Manav Chaudhary

Manav Chaudhary is a PhD student in the Joint Program in Financial Economics at the University of Chicago, focusing on asset pricing and macroeconomics.

Manav’s current work highlights the importance of incorporating financial regulators’ beliefs in our understanding of the financial system. Modern regulators are increasingly forward-looking. Today, their beliefs actively shape the constraints faced by financial institutions through the design of stress test scenarios and projections used for model-based capital requirements. Yet, regulator beliefs have notably been absent from our understanding of the financial system.  Manav’s work develops new methods to measure the beliefs of regulators and shows that they coordinate and drive the capital allocation of regulated insurers and banks. Overall, this work sets the stage for his current research agenda centered on the joint behavior of regulators and regulated entities’ beliefs, actions, and, ultimately, financial stability.

Before coming to the University of Chicago, Manav worked as a macroeconomist at Goldman Sachs. Before that, he graduated from the London School of Economics with a Bachelor’s and Master’s in Econometrics and Mathematical Economics.