Anil Kashyap

Last updated
Anil Kashyap
Academic career
Institution University of Chicago Booth School of Business
Alma mater Massachusetts Institute of Technology
University of California at Davis
Doctoral
advisor		 Olivier Blanchard
Information at IDEAS / RePEc

Anil K. Kashyap, CBE (born 1960) is the Stevens Distinguished Service Professor of Economics and Finance [1] at the University of Chicago's Booth School of Business. Kashyap's research focuses on price setting, the Japanese economy, monetary policy, financial intermediation and regulation. As an author, he is held in libraries worldwide. [2]

Contents

Early life

Kashyap was born in Fremont, California in 1960. He graduated from Mission San Jose High School in 1978 and attended the University of California at Davis. He graduated from Davis in 1982 with highest honors, being elected to Phi Beta Kappa in 1981. He majored in Economics and Statistics.

Federal Reserve

Kashyap worked as a research assistant at the Federal Reserve Board of Governors from 1982 until 1984. After finishing graduate school, he returned and worked as a staff economist from 1988 until 1991. In both spells he worked in the Research and Statistics division in the section of that maintained the staff large scale econometric model.

MIT

Kashyap was a graduate student at the Massachusetts Institute of Technology in the Department of Economics from 1984 until 1988 – and completed his PhD in 1989. He worked as a teaching assistant for Rudiger Dornbusch and Stanley Fischer. The chair of his dissertation committee was Olivier Blanchard; Fischer and James Poterba were the other advisors. While at MIT, he was introduced to a number of students with whom he would eventually collaborate, including Ricardo Caballero, Takeo Hoshi, Gary Loveman, Raghuram Rajan, David Scharfstein, Jeremy Stein and David Wilcox.

The University of Chicago

Kashyap moved to the business school (then the Graduate School of Business, now the Booth School of Business) at Chicago in 1991 and was promoted to Associate Professor (1993) and full Professor (1996), before being appointed as the Edward Eagle Brown Professor in 2003 (and subsequently becoming the inaugural holder of the Stevens chair in 2020). While at Booth he has taught MBA courses [3] on Money and Banking, the Japanese Economy, Developing a Business Strategy for Japan, Understanding Central Banks, Analyzing Financial Crises and most recently Advanced Macroeconomics. He has won the school-wide teaching award voted by the MBA students and the Dean's prize for exceptional service.

Kashyap was one of the founding directors of the Chicago Booth Initiative on Global Markets (IGM). [4] As part of the IGM activities he helped create the IGM Economic Experts Panel. [5] This panel includes leading economists from Berkeley, Chicago, Harvard, MIT, Princeton, Stanford and Yale who answer periodic public policy questions. Others have analyzed the responses to these questions to determine issues on which economists agree with each other. The public can also answer questions [6] to see which panelists’ opinions are most similar to their own.

Under the auspices of the IGM, he also co-founded the US Monetary Policy Forum. [7] This conference has become one of the leading conferences regarding monetary policy in the world.

He has served as co-editor of the Journal of Business and the Journal of Political Economy.

Research

His PhD dissertation included one of the first papers [8] to analyze firm-level transactions prices. Using data from mail order retailers he studied the way prices are set finding that they change about once a year, the size of price change is very irregular for a given item, the last digit of the price influences the probability that the price will change and the same item often will have some periods when the price may be constant for more than a year and at other times may change by only one or two percent. These findings contradict the predictions of the simplest “menu cost” pricing models that suppose that prices are only changed when the benefit of doing so exceeds a fixed given cost of changing them (because the presence of both small changes and long period of no changes imply that sometime this cost must be small and other times must be larger.) They have subsequently been confirmed in numerous other studies using larger data sets from other time periods and other countries.

His dissertation also included research with Takeo Hoshi and David Scharfstein that was among the first to use the unique institutional features of the Japanese economy to test a number of theories about financial markets. They observed that groups of firms in Japan that are members of the same keiretsu coordinate some activities, most notably sharing funding from a group bank implying that the banking relationships within these groups help overcome problems that are present in more arms-length funding arrangements.

One example would be providing assistance to firms that are temporarily distressed. Normally, firms with transient low profitability would not be able to convince a lender to forbear on upcoming payments because the lender might fear that doing so would only allow other creditors to be repaid and the lender may never recover its funds if the borrower's fortunes do not improve. Within groups, however, the banks have incentives to take a long-term view and to assist the borrower, recognizing that when the borrower recovers they can recoup their assistance. Hoshi, Kashyap and Scharfstein found [9] that this pattern was present empirically: group-affiliated firms were able to invest and sell more when they were in trouble than unaffiliated firms.

