Details about Arvind Krishnamurthy
Access statistics for papers by Arvind Krishnamurthy.
Last updated 2023-02-24. Update your information in the RePEc Author Service.
Short-id: pkr393
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Working Papers
2025
- Currency Development Through Liquidity Provision
NBER Working Papers, National Bureau of Economic Research, Inc
2024
- Convenience Yields and Exchange Rate Puzzles
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
- Interest Rate Risk in Banking
NBER Working Papers, National Bureau of Economic Research, Inc
2023
- Implications of Asset Market Data for Equilibrium Models of Exchange Rates
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
- Liquidity, Debt Denomination, and Currency Dominance
NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
2022
- The Demand for Money, Near-Money, and Treasury Bonds
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
- The Rest of the World’s Dollar-Weighted Return on U.S. Treasurys
NBER Working Papers, National Bureau of Economic Research, Inc
2020
- Corporate Debt Overhang and Credit Policy
Research Papers, Stanford University, Graduate School of Business View citations (45)
- Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
Also in Research Papers, Stanford University, Graduate School of Business (2020) View citations (17)
- Dollar Safety and the Global Financial Cycle
NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
Also in Research Papers, Stanford University, Graduate School of Business (2018) View citations (5)
2019
- Foreign Safe Asset Demand and the Dollar Exchange Rate
Research Papers, Stanford University, Graduate School of Business View citations (13)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (41) Research Papers, Stanford University, Graduate School of Business (2018) View citations (38)
See also Journal Article Foreign Safe Asset Demand and the Dollar Exchange Rate, Journal of Finance, American Finance Association (2021) View citations (64) (2021)
2018
- Capital Flow Management with Multiple Instruments
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
Also in Research Papers, Stanford University, Graduate School of Business (2018) View citations (6)
See also Chapter Capital Flow Management with Multiple Instruments, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2019) View citations (4) (2019)
- How sustainable are rural water enterprises?: synthesis of ITP-INREM studies from six states
Water Policy Research Highlights, International Water Management Institute
- Intermediary Asset Pricing and the Financial Crisis
NBER Working Papers, National Bureau of Economic Research, Inc View citations (45)
See also Journal Article Intermediary Asset Pricing and the Financial Crisis, Annual Review of Financial Economics, Annual Reviews (2018) View citations (45) (2018)
- Mortgage Design in an Equilibrium Model of the Housing Market
NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)
Also in 2016 Meeting Papers, Society for Economic Dynamics (2016) 
See also Journal Article Mortgage Design in an Equilibrium Model of the Housing Market, Journal of Finance, American Finance Association (2021) View citations (17) (2021)
2017
- ECB Policies Involving Government Bond Purchases: Impact and Channels
NBER Working Papers, National Bureau of Economic Research, Inc View citations (66)
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (65) Research Papers, Stanford University, Graduate School of Business (2017) View citations (67)
- How Credit Cycles across a Financial Crisis
Research Papers, Stanford University, Graduate School of Business View citations (98)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (97)
2016
- A Model of Safe Asset Determination
NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
See also Journal Article A Model of Safe Asset Determination, American Economic Review, American Economic Association (2019) View citations (61) (2019)
- Measuring Liquidity Mismatch in the Banking Sector
NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
Also in Research Papers, Stanford University, Graduate School of Business (2015) View citations (3)
See also Journal Article Measuring Liquidity Mismatch in the Banking Sector, Journal of Finance, American Finance Association (2018) View citations (60) (2018)
- What Makes US Government Bonds Safe Assets?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (25)
Also in Research Papers, Stanford University, Graduate School of Business (2016) View citations (26)
See also Journal Article What Makes US Government Bonds Safe Assets?, American Economic Review, American Economic Association (2016) View citations (25) (2016)
2015
- A Macroeconomic Framework for Quantifying Systemic Risk
Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (4)
