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 following donors:
The Julis-Rabinowitz Family for the founding gift that made the Center possible.
Philip D. Bennett, *79
Joyce Chang, *90 and Family
Mark R. Genender, ’87 and Family
Noah Gottdiener, ’78
Dean N. Menegas, ’83
To learn more about the Center’s programs and activities, visit us at jrc.princeton.edu
message from the director
Multiple events of the past year, from the emergingmarket debt crisis to the banking-sector shakeup of early 2023, underscore the importance of the Center’s contributions. The center’s empirical research has helped better understand the influence of financial intermediaries on the real economy, the impacts of fiscal and monetary policy, and the role of households and firms in credit supply and debt demand. Moving forward, the goal is to extend both the theory and empirics of macrofinance to the long run, to identify the structural causes of global economic imbalances, and to help policymakers devise tractable solutions.
Over the past year, the Center has expanded its work to study macrofinance globally. We launched a joint initiative with the Center for Economic Research in Pakistan and have deepened existing partnerships in Africa. In May 2023, we piloted a workshop on financing the energy transition in Pakistan with over 50 participants from Pakistan’s government, industry, and civil society. The 2023 annual conference on macroeconomic policy in Africa sparked further collaboration with the International Monetary Fund and the South African Central Bank. Another offshoot is the Africa Policy Lab, which aims to facilitate a multi-disciplinary approach to studying macroeconomics and development on the continent. In January 2024, a dozen MPA and MPP student members of the Lab traveled to Ghana to study first-hand the country’s response to its economic crisis.
In the summer of 2023, two new postdoctoral associates joined JRCPPF, Victor Degorce (Ph.D. Paris School of Economics) and John Sturm (Ph.D. MIT). This year, the Center welcomed two new non-resident fellows, Bunmi Otegbade *19, senior advisor at Ashoka, and IMF economist Alan Feng *15.
The center supported several undergraduate summer internships through the generous support of Joyce Chang ‘90 and Dean Menegas ‘83. You can read about these experiences on pages 14-15.
Now well into its second decade, the Center continues to grow and evolve as a hub for students, faculty, and researchers at the intersection of finance, macroeconomics, and public policy. This report covers just some of the Center’s many activities over the last year. I am grateful to the many partners who have contributed to the Center’s accomplishments and look forward to your support in the future.
Atif Mian
Director, Julis-Rabinowitz Center for Public Policy & Finance
John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy, and Finance Princeton School of Public and International Affairs
iv message from the director
1 2023–2024 faculty affiliates
2 faculty research and scholarship
6 visitors, fellows & postdoctoral associates
9 macrofinance lab
economic history workshop
2023–2024 undergraduate associates
2023–2024 graduate associates
curriculum
12th annual conference
center events
2023–2024 faculty affiliates
Mark A. Aguiar, Walker Professor of Economics and International Finance
Yacine Ait-Sahalia, Otto A. Hack ‘03 Professor of Finance and Economics
Roland J.M. Bénabou, Theodore A. Wells ‘29 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, and Director, Bendheim Center for Finance
Miguel A. Centeno, Executive Vice Dean, Princeton School of Public and International Affairs; Musgrave Professor of Sociology; Professor of Sociology and International Affairs
Amaney A. Jamal,* Dean, Princeton School of Public and International Affairs; 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
Jakub Kastl, Professor of Economics
Nobuhiro Kiyotaki, Harold H. Helm 1920 Professor of Economics and Banking
Henrik J. Kleven, Lynn Bendheim Thoman, ‘77, and Robert Bendheim, ‘37, Professor of Economics and Public Affairs
Moritz Lenel, Assistant Professor of Economics
Ernest Liu, Assistant Professor of Economics
Burton G. Malkiel, Chemical Bank Chairman’s Professor of Economics, Emeritus
Nolan McCarty,* Susan Dod Brown Professor of Politics and Public Affairs; Vice Dean for Academic Assessment
Atif Mian,* Director, JulisRabinowitz Center for Public Policy & Finance; John H. Laporte, Jr. ‘67 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
Jonathan E. Payne, Assistant Professor of Economics
Stephen J. Redding,* Harold T. Shapiro ‘64 Professor in Economics, Professor of Economics and International Affairs, and Co-Director, Griswold Center for Economic Policy Studies
Eldar Shafir, ‘87 Professor in Behavioral Science and Public Policy; Professor of Psychology and Public Affairs
Christopher A. Sims, John J.F. Sherrerd ‘52 Professor of Economics, Emeritus
Leonard Wantchekon, James Madison Professor of Political Economy and Professor of Politics and International Affairs
Wei Xiong,* John H. Scully ‘66 Professor in Finance; Professor of Economics
Motohiro Yogo, Hugh Leander and Mary Trumbull Adams Professor for the Study of Investment and Financial Markets; Professor of Economics
Owen Zidar, Associate Professor of Economics and Public Affairs
*Executive Committee Member
faculty research and scholarship
The Center supports data-driven work that combines micro- and macro-level data to address key policy questions related to economic growth, financial market behavior, monetary policy, and fiscal policy. This research sits at the intersection of policy, finance, and macroeconomics. Over the past year, the Center supported the work of five faculty and postdoctoral affiliates who are exploring a diverse set of topics, including inequality, taxation, industrial policy, indebtedness, and financial development.
FEATURED FACULTY RESEARCH
JOHN STURM BECKO,
Postdoctoral Research Associate, JRCPPF. Becko is an applied economic theorist interested in macroeconomics, public finance, and trade. His work explores optimal policy design under various macroeconomic conditions to provide valuable insights into topical policy areas, such as industrial policy, economic sanctions, and income taxation, and as a way to revisit classic questions in welfare economics. An overarching theme of this agenda is to explore the gap between benchmark policy models and key empirical facts. In several cases, this disconnect highlights interesting and unexplored theoretical issues in addition to critical policy recommendations.
