Arvind Krishnamurthy (Stanford): Macro financial modeling of intermediaries [MFS Summer School 2021]

Arvind Krishnamurthy from Stanford - Macro financial modeling of intermediaries [Macro Finance Society Virtual Summer School 2021]

Arvind Krishnamurthy's research is in the areas of finance and macroeconomics. He has published research on financial intermediation, debt markets, housing markets, financial crises, monetary policy, and financial regulation. 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 U.S. Treasury bonds and the dollar in the international monetary system. See more on his web-site:

Link to the lecture slides on Micro Methods for Macro Finance -
1. Intermediation and asset prices:
- Theoretical underpinnings
- Two-way relation between strength of intermediary balance sheets and asset prices, non-linearities
2. Intermediation and financial crises:
- The crisis cycle
- Matching the crisis cycle in a macro-financial intermediation model

Full program of the MFS Virtual Summer School 2021 -

The mission of the Macro Finance Society ( is to advance and disseminate high-quality research in Macro Finance, which is a broad area at the intersection of financial economics and macroeconomics. The research conducted at The Society emphasizes microeconomic foundations via (dynamic) structural modeling, while being grounded in the data. Members of The Society consist of both financial economists and macroeconomists, who share the common goal of advancing and disseminating high-quality research in Macro Finance.

Macro-finance addresses the link between asset prices and economic fluctuations. Macroeconomics (from the Greek prefix makro- meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. Macroeconomists study topics such as GDP, unemployment rates, national income, price indices, output, consumption, unemployment, inflation, saving, investment, energy, international trade, and international finance. Asset prices are the prices for which financial instruments, such as stocks, bonds, currencies, etc., are bought and sold.

Macro Finance Society web-site:

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