Julis-Rabinowitz Center for Public Policy & Finance 2021-2022 Annual Report

2021–2022 annual report

about the center Established in 2011, the Julis-Rabinowitz Center for Public Policy & Finance at the Princeton School of Public and International Affairs promotes teaching and research about the interactions between financial markets and the macroeconomy, with the aim of improving the design and implementation of public policies.

The Center offers opportunities for collaborations among students and faculty in the Princeton School of Public & International Affairs, other departments and the wider policy community. The Center encourages crossing boundaries both within economics and across disciplines such as economics, finance, law, politics, history and ethics.

acknowledgments Princeton University gratefully acknowledges the generous support of the Center’s sponsors: The Julis-Rabinowitz Family for the founding gift that made the Center possible.

Philip D. Bennett, *79 Mark R. Genender, ’87 and Family Noah Gottdiener, ’78 Dean N. Menegas, ’83 For a more comprehensive view of the Center’s programs and activities, visit us at

jrc.princeton.edu

table of contents

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message from the director

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faculty: 2021–2022 faculty affiliates

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faculty: research, publications and news

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researchers: visitors, fellows and postdoctoral associates

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research initiatives: macrofinance lab

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research initiatives: economic history workshop

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teaching & learning: student associates

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teaching & learning: curriculum

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teaching & learning: financial markets for public policy professionals

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center events: 10th annual conference

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center events: calendar

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leadership

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message from the director

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s we exit the Covid-19 pandemic, the JRCPPF is carefully resuming in-person operations and entering a new normal. While the pandemic has changed the ways in which we work and interact with students and colleagues, we at the Center have been fortunate to be able to continue our teaching and research activities. We welcomed a new postdoctoral associate, Lira Mota, who will join the faculty of the MIT Sloan School in fall 2022. The former Center postdocs Karsten Müller and Jonathon Hazell are now at NUS Singapore and the London School of Economics, respectively.

The JRCPPF Student Associates program continues to be a lively hub for Princeton students interested in finance and public policy. The program offers a variety of co-curricular and professional development activities for 154 undergraduate and 36 graduate associates. The Center also supports the student-run Policy Punchline podcast series, the Princeton Women in Economics and Policy, and the JRCPPF Alumni Forum launched in 2020.

In 2021 we expanded JRCPPF’s international footprint by establishing a new partnership with the Central Bank of West African States (BCEAO). Building on the Center’s existing ties with the African School of Economics (ASE), the goal is to support research collaboration, academic exchange, and training.

ASE and BCEAO students and staff participated in our financial markets short course this past January alongside Princeton students, for example. This new partnership also complements our ongoing work in the areas of development finance and the role of central banks in emerging markets.

As we enter 2022, it is clear that the economic and health shocks of the Covid crisis will continue to be felt and studied. The crisis revealed much that we don’t yet understand about the resilience and fragility of our financial system. Across a range of issues, from questions about landings hard or soft and the ceiling on government debt, to inequality and consumer finance, the work of the Center’s researchers and faculty provides rigorous, evidence-based insights to inform critical policy debates. A recent column in The Economist, for example, cited our work on the limits to deficit financing. And The Financial Times discussed our work on the role of inequality in explaining global macroeconomic trends and the persistence of low interest rates.

This year, the Center’s 11th annual conference sets sights on the net-zero 2050 targets and the economic transformations needed to achieve not only carbon-neutrality but also climate resilience. As JRCPPF founding director Markus Brunnermeier sets out in his recent book, The Resilient Society, simply understanding the risks is not enough, rather, implementing economic policies to enhance resilience globally will be key.

Atif Mian, Director, Julis-Rabinowitz Center for Public Policy & Finance John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance

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faculty

2021–2022 faculty affiliates

Mark A. Aguiar, Walker Professor of Economics and International Finance

Faisal Z. Ahmed, Assistant Professor of Politics

Yacine Ait-Sahalia, Otto A. Hack 1903 Professor of Finance and Economics

Roland Bénabou, Theodore A. Wells 1929 Professor of Economics and Public Affairs

Alan S. Blinder,* Gordon S. Rentschler Memorial Professor of Economics and Public Affairs Markus Brunnermeier,* Edwards S. Sanford Professor of Economics; Director, Bendheim Center for Finance iguel Centeno, M Executive Vice Dean, SPIA; Musgrave Professor of Sociology; Professor of Sociology and International Affairs Natalie Cox, Assistant Professor of Economics

Amaney A. Jamal,* Dean, SPIA; Edwards S. Sanford Professor of Politics; Professor of Politics and International Affairs Harold James,* Claude and Lore Kelly Professor in European Studies; Professor of History and International Affairs; Director, Program in Contemporary European Politics and Society Jakub Kastl, Professor of Economics

Nobuhiro Kiyotaki, Harold H. Helm 1920 Professor of Economics and Banking

Henrik J. Kleven, Professor of Economics and Public Affairs

Moritz Lenel, Assistant Professor of Economics

Alexandre Mas, William S. Tod Professor of Economics and Public Affairs

Adrien Matray, Assistant Professor of Economics

Nolan McCarty,* Vice Dean, Strategic Initiatives, SPIA; Susan Dod Brown Professor of Politics and Public Affairs

Atif Mian,* Director, JRCPPF; John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance Ashoka Mody, Charles and Marie Robertson Visiting Professor in International Economic Policy Layna Mosley, Professor of Politics and International Affairs

Ernest Liu, Assistant Professor of Economics

Jonathan Payne, Assistant Professor of Economics

Burton G. Malkiel, Chemical Bank Chairman’s Professor of Economics, Emeritus

Stephen J. Redding, Harold T. Shapiro 1964 Professor in Economics; Professor of Economics and International Affairs *Executive Committee Member

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faculty

2021–2022 faculty affiliates

David Schoenherr, Assistant Professor of Economics

Eldar Shafir, Class of 1987 Professor in Behavioral Science and Public Policy; Professor of Psychology and Public Affairs; Director, Kahneman-Treisman Center for Behavioral Science and Public Policy Christopher A. Sims, John F. Sherrerd 1952 Professor of Economics

Leonard Wantchekon, James Madison Professor of Political Economy; Professor of Politics and International Affairs Arlene Wong, Assistant Professor of Economics

Wei Xiong,* Hugh Leander and Mary Trumbull Adams Professor for the Study of Investment and Financial Markets Motohiro Yogo, Professor of Economics

Owen Zidar, Professor of Economics and Public Affairs

faculty

research, publications and news

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2019 after spending a year as the Pyewacket Research Fellow with the Bendheim Center for Finance.

featured faculty research

Ernest Liu, Assistant Professor of Economics.

Liu’s research explores the implications of weak financial institutions for economic growth, allocation of resources, and economic development. One strand of his work uses production network theory to understand industrial policies, specifically the strong government support for upstream industries that is widely adopted in developing economies. Another strand of work shows how low, longterm interest rates affect market concentration and productivity growth; how banks with market power respond to interest rate ceilings in small business lending; and, how financial market imperfections not only distort economic allocations via underinvestment but may greatly amplify effects due to interactions across economic sectors or because the relationships between borrowers and lenders create under-development traps.

He received his Ph.D. in Economics from MIT and joined Princeton’s faculty in 2019.

he Center supports empirical research at the intersection of public policy, financial markets and the macroeconomy. Leveraging the increasing availability of microeconomic data and using sophisticated microeconomic techniques, this research addresses macrofinancial questions, including the influence of financial intermediaries in the real economy, the impacts of fiscal and monetary policy, and the role of households and firms in credit supply and debt demand. Over the past year, the Center supported the work of eight faculty affiliates.

Natalie Cox, Assistant Professor of Economics. Cox’s research interests span household finance, industrial organization, mechanism design, and public economics.

Her current work explores how government interventions in consumer credit markets—such those for student loans, small business lending, retirement savings, and credit cards—affect the supply of credit as well as household and firm finances. Her research combines reduced-form and structural modeling to create a tight link between theory and data, and yield policy-relevant findings. Other strands of her work examine student loan markets, the long-run labor market consequences of increasing student debt, and the college-applicant matching process. Cox earned her Ph.D. in Economics from the University of California at Berkeley and she joined the Princeton faculty in the fall of 2018.

Moritz Lenel, Assistant Professor of Economics. Lenel’s research interests are in macroeconomics and finance. His current work studies how portfolio differences across households, institutions, and countries matter for the transmission of macroeconomic shocks and policy.

Lenel holds a Ph.D. in Economics from Stanford University. He joined the Princeton faculty in the fall of

Adrien Matray, Assistant Professor of Economics. Matray’s research spans corporate finance, entrepreneurship, innovation, misallocation, banking, and financial inclusion. One strand of research looks at aspects of financial inclusion for low-income households and minorities both in the US and in developing countries. A second strand of his work investigates the frictions affecting entrepreneurship, SME growth, and technology adoption and how new technologies affect SME productivity, employment, and income growth. Ongoing work (with Johan Hombert) studies how different types of asset bubbles (technological bubbles vs. house prices bubbles for instance) affect worker allocation and can distort the economy. Matray earned his doctorate from HEC Paris and joined Princeton’s faculty in 2016.

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faculty

research, publications and news

Atif Mian, Director, JRCPPF; John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance.