VICTOR DEGORCE, Postdoctoral Research Associate, JRCPPF. Degorce investigates current issues in macrofinance and international economics from a long-run and historical perspective. His multidisciplinary research draws on the fields of macroeconomics, finance, and economic history. Patterns of financial liberalization, financial repression, and financial crises have been recurrent throughout history. Taking a long-run perspective can help us understand some of the main challenges facing developed and developing economies today.
ALEXANDRE GAILLARD,
Postdoctoral Research Associate, JRCPPF. Gaillard applies a macroeconomics lens to the study of inequality, taxation, entrepreneurship, and international trade. His work combines clear empirical facts with a theoretical background. On the methods side, he develops large-scale macroeconomic models with heterogeneous agents or interconnected countries, utilizing both macro and micro data to strengthen and evaluate the key aspects of his frameworks. His research has focused on resolving the “trade co-movement puzzle” in international trade, and two recent working papers examine the determinants of wealth taxation and the interaction between heterogeneous households, growth, and short-run stabilization.
ERNEST LIU, Assistant Professor of Economics. Liu’s research is centered around the implications of weak financial institutions for economic growth, allocation of resources, and economic development. The primary strand of his research applies network models to answer generalequilibrium, policy-relevant questions, often from a long-run growth perspective, on a broad range of topics, including industrial policy, resource allocation, innovation, spatial economics, and global capital flows. His work on production network theory has cemented key insights on industrial policy, specifically the strong government support for upstream industries commonly seen in developing economies. His current projects use network models to study (1) global technological
faculty research and scholarship
competition, (2) geopolitics, and (3) the transition to clean technologies. A secondary strand of his research explores macrofinance and financial development. In particular, he has looked at how long-term 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.
ATIF MIAN, Director, JulisRabinowitz Center for 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 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.
FACULTY AWARDS AND RECOGNITION
JRCPPF executive committee member ALAN BLINDER was awarded the 2023 Daniel Patrick Moynihan Prize from the American Academy of Political and Social Science, recognizing his scholarship, public service, and commitment to improving public understanding.
JRCPPF founding director MARKUS
BRUNNERMEIER was awarded the Ludwig Erhard Prize for business journalism from the Ludwig Erhard Foundation for outstanding scientific work, a regulatory orientation and approach, and lucid explanations of economic and policy questions.
Princeton economics professor and JRCPPF faculty affiliate ERNEST LIU received the 2023 Excellence Award and an Institute Fellowship from the Kiel Institute for the World Economy. Liu was recognized for his research on networks, trade, and industrial policy. The Excellence Awards, established in 2007, aim to identify the “brightest young researchers in the area of global economic affairs.”
LEONARD WANTCHEKON, a JRCPPF faculty affiliate, was awarded the 2023 Global Economy Prize from the Kiel Institute for the Global Economy. The annual prize recognizes pioneers of a cosmopolitan, economically liberal, and public-spirited society. Wantchekon was also selected to give the 2024 Sir W. Arthur Lewis Memorial Lecture in Development Economics, organized by the American Economic Association.
JRCPPF faculty affiliates WEI XIONG and MOTOHIRO YOGO were elected as Fellows of the Econometric Society in recognition of their seminal contributions to the field. Founded in 1930, this international society advances economic theory in relation to statistics and mathematics.
faculty research and scholarship
BOOKS
In his new book, Seven Crashes: The Economic Crises That Shaped Globalization, HAROLD JAMES reviews seven economic crises over the past two centuries, exploring the causes and responses. Supply shocks, he finds, increase economic inter-connectedness while demand shocks have the opposite effect.
Aimed at both policymakers and students, A Crash Course on Crises: Macroeconomic Concepts for Run-ups, Collapses, and Recoveries by MARKUS BRUNNERMEIER and Ricardo Reis provides an overview of how crises originate, how they are amplified, and how they can be contained.
ASHOKA MODY’s new book, India Is Broken: A People Betrayed, Independence to Today, provides a finance- and policy-driven analysis of the world’s most populous country. Mody assesses India’s economic and political history since independence, laying bare the obstacles the country faces on the path to becoming a global superpower.
SCHOLARLY PAPERS
Many countries have recently adopted industrial and trade policies—such as the US’s CHIPS and Science Act—to strengthen their geopolitical positions. In a recent working paper, JOHN STURM BECKO and coauthor Daniel O’Connor study the optimal design of such policies in a model where countries use trade as a bargaining chip in geopolitical conflicts. They show that—even if private firms fail to internalize their impacts on the probability of conflict—countries need not engage in domestic industrial policy provided they can credibly threaten trade taxes as punishment for geopolitical actions. Instead, they should seek to influence foreign technology to make foreign prices more sensitive to trade. In other work with coauthor André Sztutman, Becko studies the design of efficient income taxation policies. The authors show that if households with the same income respond differently to tax changes, the income tax structure can be more efficient. Intuitively, a tax policy reform can sort elastic and inelastic households to different parts of the income distribution and then tax them differentially, using higher taxes where they are less distortionary. Using tax return data to estimate variation in taxable income elasticities in the US, they document the scope for significant welfare improvements.
In a recent project on the role of state-led credit (i.e., public credit) to the private sector, VICTOR DEGORCE compiled data from central banks’ archives and statistical reports to build the first dataset on total state loans to firms and households. The dataset covers 13 major economies over the period 1950–2020. Using this data, Degorce shows that (1) public credit accounts for a large share of total credit (22% on average), (2) public credit markets are not sensitive to US monetary policy tightening, and (3) in financially liberalized economies, public credit is countercyclical: it expands during private busts, and contracts during
faculty research and scholarship
booms. In another project, Degorce and co-authors assembled a new daily database of spot and forward exchange rates and interest rates from 1920 to 2020 to study long-run deviations from the covered interest parity (CIP). CIP is a crucial relation in international finance, which states that the return from investing in a foreign currency should equal the return from investing in a domestic currency when hedging the exchange rate risk. The main finding is that substantial CIP deviations have been the norm over the last century except for G10 currencies during the years immediately preceding the global financial crisis (2000–2006). This result suggests that limits to arbitrage have been a common feature of the foreign exchange market since 1920. In a third project, Degorce collected end-of-month quotations from 17 financial centers over the 1900–2020 period. By measuring deviations from the “Law of One Price” in currency markets, the project proposes a new long-run measure of financial integration at the currency level. The next step of this project will be to measure the effect of currency market integration on bilateral trade flows.
