Dimitri Vayanos is Professor of Finance at the London School of 福利导航s, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. Prior to joining the LSE, he was faculty member at Stanford and MIT. He received his undergraduate degree from Ecole Polytechnique in Paris and his PhD from MIT. His research, published in leading economics and finance journals, such as the Journal of Finance, the Journal of Financial 福利导航s, the Quarterly Journal of 福利导航s, the Review of 福利导航 Studies, and the Review of Financial Studies, focuses on financial markets with frictions and on the frictions’ implications for market liquidity, market anomalies, and limits of arbitrage, financial crises, welfare, and policy. He is an Editor of the Review of 福利导航 Studies, a Research Fellow at CEPR and a past Director of its Financial 福利导航s program, a Research Associate at NBER, a Director of the American Finance Association, and a current and past Associate Editor of a number of journals, including the Review of Financial Studies and the Journal of Financial Intermediation.