About

Anil K Kashyap is the Stevens Distinguished Service Professor of Economics and Finance at the University of Chicago’s Booth School of Business. His research focuses on financial intermediation and regulation, the Japanese economy, macroeconomics, and monetary policy. He co-founded the U.S. Monetary Policy Forum, the leading private sector conference on US monetary policy, and serves as a research associate for the National Bureau of Economic Research and a research fellow for the Centre for Economic Policy Research. Additionally, he is a co-director of the Chicago Booth Kent A. Clark Center on Global Markets. Kashyap has advised numerous government and international organizations, including the Cabinet Office of the Japanese Prime Minister, the European Central Bank, the Swedish Riksbank, the International Monetary Fund, the United States Congressional Budget Office, and the Federal Reserve Banks of Chicago and New York. He has testified before both the U.S. Congress and the U.K. Parliament. From 2016 to 2022, he was an external member of the Bank of England’s Financial Policy Committee. Kashyap has taught courses on Corporation Finance, Advanced Macroeconomics, Understanding Central Banks, Analyzing Financial Crises, and Anti-Money Laundering Laws. He received the Emory Williams Award for Teaching Excellence at Chicago Booth in 2014. Among his various honors are "The Order of the Rising Sun, Gold Rays with Neck Ribbon" from the Emperor of Japan and appointment as an honorary Commander of the Most Excellent Order of the British Empire (CBE) from the King of England. He earned his Bachelor’s degree from the University of California at Davis and his PhD in economics from the Massachusetts Institute of Technology. He is a first-generation Indian American.

Research topics

• Computer Science
• Finance
• Chemistry
• Economics
• Cartography
• Geography
• Econometrics

Selected publications

• Financial Leveraging in Public and Private-sector Oil Marketing Companies in India (2019–2023)

  Indian Journal of Public Administration · 2025-06-01

  articleSenior author

  Using panel data analysis based on annual reports of major oil companies (OMCs), namely Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, Reliance Industries Limited (RIL) and NAYARA Energy (formerly Essar Oil Ltd), this article examines key financial metrics, such as debt-to-equity ratio, return on long-term funds, earnings per share and dividend payout ratio, of these OMCs from 2019 to 2023. The analysis reveals that government-owned OMCs exhibit variability in financial performance and often maintain high-dividend payouts even during low earnings during this period. In contrast, the private-sector OMCs RIL and NAYARA focus on stable growth and reinvestment for long-term financial health. The interplay between international oil price fluctuations, capital structure adjustments and financial performance is complex for OMCs in India. While public-sector OMCs benefit from government support, their financial strategies must adapt to the volatile oil market to sustain profitability and financial stability.

  PublisherDOI

• Treasury Market Dysfunction and the Role of the Central Bank

  Brookings Papers on Economic Activity · 2025-01-01

  article1st authorCorresponding

  ABSTRACT: We build a simple model that shows how the incentives and constraints facing three key types of market players—broker-dealers, hedge funds, and asset managers—interact to create a heightened level of fragility in the Treasury market, and how this fragility can become more pronounced as the supply of Treasury securities increases. After validating a number of the model's empirical premises and implications, we ask what it can tell us about how the Federal Reserve might best address future episodes of market dysfunction. In so doing, we take as given that an important priority for any Fed response to Treasury market dysfunction is that it be clearly separated from anything having to do with monetary policy.

  PublisherDOI

• Advances in Construction, Real Estate, Infrastructure and Project Management

  2025-08-22

  book1st authorCorresponding
  PublisherDOI

• The Normalization of Wage Dynamics

  Asian Economic Policy Review · 2025-02-26 · 5 citations

  articleOpen accessSenior author

  ABSTRACT In an article published in 2021, Hoshi and Kashyap find that the link between wage inflation and labor market conditions in Japan changed starting in the late 1990s. The link between wage inflation and price inflation also disappeared around the same time. Two factors were identified as the main reasons why wages became less sensitive to the tightness of the labor market: firms' labor hoarding of full‐time workers and an increasing reliance on newly hired part‐time workers. Both of these factors started to disappear by the late 2010s. After re‐confirming the main results in the 2021 article by Hoshi and Kashyap, this paper finds that wage inflation has become sensitive to the unemployment rate (an important labor indicator). We also find weak evidence that the link between wage inflation and price inflation might be re‐emerging.