In a recent working paper, “Neoclassical Growth in an Interdependent World,” ERNEST LIU and co-authors Benny Kleinman, Stephen Redding, and Motohiro Yogo generalize the textbook neoclassical growth model to allow for costly goods trade and capital flows with imperfect substitutability between countries. The model rationalizes the observed gravity relations for trade and capital holdings and is well suited for analyzing counterfactual policies that affect bilateral integration in both goods and capital markets, such as US-China decoupling. Another working paper with co-authors Song Ma (Yale) and Laura Veldkamp (Columbia) explores indicators of market power in a data market. Using evidence from online data markets, the paper shows that data providers use subscription pricing to exert market power.
Data subscriptions benefit consumers because they sustain the incentive to invest in high-quality data. In another work titled “Lemon Cycles,” Liu and co-author Feng Dong build an endogenous model of credit cycles and asset price booms, highlighting the linkages between the availability of cheap credit, high asset prices, and pecuniary incentives for market actors to create “lemon” assets. High asset prices today attract the creation of more lemons, thereby exacerbating adverse selection and depressing the future reallocation of productive assets and asset prices. This can lead to endogenous credit market freezing and thawing recurrently and with deterministic ups and downs in asset prices and the volume of trades. Under this model, taxes on credit market activities reduce the quantity of lemon assets and eliminate endogenous cycles.
In a new working paper, ATIF MIAN, JRCPPF research specialist VERONICA BACKER PERAL, and Jonathon Hazell (LSE) estimate the natural rate of return on capital over the last 20 years. Analogous to the widely discussed natural rate of interest, the natural rate of return on capital is the return on assets when the economy is at equilibrium in some ways. The paper uses data on UK property leases to show that the natural rate of return on capital declined to 2.3% in 2023 from 4.8% in 2003. This natural experiment approach to measuring the natural rate of return on capital is precise, avoids misspecification concerns, and provides real-time estimates using publicly available data. In another working paper Mian and co-authors apply a new “model-free” approach to estimate credit multipliers—i.e., the amplification of credit supply shocks due to general equilibrium feedback effects such as the rise in collateral value. Applying this methodology to the 2000’s housing cycle, they find a large credit multiplier that more than quadruples the partial equilibrium effect. Regional credit multipliers are stronger in areas that are less open to trade or have more inelastic land supply.
visitors, fellows & postdoctoral associates
VERONICA BACKER PERAL is a senior research specialist at the Julis-Rabinowitz Center for Public Policy & Finance. She graduated from Loyola Marymount University with a triple major in applied mathematics, computer science, and history. Previously, she worked as a research intern at the Philadelphia Federal Reserve Bank. Her research interests include finance, public policy, and historical economics.
JOHN STURM BECKO is a postdoctoral research associate at the Julis-Rabinowitz Center for Public Policy & Finance. He researches optimal policy design in macroeconomic settings. His work provides policy guidance about topical issues like international trade sanctions and targeted fiscal policy. At the same time, it also seeks to address fundamental questions in welfare economics, such as when markets are prone to coordination failures and whether Pareto efficiency tests provide robust policy guidance. Becko holds a Ph.D. in economics from the Massachusetts Institute of Technology, a M.Phil. in economics from the University of Cambridge, and a B.A. in physics and math from Harvard University.
DONAL BYARD is a lecturer in the economics department at Princeton University and professor of accounting at the Zicklin School of Business, Baruch College-CUNY. Since 2017, he has taught ECO361: Financial Accounting at Princeton. He specializes in teaching financial accounting and has published in numerous scholarly journals. 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. A graduate of the University of Limerick and University College Dublin, he holds a Ph.D. in accounting from the University of Maryland.
JEAN-CHRISTOPHE DE SWAAN is a lecturer in the economics department at Princeton University where he teaches courses on ethics in finance and Asian capital markets. Separately, de Swaan is a partner at Cornwall Capital, a global investment fund. He is the author of the book Seeking Virtue in Finance (2020), which calls on finance practitioners to restore the discipline’s focus on serving society. He is a regular contributor to key business publications including Financial Times, Nikkei Asia, and others. JC de Swaan received his B.A. from Yale University, an M.Phil. from the University of Cambridge, and an MPP from Harvard University’s Kennedy School.
VICTOR DEGORCE recently completed his doctoral studies at the École des hautes études en sciences sociales in Paris. His research investigates current topics in empirical macrofinance, such as the international transmission of monetary policies and exchange rate determination from a long-run perspective. His work is multidisciplinary in essence, drawing on macroeconomics, finance, and economic history. He holds a master’s degree in social sciences from Sciences Po.
ALAN XIAOCHEN FENG is an economist at the International Monetary Fund (IMF). His responsibilities at the IMF include leading capacity development projects across IMF membership countries, covering financial sector issues in IMF’s bilateral consultations for Italy, Singapore, and Lao PDR, among other membership countries, as well as
visitors, fellows & postdoctoral associates
leading analytical chapters for IMF’s flagship publication Global Financial Stability Report. His research interests include macrofinancial issues, climate and ESG finance, and the use of technology in financial services. He received his bachelor’s degree in computer science and mathematics (double major) from the Hong Kong University of Science and Technology and a Ph.D. in economics from Princeton University.
ALEXANDRE GAILLARD is a postdoctoral research associate at the Julis-Rabinowitz Center for Public Policy & Finance. His research agenda is centered around macroeconomics and international trade. He has worked on the interaction between macroeconomic heterogeneity and outcomes, exploring wealth inequality and taxation, entrepreneurship, and illiquid private equity business assets. In trade, his research has focused on the role of markups in the cross-country relationships between gross domestic product, total factor productivity, and international trade. Gaillard received his Ph.D. in macroeconomics from the Toulouse School of Economics.
