Darrell Duffie

Senior Fellow
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Biography: 

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, professor (by courtesy) at the Department of Economics, and Senior Fellow (by courtesy) at the Hoover Institution.

Duffie is a fellow of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. He was the 2009 president of the American Finance Association. From October 2008 to April 2018 Duffie was a member of the board of directors of Moody’s Corporation. From 2013 to 2017 he chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform.

Duffie’s recent work focuses on the design and regulation of capital markets. His research is published in Econometrica, Journal of Political Economy, and Journal of Finance, among other journals. His most recent books are How Big Banks Fail: And What to Do about It (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets: Asset Pricing and Information Trasmission in Over-the-Counter Markets (Princeton University Press, 2012).

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Recent Commentary

In the News

Stanford’s Duffie Shakes Up SOFR Credit Race With AXI Index

featuring Darrell Duffievia Risk.net
Monday, August 3, 2020

[Subscription required] Academics propose new credit index that ditches Libor tenors for a single funding spread.

Analysis and Commentary

Across-The-Curve Credit Spread Indices

by Antje Berndt, Darrell Duffie, Yichao Zhuvia Darrell Duffie
Thursday, July 23, 2020

This note presents a preliminary approach to the design of an across-the-curve credit spread index (AXI). The index is a measure of the recent average cost of wholesale unsecured debt fund- ing for publicly listed U.S. bank holding companies and their commercial banking subsidiaries.

Analysis and Commentary

Still The World’s Safe Haven? Redesigning The U.S. Treasury Market After The COVID-19 Crisis

by Darrell Duffievia Brookings Institution
Monday, June 22, 2020

The market for U.S. Treasuries has long been viewed as the world’s most liquid and deepest financial market. That presumption was questioned when the COVID-19 crisis triggered heavy investor demands for trading that overwhelmed the capacity of dealers who usually serve as middlemen in this market. Over several tense days in March, yields rose sharply, calling into question the longstanding view that Treasuries are a reliable safe haven in a crisis. 

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Darrell Duffie On Treasury Markets And The Post-COVID Path To Financial Stability

interview with Darrell Duffievia Macro Musings
Monday, June 15, 2020

Hoover Institution fellow Darrell Duffie discusses the treasury market problems that emerged in March 2020 and what can be done to avoid them in the future.

Analysis and CommentaryBlank Section (Placeholder)

Still The World’s Safe Haven? Redesigning The U.S. Treasury Market After The COVID-19 Crisis

by Darrell Duffievia Brookings Institution
Wednesday, May 27, 2020

The market for U.S. Treasuries has long been viewed as the world’s most liquid and deepest financial market. That presumption was questioned when the COVID-19 crisis triggered heavy investor demands for trading that overwhelmed the capacity of dealers who usually serve as middlemen in this market.

Interviews

Darrell Duffie: You’ll Be Using Digital Currency Before You Know It

interview with Darrell Duffievia Stanford Graduate School of Business
Wednesday, May 6, 2020

Hoover Institution fellow Darrell Duffie discusses global pressure to transition to e-money, which is pushing US banks to do the same.

In the News

Covid-19 Leaves Harvard In ‘Grave’ Financial Situation, Experts Say

quoting Darrell Duffievia The Crimson
Thursday, March 19, 2020

The novel coronavirus pandemic has nearly emptied Harvard’s campus, sending students and faculty home for the remainder of the semester. It has also plunged the world into what Rutgers Business School professor John Longo called “the most serious financial crisis since the Great Recession and perhaps the Great Depression.”

Interviews

Darrell Duffie On The Financial Markets In A Coronavirus World

interview with Darrell Duffievia Stanford Institute for Economic Policy Research (SIEPR)
Wednesday, March 18, 2020

Hoover Institution fellow Darrell Duffie discusses the volatility of the financial markets and potential stabilizing measures.

Interviews

Darrell Duffie On Our Big Stablecoin Future

interview with Darrell Duffievia CoinDesk
Friday, January 3, 2020

Hoover Institution fellow Darrell Duffie discusses crypto currencies and their future.

In the News

QE Or Not, World’s Most Elite Bond Club Is Getting Its Mojo Back

quoting Darrell Duffievia Yahoo Finance
Monday, October 28, 2019

Regardless of what you think about the Federal Reserve’s decision to get back into the business of buying Treasuries, one thing is clear: It’s a good time to be a primary dealer.

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