Also in Research Papers, Stanford University, Graduate School of Business (2015) View citations (6) Working Paper Research, National Bank of Belgium (2012) View citations (45) NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (63)
See also Journal Article A Macroeconomic Framework for Quantifying Systemic Risk, American Economic Journal: Macroeconomics, American Economic Association (2019) View citations (70) (2019)
- A Model of the Reserve Asset
Research Papers, Stanford University, Graduate School of Business View citations (11)
- The Impact of Treasury Supply on Financial Sector Lending and Stability
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (102)
Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2015) View citations (104) Research Papers, Stanford University, Graduate School of Business (2015) View citations (106)
See also Chapter The Impact of Treasury Supply on Financial Sector Lending and Stability, NBER Chapters, National Bureau of Economic Research, Inc (2013) (2013) Journal Article The impact of Treasury supply on financial sector lending and stability, Journal of Financial Economics, Elsevier (2015) View citations (88) (2015)
2014
- Short-Term Debt and Financial Crises: What we can learn from U.S. Treasury Supply
2014 Meeting Papers, Society for Economic Dynamics
2013
- Interpreting Repo Statistics in the Flow of Funds Accounts
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
2012
- Sizing Up Repo
NBER Working Papers, National Bureau of Economic Research, Inc View citations (42)
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (30)
See also Journal Article Sizing Up Repo, Journal of Finance, American Finance Association (2014) View citations (146) (2014)
2011
- The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (935)
See also Journal Article The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (2011) View citations (1040) (2011)
- The Effects of Quantitative Easing on Long-term Interest Rates
2011 Meeting Papers, Society for Economic Dynamics View citations (60)
2010
- Balance Sheet Adjustments in the 2008 Crisis
NBER Working Papers, National Bureau of Economic Research, Inc View citations (88)
2009
- A Model of Capital and Crises
2009 Meeting Papers, Society for Economic Dynamics View citations (10)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (35)
See also Journal Article A Model of Capital and Crises, The Review of Economic Studies, Review of Economic Studies Ltd (2012) View citations (185) (2012)
- Amplification Mechanisms in Liquidity Crises
NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
See also Journal Article Amplification Mechanisms in Liquidity Crises, American Economic Journal: Macroeconomics, American Economic Association (2010) View citations (79) (2010)
- Global Imbalances and Financial Fragility
NBER Working Papers, National Bureau of Economic Research, Inc View citations (182)
See also Journal Article Global Imbalances and Financial Fragility, American Economic Review, American Economic Association (2009) View citations (178) (2009)
- How Debt Markets have Malfunctioned in the Crisis
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
See also Journal Article How Debt Markets Have Malfunctioned in the Crisis, Journal of Economic Perspectives, American Economic Association (2010) View citations (136) (2010)
2008
- Intermediary Asset Pricing
NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
See also Journal Article Intermediary Asset Pricing, American Economic Review, American Economic Association (2013) View citations (544) (2013)
- The Aggregate Demand for Treasury Debt
2008 Meeting Papers, Society for Economic Dynamics View citations (40)
See also Journal Article The Aggregate Demand for Treasury Debt, Journal of Political Economy, University of Chicago Press (2012) View citations (732) (2012)
2007
- Collective Risk Management in a Flight to Quality Episode
NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)
See also Journal Article Collective Risk Management in a Flight to Quality Episode, Journal of Finance, American Finance Association (2008) View citations (403) (2008)
- The Demand for Treasury Debt
NBER Working Papers, National Bureau of Economic Research, Inc View citations (46)
2006
- Flight to Quality and Collective Risk Management
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
2005
- Bubbles and Capital Flow Volatility: Causes and Risk Management
NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
See also Journal Article Bubbles and capital flow volatility: Causes and risk management, Journal of Monetary Economics, Elsevier (2006) View citations (225) (2006)
- Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
MPRA Paper, University Library of Munich, Germany View citations (19)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (14)
See also Journal Article Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective, International Journal of Central Banking, International Journal of Central Banking (2005) View citations (24) (2005)