EKATERINA (KATYA)
GRATCHEVA, non-resident fellow, leads the finance function of the $10 billion Climate Investment Funds (CIF) that has mobilized over $65 billion for climate action across 325 projects in 72 developing and middle-income countries. She focuses on scaling up CIF resources through access to capital markets and financial innovation. Gratcheva is also a thought leader on sovereign ESG and sustainable finance. She has written about fundamental issues regarding current sovereign ESG approaches and the use of alternative methods and data sources, such as satellite data, for metrics on ESG performance. She advises the Human Rights
Measurement Initiative, which measures countries’ performance on human rights and how that contributes to countries’ sustainability. At the World Bank, she advised central banks, sovereign wealth funds, and pension funds on structuring long-term finance through capital markets and strengthening the role of financial institutions in development finance. She holds a master’s degree in public administration from Harvard University’s Kennedy School, a master’s degree in applied mathematics from Moscow State University, and a doctorate in operations research from George Washington University.
BENJAMIN HARDY is a senior research specialist at the JulisRabinowitz Center for Public Policy & Finance. After completing social sciences and literature coursework, Hardy earned a B.A. in economics at the ENS Paris-Saclay and an M.A. in economics at the École polytechnique. He also worked as a research assistant at CREST and the London School of Economics. His research interests lie at the intersection of macroeconomics, international trade, corporate finance, and financial intermediation.
SÉRGIO ANDRÉ CRISTOVÃO
NASCIMENTO is a senior research specialist at the Julis-Rabinowitz Center for Public Policy & Finance. He received his B.A. in economics from University of California–Berkeley, where he also worked as a research assistant. His research interests lie at the intersection between finance, macroeconomics, and econometrics.
visitors, fellows & postdoctoral associates
BUNMI OTEGBADE is a global social impact leader and currently senior director at Ashoka where he leads knowledge production for peer-driven networks and strategic institutional partnerships in North America. He is also a venture investor, debt and equity, in fast-growing technology firms in life sciences, deep tech, clean energy, and inclusive financial technologies in emerging markets with a focus on Africa. His interests range from innovation policy and technology transfer to the financial market institutions that drive inclusive economic development in emerging markets. He received his master’s in public policy from Princeton’s School of Public and International Affairs.
TUDOR SCHLANGER is a senior research specialist at the JulisRabinowitz Center for Public Policy & Finance. He was previously a research assistant at the Bank of Canada, working in the model development division within the department for Canadian economic analysis. Schlanger received his B.A. in international economics from the University of British Columbia, and he frequently writes about economic topics on his blog.
MAROOF A. SYED is a nonresident fellow of the JulisRabinowitz Center for Public Policy & Finance and the president and CEO of the Centre for Economic Research in Pakistan (CERP). He has over 25 years of entrepreneurship,
investment, and leadership experience in multiple sectors. He combines academic work in public policy, economics, and engineering with extensive experience in leading organizations and building institutions. His public policy interests include innovation for economic development, data analytics and decision sciences, and evidence-based governance. Before leading CERP, Syed held several senior management positions at large and startup technology companies, including Broadcom Corporation (formerly Silicon Spice), Texas Instruments, and Intel Corporation. He co-founded Karnybo Group, investing in late-stage pre-IPO technology companies, including Tesla, Twitter, Facebook, Jawbone, Square, and Palantir. He is the 2017 recipient of the Lucius N. Littauer Award from the Harvard University’s Kennedy School. He is also on the Pakistan Innovation Foundation Board of Directors, the African Development University, and the Public Interest Law Association of Pakistan. He is a charter member of the Organization of Pakistani Entrepreneurs of North America. Syed has a B.S. in computer systems engineering from Rensselaer Polytechnic Institute and a master’s in public administration from Harvard University’s Kennedy School.
YING WANG is a fifth-year Ph.D. student at the Toulouse School of Economics. Her research interests are macrofinance, network economies, and spatial economies.
Under the guidance of Atif Mian and Ernest Liu, the MACROFINANCE LAB supports research at the intersection of finance and the macroeconomy. Since the lab started in 2018, it has supported 7 dissertation fellows and 12 summer research fellows. The lab is developing an open-source textbook based on the doctoral-level course taught by Mian and Liu, to promote teaching and research about the linkages between finance, debt, and macro-level outcomes. The lab has also published three new historical macrofinancial datasets, which are freely available. Visit macrofinance.princeton.edu for more information.
AFFILIATED FACULTY AND RESEARCHERS
y John Sturm Becko
y Victor Degorce
y Alexandre Gaillard
y Moritz Lenel
PH.D. STUDENTS
y Samya Aboutajdine
y Narek Alexanian
y Max Alston
y Veronica Backer Peral
y Christine Blandhol
y Francisco Cabezon
y Anshu Chen
y Zheyuan (Kevin) Cui
y Jan Ertl
y Rafael Goncalves
y Sebastian Guarda
y Nicolas Hommel
y Michael Jenuwine
y Zhuowen (Jason) Jiang
y Jiwon Lee
y Chun Beng Leow
y Dexin Li
y Shiqi Li
y Ziang Li
y Jialiang Lin
y Lukas Mann
y Jessica Min
y Vivikth Narayanan
y Ernest Liu
y Atif Mian
y Jonathan Payne
y Sérgio Nascimento
y Georgios Nikolakoudis
y Manuel Perez
y Eric Qian
y Yinan Qui
y Junyi Que
y Sebastian Roelsgaard
y Rafael Schwalb
y Vartan Shadarevian
y Yinshan Shang
y Ruairidh South
y Robert Wagner
y Sifan Xue
y Chansik Yoon
y So Hye Yoon
y Yinjie Yu
y Alicia Zhang
y Xiang Zhang
y Ziqiao Zhang
y William Zhao
y Ziqi (Jack) Zhao
y Haonan Zhou
y Yuci Zhou
NEW DATASETS
y The County Business Pattern (CBP) Dataset contains employment and establishment counts for detailed industry codes covering all counties in the United States from 1946 to 1974.
