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Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, and professor by courtesy, Department of Economics, Stanford University, has been on the finance faculty at Stanford since receiving his Ph.D. from Stanford in 1984.
Recent Work"Liquidity Rules Have Increased the Minimum Size of the Fed's Balance Sheet," in Getting Global Monetary Policy Back on Track, edited by Michael Bordo, John Cochrane, and John Taylor, Hoover Press, 2025, Chapter 11, pp. 179-187.
"The Decline of Too Big to Fail," with Antje Berndt and Yichao Zhu, American Economic Review, Volume 115 (2025), pages 945-974. [Online appendix] "Continuous-Time Random Matching" (with Lei Qiao and Yeneng Sun), forthcoming, Annals of Applied Probability, January, 2025. [Supplement] [Slides] "Reserves Were Not So Ample After All," with Adam Copeland and Yilin (David) Yang, Quarterly Journal of Economics, Volume 140 (2025), pages 239-281. "Funding strains appear," Monetary Matters, podcast with Jack Farley, December, 2024. Apple podcast, Spotify, and YouTube. "Bank Funding Risk, Reference Rates, and Credit Supply," with Harry Cooperman, Stephan Luck, Zachry Wang, and Yilin Yang, Journal of Finance, Volume 80 (2025), pp. 5-56. "Major roadblocks to CBDC adoption by the United States," 2024 International Conference on Economics, Technology, and Interdisciplinary Science, Shanghai Institute for Mathematical and Interdisciplinary Sciences, Fudan University, November, 2024. "Gauging the Minimum Ample Quantity of Reserves," ECB Money Markets Conference, Keynote speech, European Central Bank, Frankfurt, November, 2020. [video] [slides] "The Federal Reserve Is Too Cautious on Quantitative Tightening," Opinion, Wall Street Journal, June 3, 2024. Course syllabus, BUSGEN 102, "The Future of Money and Payments," Graduate School of Business, Stanford University, April, 2024. "Treasury Market Dysfunction, Dollar Dominance, and CBDC," MACROHIVE Conversations with Bilal Hafeez, Episode 209, March, 2024. "Silicon Valley Bank and Beyond: Regulating for Liquidity," in Getting Monetary Policy Back on Track, edited by Michael Bordo, John Cochrane, and John Taylor, Hoover Press, April, 2024, pages 71-78. "Comment to bank regulators on Proposed Rule: Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Activity," January, 2024, joint letter with 28 academics. "SEC should reconsider proposed rules on capital lock-ups," Financial Times, January 24, 2024. Comment to the Securities and Exchange Commission on its proposed rule on the registration of government securities dealers, January 10, 2024. Project Advisor, "Bank Failures and Contagion: Lender of Last Resort, Liquidity, and Risk Management," G30 Working Group on the 2023 Banking Crisis, Group of 30, Washington, D.C., January, 2024. "Dealer Capacity and US Treasury Market Functionality," with Michael Fleming, Frank Keane, Claire Nelson, Or Shachar, and Peter Van Tassel, Staff Report 1070, Federal Reserve Bank of New York, October, 2023. "How to Fix the World's Most Important Market," Odd Lots Podcast, Bloomberg, August 28, 2023. "Resilience Redux in the U.S. Treasury Market," in Structural Shifts in the Global Economy, A Symposium Sponsored by Federal Reserve Bank of Kansas, Jackson Hole, Wyoming, August, 2023, pages 77-119. "Global reliance on the dollar: Challenges and Policy Responses," speech, 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, May, 2023, Slides. "Fragmentation Risks to the Dollar-Dominated International Financial Order," presentation slides, ABFER, Singapore, May, 2023. "Extreme Weather Risk in a Changing Climate: Enhancing prediction and protecting communities -- Report to the President," Executive Office of the President, President's Council of Advisors on Science and Technology, Working Group on Extreme Weather Risk in a Changing Climate, April, 2023. "Across-the-Curve Credit Spread Indices," with Antje Berndt and Yichao Zhu, Financial Markets, Institutions and Instruments, Volume 32 (2023), pages 115-130. "What SVB's shocking collapse means for the tech industry - and the US," CNN, March 11, 2023. "Market Function Asset Purchases," with Frank Keane, Federal Reserve Bank of New York Staff Report 1054, February, 2023. "Dollar Funding Stresses in China," with Laura Kodres and Leslie Sheng Shen, Federal Reserve Bank of Boston, Supervisory Research and Analysis Working Paper. 