Kashyap’s term will begin on Oct. 1, 2016, for a period of three years. Kashyap’s appointment increases the number of external members on the FPC from four to five.
The committee was created in the wake of the banking crises by the Financial Services Act of 2012 to protect and enhance the stability of the UK’s financial system by identifying, monitoring and addressing systemic risks.
Kashyap is the Edward Eagle Brown Professor of Economics and Finance at Chicago Booth, where he teaches classes on central banking and financial crises. His research focuses on monetary policy, financial intermediation and regulation, and business cycles.
Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago and as a research associate for the National Bureau of Economic Research (NBER). He is a member of both the American Economic Association and American Finance Association.
He graduated from the University of California at Davis in 1982 with a bachelor’s degree in economics and statistics, and he earned a PhD from the Massachusetts Institute of Technology in 1989.