A second example is the prediction that many firms might have trouble obtaining funding because lenders could not fully judge their investment prospects and ability to repay. These borrowing constraints could force firms to grow more slowly than otherwise if these information problems were not present. Within a group these problems should be less of an issue because of the repeated interactions and other information sharing arrangements practiced by the groups. Hoshi, Kashyap and Scharfstein tested this prediction by examining whether the keiretsu banks supported the keiretsu firms by allowing them to invest irrespective of whether the firms had cash-on-hand to pay for the investment. They found [10] that the investment of the group firms was less sensitive to the resources inside these firms compared to similar firms that were not group members.

This pair of papers not only provided early evidence in favor of theories that emphasized the importance of information problems in hampering the performance of firms, but also spurred other economists to look for institutional arrangements that might provide novel ways to test these theories.

Around the time that these papers were published, Japan deregulated its financial system and that changed the way the keiretsu operated. Hoshi and Kashyap went on to continue studying the evolution of the Japanese financial system in the wake of the deregulation. They wrote [11] on the history of the Japanese financial system—one of the first papers on the Japanese banking crisis, and winner of the 45th Nikkei Prize for Excellent Books in Economic Science. Later, with Ricardo Caballero, they popularized the idea that the ongoing financial problems were creating "zombie firms.". [12] Their notion of a zombie is a firm that was insolvent or virtually so, but was protected from bankruptcy because their banks were hesitant to foreclose upon them for fear of having to recognize the losses. These weak banks would engage in sham loan restructurings to present the appearance that the firms were viable, hoping that the firms might eventually recover. Caballero, Hoshi and Kashyap find that the presence of the zombie firms contributed to the slow growth in Japan after its acute financial crisis in 1997.

Just after finishing graduate school, Kashyap and Jeremy Stein began a long collaboration that examined the role of banks in transmission of monetary policy. They explored whether central bank open-market operations have special effects [13] because the central bank's counterparties were banks who require central bank reserves to operate. In traditional analyses, monetary operations that change reserves matter because they affect the amount of deposits that banks can offer and because deposits are a form of money, this changes the volume of transactions in the economy. Kashyap and Stein noted that reserve changes also have implications for the other side of the banks’ balance sheet. They investigated whether the expansion in loans that comes when bank reserves increase, which they dubbed the “bank lending channel,” had a separate effect on the economy. They first tested this conjecture using aggregate U.S. data in a paper [14] with David Wilcox and found that when the Federal Reserve tightened policy, bank lending fell and the lending reduction caused a drop in spending. Subsequently, Kashyap and Stein used bank level data to show [15] that lending by banks that were more dependent on central bank funding was more responsive to central bank policy.

Kashyap and Stein then collaborated with Raghuram Rajan on two noteworthy papers on financial intermediation. The first, [16] winner of the 2002 Brattle Distinguished Paper Prize and published in the Journal of Finance, proposed a theory for why banks have debt which is demandable and loans which are longer term. They conjectured that there is a synergy between offering sight deposits (aka checking accounts, or demandable debt) and loan commitments (the antecedents to loans). Both checking accounts and loan commitments require the institution offering them to have a pool of liquidity. The liquidity can be used to honor a deposit withdrawal or the takedown of a commitment (after which it is converted into a loan). The link between these two goes back all the way to medieval money changers; Kashyap et al. presented empirical evidence showing that banks which had more loan commitments tended to also have more checking accounts, and they showed why this is optimal for imperfectly correlated withdrawals and commitment takedowns because of the cost savings from accommodating both with a common pool of liquidity.

These authors subsequently proposed a debt contract that would convert into equity when a bank is distressed. This suggestion was dubbed by the New York Times as one of the best ideas of 2008, [17] although other variants of this suggestion existed [18] before their paper. Banks that have issued these kinds of securities, commonly called contingent, convertible securities (CoCos) have been allowed to count them towards capital requirements after the global financial crisis.

Kashyap, Rajan, and Stein joined the Squam Lake Group, along with David Scharfstein, Douglas Diamond, Hyun Song Shin (the latter two are also co-authors with Kashyap) and a number of other distinguished scholars. This group of "...fifteen of the world's leading economists--representing the broadest spectrum of economic opinion" [19] wrote a number of policy memos detailing how financial regulation after the global financial crisis should be amended. Their book [20] that compiled and extended the recommendations was widely acclaimed.