Mian’s work explores the connections between finance and the macroeconomy. His 2014 book, House of Debt, with Amir Sufi describes how excessive household debt precipitated the Great Recession. Building on the themes raised in the book, his current research uses county-level data on household borrowing and employment to look at the impact of indebtedness on labor allocation across geographical areas and industries. Another strand of his work investigates the link between household debt and business cycles worldwide and the role of credit supply shocks. Mian’s research has appeared in top journals, including the American Economic Review, Econometrica, Quarterly Journal of Economics, Journal of Finance, Review of Financial Studies and Journal of Financial Economics.

Before joining Princeton in 2012, he taught at the University of California, Berkeley, and the University of Chicago’s Booth School of Business. He holds a Ph.D. in Economics from MIT. Jonathan Payne, Assistant Professor of Economics. Payne’s research has four main threads. One studies the introduction of banking frictions into macroeconomic models, including work on how covenants to long-term bank-firm loans allowed banks to disrupt credit during the 2007–9 financial crisis and how deposit contracts could be redesigned to avoid future bank runs. A second thread studies 19th-century US financial history, estimating the yield curve on US debt from 1800–2020 and testing the impact of bank regulation following the Civil War. The third thread develops new tools for solving macroeconomic models with financial frictions, using neural networks to solve continuous-time, non-linear, heterogeneous agent models. A final thread studies the future of the financial sector including the role of digital currencies and the

potential opportunities for green finance. Payne earned his Ph.D. from New York University and he joined the Princeton faculty in 2020 after spending a year as a Pyewacket Fellow at the Bendheim Center for Finance.

Payne currently teaches the undergraduate/master’s course “416/516: FinTech” and the 1st year Ph.D. course “Macroeconomics.” He also runs student reading groups on macrofinance and green finance.

David Schoenherr, Assistant Professor of Economics. Schoenherr’s research interests include financial contracting, labor economics, political economy and the interaction between law and finance. He is particularly interested in how the design of bankruptcy law affects security prices and investors’ incentives. His work also examines how limited access to credit affects labor market opportunities for low-income households, and the role of social and political connections on economic outcomes in different contexts, as well as how informal labor markets affect the incentives of workers in response to changes in unemployment insurance benefits. Schoenherr joined the Princeton faculty in 2016 after completing his Ph.D. in finance at the London Business School.

Motohiro Yogo, Professor of Economics.

Yogo’s fields of expertise are financial economics, insurance and econometrics.

He has published in various economics and finance journals including American Economic Review, Econometrica, Journal of Political Economy, Journal of Finance, Journal of Financial Economics and Review of Financial Studies. Recognition for his work includes the GPIF Finance Award and the Swiss Finance Institute Outstanding Paper Award. Yogo earned his Ph.D. from Harvard in 2004. Before joining Princeton’s faculty in 2015, he was a research economist at the Federal Reserve Bank of Minneapolis.

faculty

research, publications and news

scholarly papers A recent working paper by Natalie Cox, “Do Peer Preferences Matter in School Choice Market Design?,” co-authored with Ricardo Fonseca and Bobak PakzadHudson, uses information on peer preferences to design a new mechanism for finding stable matches between colleges and applicants. New work with Motohiro Yogo and Dan Whitten, “Financial Inclusion Across the United States,” uses IRS data to document new facts about participation in bank and retirement accounts.

In a working paper with Ernest Liu and Dan Morrison, “Market Power in Small Business Lending,” Cox applies a two-dimensional bunching approach to evaluate the efficiency of the Small Business Administration’s loan guarantee program. Another working paper with Arlene Wong and Titan Alon, “Debt, Human Capital Accumulation, and the Allocation of Talent,” studies the long-term labor market consequences of rising student debt and how debt affects human capital accumulation and occupational choice.

In a recent paper, “The Flight to Safety and International Risk Sharing,” Moritz Lenel and his co-author Rohan Kekre study the business cycle implications of a time varying demand for safe dollar bonds for the global economy. In their current project, “Monetary Policy, Segmentation, and the Term Structure,” Kekre and Lenel develop a segmented markets model which rationalizes the effects of monetary policy shocks on the term structure of interest rates. Both papers continue their research on the role of portfolio heterogeneity for the transmission of business cycle shocks and macroeconomic policy. In 2021, Lenel and Kekre received a National Science Foundation grant to support their current research agenda over the next three years.

In a recent working paper, “Investing with the Government: A Field Experiment in China,” Ernest

Liu and co-authors Emanuele Colonnelli and Bo Li run an experimental survey of China’s venture capital and private equity market to evaluate the demand for government participation. The findings suggest that while government capital is not attractive to private firms, private investors may view government co-financing as an implicit guarantee. Another project, “Falling Rates and Rising Superstars,” with Thomas Krön, Atif Mian and Amir Sufi, examines the links between low interest rates and increasing market concentration. A third working paper with Song Ma, “Innovation Networks and Innovation Policy,” uses data on 30 million global patents to find the optimal allocation of R&D investment to support knowledge spillovers between sectors.

In a new working paper on the limits of government debt, “A Goldilocks Theory of Fiscal Deficits,” Atif Mian with co-authors Amir Sufi and Ludwig Straub explore the conditions under which governments can sustain borrowing. Other work with Sufi and Straub evaluates whether rising income inequality or demographic shifts are behind the decline in real interest rates. A new working paper, “Household Credit as Stimulus? Evidence from Brazil,” with Gabriel Garber, Amir Sufi and Jacopo Ponticelli, evaluates the effectiveness of increasing households’ access to credit. Another paper with Sufi and Nasim Khoshkhou, “Partisan Bias, Economic Expectations, and Household Spending,” is forthcoming in The Review of Economics and Statistics.

In a recent working paper, Adrian Matray and Julia Fonseca *19, study the Brazilian Banks for All program and find evidence that expanding access to financial services may be more important than capital deepening for boosting economic development. Another working paper, “Misallocation and Capital Market Integration: Evidence from India,” joint with Natalie Bau, shows that foreign capital liberalization reduced capital misallocation and increased aggregate productivity in

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research, publications and news

India. Another paper, “Higher Dividend Taxes and Capital Allocation,” with Charles Boissel, presents evidence from France suggesting that a tax-induced increase in liquidity actually relaxes firms’ credit constraints and can reduce capital misallocation. The paper is forthcoming in The American Economic Review. A paper with Maryam Farboodi, Laura Veldkamp and Venky Venkateswaran, “Where Has All the Big Data Gone?” is forthcoming in The Review of Financial Studies.

In a recent paper, “The Corporate Supply of (Quasi) Safe Assets,” Lira Mota studies the role of corporate bonds as safe assets. Using the CDS-bond basis to derive a measurement of the safety premium of corporate bonds, she documents substantial cross-sectional variation in the safety premium of corporate bonds. She shows that a high safety premium leads to a marked increase in debt issuance by relatively safer firms. These debt proceeds have a small impact on real investment and are largely used instead for equity payouts. This mechanism can explain why, in the aftermath of the financial crisis, non-financial investment-grade companies significantly increased their debt issuance and equity payout while investment remained weak. Another paper, “The Role of Inelastic Investors for Unconventional Monetary Policy,” together with Melina Papoutsi (ECB), shows that holdings heterogeneity is an important driver of the differential impact of ECB corporate purchase on the cross-section of corporate bonds’ yields.

Karsten Müller’s paper with Emil Verner *18, “Credit Allocation and Macroeconomic Fluctuations,” was awarded the 2021 Ieke van den Burg Prize and the 2021 FMA Best Paper Award. Using a historical dataset going back to 1940, the paper shows that the sectoral allocation of credit—who in the economy is borrowing—is key for understanding why some credit booms go bad while others do not. In a sample of close to 120 countries starting in 1940, they show that credit expansions among firms in non-tradable industries

are systematically followed by economic downturns, lower productivity growth, and a higher risk of financial crises, while lending to tradable sectors is linked to more positive outcomes. Another recent working paper, “Interacting Anomalies,” with Simon Schmickler *22, shows that double-sorted equity portfolios have historical returns similar to those produced by more complex machine learning techniques, suggesting that simple combinations of portfolio characteristics can capture a similar amount of variation in expected return.

The website (interactinganomalies.com) provides an interactive visualization.

In a recent working paper, “Costs of Financing US Federal Debt: 1791–1933,” with George Hall, Tom Sargent and Bálint Szőke, Jonathan Payne estimates the historical yield curve faced by the US federal government. Another working paper, “Platforms, Tokens, and Interoperability,” with Markus Brunnermeier, looks at the regulation of private digital tokens and the introduction of Central Bank Digital Currency (CBDC). A third working paper, “Covid-19: Inflation and Deflation Pressures,” with Brunnermeier, Sebastian Merkel and Yuliy Sannikov, looks at how the interactions between possible pandemic pathways and redistributive policies may affect inflation.

Motohiro Yogo’s paper, “Inspecting the Mechanism of Quantitative Easing in the Euro Area” with Ralph S.J. Koijen, François Koulischer and Benoît Nguyen, was published in The Journal of Financial Economics. Another paper, “The Evolution from Life Insurance to Financial Engineering,” with Ralph S.J. Koijen, was published in The Geneva Risk and Insurance Review. “The Fragility of Market Risk Insurance,” also with Koijen, is forthcoming in The Journal of Finance. He and co-author Ralph Koijen are currently working on a graduate-level book, The Financial Economics of Insurance, to be published with the Princeton University Press in 2022.

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research, publications and news

books Mark Aguiar’s book, The Economics of Sovereign Debt and Default, written with Manuel Amador, examines the economics and frictions behind sovereign debt markets. The book highlights the lack of strong legal enforcement as a key friction behind sovereign debt, as well as other crucial forces. Aguiar and Amador then analyze how each friction impacts the equilibrium outcome and the differences between a constrained efficient allocation and a competitive equilibrium outcome. From this, the authors present a cogent analysis of the impact of equilibrium prices on the decisions made by governments on debt and default.