- Financial System Risk and Flight to Quality
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
- Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
Also in Econometric Society 2004 North American Summer Meetings, Econometric Society (2004) View citations (6)
See also Journal Article Limits of Arbitrage: Theory and Evidence from the Mortgage‐Backed Securities Market, Journal of Finance, American Finance Association (2007) View citations (139) (2007)
2004
- Fiscal Policy and Financial Depth
NBER Working Papers, National Bureau of Economic Research, Inc View citations (95)
2003
- Equilibrium Asset Prices Under Imperfect Corporate Control
NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
- Inflation Targeting and Sudden Stops
NBER Working Papers, National Bureau of Economic Research, Inc View citations (41)
See also Chapter Inflation Targeting and Sudden Stops, NBER Chapters, National Bureau of Economic Research, Inc (2004) View citations (12) (2004)
2002
- A Dual Liquidity Model for Emerging Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (45)
See also Journal Article A Dual Liquidity Model for Emerging Markets, American Economic Review, American Economic Association (2002) View citations (38) (2002)
2001
- A "Vertical" Analysis of Crises and Intervention: Fear of Floating and Ex-ante Problems
NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
- International Liquidity Illusion: On the Risks of Sterilization
NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
- Smoothing Sudden Stops
NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
See also Journal Article Smoothing sudden stops, Journal of Economic Theory, Elsevier (2004) View citations (78) (2004)
2000
- Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment
NBER Working Papers, National Bureau of Economic Research, Inc View citations (42)
- International Liquidity Management: Sterilization Policy in Illiquid Financial Markets
Econometric Society World Congress 2000 Contributed Papers, Econometric Society View citations (18)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (17)
- International and Domestic Collateral Constraints in a Model of Emerging Market Crises
NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
See also Journal Article International and domestic collateral constraints in a model of emerging market crises, Journal of Monetary Economics, Elsevier (2001) View citations (533) (2001)
1999
- Emerging Market Crises: An Asset Markets Perspective
Working papers, Massachusetts Institute of Technology (MIT), Department of Economics View citations (31)
Also in IMF Working Papers, International Monetary Fund (1999) View citations (18) Working papers, Massachusetts Institute of Technology (MIT), Department of Economics (1998) View citations (68) NBER Working Papers, National Bureau of Economic Research, Inc (1998) View citations (59)
Journal Articles
2021
- Foreign Safe Asset Demand and the Dollar Exchange Rate
Journal of Finance, 2021, 76, (3), 1049-1089 View citations (64)
See also Working Paper Foreign Safe Asset Demand and the Dollar Exchange Rate, Research Papers (2019) View citations (13) (2019)
- Mortgage Design in an Equilibrium Model of the Housing Market
Journal of Finance, 2021, 76, (1), 113-168 View citations (17)
See also Working Paper Mortgage Design in an Equilibrium Model of the Housing Market, NBER Working Papers (2018) View citations (26) (2018)
2019
- A Macroeconomic Framework for Quantifying Systemic Risk
American Economic Journal: Macroeconomics, 2019, 11, (4), 1-37 View citations (70)
See also Working Paper A Macroeconomic Framework for Quantifying Systemic Risk, Swiss Finance Institute Research Paper Series (2015) View citations (4) (2015)
- A Model of Safe Asset Determination
American Economic Review, 2019, 109, (4), 1230-62 View citations (61)
See also Working Paper A Model of Safe Asset Determination, NBER Working Papers (2016) View citations (17) (2016)
2018
- Foreign Safe Asset Demand for US Treasurys and the Dollar
AEA Papers and Proceedings, 2018, 108, 537-41 View citations (44)
- How Futures Trading Changed Bitcoin Prices
FRBSF Economic Letter, 2018 View citations (29)
- Intermediary Asset Pricing and the Financial Crisis
Annual Review of Financial Economics, 2018, 10, (1), 173-197 View citations (45)
See also Working Paper Intermediary Asset Pricing and the Financial Crisis, NBER Working Papers (2018) View citations (45) (2018)
- Measuring Liquidity Mismatch in the Banking Sector
Journal of Finance, 2018, 73, (1), 51-93 View citations (60)
See also Working Paper Measuring Liquidity Mismatch in the Banking Sector, NBER Working Papers (2016) View citations (28) (2016)
2017
- Commentary: Policies for Crises Prevention and Management
International Journal of Central Banking, 2017, 13, (3), 277-285
2016
- What Makes US Government Bonds Safe Assets?
