Anil Kashyap

Anil Kashyap is a professor at the University of Chicago Booth School of Business and serves as an external member of the Bank of England's Financial Policy Committee. His research on the "bank lending channel" of monetary policy transmission, optimal bank capital requirements, and stress testing methodology has been directly influential in policy design. He co-authored influential research arguing that bank capital requirements are not as costly as banks claim. Kashyap also contributed to the design of stress testing frameworks used by the Fed and Bank of England. His joint work with Raghuram Rajan and Jeremy Stein on liquidity risk and maturity transformation in banking helped identify structural vulnerabilities that contributed to the 2008 financial crisis, and his subsequent policy-oriented research on bank resolution, bail-in capital, and deposit insurance reform has shaped regulatory approaches in the United States and Europe.