Markus Brunnermeier’s book, The Resilient Society, explores the role of resilience in a modern, risk-filled global economy. The book discusses resilience more specifically in the contexts of pandemic and economic shocks. Brunnermeier also examines what happens when societies lack resilience, making them unable to rebound and recover from severe shocks.

The Resilient Society received the German Business Book Prize in 2021 and was named one of the best business books of 2021 by The Financial Times.

Harold James’s latest book, The War of Words: A Glossary of Globalization, provides a deep investigation of the words and concepts that dominate contemporary political debate. James argues that current political discourse centers around several 19th-century words—like nationalism, conservatism, liberalism, socialism and communism—that have lost meaning

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beyond serving as oversimplified buzzwords. The book unravels their origin to understand how they are being misused in contemporary debate and how to return these concepts to the realm of productive debate.

The Handbook of China’s Financial System, edited by Wei Xiong with Marlene Amstad and Guofeng Sun, provides readers with a comprehensive and thorough look at the Chinese economy. With chapters from academics, experts and policymakers in relevant fields, the book breaks down key elements of the Chinese economy and the manner in which it operates.

The book also provides a nuanced understanding of the development of the Chinese economy and the potentials for reform.

awards y Markus K. Brunnermeier was elected vice president of the American Finance Association y Nobuhiro Kiyotaki was awarded the Frontiers of Knowledge Award from the BBVA Foundation y Atif Mian was awarded a Guggenheim Fellowship y Roland Bénabou was awarded the Jean-Jacques Laffont Prize from the Toulouse School of Economics y Alexandre Mas and Atif Mian were named Fellows of the Econometric Society y Lira Mota was awarded the AQR Top Finance Graduate Awarded by AQR Capital and the Copenhagen Business School y Karsten Müller received the Ieke van den Burg Prize by the European Systemic Risk Board and the FMA Best Paper Award in the area of Financial Markets & Institutions from the Financial Management Association

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faculty

research, publications and news

in the news Alan S. Blinder y When does Transitory Inflation Become Sustained? – The Economist y Will We Go From Pandemic to Recession? – The New York Times y Don’t Politicize the Fed, Reappoint Chairman Jerome Powell – The Wall Street Journal y Welcome to Joe Biden’s Boom Economy – The Wall Street Journal y When It Comes to Inflation, I’m Still on Team Transitory – The Wall Street Journal y Look at Build Back Better’s Benefits, Not Its Price Tag – The Wall Street Journal y A Simple Rule Could End Debt-Ceiling Shenanigans – The Wall Street Journal y Biden’s Plan Encourages True SupplySide Economics – The Wall Street Journal y There’s No Need to Panic About a Little Inflation – The Wall Street Journal Markus Brunnermeier y Four Key Questions Central Banks Must Answer About Digital Currencies – Financial Times y Fed opens debate over possible digital currency – Financial Times y Visa’s Amazon Blues Will Shape the Digital Cash Debate – The Washington Post y How a Princeton Economist Teaches Resilience – The New York Times y Is the Bitcoin Craze Coming for Your 401(k)? – The New York Times y Who’s Right on Inflation – Project Syndicate y Economists Are Swapping Ideas in a Place Called Markus’ Academy – Bloomberg Buisnessweek

y ECB rebuffs bank complaints on negative interest rates – Financial Times y If Crypto Crashes Tomorrow, It’s No Big Deal. In Five Years, It Might Be – The Wall Street Journal y When Interest Rates Turn Negative – The Economist y Will the Dollar Stay Dominant? – The Economist y How Fintech Will Eat into Banks’ Business – The Economist y Why Cryptocurrencies Are a Threat to Central Banks – Barron’s y Who’s Right on Inflation? – Project Syndicate Miguel Centeno y Why Diversity Matters in International Affairs Education (with Carla Koppell and Jamie Bigio) – Foreign Affairs y Latin America’s COVID-19 Nightmare (with Diana Enriquez and Sebastián Rojas Cabal) – Foreign Affairs Natalie Cox y Princeton Researchers Study the Many Impacts of COVID-19 – Princeton University Jean-Christophe de Swaan y Ethics in Finance, Stock Trading Manias, and Financial Systems Across Borders – Business Today Harold James y Back to Austerity – Project Syndicate y Good Inflation – Project Syndicate y Machiavelli in the Ruins of Greensill Capital – Project Syndicate y The Janus of Debt­– Project Syndicate y Monetary Order and International Security – Project Syndicate

y A Digital Nixon Shock – Project Syndicate y Who’s Right on Inflation – Project Syndicate y The Pandemic’s Big Short – Project Syndicate Jakub Kastl y Inefficiency of Carbon Pricing with Government-Owned Companies (with Bruno Baranek and Federico Boffa) – VoxEU Nobuhiro Kiyotaki y Bernanke, Gertler, Kiyotaki and Moore win the Frontiers of Knowledge Award in Economics – Eurekalert Henrik J. Kleven y Hard Truths about the Gender Pay Gap – Financial Times y Mississippi Asks: If Women Can Have It All, Is Roe Necessary? – The New York Times y Equal Pay Day – Marketwatch y Paid Family Leave Is No Child’s Play – The Regulatory Review y Cash Is Turning Out to Be the Most Effective Welfare – Bloomberg y Mitt Romney’s Cash-for-Kids Plan – National Review Ernest Liu y How Superstar Firms Win Big from Low Interest Rates – The Washington Post y How Rising Interest Rates Could Hurt Big Tech Stocks – MoneyWeek y Big Tech Stocks Are the Market’s Superstars but Rising Rates Could Bring Them Down – MarketWatch

faculty

research, publications and news

Burton G. Malkiel y The Treasury Has a Bond Bargain for You – The Wall Street Journal y “Trillions” Review: The Rise and Rise of the Index Fund – The Wall Street Journal y Bitcoin Collapse Fears as Wall Street Icon Explains Why ‘No One’s Money Is Safe’ – Daily Express Adrien Matray y The High Costs of a Tax Hike on Dividends – The Wall Street Journal y The real effects of banking the poor: Evidence from Brazil – VoxEU y Taxing dividends to boost investment works – Yahoo News (French) Nolan McCarty y Biden Chooses Prosperity Over Vengeance – The Atlantic y New York City Is a World unto Itself. But It May Tell Us Where Democrats Are Headed – The New York Times y Kyrsten Sinema Is Confounding Her Own Party. But... Why? – FiveThirtyEight y Polarization: What Everyone Needs to Know – Policy Punchline Atif Mian y Why the World Is Saving Too Much Money for Its Own Good – The Economist y How Much Should You Fret About Rising Federal Debt? – The New York Times y Thank the Rich for Low Rates? – Harvard Magazine y Rising Income Inequality a Factor in Persistently Low Rates, Paper Says – The Wall Street Journal y Inequality Is Behind Central Bank Dilemma – Financial Times y The Rich Get Richer and Rates Get Lower – Financial Times

y Some Say Low Interest Rates Cause Inequality. What If It’s the Reverse? – The New York Times y Fed Decries a Wealth Gap It Helps Perpetuate – The Washington Post y How Superstar Firms Win Big from Low Interest Rates – The Washington Post y Asset Owners Need to Take Responsibility for System-Level Risks – Forbes y What’s Happening in the World Economy: Wall Street is Bullish on the US – Bloomberg.com y Scoring Biden’s “Care Economy” Plan – The New York Times y Fixing the Imbalance of Global Macrofinance – Policy Punchline y A Triumph of Economics… but a Lot of Challenges Ahead – VoxEU y The Bottom 90% of Americans Are Borrowing from the Top 1% – Bloomberg y What Are the Limits to Government Borrowing? – The Economist y The Global House Price Boom Could Haunt the Recovery from Covid-19 – The Wall Street Journal Ashoka Mody y Is West Africa Ready for a Single Currency? – Brookings Institution y It’s the Economy, Stupid – So We Need to Be Smarter about the FDI Golden Goose – The Times Stephen J. Redding y Who Really Pays the Tariffs? US Firms and Consumers, through Higher Prices – Tax Foundation Eldar Shafir y This Is Your Brain on High Inflation: “Scarcity” and Financial Anxiety – MarketWatch

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y Scarcity of COVID Shots Might Boost Demand among the Vaccine-Hesitant – Scientific American y How Poverty Makes Workers Less Productive – NPR Christopher A. Sims y Nobel Prize-Winning Economists Back Build Back Better – Fortune Leonard Wantchekon y The Amazons of Dahomey: They were the world’s only female army – The Washington Post Motohiro Yogo y When Green Investments Pay Off – Chicago Booth Review y Who Is Driving Stock Prices? – Chicago Booth Review y Academic Research Shows the Power Hedge Funds Wield on Market – ETF Trends y Wall Street’s Hedge Fund Obsession Gets Vindicated in Research – Bloomberg y COVID-19 Has Exposed the Fragility of the Life-Insurance Industry – Chicago Booth Review (blog) Owen Zidar y Biden Focuses on Capital-Gains Taxes as He Seeks Money for Social Programs – The Wall Street Journal y Will Joe Biden’s Proposed Taxes on Capital Make America an Outlier? – The Economist y Biden’s Modest Tax Plan – The New York Times y Michigan Should End Corporate Subsidy Skullduggery – Detroit News

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researchers

visitors, fellows and postdoctoral associates

RCPPF hosts outstanding researchers and practitioners at any career stage working at the intersection of finance and public policy. Researchers join the Center as postdoctoral research scholars, visiting fellows or graduate exchange students.

