Faculty & Research

Faculty and Executive Leadership Directory

Richard K. Lyons

Haas Finance Group
Email: click on the envelope icon below for full email address
Academic Status: On leave
Office Hours: By appointment, F522E
Personal Homepage: http://faculty.haas.berkeley.edu/lyons/
Curriculum Vitae (in PDF format, Acrobat Reader required)
LinkedIn Profile


PhD, Economics (International and Macro), Massachusetts Institute of Technology
BS, Business (Finance Concentration), UC Berkeley

Positions Held

At Haas since 1993
2009 – 2016, Kruttschnitt Family Chair in Financial Institutions
2008 – 2018, Bank of America Dean and Professor of Business, Haas School of Business
2006 – 2008, S. K. and Angela Chan Chair in Global Management
2006 – 2008, Chief Learning Officer, Goldman Sachs
2005 – 2008, Executive Associate Dean, Haas School of Business
2004 – 2005, Acting Dean, Haas School of Business
2004, Sylvan Coleman Professor of Finance
2004, Associate Dean for Academic Affairs
1993 – 2004, Professor (Associate/Assistant/Full), Haas School of Business
1987 – 1993, Professor (Associate/Assistant), Graduate School of Business, Columbia University
1987, Summer Intern, Board of Governors of the Federal Reserve System, Washington D.C.
1985, Research Assistant, Organization for Economic Cooperation and Development (OECD), Paris
1983 – 1984, Research Analyst, Financial Industries Division, SRI International (formerly Stanford Research Institute), Menlo Park, CA,

Visiting Positions

University of Toulouse, Toulouse, France
Stockholm University, Stockholm, Sweden
London School of Economics, London, UK
Foundation for Advanced Information and Research (FAIR), Tokyo, Japan
University of Aix-Marseille, Marseille, France

External Service and Assignments

  • Research Associate: National Bureau of Economic Research (NBER)
  • Member: Council on Foreign Relations
  • Associate Editor: California Management Review
  • Associate Editor: Journal of Financial Markets
  • Consultant: IMF, World Bank, Federal Reserve Bank, European Commission
  • Member: Matthews Asian Funds Board
  • Advisory Board, Economic Policy Review (NY Fed.)

Current Research and Interests

  • Exchange rate economics
  • Microstructure finance
  • International finance

Selected Papers and Publications

  • The Microstructure Approach to Exchange Rates. MIT Press, 2001.
  • “A Good Investment for Excess Reserves,” with R. Portes. Financial Times 22 September 2000.
  • “Order Flow and Exchange Rate Dynamics,” with M. Evans. NBER Working Paper No. 7317 (August 1999). Journal of Political Economy (February 2002): 170-180.  Abstract
  • “Tests of Microstructural Hypotheses in the Foreign Exchange Market.” Journal of Financial Economics (October 1995): 321-351.
  • “Is There Private Information in the FX Market? The Tokyo Experiment,” with T. Ito and M. Melvin. Journal of Finance (June 1998): 1111-1130. Abstract
  • “A Simultaneous Trade Model of the Foreign Exchange Hot Potato.” Journal of International Economics (May 1997): 275-298. Abstract
  • “Profits and Position Control: A Week of FX Dealing.” Journal of International Money and Finance (February 1998): 97-115. Abstract
  • “Customer- and Supplier-Driven Externalities,” with R. Caballero and E. Bartelsman. American Economic Review (September 1994): 1075-1084.
  • “External Effects in US Procyclical Productivity,” with R. Caballero. Journal of Monetary Economics (April 1992): 209-225.


  • International Finance, BA 285
  • International Finance, E 285
  • Financial Market Microstructure, PhD, BA 239

Honors and Awards

  • Earl F. Cheit Award for Excellence in Teaching, MFE Program, 2003
  • National Science Foundation grantee, 1994-1997, 1997-2000, 2000-2003
  • Earl F. Cheit Award for Excellence in Teaching, MBA Program, 1994, 2000
  • Earl F. Cheit Award for Excellence in Teaching, Evening MBA Program, 1996, 1999
  • UC Berkeley’s Highest Teaching Award (DTA), 1998
  • National Science Foundation Graduate Fellowship, 1984-1987
  • Highest Honors, UC Berkeley, 1982
  • Phi Beta Kappa

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