Arvind Krishnamurthy

Professor, Finance

Arvind Krishnamurthy

The John S. Osterweis Professor of Finance

Senior Fellow, Stanford Institute for Economic Policy Research
Academic Area:

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.

Teaching Statement

Professor Krishnamurthy teaches about financial markets, monetary policy and the banking system.

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.

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

Publications

Journal Articles

Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig
The Review of Economic Studies
November 2023
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

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

Working Papers

Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig January 1, 2024
Arvind Krishnamurthy, Tyler Muir January 1, 2024
Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig November 1, 2023
Antonio Coppola, Arvind Krishnamurthy, Chenzi Xu October 2023

Academic 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

Stanford GSB Affiliations

Stanford University Affiliations

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

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

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.