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and a master’s in public policy degree from Harvard University’s Kennedy School. He is a member of the Council on Foreign Relations and the author of Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry (2020, Cambridge University Press).

Donal Byard, Visiting Lecturer in Economics; Professor of Accounting, Zicklin School of Business, Baruch College, City University of New York. Donal Byard specializes in financial accounting and he has taught the subject at Princeton since 2017. His current research focuses on financial analysts’ use of voluntary disclosures, and externalities (or spillover effects) arising from the adoption of the International Financial Reporting Standards in Europe. His research has been published in the Journal of Accounting Research, The Accounting Review and Contemporary Accounting Research. He also serves on the editorial advisory board for a number of academic journals, including Accounting Horizons. In 2008-2009 he served as a visiting academic fellow in the Chief Accountants Office of the US Securities and Exchange Commission (SEC). He earned a B.B.S. degree in Accounting from the University of Limerick (Ireland), an M.B.S. degree in Finance from University College Dublin and a Ph.D. in Accounting from the University of Maryland.

Jonathon Hazell, Postdoctoral Research Associate, JRCPPF, SPIA. Jonathan Hazell has a joint appointment in the Department of Economics’ Griswold Center. Hazell’s research uses new empirical techniques and datasets to study the interactions between labor markets and the macroeconomy. In one project, he investigates the trade-off between inflation and output—the so-called Phillips Curve—using newly assembled data on state-level inflation in the US going back to the 1970s. In another paper, he studies the effect of artificial intelligence on employment and wages, using a new firm-level dataset sourced from the universe of online vacancies in the US. Hazell earned his Ph.D. from the Massachusetts Institute of Technology and a B.A. from the University of Cambridge. He will start as an Assistant Professor at the London School of Economics in fall 2021.

Jean-Christophe de Swaan, Visiting Lecturer in Economics; Partner at Cornwall Capital. At Princeton, de Swaan teaches courses on ethics in finance and Asian capital markets and acts as a faculty adviser to first- and second-year undergraduate students. He also teaches at the Judge Business School at the University of Cambridge. He is a partner at Cornwall Capital, a multistrategy global investment fund based in New York. He received his B.A. from Yale University, an M.Phil. in International Relations from the University of Cambridge,

Lira Mota, Postdoctoral Research Associate, JRCPPF, SPIA. Lira Mota’s research interests center around asset pricing and macrofinance, and focus on topics such as the consequences of the demand for safe assets, the role of non-financial firms as financial agents, the drivers of the cross-section of risk and return, and information in financial markets. Mota received her Ph.D. in Financial Economics from Columbia University. In fall 2022, she will join the faculty at the Massachusetts Institute of Technology’s Sloan School of Management.

researchers

visitors, fellows and postdoctoral associates Karsten Müller, Postdoctoral Research Associate, JRCPPF, SPIA. Karsten Müller’s research focuses on finance, macroeconomics and political economy.

One line of his work studies how politics, financial regulations and legal frameworks determine which firms and households get access to credit in the economy and what the macroeconomic consequences may be. His second stream of research shows that social media— particularly if used by powerful individuals—can affect election outcomes or anti-minority sentiments in real life. Müller earned his Ph.D. in business and management from the University of Warwick in 2018.

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Karim Nchare, Visiting Scholar in Politics, JRCPPF, SPIA; Assistant Professor, African School of Economics. Karim Nchare’s research interests include the development of causal inference methods in presence of censoring, misreporting and measurement errors with application to development economics (education, agriculture, political economy). He earned his M.Sc. in Economics from the University of Montreal and a Ph.D. in Economics from Pennsylvania State University with a concentration in econometrics.

predoctoral researchers The Center’s predoctoral research program started in 2014, serves as a bridge to top doctoral programs in economics and finance. The predoctoral research assistants spend 1–2 years working closely with faculty on a variety of empirical research projects and have the opportunity to take graduate-level courses in economics and finance.

The Center funds 3–4 full-time predoctoral fellowships every year.

Keelan Beirne, Senior Research Specialist, JRCPPF, SPIA. Keelan received his B.A. in Mathematics and Economics from Trinity College Dublin, where he also worked as a research assistant.

He previously worked as a research assistant in the Economic and Social Research Institute in Dublin, and also in the Financial Stability directorate of the Central Bank of Ireland. His research interests include household finance, inequality and growth.

Clemens Lehner, Senior Research Specialist, JRCPPF, SPIA. Clemens holds an M.Sc. in Economics from the Barcelona Graduate School of Economics and a B.Sc. in Economics from the University of Hamburg. He previously worked at the Kiel Institute for the World Economy and the London Business School. His research interests lie at the intersection of finance, macroeconomics and political economy.

Ian Sapollnik, Senior Research Specialist, JRCPPF, SPIA. Ian received his B.A. honors in Economics from the University of British Columbia, where he also worked as a research assistant. He previously worked as an analyst in the International Trade and Finance branch of the Department of Finance in Canada. His research interests include household finance, poverty and inequality, and macro policy.

Tudor Schlanger, Senior Research Specialist, JRCPPF, SPIA. Tudor served as a research assistant at the Bank of Canada where he worked in the Model Development division within the Canadian Economic Analysis department. He received his bachelor’s degree in International Economics from the University of British Columbia.

Yinshan Shang, Senior Research Specialist, JRCPPF, SPIA. Yinshan completed her B.A. in Economics from the University of Hong Kong. She previously worked as a research assistant at the University of Hong Kong and University of California, Berkeley. Her research interests include economics theory, inequality and social mobility, and household finance.

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nder the guidance of Atif Mian and Ernest Liu, the Macrofinance Lab supports research at the intersection of finance and the macroeconomy. In 2020, the lab received a National Science Foundation grant to develop an open-source textbook and datasharing platform to promote teaching and research about the linkages between finance, debt and macrolevel outcomes. The textbook is based on the doctoral-level course taught by Mian and Liu. Postdoctoral associate Karsten Müller led work on the development of three new historical macrofinancial datasets, which are publicly available. Visit macrofinance.princeton.edu for more information.

The lab helps doctoral students develop their ideas from the conceptual stage to a publishable product by providing a forum to share preliminary research ideas, facilitating access to data sources, summer research stipends, dissertation fellowships and matching advanced graduate students with qualified undergraduate research assistants.

research initiatives

macrofinance lab

affiliated faculty, researchers and students faculty y Natalie Cox y Moritz Lenel y Ernest Liu y Adrien Matray y Atif Mian y Jonathan Payne y David Schoenherr y Arlene Wong postdoctoral researchers y Jonathon Hazell y Lira Motal y Karsten Müller ph.d. students y Patrick Agte y Narek Alexanian y Max Alston y Lukas Althoff y Christine Blandhol y Carlos Burga y Francisco Cabezon y Juan Manuel Castro Vincenzi y Anshu Chen y Kevin Cui y Abhishek Gaurav y Sebastian Guarda y Nicholas Hommel y Michael Jenuwine y Faizaan Kisat

y Binyamin Kleinman Orleansky y Thomas Krön y Jiwon Lee y Kwok Hao Lee y Chun Beng Leow y Dake Li y Ziang Li y Jialiang Lin y Lukas Mann y Jessica Min y Daniel Morrison y Georgios Nikolakoudis y Don Noh y Shumiao Ouyang y Manuel Perez y Eric Qian y Yinan Qiu y Junyi Que

y Sebastian Roelsgaard y Raúl Rosales Guadarrama y Rafael Schwalb y Jihong Song y Ruairidh South y Robert Wagner y Peng Wang y Kecy Wu y Sifan Xue y Fangyuan Yi y Yinjie Yu y Chansik Yoon y So Hye Yoon y Haiyue Yu y Xiang Zhang y Ziqiao Zhang y Haonan Zhou y Yuci Zhou

dissertation fellows 2021–2022 Carlos Burga, Bank Competition, Capital Misallocation and Industry Concentration: Evidence from Peru Faizaan Kisat, Loan Officers, Algorithms and Credit Outcomes: Experimental Evidence from Pakistan Thomas Krön, Payout Restrictions and Bank Risk-Shifting

research initiatives

economic history workshop

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JRCPPF joint initiative with the Center for Collaborative History, the Economic History Workshop (ehw.princeton.edu) provides a forum for faculty, scholars and students to discuss research, ideas and historiographical methodologies within the field of economic history, broadly construed. During the last year, the workshop organized four talks by established scholars and three talks by doctoral students in economics and history. faculty talks y Order and Rivalry: Rewriting the Rules of International Trade After the First World War, Madeleine Dungy, Norwegian University of Science and Technology y Ages of American Capitalism: A History of the United States (book talk), Jonathan Levy, University of Chicago

y Zombie International Currency: The Pound Sterling 1945–1971, Maylis Avaro, Rutgers University y Making a Modern Central Bank: The Bank of England, 1979–2003 (book talk), Harold James, Princeton University student talks y The Geography of Black Economic Progress After Slavery, Lukas Althoff, Economics Department, Princeton University y The Communist Collapse in the USSR and Poland: An Enterprise Perspective, 1985–1991, Kaspar Pucek, History Department, Princeton University y Nationalization as Anti-Trust Policy in the PostWar Anti-Fascist Moment, Lianne Hewitt, History Department, Princeton University affiliated faculty y Jeremy Adelman, Henry Charles Lea Professor of History; Director of the Global History Lab y Leah Boustan, Professor of Economics

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y Harold James, Claude and Lore Kelly Professor in European Studies; Professor of History and International Affairs y Stephen J. Redding, Harold T. Shapiro 1964 Professor in Economics; Professor of Economics and International Affairs y Michael Bordo, Board of Governors Professor of Economics; Distinguished Professor of Economics, Rutgers University affiliated ph.d. students y Zehra Ahmed y Lukas Althoff y Ajita Agarwala y Friedrich Asschenfeldt y Bianca Centrone, Coordinator y Adhitya Dhanapal y Rebecca Giblon, Coordinator y Brendan Greeley y Jack Guenther y Peilun Hao y Lianne Hewitt y Tristan Hughes y Griffin Jones y Rob Konkel y BJ Lillis y Meredith McDonough y Johanna Gautier Morin y Giovanni Pala y Pablo Pryluka y Jonathan Raspe y Neel Thakkar y Caitlin Tully y Peng Wang y Robert Yee, Coordinator

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ur students are the next generation of problemsolvers who will address the pressing economic issues of the future. The Student Associates program offers a range of co-curricular activities that complement coursework in economics, finance and public policy.