y The Global Sectoral Credit Dataset covers information on total credit for 188 advanced and emerging economies for the period 1910–2014. Sectoral data for 117 countries start in 1940. The data cover all major financial markets and more than 90% of the world’s GDP.
economic history workshop
Ajoint initiative of the Center for Collaborative History and the JRCPPF, the ECONOMIC HISTORY
WORKSHOP is a monthly seminar series (ehw.princeton.edu) that provides a forum for faculty, scholars, and students to discuss research, ideas, and historiographical methodologies within the broadly construed field of economic history. In fall 2023, doctoral students Friedrich Asschenfeldt and Adhitya Dhanapal organized a two-day conference on state planning and private entrepreneurship in the 20th century. The event featured the work of 18 young scholars on government’s role in driving economic development globally over the last century. A highlight of the conference was a panel discussion with Harold James, Bill Janeway ’65 (University of Cambridge), Yakov Feygin (Berggruen Institute), and Liz Chatterjee (University of Chicago).
AFFILIATED FACULTY
Leah Boustan, Robert E. Kuenne Professor in Economics and Humanistic Studies
Harold James, Claude and Lore Kelly Professor in European Studies; Professor of History and International Affairs
Ekaterina Pravilova, Rosengarten Chair of Modern and Contemporary History; Professor of History; Acting Director, Program in Russian, East European, and Eurasian Studies
Stephen J. Redding, Harold T. Shapiro 1964 Professor in Economics; Professor of Economics and International Affairs
Michael Bordo, Board of Governors Professor of Economics; Distinguished Professor of Economics, Rutgers University
PH.D. STUDENTS
y Friedrich Asschenfeldt, Coordinator
y Bianca Centrone
y Rebecca Giblon
y Robert Yee
y Adhitya Dhanapal
y Brendan Greeley, Coordinator
y Jack Guenther
y Peilun Hao
y Liane Hewitt
y Tristan Hughes
y Griffin Jones
y Meredith McDonough
y Pablo Pryluka
y Jonathan Raspe
y Neel Thakkar
y Caitlin Tully
2023–2024
The Center’s STUDENT ASSOCIATES PROGRAM fosters collaboration between students and faculty in order to enhance learning and research about financial markets. By becoming a JRCPPF associate, both undergraduate and graduate students enjoy unparalleled opportunities to interact with Center-affiliated faculty, contribute to research, and interact with government and industry leaders.
The majority of the 56 graduate associates are master’s students at School of Public and International Affairs in the economics and public policy track. Of the 161 undergraduate associates, 40% are economics majors, 17% are in operations research and financial engineering, and 12% are in public and international affairs.
Highlights from the past year include a FINANCE FIELD DAY in New York City, which included meetings with corporate leaders at McKinsey headquarters, a panel discussion with researchers and staff at the Federal Reserve Bank of New York,
and a tour of the Bank’s gold vault. The Center also supported the activities of several undergraduate student groups, including the POLICY PUNCHLINE
podcast series, WOMEN IN ECONOMICS AND POLICY, and the Princeton chapter of SCHOLARS OF FINANCE. The Scholars of Finance midAtlantic symposium in March 2023 drew over 150 participants from schools in the region. And, the JRCPPF Alumni Forum’s Julia M. Zielczynska ’19 and Abhiram Karuppur ’19 hosted a panel about Young Alumni in Finance as part of Princeton Reunions 2023.
CLASS OF 2023: UNDERGRADUATE ASSOCIATES
y Sayf Addassi
y Jacob Alayof, Highest Honors
y Mohamed Alghondakly
y Sofia Alvarado
y Darin Avila
y Nazdar Ayzit, Highest Honors
y Abhimanyu Banerjee, Highest Honors
y Naomi Benenson
y Mindy Burton, Highest Honors
y Max Chan
y Mohammed Elzubeir
y Jingjing Gao
y Benjamin Gelman
y Aatmik Gupta
y Andy He, Honors
y Neo Huang
y Jack Johnson
y Asher Joy, Highest Honors
y Kanishkh Kanodia
y Kriti Kothari, Highest Honors
y Catherine Kruse, Highest Honors
y Sowon Lee
y Aaron Leung
y Kate Liu, Highest Honors
y Christina Luo, Honors
y Daniel Lyons, High Honors
y Julio (JC) Martinez, Highest Honors
y Isla Okkinga
y Justin Ong
y Alen Palic, Honors
y Nicholas Posivak, Honors
y Rooya Rahin
y Griffen Rakower, Highest Honors
y Julianna Revelo, Honors
y Alexander Slusher, High Honors
y Sophia Steele
y Yoo Shin Tanai, Honors
y May Tieu, High Honors
y Grace Wang
y Jack Warden, Highest Honors
y Eric Wong, High Honors
y Jason Yuan, High Honors
y Junze (Tony) Ye
y Madeline Yu, Honors
y Sophia Zheng, Highest Honors
CLASS OF 2023 UNDERGRADUATE SENIOR THESES
Sayf Addassi, “Social Media’s Influence on Merger and Acquisition Valuations—An Analysis of Domestic Transactions from 1995 to 2022” (Advisor: David Schoenherr)
Jacob Alayof, “The School Leaving Age: Just a Number?” (Advisor: Alan Blinder)
Mohamed Alghondakly, “Women’s Work and Fertility in Cairo, Egypt” (Advisor: Atif Mian)
Sofia Alvarado, “From Crisis to Opportunity: A New Vision for U.S. Migration Policies Towards Venezuelan Migrants” (Advisor: Filiz Garip)
Darin Avila, “Pricing Weather Derivatives with Deep Neural Networks in an Equilibrium Trading Model” (Advisor: Ludovic Tangpi)
Nazdar Ayzit, “What Makes and Breaks Trust: A Logistic Regression Approach to the Determinants of Social Trust in Kurdistan” (Advisor: Andrea Wilson)
Abhimanyu Banerjee, “Optimal Fiscal Currency in a Monetary Union with Sovereign Debt and a Banking Sector” (Advisor: Iqbal Zaidi)
Naomi Benenson, “Power Crisis as an Impetus of the Green Transition: an Empirical Study on South Africa’s Mining Industry” (Advisor: John Grigsby)
Mindy Burton, “Common Cents”: The Impact of Personal Finance Education Mandates on Adult Financial Behavior” (Advisor: Kelly Noonan)