American Economic Review, 2016, 106, (5), 519-23 View citations (25)
See also Working Paper What Makes US Government Bonds Safe Assets?, NBER Working Papers (2016) View citations (25) (2016)
2015
- The impact of Treasury supply on financial sector lending and stability
Journal of Financial Economics, 2015, 118, (3), 571-600 View citations (88)
See also Chapter The Impact of Treasury Supply on Financial Sector Lending and Stability, NBER Chapters, 2013 (2013) (2013) Working Paper The Impact of Treasury Supply on Financial Sector Lending and Stability, CEPR Discussion Papers (2015) View citations (102) (2015)
2014
- Efficient Credit Policies in a Housing Debt Crisis
Brookings Papers on Economic Activity, 2014, 45, (2 (Fall)), 73-136 View citations (56)
- Sizing Up Repo
Journal of Finance, 2014, 69, (6), 2381-2417 View citations (146)
See also Working Paper Sizing Up Repo, NBER Working Papers (2012) View citations (42) (2012)
2013
- Comment
NBER Macroeconomics Annual, 2013, 27, (1), 224 - 231
- Intermediary Asset Pricing
American Economic Review, 2013, 103, (2), 732-70 View citations (544)
See also Working Paper Intermediary Asset Pricing, NBER Working Papers (2008) View citations (21) (2008)
- The ins and outs of LSAPs
Proceedings - Economic Policy Symposium - Jackson Hole, 2013 View citations (27)
2012
- A Model of Capital and Crises
The Review of Economic Studies, 2012, 79, (2), 735-777 View citations (185)
See also Working Paper A Model of Capital and Crises, 2009 Meeting Papers (2009) View citations (10) (2009)
- Risk Topography
NBER Macroeconomics Annual, 2012, 26, (1), 149 - 176 View citations (9)
See also Chapter Risk Topography, NBER Chapters, 2011, 149-176 (2011) View citations (15) (2011)
- The Aggregate Demand for Treasury Debt
Journal of Political Economy, 2012, 120, (2), 233 - 267 View citations (732)
See also Working Paper The Aggregate Demand for Treasury Debt, 2008 Meeting Papers (2008) View citations (40) (2008)
2011
- Discussion of “Precautionary Reserves and the Interbank Market”
Journal of Money, Credit and Banking, 2011, 43, 349-353
- Discussion of “Precautionary Reserves and the Interbank Market”
Journal of Money, Credit and Banking, 2011, 43, (s2), 349-353
- The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy
Brookings Papers on Economic Activity, 2011, 42, (2 (Fall)), 215-287 View citations (1040)
See also Working Paper The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy, NBER Working Papers (2011) View citations (935) (2011)
2010
- Amplification Mechanisms in Liquidity Crises
American Economic Journal: Macroeconomics, 2010, 2, (3), 1-30 View citations (79)
See also Working Paper Amplification Mechanisms in Liquidity Crises, NBER Working Papers (2009) View citations (32) (2009)
- Balance Sheet Adjustments during the 2008 Crisis
IMF Economic Review, 2010, 58, (1), 118-156 View citations (100)
- How Debt Markets Have Malfunctioned in the Crisis
Journal of Economic Perspectives, 2010, 24, (1), 3-28 View citations (136)
See also Working Paper How Debt Markets have Malfunctioned in the Crisis, NBER Working Papers (2009) View citations (8) (2009)
2009
- Global Imbalances and Financial Fragility
American Economic Review, 2009, 99, (2), 584-88 View citations (178)
See also Working Paper Global Imbalances and Financial Fragility, NBER Working Papers (2009) View citations (182) (2009)
2008
- Collective Risk Management in a Flight to Quality Episode
Journal of Finance, 2008, 63, (5), 2195-2230 View citations (403)
See also Working Paper Collective Risk Management in a Flight to Quality Episode, NBER Working Papers (2007) View citations (21) (2007)
- Musical chairs: a comment on the credit crisis
Financial Stability Review, 2008, (11), 9-11 View citations (8)
2007
- Limits of Arbitrage: Theory and Evidence from the Mortgage‐Backed Securities Market
Journal of Finance, 2007, 62, (2), 557-595 View citations (139)
See also Working Paper Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market, NBER Working Papers (2005) View citations (2) (2005)
2006
- Bubbles and capital flow volatility: Causes and risk management
Journal of Monetary Economics, 2006, 53, (1), 35-53 View citations (225)
