Darrell Duffie

Senior Fellow
Research Team: 
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

Market Making Under the Proposed Volcker Rule

by Darrell Duffievia Economics Working Papers
Wednesday, January 18, 2012

Economics Working Paper WP12101

Federal Reserve
Analysis and 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.

Analysis and 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

How Big Banks Fail and What to Do about It

by Darrell Duffievia Princeton University Press
Sunday, November 7, 2010

Dealer banks--that is, large banks that deal in securities and derivatives, such as J. P. Morgan and Goldman Sachs--are of a size and complexity that sharply distinguish them from typical commercial banks. When they fail, as we saw in the global financial crisis, they pose significant risks to our financial system and the world economy. How Big Banks Fail and What to Do about It examines how these banks collapse and how we can prevent the need to bail them out.

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