Hanno Lustig

The Mizuho Financial Group Professor of Finance

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

Research Statement

Hanno Lustig has worked at the intersection of macroeconomics and finance. Recently, his research has focused on understanding the forces that determine exchange rates in currency markets. His research has shown how currencies have different risk characteristics that are determined by a country’s role in the global economy. These risk characteristics help to understand the behavior of exchange rates. In addition, Lustig has explored the impact of government guarantees on the pricing of tail risk borne by large financial institutions. More recently, Lustig has also worked on understanding the determinants of a firm’s volatility (volatility of sales, cash flows, stock returns etc).

Research Interests

  • International Finance
  • Currency Markets
  • Asset Management
  • Volatility


Lustig joined Stanford GSB in 2015. Prior to that, he taught at the University of Chicago, the UCLA Economics department and UCLA’s Anderson School of Management. He graduated in 2002 from Stanford University with a PhD in economics. He has been awarded the JP Morgan Award for the Best Paper on Financial Institutions and Markets in 2012 as well as the NASDAQ OMX Award for the Best Paper on Asset Pricing in 2010. Lustig is a Faculty Research Fellow at the NBER and an associate editor at the Journal of Finance and Econometrica. In 2019, Lustig joined the NBIM Allocation Advisory board which provides the CIO Allocation Strategies of the NBIM with input regarding key areas in economics and finance that pertain to asset allocation.

Academic Degrees

  • PhD, Economics, Stanford University, 2002
  • MS in Economics, Catholic University of Louvain (Belgium), 1997
  • MA in Economics, Catholic University of Louvain (Belgium), 1997
  • Kandidaat in de Economische Wetenschappen, UFSIA (University Faculties St-Ignatius Antwerp, Belgium), 1993

Academic Appointments

  • Professor, Stanford GSB, 2015–present
  • Professor, Anderson School of Management, UCLA, 2013–2015
  • Visiting Professor, Berkeley Haas School of Management, 2012
  • Research Associate, NBER EFG and Asset Pricing, 2010
  • Associate Professor, Anderson School of Management, UCLA, 2010
  • Assistant Professor, Anderson School of Management, UCLA, 2008–2010
  • Assistant Professor, Economics, UCLA, 2004–2008
  • Faculty Research Fellow, NBER EFG and Asset Pricing, 2003–2010
  • Assistant Professor, Economics, University of Chicago, 2002–2004

Awards and Honors

  • Spence Faculty Fellow for 2019–2020
  • GSB Trust Faculty Fellow, 2016–2017


Journal Articles

Book Chapters

Working Papers

Insights by Stanford Business

School News