Rahul Singh Chauhan

Rahul Singh Chauhan

Fourth-year PhD student, Joint Program in Financial Economics
University of Chicago Booth School of Business

I am interested in financial intermediation, corporate finance and public finance.

CV (PDF) rahulchauhan@chicagobooth.edu

Hi! I’m a fourth-year PhD student in Financial Economics at the University of Chicago Booth School of Business. I work on financial intermediation, corporate finance, and public finance.

Before starting the PhD I was a pre-doctoral research professional at the Fama-Miller Center for Research in Finance at Booth, and before that a research associate at CAFRAL at the Reserve Bank of India. I hold an MSc in Economics from the London School of Economics and a BSc in Economics from Presidency University, Kolkata.

Research interests Banking and financial intermediation · Public finance · Corporate finance

Research

Working papers

Risk on the Run: Public Pensions, Migration Risk and the Pivot to Alternativesworking paper

2026

Liew–Fama Miller Fellowship for best second-year paper

Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheetsworking paper

with Viral V. Acharya, Raghuram G. Rajan, and Sascha Steffen · NBER Working Paper 31050 · 2024

When the Federal Reserve expands its balance sheet through quantitative easing, banks finance their reserve holdings with demandable deposits and issue lines of credit to corporations; these claims on liquidity did not shrink when the Fed reversed course, leaving the financial sector vulnerable to liquidity shocks.

Coverage: CEPR, Monetary Authority of Singapore, Bloomberg, Financial Times, The Telegraph

NBER

Work in progress

Non-Banks and Firm Dynamicswork in progress

Product scope predicts firm creditworthiness and helps explain creditor–firm sorting. Using a bank regulatory reform and a large non-bank bankruptcy in India, I show that non-bank lenders substitute for constrained bank credit unevenly, changing which firms receive credit and grow.

Cashing-in or Selling-out: Impact of Electoral Bonds on Corporate Indiawork in progress

Anonymous political financing through electoral bonds is associated with more investment announcements, higher capital expenditure and employment, lower measured productivity, and greater dispersion in marginal products within industries.

Publications

Liquidity Dependence: Why Shrinking Central Bank Balance Sheets is an Uphill Task

with Viral V. Acharya, Raghuram G. Rajan, and Sascha Steffen · Jackson Hole Economic Policy Papers and Proceedings · 2022

Understanding Sovereign Ratings and their Implications for Emerging Economies

with N. Kulkarni, G. Udupa, K. Kishore, K. Ravindranath, and I. Goenka · Economic & Political Weekly · 2023

Teaching

University of Chicago Booth School of Business

  • Investments (MBA) Teaching Assistant for Michael Weber
  • Investments (Executive MBA) Teaching Assistant for John Heaton
  • Corporation Finance (Undergraduate and MBA) Teaching Assistant for Pascal Noel
  • Analytical Methods (MiM and Executive MBA) Teaching Assistant for Kathleen Fitzgerald
  • Advanced Macroeconomic Analysis Teaching Assistant for Harald Uhlig

London School of Economics

  • Intermediate Macroeconomics (Undergraduate and Postgraduate) Teaching Assistant for Ricardo Reis and Kevin Sheedy

Fellowships, grants and awards

Presentations

Risk on the Run: Public Pensions, Migration Risk and the Pivot to Alternatives

Chicago Booth; Federal Reserve Bank of Chicago; SGF Conference 2026; North American Summer Meetings of the Econometric Society 2026; SoFiE Conference 2026; Brookings Municipal Finance Conference 2026; SFA 2026

Cashing-in or Selling-out: Impact of Electoral Bonds on Corporate India

ISI Delhi Winter Conference 2024

Contact