NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Benchmark Inclusion Subsidy

Anil K. Kashyap, Natalia Kovrijnykh, Jian Li, Anna Pavlova

NBER Working Paper No. 25337
Issued in December 2018, Revised in January 2020

---- Acknowledgments ----

We have benefited from comments by Jan Bena, Jules van Binsbergen, Andrea Buffa, Hui Chen, Simon Gervais, Denis Gromb, Marcin Kacperczyk, Ralph Koijen, Felix Kubler, Shohini Kundu, Ailsa Roell, Jeremy Stein, David Thesmar, Dimitri Vayanos, Rob Vishny, Costas Xiouros, and seminar participants at ASU, Chicago Booth, LBS, NBIM, Philadelphia Fed, University of Zurich, AFA 2020 Annual Meeting, the 5th BI-SHOF conference, the 2019 Bank of England Research Forum on Macro-Finance, Cambridge Corporate Finance Theory Symposium 2019, the 2019 European Winter Finance conference, ISF 2019, the Macro Financial Modeling (MFM) Winter 2019 Meeting, Fall 2018 NBER Corporate Finance Program Meeting, the 2019 NBER Long-Term Asset Management Meeting, the 2019 Paul Woolley Centre conference, and the 2019 UBC Winter Finance conference. This research has been supported by a grant from the Alfred P. Sloan Foundation to the MFM project at the University of Chicago. The views expressed here are ours only and not necessarily those of the institutions with which we are affiliated, nor National Bureau of Economic Research, and all mistakes are our own.

---- Disclosure of Financial Relationships for Anil K. Kashyap ----

Anil K Kashyap’s Information on Non-Teaching Compensated Activities: 2014 through 2018 (excludes honoraria less than $1500). See my CV for various unpaid affiliations.

Consulting

Swedish Riksbank, 2012- 2016.

Einaudi Institute of Economics and Finance, 2007 – 2018

Federal Reserve Bank of Chicago, 1991—present

European Central Bank, 2018 -- present

Sponsored research

National Science Foundation through a grant administered through the National Bureau of Economic Research (with Judith Chevalier), Strategic Shoppers and Price Dynamics.

"Market Tantrums and Monetary Policy," (with Michael Feroli, Kermit L. Schoenholtz, and Hyun Song Shin), prepared for U.S. Monetary Policy Forum, Initiative on Global Markets, University of Chicago Booth School of Business, 2014.

“Deflating Inflation Expectations: The Implications of Inflation’s Simple Dynamics” (with Stephen G. Cecchetti, Michael E. Feroli, Peter Hooper and Kermit L. Schoenholtz) prepared for U.S. Monetary Policy Forum, Initiative on Global Markets, University of Chicago Booth School of Business, 2017.

Alfred P. Sloan Foundation grant to the Macro Financial Modeling (MFM) project at the University of Chicago.

Speeches

Morningstar, 2018

Institutional Investor, 2015.

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