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Anil K Kashyap

Anil Kashyap

Anil Kashyap’s research focuses on banking, business cycles, corporate finance, price setting, and monetary policy. His research has won him numerous awards, including the Order of the Rising Sun 3rd class Gold Rays with Neck Ribbon from the Government of Japan, as well as a Sloan Research Fellowship, the Nikkei Prize for Excellent Books in Economic Sciences, and a Senior Houblon-Norman Fellowship from the Bank of England.

Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago, and as a Research Associate for the National Bureau of Economic Research and a Research Fellow of the Centre for Economic Policy Research. He is a member of the Squam Lake Group and serves on the International Monetary Fund’s Advisory Group on the development of a macro-prudential policy framework. Since 2016 he has been an external member of the Bank of England’s Financial Policy Committee.

Kashyap is a member of both the American Economic Association (AEA) and American Finance Association, and is on the faculty oversight Board of the Chicago Booth’s Kent A. Clark Center for Global Markets and a co-founder of the US Monetary Policy Forum.

He regularly speaks on financial crises, Japan, the global economy, and the direction of economic policy.

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"Optimal Bank Regulation in the Presence of Credit and Run Risk", (with Dimitrios P. Tsomocos and Alexandros P. Vardoulakis), Journal of Political Economy, Forthcoming. 

“Is There Too Much Benchmarking in Asset Management?” (with Natalia Kovrijnykh, Jane Li, and Anna Pavlova), American Economic Review, April 2023, 113(4), pp. 1112-41.

“What Happens in Vegas Doesn’t Stay in Vegas” in Edward Robinson, Claudio Borio and Hyun Song Shin, editors. Macro-Financial Stability Policy in a Globalised World: Lessons From
International Experience.
 World Scientific Publishing Co Pte Ltd, 2023, pp. 59-72.

Monetary Policy When the Central Bank Shapes Financial-Market Sentiment “(with Jeremy C. Stein), Journal of Economic Perspectives, 37(1), Winter 2023, pp. 1-22.

"Price Discrimination and Mortgage Choice", with Jamie Coen and May Rostom, Bank of England Working Paper 926, revised August 2022.

“Some Benefits and Risks of a Hot Economy” (with Seth B. Carpenter, Ethan S. Harris, Peter Hooper, and Kenneth D. West) prepared for U.S. Monetary Policy Forum, Initiative on Global
Markets, University of Chicago Booth School of Business, 2022.

"The Benchmark Inclusion Subsidy” with Natalia Kovrijnykh, Jane Li, and Anna Pavlova, Journal of Financial Economics, 2021, 142(2) November, pp. 756-774.

"The Great Disconnect: The Decoupling of Wage and Price Inflation in Japan" with Takeo Hoshi, in Takeo Hoshi and Philip Lipscy eds. The Political Economy of the Abe Government and Abenomics Reforms, Cambridge University Press, 2021, pp. 170-199. 

"What is Swing Pricing?", with David Kohn and David Wessel, Brookings, August 2021.

"Task Force on Financial Stability", with Glenn Hubbard, Donald Kohn, Laurie Goodman, Kathryn Judge, Ralph Koijen, Blythe Masters, Sandie O'Connor and Kara Stein, June 2021.

"What Happens in Vegas Doesn't Stay in Vegas," Monetary Authority of Singapore and Bank for International Settlement Conference on Macro-financial Stability Policy in a Globalised World: Lessons from International Experience, 26 May 2021, Keynote Speech.

Contact Me

The University of Chicago Booth School of Business
5807 South Woodlawn Avenue
Chicago, IL 60637

voice: (773) 702-7260
fax: (773) 753-0551

For speaking inquiries please contact Michelle Gustafsson,,
phone: (703) 684-0555


assistant: Peggy Eppink,, (773) 834-8029