See also Working Paper Bubbles and Capital Flow Volatility: Causes and Risk Management, NBER Working Papers (2005) View citations (4) (2005)
- Financial innovation, macroeconomic stability and systemic crises - comments
Proceedings, 2006, (Nov)
2005
- Equilibrium Investment and Asset Prices under Imperfect Corporate Control
American Economic Review, 2005, 95, (3), 659-681 View citations (34)
- Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
International Journal of Central Banking, 2005, 1, (1) View citations (24)
See also Working Paper Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective, MPRA Paper (2005) View citations (19) (2005)
2004
- Regulating Exclusion from Financial Markets
The Review of Economic Studies, 2004, 71, (3), 681-707 View citations (31)
- Smoothing sudden stops
Journal of Economic Theory, 2004, 119, (1), 104-127 View citations (78)
See also Working Paper Smoothing Sudden Stops, NBER Working Papers (2001) View citations (22) (2001)
2003
- Collateral constraints and the amplification mechanism
Journal of Economic Theory, 2003, 111, (2), 277-292 View citations (102)
- Excessive Dollar Debt: Financial Development and Underinsurance
Journal of Finance, 2003, 58, (2), 867-893 View citations (209)
2002
- A Dual Liquidity Model for Emerging Markets
American Economic Review, 2002, 92, (2), 33-37 View citations (38)
See also Working Paper A Dual Liquidity Model for Emerging Markets, NBER Working Papers (2002) View citations (45) (2002)
- The bond/old-bond spread
Journal of Financial Economics, 2002, 66, (2-3), 463-506 View citations (68)
2001
- International and domestic collateral constraints in a model of emerging market crises
Journal of Monetary Economics, 2001, 48, (3), 513-548 View citations (533)
See also Working Paper International and Domestic Collateral Constraints in a Model of Emerging Market Crises, NBER Working Papers (2000) View citations (20) (2000)
2000
- Comment on Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank
Journal of Money, Credit and Banking, 2000, 32, (3), 639-40 View citations (12)
Books
2014
- Risk Topography: Systemic Risk and Macro Modeling
NBER Books, National Bureau of Economic Research, Inc View citations (50)
Edited books
2014
- Risk Topography
National Bureau of Economic Research Books, University of Chicago Press
Chapters
2019
- Capital Flow Management with Multiple Instruments
Chapter 06 in Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, 2019, vol. 26, pp 169-203 View citations (4)
See also Working Paper Capital Flow Management with Multiple Instruments, National Bureau of Economic Research, Inc (2018) View citations (6) (2018)
2018
- The Balance Sheet
Chapter 1 in The Structural Foundations of Monetary Policy, 2018 View citations (5)
2013
- Introduction to "Risk Topography: Systemic Risk and Macro Modeling"
A chapter in Risk Topography: Systemic Risk and Macro Modeling, 2013, pp 1-12 View citations (3)
- Liquidity Mismatch Measurement
A chapter in Risk Topography: Systemic Risk and Macro Modeling, 2013, pp 99-112 View citations (23)
- The Impact of Treasury Supply on Financial Sector Lending and Stability
A chapter in New Perspectives on Corporate Capital Structure, 2013
See also Working Paper The Impact of Treasury Supply on Financial Sector Lending and Stability, C.E.P.R. Discussion Papers (2015) View citations (102) (2015) Journal Article The impact of Treasury supply on financial sector lending and stability, Elsevier (2015) View citations (88) (2015)
2012
- Comment on "Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007 to 2009"
A chapter in NBER Macroeconomics Annual 2012, Volume 27, 2012, pp 224-231
2011
- Risk Topography
A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 149-176 View citations (15)
See also Journal Article Risk Topography, University of Chicago Press (2012) View citations (9) (2012)
2004
- Inflation Targeting and Sudden Stops
A chapter in The Inflation-Targeting Debate, 2004, pp 423-442 View citations (12)
See also Working Paper Inflation Targeting and Sudden Stops, National Bureau of Economic Research, Inc (2003) View citations (41) (2003)
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