Faculty & Research

Anil Kashyap

Edward Eagle Brown Professor of Economics and Finance

Phone :
(773) 702-7260
Address :
5807 South Woodlawn Avenue
Chicago, IL 60637

Anil K. Kashyap is the Edward Eagle Brown Professor of Economics and Finance at the University of Chicago Booth School of Business. His research focuses on banking, business cycles, corporate finance, price setting, and monetary policy. 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 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 serves as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and as a Research Associate for the National Bureau of Economic Research (NBER). He is on the Congressional Budget Office's Panel of Economic Advisers, serves on the Board of Directors of the Bank of Italy’s Einuadi Institute of Economics and Finance and is an advisor to the Swedish Riksbank. 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.

Kashyap is also 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). 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 two unique elective courses, “Understanding Central Banks” and “The Analytics of Financial Crises.”

Kashyap serves as co-organizer of the NBER's Working Group on the Japanese Economy, is a member of both the American Economic Association (AEA) and American Finance Association, is currently a member of the Executive Committee of the AEA. He is one of the two faculty directors of the Chicago Booth’s Initiative on Global Markets and a co-founder of the US Monetary Policy Forum.

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

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.


2013 - 2014 Course Schedule

Number Name Quarter
33402 Understanding Central Banks 2014 (Spring)
35211 The Analytics of Financial Crises 2014 (Spring)

Other Interests

Rotisserie baseball, the Indianapolis 500, and bridge.


Research Activities

Banking; business cycles; corporate finance; monetary policy.

With 14 other economists, The Squam Lake Report: Fixing the Financial System (Princeton University Press, 2010).

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

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).

With Ricardo Caballero and Takeo Hoshi, "Zombie Lending and Depressed Restructuring in Japan," American Economic Review (2008).

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).