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Areas of Expertise (4)

Monetary Policy

Macroeconomy and Housing

Household Finance



Amir Kermani is an Associate Professor at Berkeley Haas. He received a PhD in economics from MIT in 2013. He is also a faculty research fellow at the NBER. His current research interests include monetary policy, household finance, financial intermediation, and political economy.






Amir Kermani, Unconventional Monetary Policy and the Allocation of Credit


Education (4)

MIT: PhD, Economics

London School of Economics: MSc, Economics

Sharif University of Technology: MSc, Managerial Economics

University of Tehran: BSc, Electrical Engineering

Honors & Awards (4)

RFS Rising Scholar Award


MIT Department of Economics Fellowship


HAND Foundation Scholarship


Gold Medal of 33rd International Physics Olympiad

IPhO 2002

Languages (1)

  • Persian

Positions Held (1)

At Haas since 2013

2019 – present, Associate Professor, Haas School of Business 2013 – 2019, Assistant Professor, Haas School of Business

Media Appearances (4)

Helping consumers in a crisis

MIT News  online


The paper, “How Quantitative Easing Works: Evidence on the Refinancing Channel,” is published in the latest issue of the Review of Economic Studies. The authors are Marco Di Maggio, an associate professor at Harvard Business School; Amir Kermani, an associate professor at the Haas School of Business at the University of California at Berkeley; and Palmer, the Albert and Jeanne Clear Career Development Assistant Professor at the MIT Sloan School of Management.

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Lower-income households spend more when the stock market is rising

Market Watch  online


And it doesn’t matter if they actually sell those stocks. Paper wins are just as much an incentive to go shopping, the study concluded. Households react just as much to potential capital gains as they do to realized capital gains, according to the study, conducted by researchers at Harvard Business School, the University of California, Berkeley and Lund University in Sweden.

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Are Stockbrokers Leaking Confidential Info To Their Favorite Clients?

Forbes  online


Di Maggio is the author of the paper The Relevance of Broker Networks for Information Diffusion in the Stock Market, co-written by Francesco Franzoni, a finance professor at the Swiss Finance Institute; Amir Kermani, an assistant professor at the Haas School of Business at University of California, Berkeley; and Carlo Sommavilla, a doctoral student at the Swiss Finance Institute.

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Quantitative Easing Did Not Ease The Housing Crisis For The Neediest Households

Forbes  online


The findings are detailed in the paper How Quantitative Easing Works: Evidence on the Refinancing Channel, co-authored by Marco Di Maggio, an assistant professor in the Finance Unit at Harvard Business School; Amir Kermani, an assistant professor at the Haas School of Business; and Christopher Palmer, also an assistant professor at Haas.

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Selected Research Grants (1)

NBER Household Finance Grant Award

Sloan Foundation 

Master Card Center for Inclusive Growth

Selected Papers & Publications (7)

How Quantitative Easing Works: Evidence on the Refinancing Channel

Review of Economic Studies

Marco Di Maggio, Amir Kermani, and Christopher Palmer


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Stock Market Returns and Consumption

Journal of Finance

Marco Di Maggio, Amir Kermani and Kaveh Majlesi



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Interest Rate Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging

American Economic Review

M. Di Maggio, A. Kermani, B. J. Keys, T. Piskorski, R. Ramcharan, A. Seru and V. Yao


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The Value of Trading Relations in Turbulent Times

Journal of Financial Economics

Marco Di Maggio, Amir Kermani and Zhaogang Sang


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Credit Induced Boom and Bust

Review of Financial Studies,

Marco Di Maggio and Amir Kermani


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Does Skin-in-the-Game Affect Security Performance? Evidence from the Conduit CMBS Market

Journal of Financial Economics

Adam Ashcraft, Kunal Gooriah and Amir Kermani


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The Value of Connections in Turbulent Times: Evidence from the United States

Journal of Financial Economics

Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak and Todd Mitton


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Teaching (1)

MFE 230 H

Financial Institutions and Risk Management