22-3, December, 2022. VoxChina summary, July, 2022. Fragmenting Markets: Post-Crisis Bank Regulations and Financial Market Liquidity, DeGruyter, 2022. "How Abundant Are Reserves? Evidence from the Wholesale Payment System," (with Gara Afonso, Lorenzo Rigon, and Hyun Shin), Working paper, Federal Reserve Bank of New York, November, 2022. "U.S. Treasury Markets: Steps Toward Increased Resilience Status Update 2022" (with Tim Geithner, Pat Parkinson, and Jeremy Stein), G30 Special Report, June, 2022. "Digital currency policy economics," Doctoral course, Swedish House of Finance, Stockholm, June, 2022. Lecture 1 slides, Lecture 2 slides, Lecture 3 slides, Lecture 4 slides. Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022. "The economics of US digital currency policy," Bies Lecture, Northwestern University, April, 2022. "Can China Conquer Crypto? Beijing's Dangerous Quest to Control Digital Currencies," Foreign Affairs, April 22, 2022. "Excited About a Digital Dollar? Not So Fast," Bloomberg News, March 9, 2022. "Digital Currencies: The US, China, And The World At A Crossroads," co-edited with Elizabeth Economy, Hoover Press, March, 2022. "Fragmenting Financial Markets," Markov Lecture, INFORMS, October, 2021. “Central Bank Digital Currencies,” Evidence session, Economic Affairs Committee, House of Lords, UK Parliament, October 12, 2021. Transcript. "What's Next for Digital Currencies," Barron's Live Podcast, July, 2021. Project Advisor, "U.S. Treasury Markets: Steps Toward Increased Resilience," G30 Working Group on Treasury Market Liquidity, Group of 30, Washington, D.C., July, 2021. Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy hearing on “Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency,” June 9, 2021. "Central Bank Digital Currency: Principles for Technical Implementation," with Kelly Mathieson and Darko Pilav, Digital Asset White Paper, April, 2021. "Reforms of China's Corporate Sector and the Application of State Support," Teaching Note, Stanford Graduate School of Business, with Zhe Geng, Hala Moussawi, and Jun Pan, December, 2020. "Market Fragmentation," with Daniel Chen, American Economic Review, Volume 111 (2021), pages 2247-2274. [Online Appendix.] Link to published article. "Treasury Market Structure," Podcast, Federal Reserve Bank of Chicago, interview of Barbara Novick, Lou Crandall, and Kenneth Garbade, January, 2021. "Robust Benchmark Design" (with Piotr Dworczak), Journal of Financial Economics, Vol. 142 (2021), pp. 775-802. "Augmenting Markets with Mechanisms" (with Sam Antill), Review of Economic Studies, Volume 88, Issue 4, July 2021, Pages 1665-1719. Link to published article. "How many credit ratings is enough?," Remarks for presentation at the Roundtable on the Desired Standard for Credit Ratings in Israel’s Debt Market, Israel Securities Authority, August, 2020. Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020. Discussion of "The Market Events of Mid-September 2019," (Gara Afonso, Marco Cipriani, Adam Copeland, Anna Kovner, Gabriele La Spada, and Antoine Martin) and "U.S. Banks and Global Liquidity," (Ricardo Correa, Wenxin Du, and Gordon Liao), NBER Summer Institute 2020, Macro, Money and Financial Markets. This discussion draws from work with Adam Copeland and David Yilin Yang, July 9, 2020. "Still the World’s Safe Haven? -- Redesigning the U.S. Treasury Market After the COVID- 19 Crisis," Hutchins Center Working Paper Number 62, Brookings Institution, May, 2020. [Slides] [Video of paper presentation at FutFinInfo 2020] "Interoperable Payment Systems and the Role of Central Bank Digital Currencies," May, 2020, to appear in "Finance and Insurance Reloaded," Institut Louis Bachelier Annual Report, 2020. "Payment System Innovation," The Global Economy and Financial Stability Conference, Booth School, University of Chicago, Miami, February, 2020. “Cyber Runs,” with Joshua Younger, Hutchins Center Working Paper, Brookings Institution, June, 2019. "Digital Currencies and Fast Payment Systems: Disruption is Coming," for presentation at the Asian Monetary Policy Forum, preliminary draft, Graduate School of Business, Stanford University, May, 2019. "Prone to Fail: The Pre-Crisis Financial System," Journal of Economic Perspectives, Volume 33 (2019), pages 81-106. (Slides) "Funding Value Adjustments," (with Leif Andersen and Yang Song), Journal of Finance, Volume 74 (2019), pages 145-192. |
Photo credit: Asia Kepka
Contact655 Knight Way
Graduate School of Business Stanford University, Stanford, CA 94305-7298 Email: [email protected] |