Kashyap also has written several op-eds and blog posts since the beginning of the global financial crisis that have been prescient or recognized as offering excellent contemporaneous summaries of current events. Kashyap and Shin, shortly after the collapse of Bear Stearns, called for a mandate that banks suspend dividends in a Financial Times comment. [21] Subsequent analysis [22] has indicated that if banks had been held to this standard their capital positions would have been much stronger. Kashyap, writing also in the Financial Times, [23] was one of the first proponents to argue that banks should be required to file “living wills” that describe how they could be closed without cost to the taxpayer. Globally systemically important financial institutions are now required to file such documents. Diamond and Kashyap wrote a blog post [24] ] for the New York Times the day after the Lehman Brothers bankruptcy that was one of the most widely read descriptions of the bankruptcy and its aftermath. Kashyap wrote a primer [25] on the Greek financial crisis in 2015 that continues to be widely read.

External awards and activities

Kashyap's research has won him numerous awards. In December 2017 he was awarded the Order of the Rising Sun 3rd class Gold Rays with Neck Ribbon "for playing a vital role in promoting and disseminating high-quality research on the Japanese financial system and Japan's economic policies" as well as bringing together Japanese and American economic researchers. Other awards include a Sloan Research Fellowship, the Nikkei Prize for Excellent Books in Economic Sciences, and a Senior Houblon-Norman Fellowship from the Bank of England (twice). He was appointed to the National Bureau of Economic Research (NBER) as a faculty research fellow in 1993 and as a research associate in 1996. On behalf of the NBER he founded the Japan Project Meeting that is a prominent conference organized around the Japanese economy. He was elected to the American Economic Association Executive Committee and on behalf of the AEA has served on and chaired several committees.

Kashyap has also held a number of advisory or consulting positions with public sector organizations. These appointments include assignments at the Federal Reserve Banks of Chicago and New York, the Congressional Budget Office, the International Monetary Fund, the Office of Financial Research, the European Central Bank, and Central Banks of Finland and Sweden, the Japanese External Trade Organization, and the Economic and Social Research Institute of Japanese Cabinet Office. He served on the board of directors of the Bank of Italy's Einuadi Institute of Economics and Finance and is a member of the Squam Lake Group. He has been a Research Fellow for the Centre for Economic Policy Research since 2017.

On September 1, 2016, Kashyap was appointed to the Bank of England's Financial Policy Committee for a term of three years beginning October 1, 2016, [26] and reappointed in 2019. [27]

Personal

His parents are Tapeshwar Singh Kashyap and Janice M. Thien (née Moehnke), both deceased. Like Harry S Truman, Kashyap's full middle name is the letter K. He has one brother Ajay (Jay) Kashyap. He was married to Katherine Ann Merrell (from 1989 to 2020) and they raised two children Laurie Ann Merrell and Julie Elizabeth Merrell. The latter child is known to have Coeliac disease Coeliac Disease. He is a long-time season ticket holder of the Chicago Cubs and the Indianapolis 500. [28]

In 2023 he was made an Honorary Commander of the Order of the British Empire (CBE) from British Government for services to the economy. [29]

Related Research Articles

<span class="mw-page-title-main">Federal Reserve</span> Central banking system of the US

The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.

An economic bubble is a period when current asset prices greatly exceed their intrinsic valuation, being the valuation that the underlying long-term fundamentals justify. Bubbles can be caused by overly optimistic projections about the scale and sustainability of growth, and/or by the belief that intrinsic valuation is no longer relevant when making an investment. They have appeared in most asset classes, including equities, commodities, real estate, and even esoteric assets. Bubbles usually form as a result of either excess liquidity in markets, and/or changed investor psychology. Large multi-asset bubbles, are attributed to central banking liquidity.

<span class="mw-page-title-main">Monetary policy</span> Policy of interest rates or money supply

Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability. Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies. Today most central banks in developed countries conduct their monetary policy within an inflation targeting framework, whereas the monetary policies of most developing countries' central banks target some kind of a fixed exchange rate system. A third monetary policy strategy, targeting the money supply, was widely followed during the 1980s, but has diminished in popularity since that, though it is still the official strategy in a number of emerging economies.