Max Chan, “Navigating the Climate Policy Maze: An Analysis of New York City’s Local Law 97, Projected Fines, and the Path to Policy Improvement” (Advisor: Eduardo Bhatia)
Mohammed Elzubeir, “The Male Marriage Premium: An Analysis of the Hypotheses and Proposed Mechanisms” (Advisor: Jacob Bastian)
Jiangying Gao, “Form-Finding and Optimization of Tensegrity Structures for Space Applications: A Study on Load-Bearing Capability and Packaging Efficiency of Tensegrity Space Masts” (Advisors: Glaucio Paulino and Neta Bahcall)
Benjamin Gelman, “Voting and Welfare in the Liberal State: Comparing the Politics of Redistribution in the U.S. and Canada” (Advisor: Rocio Titunik)
Aatmik Gupta, “Consistency Correction through Diffusion-based Edits” (Advisor: Danqi Chen)
Andy He, “Foreign Aid, Trade Flows, and the Public Image of China and the United States in Developing Countries: A Cross-Country Time-Series Analysis” (Advisor: Thomas Fujiwara)
Neo Huang, “Time Series Forecasting and Stochastic Optimization for the Operation of Decarbonized Power Grids” (Advisor: Robert J. Vanderbei)
Jack Johnson, “Spillover Effects of Localized School Choice Programs” (Advisor: Matias Cattaneo)
Asher Joy, “Lingering Questions: Silence, God, and Madness in Elie Wiesel’s Writing” (Advisor: Esther Schor)
Kanishkh Kanodia, “Beyond NormTakers or Norm-Breakers: India and China’s Rhetorical Engagement with the Norm of Sovereignty at the United Nations Security Council between 1971–1992” (Advisor: John Ikenberry)
Kriti Kothari, “Invested in Success: Evaluating the Impact of Investor Political Influence on Paycheck Protection Program Loans for Covid-19 Affected
Portfolio Companies” (Advisor: Thomas Fujiwara)
Sowon Lee, “A Consideration of Social Determinants of Health and Health Justice in the Design of Technological Public Health Tools: A Case Study of China’s Health Code in the SARS-CoV-2 Pandemic” (Advisor: Steven Kelts)
Aaron Leung, “Under the Olive Trees: A Multimarket Liquidity Demand Model for Derivatives-Implied Arbitrage Spreads” (Advisor: Ludovic Tangpi)
Kate Liu, “Love in Life: A Nehamasian Alternative to Wolf’s Hybrid View of Meaning in Life” (Advisor: Michael Smith)
Daniel Lyons, “The Effect of Monetary Policy on Hedge Fund Returns: A Financial Application of Macroeconomics, Evidence from Federal Reserve Policy in 1990, 1994, 2001, and 2004” (Advisor: Adrian Matray)
Julio (JC) Martinez, “Consumption Expenditure Inequality and its Relation to the Factors that Drive the Macroeconomy (1990–2019)” (Advisor: Mark Watson)
Isla Okkinga, “The Effect of Average Household Income on the Horse Race Between the Quantity of Household Solar Panel Installations and the Level of Residential Carbon Emissions in the United States of America” (Advisor: John Grigsby)
Justin Ong, “A Regime-Switching Approach to Portfolio Construction” (Advisor: John Mulvey)
Alen Palic, “Compensation Bonuses, Title Promotions, and Remote Work: A Psychological Approach to Analyzing the Effects of Employer Incentives on Employee Productivity, Job Satisfaction, and Turnover Intention” (Advisor: Andrea Wilson)
CLASS OF 2023 UNDERGRADUATE SENIOR THESES
Nicholas Posivak, “Monetary Transmission Mechanisms: Deconstructing Surprise Shocks in the U.S. Bond Market” (Advisor: Yacine Ait-Sahalia)
Rooya Rahin, “The Power of Getting Perspective: A Study of Narrative Interventions and Point of View on Political Attitudes and Behavior Towards Refugees” (Advisor: Rafaela Dancygier)
Griffen Rakower, “The Economics of the Student-Athlete: The Effects of High School Sports Participation on Adult Long-Term Labor Market Outcomes, Income Trajectories, and Goal Orientation” (Advisor: Nancy Reichman)
Julianna Revelo, “The Expansion of California and Colorado State Earned Income Tax Credit and its Impact on Labor Market Outcomes for Undocumented Immigrants” (Advisor: Ellora Derenoncourt)
Alexander Slusher, “The Soft Power of Sport: A Review and Analysis of Middle Eastern Sports Investment” (Advisor: Faisal Ahmed)
Sriram Srinivasan, “A Market Impact Model for Limit Order Book Simulators” (Advisor: Robert Almgren)
Sophia Steele, “The Afro-Brazilian Women Entrepreneurs of Rio de Janeiro: Past, Present and Future” (Advisor: Sherwat Ibrahim)
Yoo Shin Tanai, “The Effect of Family Connectedness in Adolescence on Mental Health Outcomes in Adulthood” (Advisor: Linh To)
May Tieu, “(No) Effect of Recreational Marijuana Legalization on Young Employees’ Work Capacities” (Advisor: Kate Ho)
Grace Wang, “The Effect of Maternal Depression on Adolescent Behavior and Social Outcomes” (Advisor: Hope Gorman)
Jack Warden, “Impact of the FIRRMA Act of 2018 on Foreign Venture Capital, Private Equity, and Mergers & Acquisitions Deal Activity in the United States” (Advisor: Wei Xiong)
(continued)
Haven Won, “The Effect of the Endogenous Entry of Retail Marijuana Stores on Housing Prices in California” (Advisor: Stephen Redding)
Eric Wong, “Endowing the Future: The Stock Market University Endowments, and Institutional Grant Aid” (Advisor: Atif Mian)
Tony Ye, “Computational Experiments on Some Novel Tree-based Classification Algorithms” (Advisor: Jason Klusowski)
Madeline Yu, “Feeling Blue at Twenty-Two: A Comprehensive Analysis of the Adverse Effects of Psychological Distress in Early Adulthood on Future Socioeconomic Outcomes” (Advisor: Luigi Pascali)
Sophia Zheng, “Why Do Investors Invest?: An Analysis of Factors Influencing Investor Portfolio Choice and Behavior” (Advisor: Motohiro Yogo)
2023–2024 undergraduate associates
2023 SUMMER INTERNSHIPS
2023 JUNIOR PRIZES
Shirley Ren ‘24 received the top honor at this year’s International Atlantic Economic Conference hosted by the International Atlantic Economic Society (IAES).
