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Darrell Duffie

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Darrell Duffie is the Dean Witter Distinguished Professor of Finance at the Graduate School of Business, Stanford University. He is a member of the Financial Advisory Roundtable of the New York Federal Reserve Bank, a fellow and member of the Council of the Econometric Society, a research fellow of the National Bureau of Economic Research, a fellow of the American Academy of Arts and Sciences, and the immediate past president of the American Finance Association.  Duffie's research concerns valuation and risk in financial markets. He is the author, most recently, of  How Big Banks Fail— and What to Do about It and a coauthor of The Squam Lake Report—Fixing the Financial System (both published by Princeton University Press in 2010).

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Recent Commentary

Challenges to a Policy Treatment of Speculative Trading Motivated by Differences in Beliefs

by Darrell Duffievia Working Group on Economic Policy
Sunday, February 2, 2014

Working Group on Economic Policy: WP14106

This paper discusses the challenges faced by a policy treatment of speculative trading motivated by differences in beliefs.

Central Clearing and Collateral Demand

by Darrell Duffie, Martin Scheicher, Guillaume Vuillemeyvia Working Group on Economic Policy
Wednesday, January 1, 2014

Working Group on Economic Policy: WP14104

This paper estimates the impact on collateral demand of new margin and clearing practices and regulations by using an extensive data set of bilateral exposures on credit default swaps.

Financial Market Infrastructure: Too Important To Fail

by Darrell Duffievia Working Group on Economic Policy
Wednesday, January 1, 2014

Working Group on Economic Policy: WP14101

This paper argues that failure resolution can not yet be safely applied to certain firms that operate key financial market infrastructures used for clearing over-the-counter derivatives or tri-party repurchase agreements.

Replumbing Our Financial System: Uneven Progress

by Darrell Duffievia Working Group on Economic Policy
Thursday, July 19, 2012

Working Group on Economic Policy: WP67

The financial crisis of 2007-2009 has spurred significant ongoing changes in the “pipes and valves” through which cash and risk flow through the center of our financial system.

Market Making Under the Proposed Volcker Rule

by Darrell Duffie
Wednesday, January 18, 2012

Working Group on Economic Policy: WP57

This submission discusses implications for the quality and safety of nancial markets of proposed rules implementing the market-making provisions of section 13 of the Bank Holding Company Act, commonly known as the "Volcker Rule." 

Federal Reserve
Featured Commentary

Federal Interpretation of Volcker Rule Would Lead to Constraints on U.S. Economic Growth and Recovery

by Darrell Duffievia Stanford Graduate School of Business News
Tuesday, January 17, 2012

Finance professor Darrell Duffie of the Stanford Graduate School of Business proposes alternative capital requirements for banks to eliminate potential unintended consequences of financial reform.

Featured Commentary

After MF Global: how to protect customers’ cash

by Darrell Duffievia Financial Times
Monday, December 5, 2011

Firewall between futures brokers and customer funds needed

Systemic Risk Exposures: A 10-by-10-by-10 Approach

by Darrell Duffie
Thursday, July 28, 2011

Working Group on Economic Policy: WP54

Here, I present and discuss a “10-by-10-by-10” network-based approach to monitoring systemic financial risk.

Policy Issues in the Design of Tri-Party Repo Markets

by Darrell Duffie
Friday, July 1, 2011

Working Group on Economic Policy: WP55

Darrell Duffie (with Adam Copeland, Antoine Martin, and Susan McLaughlin), Working Paper, Stanford University and Federal Reserve Bank of New York

On the Clearing of Foreign Exchange Derivatives

by Darrell Duffievia Working Group on Economic Policy
Thursday, May 12, 2011

Working Group on Economic Policy: WP51

Comment on U.S. Treasury, Determination of Foreign Exchange Swaps and Foreign Exchange Forwards under the Commodity Exchange Act

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