<span class="mw-page-title-main">Black Monday (1987)</span> Global stock market crash

Black Monday was the global, severe and largely unexpected stock market crash on Monday, October 19, 1987. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.

A liquidity trap is a situation, described in Keynesian economics, in which, "after the rate of interest has fallen to a certain level, liquidity preference may become virtually absolute in the sense that almost everyone prefers holding cash rather than holding a debt which yields so low a rate of interest."

<span class="mw-page-title-main">Money creation</span> Process by which the money supply of an economic region is increased

Money creation, or money issuance, is the process by which the money supply of a country, or an economic or monetary region, is increased. In most modern economies, money is created by both central banks and commercial banks. Money issued by central banks is termed reserve deposits and is only available for use by central bank account holders, which are generally large commercial banks and foreign central banks. Central banks can increase the quantity of reserve deposits directly, by engaging in open market operations or quantitative easing. However, the majority of the money supply used by the public for conducting transactions is created by the commercial banking system in the form of bank deposits. Bank loans issued by commercial banks expand the quantity of bank deposits.

<span class="mw-page-title-main">Japanese asset price bubble</span> Economic bubble in Japan from 1986 to 1991

The Japanese asset price bubble was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were greatly inflated. In early 1992, this price bubble burst and Japan's economy stagnated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion. More specifically, over-confidence and speculation regarding asset and stock prices were closely associated with excessive monetary easing policy at the time. Through the creation of economic policies that cultivated the marketability of assets, eased the access to credit, and encouraged speculation, the Japanese government started a prolonged and exacerbated Japanese asset price bubble.

Modern monetary theory or modern money theory (MMT) is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. According to MMT, monetarily sovereign governments do not need to worry about accumulating debt in and of itself since they create new money by using fiscal policy in order to pay interest and positive economic outcomes can be achieved while running budget surpluses or budget deficits. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be addressed by increasing taxes to reduce the spending capacity of the private sector.

<span class="mw-page-title-main">Henry Calvert Simons</span> American economist

Henry Calvert Simons was an American economist at the University of Chicago. A protégé of Frank Knight, his antitrust and monetarist models influenced the Chicago school of economics. He was a founding author of the Chicago plan for monetary reform that found broad support in the years following the 1930s Depression, which would have abolished the fractional-reserve banking system, which Simons viewed to be inherently unstable. This would have prevented unsecured bank credit from circulating as a "money substitute" in the financial system, and it would be replaced with money created by the government or central bank that would not be subject to bank runs.

<span class="mw-page-title-main">Quantitative easing</span> Monetary policy tool

Quantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the financial crisis of 2007‍–‍2008. It is used to mitigate an economic recession when inflation is very low or negative, making standard monetary policy ineffective. Quantitative tightening (QT) does the opposite, where for monetary policy reasons, a central bank sells off some portion of its holdings of government bonds or other financial assets.

In finance, an asset–liability mismatch occurs when the financial terms of an institution's assets and liabilities do not correspond. Several types of mismatches are possible. An asset-liability mismatch presents a material risk at institutions with significant debt exposure, such as banks or sovereign governments. A significant mismatch may lead to insolvency or illiquidity, which can cause financial failure. Such risks were among the principal causes of economic crises such as the 1980s Latin American Debt Crisis, the 2007 Subprime Mortgage Crisis, the U.S. Savings and Loan Crisis, and the collapse of Silicon Valley Bank in 2023.

A flight-to-quality, or flight-to-safety, is a financial market phenomenon occurring when investors sell what they perceive to be higher-risk investments and purchase safer investments, such as gold and other precious metals. This is considered a sign of fear in the marketplace, as investors seek less risk in exchange for lower profits.

The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics, and whose work has led to practical and policy-relevant results. It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with Goethe University Frankfurt, and is sponsored by Deutsche Bank Donation Fund. The award carried an endowment of €50,000, which was donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.

The Bernacer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of macroeconomics and finance. The prize is named after Germán Bernácer, an early Spanish macroeconomist.

<span class="mw-page-title-main">Lost Decades</span> Period of economic stagnation in Japan

The Lost Decades is a lengthy period of economic stagnation in Japan precipitated by the asset price bubble's collapse beginning in 1990. The singular term Lost Decade originally referred to the 1990s, but the 2000s and the 2010s have been included by commentators as the phenomenon continued.

Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole. In the aftermath of the late-2000s financial crisis, there is a growing consensus among policymakers and economic researchers about the need to re-orient the regulatory framework towards a macroprudential perspective.