Princeton junior Gloria Wang ’24, a long-time JRCPPF student associate, was awarded 1st place by the Economics Department for her junior independent paper, “The Effect of Marijuana Decriminalization on Opioid Prescribing Rates.”
2023 UNDERGRADUATE ASSOCIATE AWARDS
Nazdar Ayzit: John Glover Wilson Memorial Senior Thesis Prize, for an outstanding thesis in the field of international economics.
Benjamin Gelman: Richard D’ Challener ’44 Senior Thesis Prize in Canadian Studies.
Kanishkh Kanodia: Donald E. Stokes Dean’s Prize, in recognition of extraordinary leadership and a significant contribution to the Undergraduate Program and to the School of Public and International Affairs. Isabelle Clark-Decès Memorial Senior Thesis Prize in South Asian Studies.
Kate Liu: Class of 1869 Senior Thesis Prize, for an outstanding thesis in moral or social philosophy.
Julio (JC) Martinez: Halbert White ’72 Prize, in recognition of outstanding work in economics. Wolf Balleisen Memorial Senior Thesis Prize, for an outstanding thesis in economics.
Justin Ong: Eric F. S. Pai ’83 Senior Thesis Prize, for an outstanding thesis in finance.
Rooya Rahin: Lyman H. Atwater Senior Thesis Prize, for the best thesis on a subject in political science.
Julianna Revelo: Elizabeth Bogan Senior Thesis Prize, for an outstanding thesis on health, education, or welfare economics.
Sophia Zheng: Burton G. Malkiel ’64 Senior Thesis Prize, for an outstanding thesis in finance.
Junze (Tony) Ye: Admiral W. Mack Angus Memorial Prize, in recognition of senior thesis research, summer internships, or extracurricular activities that made significant contributions to society.
This past summer, five Princeton undergraduates embarked on transformative summer internships through support from the Dean Menegas ’83 Fund and a gift from Joyce Chang ‘90 and Family. For students passionate about economics, policy, and finance, these internships are opportunities to bridge theoretical, classroom learning with the practice of policy design and implementation. From financial institutions to think tanks, government agencies, and Capitol Hill, students engaged in diverse projects ranging from economic research to crafting policy proposals and financial modeling. This breadth of exposure hones their analytical skills and nurtures a nuanced, multi-disciplinary understanding of public policy.
NOAH ESHAGHPOUR-SILBERMAN ’26, a sophomore studying in the School of Public and International Affairs, worked with the Barcelona Metropolitan Strategic Planning Authority analyzing the capacity of the Barcelona-El Prat Airport to handle the steep increase in tourism, which poses multiple challenges related to constrained operations, efficiency, and congestion. This analysis addressed multiple criteria: feasibility, environmental concerns, noise concerns, and flexibility. He assisted in crafting policy recommendations to shift some traffic to a secondary regional airport and expand rail and bus connectivity in the region. The recommendations also included steps to restore the Delta del Llobregat adjacent to the airport to serve as a buffer against flooding and support the city’s climate change mitigation efforts.
MARIA ELENI ZIGKA ’24 had the opportunity to work in the office of Congressman John Sarbanes. Zigka, a senior in the politics department pursuing certificates in history, diplomacy, and journalism, assisted Sarbanes’ staff across various policy issues, including environment, energy, health,
voting reform, and foreign policy in the Eastern Mediterranean. Zigka noted that due to gridlock, it often felt like policy work and research were done in vain, but “doing constituent work and seeing my work really making a difference for people was refreshing.” During her internship, Zigka also researched potential reforms to optimize the use of the national electricity grid, an area of particular interest to Rep. Sarbanes, given his role on the Energy and Commerce Committee. “The culmination of my internship was without a doubt the completion of [this] policy research project,” said Zigka.
BRYSON JANDWA ’26, a prospective major in operations research and financial engineering from Tanzania, worked with the Capital Market and Securities Authority (CMSA) of the government of Tanzania. Jandwa studied the potential for introducing Sharia-compliant financial products in Tanzania and their impact on capital markets. He interviewed expert stakeholders, analyzed market data and trends to gauge potential demand for Sharia-compliant financial products, and reviewed necessary legal and regulatory changes. For Jandwa, the project was an immersive experience under the supervision of dedicated mentors. Working with professionals in the CMSA was a highlight of his internship, he said, which “enriched my learning and encouraged me to explore the diverse facets of capital markets regulation.”
