journal of Finance
      March 15, 2021
      Adam Guren, Arvind Krishnamurthy, Timothy James McQuade
      Journal of Finance
      February 2021 Vol. 76 Issue 1 Pages 113–168
      Markus Brunnermeier, Arvind Krishnamurthy
      The Review of Corporate Finance Studies
      November 2020 Vol. 9 Issue 3 Pages 656-665
      Arvind Krishnamurthy, Markus Brunnermeier
      Brookings Papers on Economic Activity
      2020
      Zhiguo He, Arvind Krishnamurthy
      American Economic Journal: Macroeconomics
      October 2019 Vol. 11 Issue 4 Pages 1–37
      Zhiguo He, Arvind Krishnamurthy, Konstantin Milbradt
      American Economic Review
      April 2019 Vol. 109 Issue 4 Pages 1230–1262
      Zhiguo He, Arvind Krishnamurthy
      Annual Review of Financial Economics
      November 2018 Vol. 10 Pages 173–197
      Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig
      America Economic Association Papers and Proceedings
      May 2018 Vol. 108 Pages 537-541
      Arvind Krishnamurthy, Stefan Nagel, Annette Vissing-Jorgensen
      Review of Finance
      February 1, 2018 Vol. 22 Issue 1 Pages 1-44
      Jennie Bai, Arvind Krishnamurthy, Charles-Henri Weymuller
      The Journal of Finance
      February 2018 Vol. 73 Issue 1 Pages 51-93
      Arvind Krishnamurthy
      International Journal of Central Banking
      September 2017 Vol. 13 Issue 3 Pages 277-285
      Zhiguo He, Arvind Krishnamurthy, Konstantin Milbradt
      American Economic Review
      May 2016 Vol. 106 Issue 5 Pages 519–523
      Arvind Krishnamurthy, Annette Vissing-Jorgensen
      Journal of Financial Economics
      December 2015 Vol. 118 Issue 3 Pages 571-600
      Arvind Krishnamurthy, Stefan Nagel, Dmitry Orlov
      Journal of Finance
      December 2014 Vol. 69 Issue 6
      Janice Eberly, Arvind Krishnamurthy
      Brookings Papers on Economic Activity
      2014 Issue Fall
      Zhiguo He, Arvind Krishnamurthy
      American Economic Review
      April 2013 Vol. 103 Issue 2 Pages 732–770
      Zhiguo He, Arvind Krishnamurthy
      Review of Economic Studies
      April 2012 Vol. 79 Issue 2 Pages 735–777
      Arvind Krishnamurthy, Annette Vissing-Jorgensen
      Journal of Political Economy
      April 2012 Vol. 120 Issue 2 Pages 233-267
      Arvind Krishnamurthy, Annette Vissing-Jorgensen
      Brookings Papers on Economic Activity
      2011
      Arvind Krishnamurthy
      American Economic Journal: Macroeconomics
      July 2010 Vol. 2 Issue 3 Pages 1-30
      Zhiguo He, In Gu Khang, Arvind Krishnamurthy
      IMF Economic Review
      2010 Vol. 58 Issue 1 Pages 118–156
      Zhiguo He, In Gu Khang, Arvind Krishnamurthy
      IMF Economic Review
      2010 Vol. 1 Pages 118-156
      Arvind Krishnamurthy
      Journal of Economic Perspectives
      2010 Vol. 24 Issue 2 Pages 3-28
      Arvind Krishnamurthy, Ricardo J. Caballero
      American Economic Review
      May 2009 Vol. 99 Issue 2 Pages 584-588
      Arvind Krishnamurthy, Ricardo J. Caballero
      Journal of Finance
      October 2008 Vol. 63 Issue 5 Pages 2195-2230
      Xavier Gabaix, Arvind Krishnamurthy, Oliver Vigneron
      Journal of Finance
      April 2007 Vol. 62 Issue 2 Pages 557-595
      Arvind Krishnamurthy, Ricardo J. Caballero
      Journal of Monetary Economics
      January 2006 Vol. 53 Issue 1 Pages 35-53
      James Dow, Gary Gorton, Arvind Krishnamurthy
      American Economic Review
      June 2005 Vol. 95 Issue 3 Pages 659-681
      Arvind Krishnamurthy, Ricardo Caballero
      International Journal of Central Banking
      May 2005 Vol. 1 Issue 1
      Arvind Krishnamurthy, Rocardo Caballero
      Journal of Economic Theory
      November 1, 2004 Vol. 119 Pages 104-127
      Philip Bond, Arvind Krishnamurthy
      The Review of Economic Studies
      2004 Vol. 71 Issue 3 Pages 681-707
      Arvind Krishnamurthy
      Journal of Economic Theory
      August 2003 Vol. 111 Issue 2 Pages 277-292
      Ricardo J. Caballero, Arvind Krishnamurthy
      The Journal of Finance
      April 2003 Vol. 58 Issue 2 Pages 867-894
      Arvind Krishnamurthy
      Journal of Financial Economics
      November 2002 Vol. 66 Issue 2-3 Pages 463-506
      Ricardo J. Caballero, Arvind Krishnamurthy
      American Economic Review
      2002 Vol. 92 Issue 2 Pages 33-37
      Arvind Krishnamurthy, Ricardo J. Caballero
      Journal of Monetary Economics
      December 2001 Vol. 48 Issue 3 Pages 513-548