The monetary transmission mechanism is the process by which asset prices and general economic conditions are affected as a result of monetary policy decisions. Such decisions are intended to influence the aggregate demand, interest rates, and amounts of money and credit to affect overall economic performance. The traditional monetary transmission mechanism occurs through interest rate channels, which affect interest rates, costs of borrowing, levels of physical investment, and aggregate demand. Additionally, frictions in the credit markets, known as the credit view, can affect aggregate demand. In short, the monetary transmission mechanism can be defined as the link between monetary policy and aggregate demand.

Keiichiro Kobayashi is a Japanese macroeconomist at the Keio University. His areas of expertise are endogenous growth theory, general equilibrium, business cycles, debt problems, debt control policy, and macropolitical economy. He received a Ph.D. in Economics in 1998 from the University of Chicago. His dissertation "The Division of Labor, the Extent of the Market, and Economic Growth" was written under supervision of Robert Lucas, a prominent American economist and a Nobel Prize winner in Economics in 1995. Kobayashi was awarded the Nikkei Economics Book Award in 2001 and the Osaragi Jiro Critics Award in 2002, both for Trap of the Japanese Economy.

The Initiative on Global Markets (IGM) is a research center at the University of Chicago Booth School of Business in the United States. The initiative supports original research on international business, financial markets, and public policy. The IGM is most famous for the weekly polls it conducts of its Economics Experts Panels, consisting of 43 leading economists in the United States panel and 49 such economists in the European panel. The IGM also organizes and sponsors conferences.

<span class="mw-page-title-main">Paul Sheard</span> Australian-American economist (born 1954)

Paul James Sheard is an Australian-American economist. Most recently he was Research Fellow and earlier M-RCBG Senior Fellow at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government, after previously being Vice Chairman of S&P Global. Sheard has held chief economist positions at Lehman Brothers, Nomura Securities, Standard & Poor's Ratings Services, and S&P Global. Prior to entering financial markets in 1995, he was an academic economist based in Australia, Japan and the United States, specializing in the Japanese economy and the economics of firm organization. He was a member of the World Economic Forum's Global Future Council on the New Agenda for Fiscal and Monetary Policy (2020-2022), having been a member of the WEF's Global Future Council on the New Economic Agenda (2018-2020) and of its Global Agenda Council on the International Monetary System (2010-2012). He is a member of the board of the Foreign Policy Association and is a member of the advisory board of the Levy Economics Institute of Bard College. He is a member of the Bretton Woods Committee, the Council on Foreign Relations, the Economic Club of New York and the National Committee on U.S.-China Relations. He attends and speaks regularly at conferences around the world, and his views on the global economy and economic policy are frequently cited in the international press.

