Anil Kashyap

Anil Kashyap studies banking, business cycles, corporate finance, and monetary policy. He is the author and editor of three books and numerous peer-reviewed articles. His research has won him numerous awards, including 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 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, as well as a Research Associate for the National Bureau of Economic Research and advisor to the Cabinet Office of the Japanese Government's research project on "Japan's Bubble, Deflation and Long-term Stagnation."

Kashyap is one of the academic members of the Bellagio Group (whose non-academic members consist of the Deputy Central Bank Governors and Vice Ministers of Finance of the G7 countries).

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This experience, along with his research and other consulting and advising to central banks and finance ministries around the world, has helped him create his unique elective course, Understanding Central Banks.

Besides teaching and researching, Kashyap is co-organizer of the National Bureau of Economic Research's Working Group on the Japanese Economy, a member of both the American Economic Association and American Finance Association, and cofounder of the U.S. Monetary Policy Forum. He is one of the two faculty directors of the Chicago Booth's Initiative on Global Markets.

He graduated from the University of California at Davis in 1982 with a bachelor's degree in economics and statistics with highest honors. In 1989, he earned a PhD from the Massachusetts Institute of Technology.

He enjoys rotisserie baseball, bridge, and the Indianapolis 500.

Selected Publications

With Takeo Hoshi, Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001).

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With Raghuram Rajan and Jeremy Stein, "Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking," Journal of Finance (2002).

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With Wendy Dobson, "The Contradiction in China's Gradualist Banking Reforms," Brookings Papers on Economic Activity (2006).

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With Ricardo Caballero and Takeo Hoshi, "Zombie Lending and Depressed Restructuring in Japan," American Economic Review (forthcoming).

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With David Greenlaw, Jan Hatzius and Hyun Song Shin, "Leveraged Losses: Lessons from the Mortgage Market Meltdown," U.S. Monetary Policy Forum Report No. 2 (2008).

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