Anatoliy Belaygorod

Theory without empirics is empty. Empirics without theory is blind.

Immanuel Kant (1724-1804)

Curriculum Vitae (.pdf)

WASHU Olin Faculty Bio Webpage

Email: belaygorod at wustl dot edu

Anatoliy Belaygorod, Ph.D.


Vice President, Quantitative Risk

Lead Economic Scenario Generation (ESG) standardization initiative
Provide Quant Risk modeling support for ALM
Perform Dynamic Hedging of multiple Greeks for VA and EIA
Model and forecast fixed income and equity markets
Price exotic derivatives via semi-closed form and Monte-Carlo
Manage a team of associates with advanced graduate degrees
Provide company-wide consulting on capital markets related issues


Adjunct Professor of Finance in Washington University Olin Business School

Teach MSF “Fixed Income Derivatives”
Teach MSF “Advanced Fixed Income and Credit Risk Modeling”


Adjunct Professor of Finance in Saint Louis University Business School

Teach MBA “Fixed Income Securities and Markets” and "Investments" courses



Ph.D. Financial Econometrics 2006, Washington University in St. Louis
M.S.B.A. Finance 2002, Washington University in St. Louis
M.A. Statistics 2001, Washington University in St. Louis
B.S. Finance 2000, Washington University in St. Louis

Research interests:

Bayesian estimation of continuous and discrete-time asset-pricing models
Hedging in Incomplete Markets
Bayesian estimation of Dynamic Stochastic General Equilibrium models

"Bayesian Modeling of Shock Lapse Rates Provides New Evidence for Emergency Fund Hypothesis," North American Actuarial Journal, Routledge, vol. 18, issue 4, 2014

"Yield Curve Estimation and Model Comparison in Discrete Time," working paper
"Indeterminacy, change points and the price puzzle in an estimated DSGE model," Journal of Economic Dynamics & Control, Elsevier, vol. 33, pages 624-648, 2009

“Practical Specification of Affine Jump-Diffusion Stochastic Volatility Models,” working paper
"Improved Jump Specification in a Joint in AJD Model of S&P and VIX," working paper
"Discrete Monetary Policy Changes and Changing Inflation Target in estimated DSGE models," St. Louis Review, October/November 2005

Academic/professional activities:

Member: AFA, ISBA, SCE, AAA working group, Olin MSF Advisory Board
Conference Presentations:
RGA Actuarial Seminars, Saint Louis, MO
SNDE Conference, Saint Louis, MO
"Computing in Economics and Finance" SEC Conference, Washington D.C. and Montreal, Quebec
"DSGE Models and Financial Sector" Conference, Eltville am Rhein
FOMC Briefing, August 2005, St. Louis, MO

SBIES Conference, Saint Louis, MO
Referee: JEDC, JEF

Other Professional Experience:

Visiting Economist, Federal Reserve Bank of St. Louis, (May 2004 - 2006)
Consultant for mutual fund managers, Eidelman, Finger & Harris, Inc., (May 2003 - August 2004)
Consultant for the hedge fund President and CEO, Crown Investment partners, LLC, (August 2001 - March 2004)
Investment Banking Analyst, Stifel Nicolaus, Inc., (May 2000 - July 2001)


James Ramsey Best Paper Prize at SNDE Conference, March 2006
Washington University Doctoral Research/Teaching Assistantship, 2001 - 2006
Washington University Doctoral Fellowship, 2000 - 2006
Golden Key National Honor Society
Beta Gamma Sigma Honor Society
Recipient of Honors Program Faculty Invitation for outstanding undergraduate students
Dean's List at John M. Olin School of Business
Certified winner of many math and professional chess contests through highschool and college, including MAA


Hobbies: fitness weight lifting; intelligent science-fiction shows like Babylon 5 and Star Trek; historical, and science/nature documentaries by PBS, National Geographic, NOVA, Discovery Channel; traveling through U.S. National Parks System;
reading semi-scientific publications in such fields as relativity theory, cosmology, quantum mechanics, AI research, DNA research, quantum computing.
Professional chess player since early childhood
Proud US citizen since 2003
Original spelling of my name in Russian: Ŕíŕňîëčé Áĺëŕéăîđîä (adjust your browser: "View->Character encoding->Cyrillic")
My wife: ACOG Board Certified OBGYN Dr. Yelena Podorozhansky, MD currently serves as Director of OB at De Paul SSM Hospital

Last updated in September, 2014