      Working Papers

      Arvind Krishnamurthy, Peter M. DeMarzo, Stefan Nagel September 2024
      Antonio Coppola, Arvind Krishnamurthy, Chenzi Xu February 2024
      Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig January 1, 2024
      Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig November 1, 2023

      Other Publications

      Zhiguo He, Arvind Krishnamurthy
      NBER Reporter
      October 2020 Issue 3 Pages 20–24
      Peter M. DeMarzo, Arvind Krishnamurthy, Joshua D. Rauh
      Stanford GSB
      March 2020

      Book Chapters

      Hanno Lustig, Arvind Krishnamurthy
      Kansas City Federal Reserve Symposium on Challenges for Monetary Policy
      August 1, 2019 Pages 445-507
      Arvind Krishnamurthy, Viral V. Acharya
      Central Bank of Chile: Monetary Policy and Financial Stability Transmission Mechanisms and Policy Implications
      2019 Pages 169-203
      Arvind Krishnamurthy, Darrell Duffie
      Kansas City Federal Reserve Symposium on Designing Resilient Monetary Policy Frameworks for the Future
      September 2016
      Markus Brunnermeier, Gary Gorton, Arvind Krishnamurthy
      NBER Systemic Risk and Macro Modeling
      2014 Pages 99-112
      Arvind Krishnamurthy, A. Vissing-Jorgensen
      Kansas City Federal Reserve Symposium on Global Dimensions of Unconventional Monetary Policy
      September 16, 2013
      Markus K. Brunnermeier, Gary Gorton, Arvind Krishnamurthy
      NBER Macroeconomics Annual 20011
      2012 Pages 149-176
      Arvind Krishnamurthy, Ricardo J. Caballero
      The Inflation Target Debate
      December 2004 Pages 423-446

      Insights by Stanford Business

      February 16, 2023
      Countries that want to “dedollarize” must find a currency that matches the greenback’s extraordinary liquidity.
      January 23, 2023
      Past fights over the borrowing limit didn’t spark a financial crisis. This time could be different, according to two experts.
      January 11, 2022
      In times of crisis, global investors embrace the stability of U.S. currency and bonds. Yet that may expose them to future risks.
      May 07, 2020
      In this panel, professors agreed that something needed to be done, fast, to help the economic fallout, but disagreed on federal government’s strategy.
      July 02, 2019
      Escape the heat with books recommended by Stanford business professors.
      April 03, 2019
      A new study of financial crises going back to 1870 shows that they make for unusually nasty recessions.
      August 30, 2016
      Stanford GSB professors suggest articles and books related to the concept of “equity.”
      August 03, 2016
      When investors believe an asset is safe, their “flight to quality” helps make it so.
      November 15, 2014
      A Stanford professor proposes a form of automatic mortgage relief in future recessions.

      School News

      April 22, 2024
      Event highlights importance of business and government collaboration to solve contemporary problems
      July 24, 2020
      MBA, MSx, and PhD students honored Glenn Kramon, Saumitra Jha, and Arvind Krishnamurthy for their impact in teaching and service.
      September 09, 2014
      Stanford GSB welcomes seven tenure-line faculty and 17 lecturers from a range of disciplines who will infuse the school’s curriculum with fresh perspectives.