References

  1. ↑ "Anil K Kashyap" . Retrieved 12 September 2016.
  2. ↑ "Kashyap, Anil". worldcat.org. Retrieved September 19, 2016.
  3. ↑ Kashyap, Anil K. "Teaching". Anil K Kashyap, Edward Eagle Brown Professor of Economics and Finance. University of Chicago Booth School of Business. Retrieved 12 September 2016.
  4. ↑ "The Initiative on Global Markets". IGM. The University of Chicago Booth School of Business. Retrieved 12 September 2016.
  5. ↑ "IGM Forum". IGM Economic Experts Panel. Chicago Booth. Retrieved 12 September 2016.
  6. ↑ "Which famous economist are you most similar to?". Chicago Booth IGM Experts Panel. Retrieved 12 September 2016.
  7. ↑ "The Initiative on Global markets US Monetary Policy Forum". Chicago Booth School of Business. Archived from the original on 25 January 2017. Retrieved 12 September 2016.
  8. ↑ Kashyap, Anil (February 1995). "Sticky Prices: New Evidence from Retail Catalogs" (PDF). The Quarterly Journal of Economics. 110 (1): 245–274. doi:10.2307/2118517. JSTOR   2118517.
  9. ↑ Hoshi, Takeo; Kashyap, Anil; Scharfstein, David (1990). "The role of banks in reducing the costs of financial distress in Japan" (PDF). Journal of Financial Economics. 27: 67–88. CiteSeerX   10.1.1.702.6686 . doi:10.1016/0304-405x(90)90021-q. S2CID   53537452. Archived from the original (PDF) on 2017-01-25. Retrieved 2016-08-28.
  10. ↑ Hoshi, Takeo; Kashyap, Anil; Scharfstein, David (1991). "Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups" (PDF). Quarterly Journal of Economics. 106 (1): 33–60. doi:10.2307/2937905. JSTOR   2937905. Archived from the original (PDF) on 2017-01-25. Retrieved 2016-08-28.
  11. ↑ Hoshi, Takeo; Kashyap, Anil (2001). Corporate Financing and Governance in Japan: The Road to the Future. MIT Press.
  12. ↑ Caballero, Ricardo; Hoshi, Takeo; Kashyap, Anil (December 2008). "Zombie Lending and Depressed Restructuring in Japan" (PDF). American Economic Review. 98 (5): 1943–77. doi:10.1257/aer.98.5.1943. Archived from the original (PDF) on 2016-04-29. Retrieved 2016-08-28.
  13. ↑ Kashyap, Anil; Stein, Jeremy (1994). Gregory Mankiw (ed.). "Monetary Policy and Bank Lending" (PDF). Monetary Policy (NBER Studies in Business Cycles). 29: 221–256. Archived from the original (PDF) on 2016-04-29. Retrieved 2016-08-28.
  14. ↑ Kashyap, Anil; Stein, Jeremy; Wilcox, David (1993). "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance" (PDF). American Economic Review. 83 (1): 78–98. Archived from the original (PDF) on 2016-10-20. Retrieved 2016-08-28.
  15. ↑ Kashyap, Anil K; Stein, Jeremy C. (2000). "What Do A Million Observations on Banks Have To Say About the Monetary Transmission Mechanism?". American Economic Review. 90 (3): 407–428. CiteSeerX   10.1.1.722.8869 . doi:10.1257/aer.90.3.407.
  16. ↑ Kashyap, Anil; Rajan, Raghu ram; Stein, Jeremy (2002). "Banks as Liquidity Providers: An Explanation for the Co -Existence of Lending and Deposit -Taking" (PDF). Journal of Finance. LVII (1): 33–74. doi:10.1111/1540-6261.00415. Archived from the original (PDF) on 2016-04-29. Retrieved 2016-08-28.
  17. ↑ Mihm, Stephen (November 13, 2008). "The Year in Ideas: Capital Insurance". The New York Times. Retrieved 12 September 2016.
  18. ↑ Flannery, Mark J. (November 2002). "No Pain, No Gain? Effecting Market Discipline Via 'Reverse Convertible Debentures'". Social Science Research Network. SSRN   352762.
  19. ↑ French, Kenneth R.; et al. (2010-06-14). Publisher's summary. Princeton University Press. ISBN   978-0691148847.
  20. ↑ French; et al. (2010). The Squam Lake Report: Fixing the Financial System. Princeton University Press.
  21. ↑ Kashyap, Anil; Shin, Hyun Song. "Ask the oil producers to rescue Wall Street". Financial Times. Retrieved August 30, 2016.
  22. ↑ Acharya, Viral V.; Gujra, Irvind; Kulkarni, Nirupama; Shin, Hyun Song. "Dividends and Bank Capital in the Financial Crisis of 2007 - 2009" (PDF). NYU Stern School of Business. Retrieved 12 September 2016.
  23. ↑ Kashyap, Anil (June 29, 2009). "A sound funeral plan can prolong a bank's life". Financial Times. Retrieved August 30, 2016.
  24. ↑ Diamond, Douglas W.; Kashyap, Anil K (September 18, 2008). "Diamond and Kashyap on the Recent Financial Upheavals" (PDF). The New York Times. Steven D. Levitt column. Archived from the original (PDF) on January 25, 2017. Retrieved August 30, 2016.
  25. ↑ Kashyap, Anil. "A Primer on the Greek Crisis: the things you need to know from the start until now" (PDF). University of Chicago, Booth School of Business. Archived from the original (PDF) on 1 July 2015. Retrieved 12 September 2016.
  26. ↑ "Professor Anil Kashyap appointed to the Financial Policy Committee". HM Treasury: The Rt Hon Philip Hammond MP. Retrieved 12 September 2016.
  27. ↑ "Professor Anil Kashyap and Michael Saunders reappointed to Bank of England Policy Committees". 27 December 2023.
  28. ↑ "Chicago Booth Faculty and Research" . Retrieved 12 September 2016.
  29. ↑ "Honorary awards to foreign nationals in 2023". Gov.UK. 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.