Students associates interact with center-affiliated faculty, contribute to research, and meet high-profile speakers and visitors from the government, academia and industry. Student associates also participate in the Center’s short courses, finance career days, interview workshops, peer mentorship program, alumni networking events and student research forums.

This year the Center drew 36 graduate and 154 undergraduate student associates from across campus.

Forty-five percent of the student associates are concentrating in economics, with another 20 percent in operations research and financial engineering, and 15 percent in public and international affairs. The remainder come from diverse fields including politics, computer science, philosophy, history and the natural sciences.

The student-run podcast series Policy Punchline, which is supported by the Center, promotes discussions with scholars, policy makers, business executives, journalists and entrepreneurs across all fields. With over 150

teaching & learning

student associates

episodes published since its 2018 launch, this long-form podcast series allows students to build on classroom learning and engage with urgent issues and frontier ideas in public policy. Recent episodes feature interviews with Mitch Julis ’76, Toni Townes-Whitley, Peter Wendell ’72, Lord Mervyn King and Nicholas Christakis.

The Center also supports the student-led Princeton Women in Economics and Policy initiative, which has over 150 members and fosters connections between members, alumni, and professionals in the field of economics, policy, business and finance. The group leads career-oriented workshops, a year-long mentorship program and networking events. Recent speakers include Orina Chang from Morgan Stanley, Mary D’Onofrio at Bessemer Venture Partners and a Goldman Sachs alumni panel.

Finally, the JRCPPF Alumni Forum, launched in 2020 by former student associates Hamza Chaudhry ’19, Marina Finley ’19, Abhiram Karuppur ’19, and Julia M. Zielczynska ’19, continues to grow. As part of Princeton’s Reunions in May 2021, the alumni forum led virtual panel discussions on cryptocurrencies and careers in finance. In fall 2021, the forum moderated a panel with alumni working in private equity.

teaching & learning

student associates

summer internship program In summer 2021, four undergraduate students were awarded Center support to sharpen their economics, finance and policy research skills through internship experiences. The internships varied in focus and geographic location, but all provided the students with very valuable experiences that helped them explore and define potential career paths. All the students found that coding and data analysis skills were integral to a successful and rewarding experience. Typically, the first task of the internship was compiling and cleaning data; once this was done, the next task would be actual analysis. Statistical programming skills and familiarity with Python, Stata or R allowed the students to tackle econometric modeling and tease out policy implications.

Shanielle Allen, who recently graduated from the University of the West Indies, Mona, with a first-class honors B.S. in Public Policy and Management, assisted JRCPPF Postdoctoral Associate Karsten Müller. She gathered and analyzed historical data on the impact of the 1831 Sam Sharpe Rebellion in Jamaica, during which many sugarcane plantations were destroyed during a slave uprising. Shanielle noted that working on this project allowed her to use her coding skills and explore primary sources. It was an invaluable exposure to academic research that “kindled my love for history and economic research,” she said. It also inspired her to expand her coding skills and learn Python and Java, tools that will strengthen her professional skill set as she pursues a career in academia.

Saied Beckford, a graduate of Rutgers University and currently a first-year master’s student in the Statistics Department at Columbia University, also worked with Karsten Müller.

17 Ian Kim ’22, a senior concentrating in economics and pursuing a certificate in computing applications, spent 11 weeks as an intern with the blockchain startup VegaX Holdings. VegaX is developing new crypto exchanges such as Taebit, as well as asset management tools and investment strategies. During his internship, Ian contributed to multiple projects. His responsibilities ranged from data collection and analysis to leading team meetings for index development. “While working at the company, I was exposed to many cutting-edge technologies and ideas in the crypto space,” he said.

“The work was extremely fast-paced and hands-on,” he added, “and has inspired me to continue researching blockchain technology and the emerging market.”

Sebastian Lawrence, a senior studying mathematics and economics at the University of the West Indies, Mona, worked with Karsten Müller on a project examining the effect of central bank communications on inflation expectations. He compiled inflation expectations data for several developing and developed countries, using Stata to structure, analyze and transform the compiled data and implement a synthetic control group method. “Through this work,” he said, he gained “crucial experience which will be useful in my pursuit of a career in academia or finance.”

[The summer internship program] kindled my love for history and economic research.

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student associates

class of 2021: undergraduate associates y y y y y y y y y y y

Jack Aiello William Chamberlain Alexander Cheng Emily Cheston Maxwell Chung Casey Conrad Miaokuan (Tiger) Gao, High Honors Eric Guerci Grace Hong Stephanie Hu Rohan Joshi, Honors

class of 2021 undergraduate theses

y y y y y y y y y y y

Ethan Katz Julie Kim, Highest Honors Morgan Mills, High Honors Scott Newman Scott Overbey Victoria Pan Andre M. Radensky Alexandra Rice Terrell Seabrooks Pamella Sebeza Yasmine Shafaie

Emily Cheston, “In Search of Medical Truth: How the History of Biological Determinism Threatens the Future of an Equitable AI-Integrated Healthcare System in the US” (Advisor: Ruha Benjamin)

The Senior Thesis is a requirement for a bachelor’s degree from Princeton and provides all our students with a unique opportunity to develop their personal scholarly interests.

Maxwell Chung, “The Politics of Korean Development: Discipline, Repression, and Tolerance in Park Chung-hee’s Era” (Advisor: Atul Kohli)

Jack Aiello, “Inequality, Underconsumption, and Trade Imbalances” (Advisor: Atif Mian)

Casey Conrad, “Bowling Green as the Achilles Heel: An Updated Analysis of New York City’s Subway System in Response to Predicted Sea Level Rise” (Advisor: Michael Oppenheimer)

William Chamberlain, “I Knew You Were Trouble When You Walked In: The Impact of Spotify and Music Streaming on the Musician Labor Market” (Advisor: Swati Bhatt) Alexander Cheng, “PrimeTime: A Case Study of an Autonomous Last-Mile Parcel Delivery Network in New Jersey” (Advisor: Alain Kornhauser)

Miaokuan (Tiger) Gao, “House of Debt Jubilee: Iceland After the 2008 Financial Crisis” (Advisor: Atif Mian) Eric Guerci, “Ready or Not, Here It Comes: American School Districts’ Responses to the COVID-19 Pandemic” (Advisor: Doug Massey) Grace Hong, “Evaluating the Impact of Climate Disasters on Property Value: A

y y y y y y y y y y

Samantha Shapiro Ricardo Talini Lapi, High Honors Charles H. Thompson, Highest Honors Anja Tonkovic-Capin, Honors Misha Tseitlin Christopher Walton Michael Wang, High Honors Cathy Wu, Honors Raymond Xu, Honors Kyle Zelenitz, Honors

Study on Hurricane Sandy” (Advisor: Swati Bhatt) Stephanie Hu, “The Impact of Walmart Entry on Local Market Wide Characteristics: Evidence from US Zip Codes” (Advisor: Esteban Rossi-Hansberg) Rohan Joshi, Independent Work Project: “Bumi Health” (Advisor: Christopher Moretti) Ethan Katz, “Examining the Role of Energy Security in Detente Efforts by the United States (1969–79) as an Entrypoint into Contemporary US-China Energy Diplomacy” (Advisor: Helen Milner) Julie Kim, “Analyzing the Historical Mispricing of Convertible Bonds” (Advisor: Moritz Lenel) Morgan Mills, “How Have Gender Norms in International Legal Texts Diffused into and Influenced the Policy of Nascent Countries’ Constitutions” (Advisor: Barbara Buckinx)

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teaching & learning

student associates

Scott Newman, “The Rise of Literary Journalism: Hunter Thompson, Joan Didion, George Plimpton and Their Legacy” (Advisor: Julian Zelizer) Scott Overbey, “Examining the Spatial and Temporal Characteristics of Evictions in Hamilton County, Ohio” (Advisor: Esteban Rossi-Hansberg) Victoria Pan, “Are Lockdown Orders Driving Job Loss? Characterizing Labor Market Weakness During the COVID-19 Recession” (Advisor: Swati Bhatt) Andre M. Radensky, “The War Strikes Back, or The Political, Social, and Cultural Factors that Allowed for the Rise of Nazism in the Weimar Republic” (Advisor: John Londregan) Alexandra Rice, “Constrained at Graduation: Evidence on the Effect of Undergraduate Student Loan Debt on Horizontal Occupation-Education Mismatch” (Advisor: Janet Currie) Terrell Seabrooks, “An Analysis of Various Social Movements Promoting Felon Voting Rights and Their Impact on Subsequent Restoration at the State Level” (Advisor: Lynda Dodd)

