The American Academy of Arts and Sciences announced that Raghuram Rajan, Eric J. Gleacher Distinguished Service Professor of Finance, was elected a fellow. The prestigious group is comprised of scholars and practitioners from mathematics, physics, biological sciences, social sciences, humanities and the arts, public affairs and business. Other inductees this year include Nobel laureates and recipients of the Pulitzer and Pritzker prizes, MacArthur Fellowships, Academy, Grammy, and Tony awards, and the National Medal of Arts.
Rajan is one of 210 new Fellows and 19 Foreign Honorary Members who are leaders in the sciences, the humanities and the arts, business, public affairs, and the nonprofit sector who join one of the nation’s most prestigious honorary societies and a center for independent policy research.
He joined the Chicago Booth faculty in 1991 but took a break to serve as the Economic Counselor and Director of Research at the International Monetary Fund between 2003 and 2006. Since then, he has also chaired the Indian government’s committee on Financial Sector Reforms, which submitted its report in September 2008.
Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. His papers have been published in all the top economics and finance journals, and he has served on the editorial board of the American Economic Review and the Journal of Finance. He has also written a book with Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance at Chicago Booth, titled Savings Capitalism from the Capitalists.
In January 2003, the American Finance Association awarded him the inaugural Fischer Black Prize, given every two years to the financial economist under age 40 who has made the most significant contribution to the theory and practice of finance.