About the Researcher(s)/Author(s)

Zhiguo He is the Fuji Bank and Heller Professor of Finance, Jeuck Faculty Fellow, and faculty codirector of the Fama-Miller Center for Research in Finance at the University of Chicago’s Booth School of Business. He is also director of the Becker Friedman Institute for Economics in China.

Previously the Dean’s Distinguished Visiting Scholar at Stanford University’s Graduate School of Business, He is serving as Special-term Alibaba Foundation Professor at Tsinghua University’s School of Economics and Management, and as a member of Academic Committee of Luohan Academy.

His research focuses on agency frictions and debt maturities in financial markets and macroeconomics, with a special focus on contract theory and banking. He is also conducting active academic research on Chinese financial markets and on FinTech, especially the potential business applications of blockchain technology. 

He holds bachelor’s and master’s degrees from Tsinghua University in Beijing, and received a PhD degree from the Kellogg School of Management at Northwestern University in 2008. He was named a 2014 Alfred P. Sloan Research Fellow, and has won numerous scholastic awards, including the Lehman Brothers Fellowship for Research Excellence in Finance in 2007, the Swiss Finance Institute Outstanding Paper Award in 2012, the Smith-Breeden First Prize in 2012 and the Brattle Group First Prize in 2014.


Arvind Krishnamurthy is the John S. Osterweis Professor of Finance at the Stanford Graduate School of Business. He is affiliated with the NBER research programs in Asset Pricing, Economic Fluctuations and Growth, International Finance and Macro, and Monetary Economics.

Krishnamurthy formerly taught at the Kellogg School of Management at Northwestern University. He studies finance, macroeconomics, and monetary policy. He has studied the causes and consequences of liquidity crises in emerging markets and developed economies, and the role of government policy in stabilizing crises. Recently he has been examining the importance of US Treasury bonds and the dollar in the international monetary system. 

Krishnamurthy received his undergraduate degree from the University of Pennsylvania and his PhD from MIT in 1998.


1. “The Aggregate Demand for Treasury Debt,” Krishnamurthy A, Vissing-Jorgensen A. Journal of Political Economy 120(2), April 2012, pp. 233–267; “The Impact of Treasury Supply on Financial Sector Lending and Stability,” Krishnamurthy A, Vissing-Jorgensen A. Journal of Financial Economics 118(3), December 2015, pp. 571–600.   Go to ⤴︎
2. “The History and Economics of Safe Assets,” Gorton G. Annual Review of Economics 9, 2017, pp. 547–586.   Go to ⤴︎
3. “Safety, Liquidity, and the Natural Rate of Interest,” Del Negro M, Giannone D, Giannoni M, Tambalotti A. Brookings Papers on Economic Activity, Spring 2017, pp. 235–316.   Go to ⤴︎
4. “The US Treasury Premium,” Du W, Im J, Schreger J. NBER Working Paper 23759, August 2017, and Journal of International Economics 112, May 2018, pp. 167–181.   Go to ⤴︎
5. “International Financial Adjustment,” Gourinchas P, Rey H. Journal of Political Economy 115(4), August 2007, pp. 665–703.   Go to ⤴︎
6. “Dollar Safety and the Global Financial Cycle,” Jiang Z, Krishnamurthy A, Lustig H. NBER Working Paper 27682, August 2020.   Go to ⤴︎
7. “A Model of Safe Asset Determination,” He Z, Krishnamurthy A, Milbradt K. NBER Working Paper 22271, May 2016, and American Economic Review 109(4), April 2019, pp. 1230–1262.   Go to ⤴︎
8. “Banking, Trade, and the Making of a Dominant Currency,” Gopinath G, Stein J. NBER Working Paper 24485, April 2018, and “The International Medium, of Exchange,” Chahrour R, Valchev R. March 2020, offer models that pin down this denomination based on firms’ pricing decisions. There is a complementarity between firms’ decisions to denominate their exports in a given unit of account and bond issuers’ decisions to denominate in that same unit of account.   Go to ⤴︎
9. “Treasury Inconvenience Yields during the COVID-19 Crisis,” He Z, Nagel S, Song Z. NBER Working Paper 27416, June 2020.   Go to ⤴︎
10. “Repo Market Effects of the Term Securities Lending Facility,” Fleming M, Hrung W, Keane F. Federal Reserve Bank of New York Staff Reports, No. 426,January 2010.   Go to ⤴︎
11. “A Model of Safe Asset Determination,” He Z, Krishnamurthy A, Milibradt K, American Economic Review, vol 109(4), pages 1230– 1262; “Beauty Contests and Iterated Expectations in Asset Markets,” Allen F, Morris S, Shin HS. The Review of Financial Studies 19(3), Fall 2006, pp. 719–752.   Go to ⤴︎
12. “Still the World’s Safe Haven? Redesigning the US Treasury Market After the COVID-19 Crisis,” Duffie D. Hutchins Center Working Paper 62, Brookings Institution, May 2020; “Leverage and Margin Spirals in Fixed Income Markets During the Covid-19 Crisis,” Schrimpf A, Shin HS, Sushko V. BIS Bulletin 2, April 2020.     Go to ⤴︎
13. “Treasury Inconvenience Yields during the COVID-19 Crisis,” He Z, Nagel S, Song Z. NBER Working Paper 27416, June 2020.   Go to ⤴︎

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