Charles H. Thompson, “An Analysis of NBA Roster Construction in the Modern Era” (Advisor: Ernest Liu)

Michael Wang, “Eliciting Preference Intensities in Efficient Assignment Design” (Advisor: Leeat Yariv)

Anja Tonkovic-Capin, “Advice at a Premium: Examining the Relationships between M&A Advisor Industry Specialization and Advisor-Transaction Matching, Compensation, and Deal Outcomes” (Advisor: Moritz Lenel)

Cathy Wu, “Mobile Payments Versus Physical Bank Cards: A Study of Consumer Payment Behavior” (Advisor: Swati Bhatt)

Misha Tseitlin, “1 Cross, 2 Cross, Red Cross, Blue Cross: California Wildfire Adaptation and Insurance” (Advisor: Michael Oppenheimer) Christopher Walton, “Nationalist in Content, International in Form: After Belonging in Belgrade and Budapest” (Advisor: Mark Beissinger)

Raymond Xu, “Limits to Arbitrage and Shock Transmission in the Repo and Federal Funds Markets” (Advisor: Moritz Lenel) Kyle Zelenitz, “Hegemonic Distraction and Escalation to War: The Status of the US as Cause to Timing of 20th Century Wars” (Advisor: Marzenna James)

2021 undergraduate prize and award winners Alexander Cheng, Ahmet S. Cakmak Prize, awarded to a graduating senior in recognition of a strong academic record and who has written an innovative thesis (Advisor: Alain Kornhauser)

Pamella Sebeza, “What Is the Meaning Behind Female Representation: How Did We Get Here and Where Are We Going?”

(Advisor: Jennifer Widner)

Casey Conrad, nominated for Sigma Xi Society

Yasmine Shafaie, “Sleeping Your Way to the Top: A Philosophical Defense” (Advisor: Gideon Rosen)

Stephanie Hu, Daniel L. Rubinfeld ’67 Prize in Empirical Economics, awarded annually for the best thesis in empirical economics (Advisor: Esteban Rossi-Hansberg)

Samantha Shapiro, “The Influence of Public Opinion on Federal Mental Health Legislation” (Advisor: Frances Lee) Ricardo Talini Lapi, “One But Not the Same: Assessing the Heterogeneous Effects of Monetary Policy Across the Euro Area Using Structural Vector Autoregressions” (Advisor: Chris Sims)

Eric Guerci, School of Public and International Affairs Thesis Prize, awarded for the best thesis on racial justice (Advisor: Doug Massey)

Morgan Mills, Gale F. Johnston Prize in Public Affairs, awarded to a senior who has demonstrated scholarly growth and leadership combined with excellence in work (Advisor: Barbara Buckinx) Alexandra Rice, Elizabeth Bogan Prize in Economics, awarded annually for the best thesis in health, education or welfare (Advisor: Janet Currie)

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teaching & learning

student associates

2021–2022 undergraduate associates y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y

y y y y

Sayf Addassi ’23 Adwoa Afrifa ’24 Eri Ahn ’24 Ebun Ajayi ’24 Nikhil Ajjarapu ’24 David Akpokiere ’24 Jacob Alayof ’23 (Co-Director of Events) Mohamed Alghondakly ’23 Sofia Alvarado ’23 Rohan Amin ’24 Charles An ’22 Jack Anderson ’23 Luc Anderson ’22 William Ao ’24 Darlin Avila ’23 Nazdar Ayzit ’23 Arman Badrei ’22 Danice Ball ’22 Abhimanyu Banerjee ’23 Tanusha Banerjee ’24 Michael Bath ’25 George Baughan ’22 Samir Bhowani ’25 Trisha Boonpongmanee ’24 David Botros ’24 Nathan Botton ’23 Dickson Bowman ’24 Mindy Burton ’23 Gabriela Cejas ’25 Luke Chan ’25 Julia Chang ’24 Uanne Chang ’24 Connor Chen ’25 Sam Chiang ’25 Weilyn Chong ’24 Melissa Chun ’24 (Co-Director of Communications) Allen Dai ’22 Anna De Bernardi ’23 Guillermo de la Torre ’22 Leland Domaratzky ’22 (Vice Chair)

y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y

Stephen Dong ’24 Jampel Dorjee ’24 Owen Engel ’22 Julie Fang ’22 Sophia Fang ’24 Shlomo Fortgang ’25 Jiangying Gao ’22 Benjamin Gelman ’22 Sreesha Ghosh ’23 Kenneth Gonzalez Santibanez ’22 Sofie Grouws ’25 Aatmik Gupta ’22 Teddy Gutman ’24 Joshua Haile ’22 Daphne Hao ’25 Noah Harrigan ’24 Andy He ’23 Erica Hsueh ’24 Daniel Hu ’24 Michelle Huang ’24 Neo Huang ’23 Qingxi (Tim) Jia ’22 Bofan Ji ’24 Jack Johnson ’23 Asher Joy ’23 Jiwon Jun ’24 Kanishkh Kanodia ’23 Gio Kim ’22 Natali Kim ’24 Nicole Klausner ’24 Vivek Kolli ’24 (Co-Director of Events) Katie Kolodner ’24 Kriti Kothari ’23 Samuel Lee ’22 Sowon Lee ’23 Arturo Leis-Pretto ’22 Aaron Leung ’23 Sophia Lewandrowski ’22 Richard Li ’24 Jeffrey Lioa ’24 Jonathan Lin ’24 Kate Liu ’23

y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y

Christina Luo ’23 Daniel Lyons ’23 Coulter Mackesy ’25 Emiliano Martinez Benitez ’24 Julio Martinez ’23 Katharine McCallum ’22 Uma Menon ’24 Emiri Morita ’21 Aniket Mukherji ’24 Nolan Musslewhite ’25 Mouhamed Ndiaye ’22 Christal Ng ’22 Han Nguyen ’25 Vincent Nguyen ’25 Windsor Nguyen ’25 Isla Okkinga ’23 Justin Ong ’24 (Co-Director for Outreach) Alen Palic ’23 Ananya Parashar ’24 Phoebe Park ’22 Reina Park ’23 Joanne Peng ’25 Marko Petrovic ’24 Celine Pham ’23 Emily Philippides ’22 (Co-Chair) Kevin Polanish ’22 Nicholas Posivak ’23 Rooya Rahin ’23 Griffen Rakower ’23 Bailey Ransom ’22 (Director of Mentorship) Laya Reddy ’25 Shirley Ren ’24 (Co-Director for Outreach) Julianna Revelo ’23 River Reynolds ’23 Alexandra Roberts ’25 Nelson Rogers ’24 Rebecca Roth ’24 (Policy Punchline Liaison) Tiana Ruden ’24

y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y y

Shakhnoza Salimjonova ’24 Maya Satchell ’24 Matej Sekulic ’24 Kellsie Shan ’24 John Shin ’25 Zoe Simon ’24 Tevin Singei ’24 Alex Slusher ’23 Cindy Song ’22 Emmy Song ’24 Sriram Srinivasan ’22 Adiytha Sriram ’24 Sophia Steele ’23 Nicole Svensson ’24 Yoo Shin Tanai ’23 David Tang ’25 Kenneth Taylor ’24 Christopher Thomas ’24 May Tieu ’23 Gloria Ukaoma ’25 Abhi Vellore ’25 Roopa Venkatraman ’22 Kritin Vongthongsri ’24 Bryan Wang ’24 Evan Wang ’24 Gloria Wang ’24 (Director of Recruitment) Jack Warden ’23 Haven Won ’23 Eric Wong ’23 Allen Wu ’24 Karina Wugang ’24 Richard Yang ’22 Stone Yang ’24 Madeline Yu ’23 Jason Yuan ’24 Aster Zhang ’24 Sophia Zheng ’23 Oliver Zhong ’25 Victoria Zhou ’22 (Co-Director of Communications)

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teaching & learning

student associates

class of 2021: graduate associates y y y y y y y y y y

Nathan Babb, M.P.A., Economics and Public Policy Bettina Bergöö, M.P.P., Domestic Policy Kishan Bhatt, M.P.A., Economics and Public Policy Alice Chang, M.P.A., Economics and Public Policy Anthony Cilluffo, M.P.A., Economics and Public Policy Philmon Haile, M.P.A., International Development Policy Ian Hutchcroft, M.P.A., Economics and Public Policy Sujuta Rajpurohit, M.P.A., Economics and Public Policy Martin Sweeney, M.P.A., Economics and Public Policy David Wylie, M.P.A., Economics and Public Policy, distinction on the QE2 exam