  PublisherOA PDFDOI

• Prevalence of Homologous Recombination Repair (HRR) gene mutations in patients with Castration-Sensitive Prostate Cancer (CSPC): A Targeted Literature Review (TLR)

  European Urology Open Science · 2025-11-01

  articleOpen access
  PublisherDOI

• What Happens in Vegas Does Not Stay in Vegas

  WORLD SCIENTIFIC eBooks · 2023-01-01

  book-chapter1st authorCorresponding

  I identify several structural weaknesses in the global financial regulatory architecture and offer several suggestions about how they could be addressed. One important theme is that the interconnections in the system mean that problems in one jurisdiction spillover over to other jurisdictions, so cross-border cooperation is essential in dealing with these issues.

  PublisherDOI

• Price Discrimination and Mortgage Choice

  National Bureau of Economic Research · 2023-09-01 · 6 citations

  reportOpen access

  We characterize the large number of mortgage offers for which people qualify in the United Kingdom.Very few pick the cheapest option, nonetheless the one selected is not usually noticeably more expensive.A few borrowers make very expensive choices.These are most common when the menu they face has many expensive options, and are most likely for high loanto-value and loan-to-income borrowers.Young people and first-time buyers are more prone to making expensive choices.The dispersion in the mortgage menu is consistent with banks price discriminating for borrowers who might pick poorly, while competing for others who shop more effectively.

  PublisherDOI

• Technological Advances in Construction linked Financial Management in Real Estate Projects

  2023-01-01

  articleOpen access1st authorCorresponding

  Property development are highly capital intensive, most real projects opt for bank or institutional finances, to finance the construction. In a construction-linked payment (CLP) plan, buyers, developers and financial institutions come together, to ensure participation of each stakeholder. BIM can be used to support construction-linked payments, which are payments made to contractors based on the progress of construction work. By using BIM, stakeholders can monitor the progress of the project in real time and track the completion of specific tasks. This allows for more accurate and timely payments to be made to developer, based on the items of the work that has actually been completed. This would serves dual purpose, firstly that money released by financial institutions will be used on the project for which it is allocated and also with BIM model, the nearly exact dates of payments required can be predicted with more accuracy and certainty. These digital advances in construction projects would help on time and on budget. This helps to ensure that payments are made based on actual progress, rather than estimates or assumptions.

  PublisherOA PDFDOI

• Price Discrimination and Mortgage Choice

  SSRN Electronic Journal · 2023-01-01 · 1 citations

  articleOpen access
  PublisherDOI

• Is There Too Much Benchmarking in Asset Management?

  American Economic Review · 2023-03-30 · 33 citations

  article1st authorCorresponding

  We propose a tractable model of asset management in which benchmarking arises endogenously, and analyze its welfare consequences. Fund managers' portfolios are not contractible and they incur private costs in running them. Incentive contracts for fund managers create a pecuniary externality through their effect on asset prices. Benchmarking inflates asset prices and creates crowded trades. The crowding reduces the effectiveness of benchmarking in incentive contracts for others, which fund investors fail to account for. A social planner, recognizing the crowding, opts for contracts with less benchmarking and less incentive provision. The planner also delivers lower asset management costs. (JEL D82, D86, G11, G12, G23, G41)

  PublisherDOI

Frequent coauthors

• Takeo Hoshi

  The University of Tokyo

  220 shared

• Alexandros Vardoulakis

  127 shared

• Dimitrios P. Tsomocos

  Science Oxford

  110 shared

• Jeremy C. Stein

  86 shared

• Charles Goodhart

  London School of Economics and Political Science

  85 shared

• François Gourio

  47 shared

• Anna Pavlova

  Centre for Economic Policy Research

  41 shared

• Stephen G. Cecchetti

  41 shared

Education

• Ph.D., Economics

  University of Chicago

  1990

• M.A., Economics

  University of Chicago

  1985

• B.A., Economics

  University of California, Berkeley

  1982

Awards & honors

• The Order of the Rising Sun, Gold Rays with Neck Ribbon
• Honorary Commander of the Most Excellent Order of the Britis…
• Emory Williams Award for Teaching Excellence at Chicago Boot…