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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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[Subscription Required] Hoover Institution fellow Darrell Duffie said he is "confident that the SEC is consulting closely with the other regulators as it considers how to manage the implementation of its central clearing mandate."
The Federal Reserve risks moving beyond its role as a lender of last resort to a prop markets need to function even in normal times. "It's a serious problem," said Hoover Institution senior fellow Darrell Duffie. "We have to redesign the financial system and regulations so that the market can digest demands for liquidity, even on stress days, and we're not there."
Hoover Institution fellow Darrell Duffie warns the US government is running enormous fiscal deficits, and the amount of Treasury bonds and agency securities in the market is ginormous and is straining bank capital.
[Subscription Required] When payments to banks are delayed, they’ll know it’s time to stop reducing its balance sheet.
Hoover Institution fellow Darrell Duffie says that a slow balance sheet reduction by the Fed will support financial stability.
Hoover Institution fellow Darrell Duffie discusses the benefits of central bank digital currencies (CBDC), that include improved financial inclusion, lower cross-border payment costs, and more timely and secure transaction processing. Duffie sees two major impediments — privacy concerns and the potential impact on the US dollar's global dominance.
Hoover Institution fellow Darrell Duffie discusses key events that impacted Treasury market functioning from GFC to COVID, whether the dollar will lose its dominance, creating new rates benchmarks, and risks to worry about.
[Subscription Required] Mooted changes could have a negative impact on how the US Treasuries market functions.
We investigate the dynamics of liquidity in the US Treasury market. In particular, we focus on the relationship between yield volatility and Treasury market illiquidity and highlight how limited dealer intermediation capacity worsens market illiquidity beyond yield volatility, but only at high levels of dealer balance sheet utilisation, as in March 2020.
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