2021–2022 graduate associates y Ajita Agarwala, M.P.A., Economics and Public Policy y Juan Pablo Alvarez Enríquez, M.P.A., International Development y Ishita Batra, M.P.A., International Development y George Brady, M.P.P., International Development y Hannah Ceja, M.P.A., Economics and Public Policy y Karel Chromy, M.P.P., Economics and Public Policy y Jack Diao, M.P.A., Economics and Public Policy y Karlin Gatton, M.P.A., Economics and Public Policy y Sophie Graham, M.P.A., Economics and Public Policy y Cherrita Guy, M.P.A., Economics and Public Policy y Philippa Haven, M.P.A., Economics and Public Policy

y Liane M. Hewitt, Ph.D. Student, Economic History y Gregory Kearney, M.P.A., Economics and Public Policy y Christian Keith, M.P.A., Economics and Public Policy y Bridget Kelly, M.P.A., Domestic Policy y Ryan Klaus, M.P.A., Domestic Policy y Sharon Lai, M.P.A., Economics and Public Policy y Chang-Boong Lee, M.P.A., Economics and Public Policy y Jia Jun Lee, M.P.A., Economics and Public Policy y Haley Lemieux, M.P.A., Domestic Policy y Daniel Lyng, Ph.D. Student, Politics y Shua-Kym McLean, M.P.A., International Development y Paul Nix, Ph.D. Student, STEP y James O’Donnell, M.P.A., Economic Policy

y Patrick Ryan, M.P.A., Economics and Public Policy y Joshua Seawell, M.P.A., Economics and Public Policy y Arthur Shemitz, M.P.A., Domestic Policy y Gizem Sucuoglu, M.P.P., International Relations y Kantheera Tipkanjanarat, M.P.A., International Development y Francis Torres, M.P.A., Economics and Public Policy y Juan Carlos Urcia Barea, M.P.A., Domestic Policy y Daniel Vonarburg, M.P.A., Economics and Public Policy y Laura Walzer, M.P.A., Economics and Public Policy y Robert Yee, Ph.D. Student, Economic History y Justine Yu, M.P.A., Economics and Public Policy y Maria Luisa Zeta Valladolid, M.P.A., Economics and Public Policy

22 selected courses Courses taught by Center-affiliated faculty provide a multidisciplinary perspective for students at both undergraduate and graduate levels who are interested in finance, macroeconomics and public policy. y ECO 101: Introduction to Macroeconomics, Alan S. Blinder y ECO 301: Macroeconomics, Arlene Wong, Mark A. Aguiar y ECO 315: Topics in Macroeconomics, Nobuhiro Kiyotaki

teaching & learning

curriculum

y ECO 325: Organization and Design of Markets, Jakub Kastl y ECO 342: Money and Banking, Markus Brunnermeier y ECO 361: Financial Accounting, Donal Byard y ECO 362: Financial Investments, Motohiro Yogo y ECO 416/FIN 516: Fintech, Jonathan Payne y ECO 461/FIN 581: Entrepreneurial Finance, Private Equity and Venture Capital, Natalie Cox, Gustavo Schwed y ECO 468/FIN 568: Behavioral Finance, Natalie Cox, Wei Xiong

y ECO 492/FIN 592: Asian Capital Markets, Jean-Cristophe de Swaan y ECO 494/FIN 594: Chinese Financial and Monetary Systems, Wei Xiong y ECO 504: Financial Crises, Nobuhiro Kiyotaki, Giovanni Violante y ECO 507: Empirical Macro-Finance, Ernest Liu, Atif Mian y ECO 526/FIN 526: Corporate Finance, Adrien Matray and David Schoenherr y ECO 527/FIN 527: Financial Modeling, Moritz Lenel, Wei Xiong y ECO 529: Financial and Monetary Economics, Markus Brunnermeier, Jonathan Payne y ECO 553: International Monetary Theory and Policy I, Mark A. Aguiar, Markus Brunnermeier, Moritz Lenel, Motohiro Yogo y FIN 502: Corporate Finance and Financial Accounting, Ernest Liu y FRS 149: Ethics in Finance, JeanChristophe de Swaan y POL 335: The Political Economy of the United States, Nolan McCarty y POL 385: International Political Economy, Layna Mosley y POL 440: Seminar in International Relations: Politics of International Finance and Development, Faisal Z. Ahmed y SPI 340/PSY 321: The Psychology of Decision Making and Judgment, Eldar Shafir y SPI 466/HIS 467: Financial History, Harold James y SPI 582C: Growth, International Finance & Crises, Ashoka Mody y SPI 582F: House of Debt: Understanding Macro & Financial Policy, Atif Mian y SPI 593A: Global Systemic Risk, Miguel Centeno

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teaching & learning

curriculum

certificate in finance Now in its 23rd year, the Bendheim Center’s Undergraduate Certificate in Finance remains one of the most popular at Princeton University and is open to undergraduates concentrating in any department.

Forty-eight students earned finance certificates in the Class of 2021.

Currently, there are 95 seniors and 124 juniors in the certificate program; about 75 percent of whom are drawn from the Economics and Operations Research departments.

To earn a Certificate in Finance, students must complete a total of five courses, including two core courses and three electives, at the 300-level or higher. All Certificate students are required to submit either an independent finance paper or incorporate finance into at least a chapter of their Senior Thesis. required core courses y ECO 362: Financial Investments y ECO 363: Corporate Finance and Financial Institutions elective courses for policy and finance track y ECO 342: Money and Banking y ECO 344: Macroeconomic Policy y ECO 361: Financial Accounting y ECO 461: Entrepreneurship, Innovation and Venture Capital

y ECO 492: Asian Capital Markets y ECO 493: Financial Crises y ECO 494: Chinese Financial and Monetary Systems y SPI 340: The Psychology of Decision Making and Judgment

y SPI 466: Financial History y SPI 524: The Political Economy of Central Banking y SPI 582F: Topics in Economics: House of Debt: Understanding Macro & Financial Policy

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teaching & learning

financial markets for public policy professionals

F

or the 12th year, the Center offered the popular financial markets short course on January 12–15, 2022. Created in response to the 2008 global financial crisis, this unique short course has been an important component of the curriculum for MPA and MPP students at the School of Public and International Affairs.

Designed for policy practitioners and generalists, the intensive three-day short course gives students practical knowledge and framework to understand how financial markets function: why they sometimes function well and why they sometimes fail.

The course was run virtually for a second year and enrolled 71 students. We had 39 MPA/MPP students from SPIA and 13 graduate students from other departments. Last year, we opened the course to all Princeton graduate students. This year, we expanded further afield to include students and staff from the African School of Economics (ASE) and the Central Bank of West African States (BCEAO). As part of our new international collaboration with these institutions, twenty external participants zoomed in from Dakar, Abidjan, and Cotonou, bringing in important international and emerging market perspectives to the class discussion.

This year’s iteration of the course also brought in some new voices. Rosalind Wiggins of the Yale Financial Stability Program provided a comprehensive overview of the causes of the great financial crisis and the tradeoffs inherent in the policy response. Carolyn Wilkins, formerly deputy governor of the Bank of Canada and a visiting scholar at Princeton, explained how central banks and national governments are thinking about digital currencies and the policy ramifications. In addition to the foundational material, the course included a session on financial accounting led by Visiting Professor Donal Byard of Baruch College as well as presentations by leading experts on municipal finance, China’s financial markets, and private equity.

2022 program and speakers y Introduction to Financial Accounting: Donal Byard, Zicklin School of Business, Baruch College y Framework for Understanding Financial Markets: Lance Eckel and Chris Tidmore, Finance IQ y The Great Financial Crisis: Rosalind Wiggins, Yale School of Management y Distributed Finance and Cryptocurrencies: Carolyn Wilkins, Princeton University y Financial Regulation: Dianne Dobbeck, Federal Reserve Bank of New York; Pierre Gentin, McKinsey & Company, Inc.; Charles Yi, Federal Housing Finance Agency y China’s Financial Markets: Jean-Christophe de Swaan, Princeton University and Cornwall Capital y Municipal Bond Markets: RJ Gallo, Head, Municipal Bond Investment Group, Federated Hermes y Private Equity: David Rubenstein, Carlyle Group

virtual short course at a glance Date: January 12–15, 2022 Audience: Princeton Graduate Students, ASE Graduate Students, BCEAO staff analysts Topics: Accounting principles, financial markets, regulations and policy Financial support: Noah Gottdiener ’78 More info: https://jrc.princeton.edu/teaching/fmpp

teaching & learning

financial markets for public policy professionals

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student feedback To craft public policy, you must understand the mechanics of how a given field operates to enact well-targeted and effective policies. Courses like this provide the detailed knowledge policy practitioners need, and financial markets are key to several aspects of policy. I am focused on international relations and international capital flows and financial markets are an important aspect of the field that I now better understand.

I came into the course with a background in financial regulation and a general understanding of markets.

While some of the material was review for me, I think this course did a good job of filling in some of the gaps in my knowledge and connecting the dots between markets and policy. In particular, I thought many of the speakers, both from government and industry, provided many useful insights about current policy topics and how to understand markets and their regulation.

Very useful to understand the various aspects of finance markets and capitalism and its relationship with financial and economic booms and busts, and how public policy professionals should deal with them.

Would recommend this course to others: y Absolutely . . . . . . . . . . . . . . . 40% y Yes, with enthusiasm . . . . . . . 16% y Yes . . . . . . . . . . . . . . . . . . . . . 44% Likely to take similar courses in future? y Extremely likely . . . . . . . . . . . 46% y Somewhat likely . . . . . . . . . . 38% y Somewhat unlikely . . . . . . . . . 15% Quantity/quality of subject matter learned: y An amazing amount . . . . . . . 29% y A lot . . . . . . . . . . . . . . . . . . . . 64% y Moderate amount . . . . . . . . . . . 7%

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center events

10th annual conference

T

he Center’s 10th annual conference, “Healing the Big Fractures in the Economy, Politics & Society,” held virtually on February 18–19, 2021, convened a distinguished array of prominent researchers from the fields of economics, psychology, public policy, finance, law, government and behavioral science to take an interdisciplinary, evidence-based approach to this question, with an eye on pragmatic policy solutions.

