Darrell Duffie
The Adams Distinguished Professor of Management and Professor of Finance
Senior Fellow, Stanford Institute for Economic Policy Research
Professor of Economics (by courtesy), School of Humanities and Sciences
Senior Fellow (by courtesy), Hoover Institution
Academic Area:
Bio
Darrell Duffie is The Adams Distinguished Professor of Management and Professor of Finance at Stanford University’s Graduate School of Business. He is a Research Fellow of the National Bureau of Economic Research and a Fellow of the American Academy of Arts and Sciences. Duffie is a past president of the American Finance Association and chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform. He is an independent director of the Dimensional Funds and a member of the leadership teams of the G30 Working Groups chaired by Tim Geithner on Treasury Market Liquidity and chaired by Bill Dudley on Bank Failures and Contagion: Lender of Last Resort, Liquidity, and Risk Management. Duffie’s most recent book is Fragmenting Markets: Post-Crisis Bank Regulations and Financial Market Liquidity, DeGruyter, 2022. In 2024, Duffie is teaching a new course at Stanford, “The Future of Money and Payments.”
Stanford GSB Affiliations
- Faculty Affiliate King Center on Global Development
Academic Degrees
- PhD, Stanford University, 1984
- MEc, University of New England, 1980
- BScE, University of New Brunswick, 1975
Awards and Honors
- Schwartz Memorial Lecture, 2024
- Arthur Warga Award, 2024
- Onassis Prize in Finance, 2023
- R. Michael and Mary Shanahan Faculty Fellow, 2022–23
- Bies Lecture, Northwestern University, 2022
- R. Michael and Mary Shanahan Faculty Fellow, 2021–22
- Markov Lecture, INFORMS, 2021
- Stephen A. Ross Prize in Financial Economics, 2014, 2021
- Amundi Smith Breeden Prize, Journal of Finance, 2018
- Baffi Lecture, Banca d’Italia, 2017
- Amundi Pioneer Prize, The Journal of Finance, 2017
- Elected Fellow, American Academic of Arts and Sciences, 2007
- Clarendon Lecturer in Finance, Oxford University, 2004
- Financial Engineer of the Year, International Association of Financial Engineering, 2003
- Distinguished Teacher Award, Doctoral Program, Graduate School of Business, Stanford University, 2003
- NYSE Prize for equity research, Western Finance Association, 2002
Service to the Profession
- Fellow and Member of Council, Econometric Society, 1997-present
- Research Associate, National Bureau of Economic Research, 1997-present
Professional Experience
- Independent Director on the Board of Dimensional Funds, 2019–present
- Member of the Board of Directors of Moody's Corporation, 2008–18
- Chair, Market Participants Group on Reference Rate Reform, 2013–14
Research Statement
Darrell Duffie’s research interests include over-the-counter markets, banking, financial stability, credit risk, valuation and hedging of derivative securities, financial market infrastructure, the term structure of interest rates, financial innovation, security design, market design, and fintech payments.
Journal Articles
Working Papers
Books
Book Chapters
Degree Courses
Cases
In the Media
A Bloomberg Essay on the Form of Bank Capital Regulations
Insights by Stanford Business
School News
Faculty Voices
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Darrell Duffie exposes the tri-party repo system as one of the most dangerous weak points in the US financial system, and explains how to fix it.