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Raghuram Rajan

Senior Fellow

Raghuram Rajan is a senior fellow at the Hoover Institution and is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School.

Prior to that, he was the twenty-third governor of the Reserve Bank of India from 2013 to 2016, as well as the vice chairman of the board of the Bank for International Settlements from 2015 to 2016. He was the chief economist and director of research at the International Monetary Fund from 2003 to 2006. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. He coauthored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010. Rajan was the president of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty.

In January 2003, the American Finance Association awarded him the inaugural Fischer Black Prize for the best finance researcher under the age of forty. The other awards he has received include the global Indian of the year award from NASSCOM in 2011, the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, and Euromoney magazine’s Central Banker of the Year Award 2014.

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Recent Commentary

Comments and Related Research

The Two Faces of Liquidity

by Raghuram Rajanvia Revisiting the 2008 Financial Crisis
Friday, October 19, 2018

"It has been about 10 years since the global financial crisis. What have we learnt about it? The behavior of financial-sector participants was clearly aberrant, and needed to be rectified..." The 2018 Martin Feldstein Lecture. NBER Reporter, No.3 September 2018


What Worries Me About The U.S. Economy

by Raghuram Rajanvia The Washington Post
Thursday, October 11, 2018

The U.S. economy certainly appears as if it is in an ideal place: unemployment is at its lowest in nearly half a century, and the number of people voluntarily leaving jobs to find new ones, an indicator of their confidence in the economy, is at a 20-year high. Economic growth this year is likely to be around 3 percent, more than what most economists think the economy is capable of in the medium term. Inflation is moderate.

Analysis and Commentary

Central Banks’ Year Of Reckoning

by Raghuram Rajanvia Live Mint
Monday, January 1, 2018

Since 2008, central banks in industrial countries have deviated from ordinary monetary policymaking in a variety of ways. They’ve tried to persuade the public through “forward guidance” that interest rates would stay low for extended periods of time. And they’ve deployed various programmes such as long-term refinancing operations (LTROs), the securities markets programme (SMP) and quantitative easing (QE) in pursuit of various goals.

Analysis and Commentary

Central Banks’ Year Of Reckoning

by Raghuram Rajanvia Project Syndicate
Thursday, December 21, 2017

[Subscription Required] In the absence of political solutions, central banks in the decade since the 2008 financial crisis have rolled out one unconventional monetary policy after another, with various justifications and varying effectiveness. Now that the period of monetary exceptionalism seems to be coming to an end, central bankers must soberly assess their own record.


Was Unconventional Monetary Policy A Success?

by Raghuram Rajanvia Chicago Booth Review
Monday, September 25, 2017

How central bankers’ extraordinary solutions have led to some profound questions about the future of monetary policy.