Barely four weeks after the inauguration of President Joe Biden, amid continuing economic, health and climate crises and a rise in political tensions, the keynote speakers Jay Van Bavel—Associate Professor of Social Psychology, Cognition and Perception, and Neural Science, and Director of the Social Identity & Morality Lab at New York University—and Mariana Mazzucato—Professor in the Economics of Innovation and Public Value at University College London (UCL) and Founding Director of the UCL Institute for Innovation & Public Purpose—offered insight in deciphering the unprecedented events of 2020, as well as a roadmap for where to go from here. The first day of the conference focused on politics, examining political partisanship, polarization, and misinformation in the United States and around the world. The second day focused on economics, investigating the question of how to increase investment to meet the challenges of 2021 and beyond in an equitable, inclusive and sustainable way.

We need to think differently. We need to admit that value is created collectively, not just from business, but also from different types of actors in the public sector and the third sector, and none of the big challenges that we have that are underneath the 17 Sustainable Development Goals...are going to be solved by one actor alone.

—Mariana Mazzucato

how can we move beyond posttruth politics?

Nolan McCarty, Susan Dod Brown Professor of Politics and Public Affairs at Princeton University and moderator of the session, kicked off the first panel, which examined the rise in partisanship and political violence, and offered some practical steps to combat misinformation and reduce polarization.

Yphtach Lelkes, Assistant Professor of Communication and Political Science at the University of Pennsylvania, began by asking, “Are we driven by hate or fealty?”

Though many assume that animosity towards the opposition is driving polarization, Lelkes said that based on his survey research, in-group attachment, or wanting to help your own side, is more important than trying to hurt the other side.

Lilliana Mason, Associate Professor of Government and Politics at the University of Maryland, College Park and author of Uncivil Agreement: How Politics Became Our Identity, spoke about the links between political violence and partisan identity in the US. Political leaders have an important role to play in addressing hyper-partisanship and political violence, Mason concluded, noting that strong partisans who read an anti-violence message from their leader are much less likely to condone violence than those in a control group.

Drawing on his own work, Sander van der Linden, Professor of Social Psychology at the University of Cambridge, argued for inoculation against misinformation by training people to identify fake news through an online app, Bad News. The ultimate goal, said van der Linden, is to attain herd immunity and have a critical mass of people inoculated against misinformation to limit its spread.

center events

10th annual conference

how can we increase investment?

Moderated by Atif Mian, the second panel explored policies to boost investment and promote growth in areas of economic decline. featured two speakers.

Simon Johnson, Professor of Entrepreneurship, Economics and Management at MIT, began by highlighting the geographic segregation of innovation in the US and argued for more public investment in education, research and development to catalyze innovation and growth in all regions of the country.

Thomas Philippon, Professor of Finance at NYU, noted that total US after-tax corporate profits are very high as a percentage of GDP, but net investment by private companies is quite low. The most profitable corporations are not plowing profits back into existing or new businesses, but rather saving the cash or buying out shareholders. This behavior is driven partly by a lack of competition, Philippon argued. The investment gap is most visible in industries that are more concentrated; addressing this lack of competition will be crucial to spurring private investment in the US in the future.

how can we make growth more equitable?

Moderated by Ilyana Kuziemko, Professor of Economics at Princeton University, the last panel honed in on the structural changes required to make the growth process more equitable. While redistribution can reduce inequality today, how can we ensure that future growth is also inclusive and shared?

Trevon D. Logan, Professor of Economics at The Ohio State University, emphasized the need to look more deeply at how current and past policies legalized segregation and

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Polarization in the interpretation of crowd sizes doesn't matter, of course. They’re politically significant, but they don’t affect people’s life or death. But when you have something like this—a virus, a pandemic—filtered through that lens, it can become incredibly devastating. —Jay Van Bavel discrimination and deliberately created unequal economic growth. Achieving more equitable growth in the future, Logan concluded, “requires acknowledging the ways in which race has shaped our history.”

Katharina Pistor, Professor of Comparative Law at Columbia Law School and author of the 2019 book The Code of Capital: How the Law Creates Wealth and Inequality, focused on the idea of pre-distribution, or how wealth is created before it is distributed. She emphasized how historical inequities in access to the legal code, which enforces private property rights in the US, have contributed to inequalities in the present day. Pistor advocated rolling back the private law “steroids” that have maintained these inequities, as well as a larger “recoding project” focused on the legal framework in order to eliminate state-sanctioned discrimination and strengthen legal insurance against risk.

Gabriel Zucman, Professor of Economics at the University of California, Berkeley, followed with a discussion of the calls for a progressive wealth tax. In evaluating the potential for an effective wealth tax in the US, Zucman highlighted the shortcomings of European systems of wealth taxation, namely: tax competition between countries, tax evasion, and low exemption thresholds.

The history of taxation in the US is “full of U-turns”; however, he argued, an American wealth tax could work, with the right policy choices.

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center events

calendar

Spring 2021

Fall 2021

y Nationalization as Anti-Trust Policy: The Post-War Anti-Fascist Moment in France, Britain and West Germany, 1944–51, Liane Hewitt, Princeton University (Economic History Workshop) y JRCPPF 10th Annual Conference: Healing the Big Fractures in the Economy, Politics & Society y Making a Modern Central Bank: The Bank of England 1979–2003 (book talk), Harold James, Princeton University y The Communist Collapse in the USSR and Poland: An Enterprise Perspective, 1985–1991, Kaspar Pucek, Princeton University (Economic History Workshop) y Financing the Green and Just Recovery: Municipal Investment in Climate Solutions in the Age of Covid-19 *09, Andrew Eil, Climate Finance Advisors

y How China Escaped Shock Therapy (book talk), Isabella Weber, University of Massachusetts, Amherst y The Geography of Black Economic Progress After Slavery, Lukas Althoff, Princeton University (Economic History Workshop) y Zombie International Currency: The Pound Sterling 1945-1971, Maylis Avaro (SNSF) Postdoctoral Fellow, Rutgers University y Rebellion, Rascals and Revenue: Tax Follies and Wisdom through the Ages (book talk) Michael Keen, International Monetary Fund and Joel Slemrod, University of Michigan y Ages of American Capitalism: A History of the United States (book talk), Jonathan Levy, University of Chicago y Understanding Private Equity’s Economic Impacts (Alumni Forum), Jeff Luse ’09, Warburg Pincus, Aliya Shariff ’01, Ethos Private Equity, Ramiro Jaramillo *16, Renewable Resources Group, Morten Sørensen, Dartmouth University y Order and Rivalry: Rewriting the Rules of International Trade after the First World War, Madeleine Dungy, Norwegian University of Science and Technology (Economic History Workshop) y China’s Gilded Age: The Paradox of Economic Boom and Vast Corruption (book talk), Yuen Yuen Ang, University of Michigan

y Can Private Sector Play a Role in Delivering Public Infrastructure Services?, Jyoti Bisbey, World Bank y Long-Term Capitalism: Why Big Investors Are Crucial to Ending Short-Termism, Jean-Hugues J. Monier, McKinsey & Company

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leadership

executive committee Atif Mian, Director, JRCPPF; John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs

Markus Brunnermeier, Edwards S. Sanford Professor of Economics; Director, Bendheim Center for Finance

Amaney A. Jamal, Dean, SPIA; Edwards S. Sanford Professor of Politics; Professor of Politics and International Affairs Harold James, Claude and Lore Kelly Professor in European Studies, Professor of History and International Affairs, and Director, Program in Contemporary European Politics and Society Nolan McCarty, Vice Dean, Strategic Initiatives, SPIA; Susan Dod Brown Professor of Politics and Public Affairs

Wei Xiong, Hugh Leander and Mary Trumbull Adams Professor for the Study of Investment and Financial Markets

administration Pallavi Nuka, Associate Director, JRCPPF

Nancy Turco, Program Coordinator, JRCPPF

external advisory council Philip Bennett *79, Board Director, S&P’s Global Ratings and Convergence; Senior Advisor, Ripplewood and Endeavor Global

Pierre M. Gentin ’89, Chief Legal Counsel, McKinsey & Company, Inc.

Michael Bordo, Board of Governor’s Professor of Economics; Director, Center for Monetary and Financial History, Rutgers University

Robert A. Johnson *86, President, Institute for New Economic Thinking

Joyce Chang*90, Chair of Global Research, JP Morgan Chase & Co.

Mitchell R. Julis ’77, Co-founder and Co-CEO, Canyon Partners, LLC

Mark Genender ’87, Managing Partner, Bristol Growth Capital, LLC

Christopher Marks *96, Managing Director and Head of Emerging Markets, Mitsubishi UFJ Financial Group

J effrey Shafer ’66, Chairman of the Board of Trustees, National Committee on American Foreign Policy; Principal, JSHAFER INSIGHT Bing Shen ’71, Board Director, CTCI Corporation and Far Eastern International Bank

Ajay G. Shroff ’98, Chief Investment Officer, Ridgeleigh Capital

Charles Yi *03, Senior Legal Advisory, Federal Housing Finance Agency

Dean Menegas ’83, General Counsel, Spinnaker Capital Group

Editor: Pallavi Nuka Design: Nita Congress Photo credits: Sameer Khan, Nancy Turco, Pallavi Nuka Copyright © 2022 by the Trustees of Princeton University In the Nation’s Service and the Service of Humanity

CONTACT US The Julis-Rabinowitz Center for Public Policy & Finance The Julis Romo Rabinowitz Building Princeton University Princeton, NJ 08544 jrcenter@princeton.edu jrc.princeton.edu