Arvind Krishnamurthy

ArvindKrishnamurthy
The John S. Osterweis Professor of Finance
Academic Area: 
Finance

Research Statement

Arvind Krishnamurthy's research is in the areas of finance and macroeconomics. 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. He has also conducted extensive research on liquidity effects in the U.S. Treasury bond market and the mortgage-backed securities market.

Teaching Statement

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

Bio

Arvind Krishnamurthy is 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 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. He has written extensively on the causes and consequences of financial crises, and is a leading scholar on the global financial crisis that began in 2007. 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 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, Massachussetts Institute of Technology, 1998

Academic Appointments

  • John S. Osterweis Professor of Finance, Stanford Graduate School of Business, 2015-present
  • Professor of Finance, Stanford Graduate School of Business, 2014-2015
  • Harold Stuart Professor of Finance, Kellogg School of Management, 2007 - 2014
  • Associate Professor of Finance, Kellogg School of Management, 2005 - 2007
  • Assistant Professor of Finance, Kellogg School of Management, 1998 - 2005

Awards and Honors

  • Lacob Family Faculty Fellow for 2015-2016
  • Smith Breeden Prize, 2008
  • Western Finance Association Prize, 2003
  • Swiss Finance Institute Outstanding Paper Award, 2012

Publications

Journal Articles

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.
He Zhiguo, Arvind Krishnamurthy. American Economic Review. April 2013, Vol. 103, Issue 2, Pages 732-770.
Arvind Krishnamurthy, Annette Vissing-Jorgensen. Journal of Political Economy. April 2012, Vol. 120, Issue 2, Pages 233-267.
Arvind Krishnamurthy, Zhiguo He. Review of Economic Studies. 2011, Vol. 79, Issue 2, Pages 735-777.
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. 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

Markus Brunnermeier, Gary Gorton, Arvind Krishnamurthy. NBER Systemic Risk and Macro Modeling. NBER, 2014, Pages 99-112.
Markus K. Brunnermeier, Gary Gorton, Arvind Krishnamurthy. NBER Macroeconomics Annual 20011. NBER, 2012, Pages 149-176.
Arvind Krishnamurthy, Ricardo J. Caballero. The Inflation Target Debate. NBER, December 2004, Pages 423-446.

Other Publications

Arvind Krishnamurthy, Annette Vissing-Jorgensen. Brookings Papers on Economic Activity. 2011.

Working Papers

A Model of the Reserve Asset | PDF
Zhiguo He, Arvind Krishnamurthy, Konstantin Milbradt, April 202015
A Macroeconomic Framework for Quantifying Systemic Risk | PDF
Zhiguo He, Arvind Krishnamurthy, March 132015
Measuring Liquidity Mismatch in the Banking Sector | PDF
Jennie Bai, Arvind Krishnamurthy, Charles-Henri Weymuller, March 2015

Teaching

Degree Courses

2016-17

This course is designed to help students understand the connections between money (the Federal Reserve), financial markets, and the macroeconomy. How are interest rates determined, and how does the Federal Reserve conduct monetary policy? What...

This PhD course will cover research topics at the boundary between macroeconomics and finance. Topics will include the study of macroeconomic models with financial frictions, the term structure of interest rates, conventional and unconventional...

2015-16

This course is designed to help students understand the connections between money (the Federal Reserve), financial markets, and the macroeconomy. How are interest rates determined, and how does the Federal Reserve conduct monetary policy? What...

This course will cover research topics at the boundary between macroeconomics and finance. Topics may include the study of macroeconomic models with financial frictions, conventional and unconventional monetary policy, its transmission mechanism...

Conferences, Talks, and Speaking Engagements

  • The Ins and Outs of Large Scale Asset Purchases
    Kansas City Federal Reserve Symposium on Global Dimensions of Unconventional Monetary Policy

Service to the Profession

Associate Editor

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

Insights by Stanford Business

August 30, 2016
Stanford GSB professors suggest articles and books related to the concept of “equity.”
August 3, 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

September 9, 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.