Douglas W. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. His work has appeared in such notable journals as the Journal of Financial Economics, the Journal of Finance, the Review of Economic Studies, the American Economic Review, and the Journal of Political Economy. His research has been funded with grants from the National Science Foundation and the Garn Institute of Finance.
He has taught at Yale and was a visiting professor at the Hong Kong University of Science and Technology as well as the University of Bonn. He is a research associate of the National Bureau of Economic Research and worked for the Board of Governors of the Federal Reserve System while a graduate student.
In addition to his roles as a researcher and professor, Diamond is co-director of the Fama-Miller Center for Research in Finance at Chicago Booth, a visiting scholar at the Federal Reserve Bank of Richmond, a position he has held since 1990, and is on the Board of Directors of the Center for Research in Security Prices. Diamond is a former president of the American Finance Association and the Western Finance Association. He is also a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. He joined Chicago Booth in 1979.
Diamond earned a bachelor's degree in economics from Brown University in 1975. He earned master's degrees in 1976 and 1977 and a PhD in 1980 in economics from Yale University.
2013 - 2014 Course Schedule
||Financial Markets and Institutions
||Theory of Financial Decisions II
||Theory of Financial Decisions III
Financial intermediaries; financial crises; and liquidity.
With Raghuram Rajan, “Fear of fire sales, illiquidity seeking, and credit freezes,” The Quarterly Journal of Economics (May 2011).
With Raghuram Rajan, "Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking," Journal of Political Economy (April 2001).
"Monitoring and Reputation: The Choice Between Bank Loans and Directly Placed Debt," Journal of Political Economy (August 1991).
"Financial Intermediation and Delegated Monitoring," Review of Economic Studies (July 1984).
With Philip Dybvig, "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy (June 1983).
For a listing of research publications please visit
’s university library listing