SYDNEY PARGMAN ’24, a senior in economics, worked as an economic affairs intern at the United Nations Department of Economic and Social Affairs (DESA). DESA collects global economic, social, and environmental statistics and translates policy frameworks developed at UN conferences into national programs. During his internship, Pargman applied his classroom study of public finance in analyzing and briefing DESA leaders on education, immigration, and environmental policies in different countries. He also helped design DESA’s Digital Knowledge Platform website, a new tool to foster policy discussion and information exchange between member states. Pargman said the internship provided insights into UN functioning and allowed him to “see what diplomacy looks like in practice.” 2023–2024
During his summer internship on Capitol Hill working for then–House Speaker Kevin McCarthy, ABRAHAM JACOBS ’26 said he had the opportunity to gain invaluable insights into the inner workings of the US Congress and the role of a prominent political leader. Jacobs, a sophomore studying public and international affairs, handled various responsibilities, including legislative research, brief preparation, and constituent relations. “My internship on Capitol Hill was a transformative experience that deepened my understanding of American politics, government, and public service,” said Jacobs.
}Doing constituent work and seeing my work really making a difference for people was refreshing.”
MARIA ELENI ZIGKA ’24
2023–2024 graduate associates
y Ishita Batra, MPA, International Development
y Hannah Ceja, MPA, Economics and Public Policy
y Tatiana Forero Pabon, MPA, International Development
y Cherrita Guy, MPA, Economics and Public Policy
y Gregory Kearney, MPA, Economics and Public Policy
y Christian Keith, MPA, Economics and Public Policy
y Ryan Klaus, MPA, Domestic Policy
y Kirsten Kuhn, MPA, Domestic Policy
y Sharon Lai, MPA, Economics and Public Policy
y Haley Lemieux, MPA, Domestic Policy
y Luke Maier, MPA, Economics and Public Policy
y Shua McLean, MPA, International Development
y Paul Nix, Ph.D. Student, STEP
y James O’Donnell, MPA, Economics and Public Policy
y Katie Pannell, MPA, Domestic Policy
y Kacie Rettig, MPA, Domestic Policy
y Patrick Ryan, MPA, Economics and Public Policy
y Arthur Shemitz, MPA, Domestic Policy
y Peter St Quinton, MPP
y Rain Tsong, MPA, Economics and Public Policy
y Daniel Vonarburg, MPA, Economics and Public Policy
y Laura Walzer, MPA, Economics and Public Policy
y Robert Yee, Ph.D. Student, Economic History
y Justine Yu, MPA, Economics and Public Policy
GRADUATE ASSOCIATE AWARDS
Haley Lemieux: Herman (Red) Somers Award, in recognition of distinguished academic performance and service related to domestic policy
Luke Maier: Distinction on the QE2, International Relations
Rain Tsong: High Distinction on the QE2, Economics and Public Policy
curriculum
SELECTED COURSES
ECO 301 Macroeconomics, Mark A. Aguiar, Iqbal Zaidi
ECO 315 Topics in Macroeconomics, Nobuhiro Kiyotaki
ECO 361 Financial Accounting, Donal Byard
ECO 325 Organization and Design of Markets, Jakub Kastl
ECO 342 Money and Banking, Markus Brunnermeier
ECO 362 Financial Investments, Motohiro Yogo
ECO 466 / FIN 521 Fixed Income, Options, and Derivatives, Yacine Aït-Sahalia and Caio Ibsen Rodrigues de Almeida
ECO 492/FIN 592 Asian Capital Markets, JC de Swaan
ECO 494 / FIN 594 Chinese Financial and Monetary Systems, Wei Xiong
ECO 504 Macroeconomic Theory II, Nobuhiro Kiyotaki and Giovanni L. Violante
ECO 523 Public Finance, Henrik J. Kleven
ECO 527/FIN 527 Financial Modelling, Moritz F. Lenel and Wei Xiong
FRS 149 Ethics in Finance, JC de Swaan
POL 335 The Political Economy of the United States, Nolan M. McCarty
POL 385 International Political Economy, Layna Mosley
POL 492 / SPI 422 Political Economy and Development, Leonard Wantchekon
SPI 524 The Political Economy of Central Banking, Alan Blinder
SPI 525 Public Economics and Public Policy, Henrik Kleven
SPI 543 International Trade Policy, Stephen J. Redding
SPI 593B Evolution and Global Diffusion of Macroeconomic Ideas, Ashoka Mody
SPI 594A Behavioral Economics, Roland Bénabou
FINANCIAL MARKETS FOR PUBLIC POLICY PROFESSIONALS
Sixty-two MPA, MPP, and Ph.D. students came together on January 22–24 for the annual short course, Financial Markets for Public Policy Professionals. Created in response to the 2008 global financial crisis, this intensive three-day class is an important complement to the curriculum at Princeton’s School of Public and International Affairs.
Now in its 14th year, this unique mini-course has educated nearly 700 policy graduate students. The material covers aspects of financial markets that should be part of the vocabularies of all public policy practitioners. Students start with the fundamentals of financial markets, including the role of banks and financial intermediaries, and then examine how the Federal Reserve and Treasury operate and how these institutions interact with markets. The core curriculum is complemented with lectures and panel discussions about financial regulation, the Great Financial Crisis, state and local financing in the US, Asian financial markets, and distributed finance. Since 2015, the course has been funded through the generosity of Noah Gottdiener ’78.
Municipal Bond Markets, RJ Gallo, Federated Investors
National and International Financial Regulation, Norm Champ ’85, Kirkland Ellis, LLP; Dianne Dobbeck, Federal Reserve Bank of New York; Carolyn Wilkins, Princeton University and Bank of England; Charles Yi, Federal Housing Finance Agency
12th annual conference
Held February 23–24, 2023, the 12th annual JRCPPF conference explored the macroeconomic policies Sub-Saharan African countries should pursue to support development, growth, and long-term economic resilience. The conference brought together policymakers, academics, and industry experts to explore four areas that will be critical for catalyzing macroeconomic development: trade, industrial policy, monetary and fiscal policies, macroprudential regulations, and regional integration.
The conference speakers were CHRIS CANAVAN, Lions Head Global Capital; JILL DAUCHY, Potomac Group; ADNAN KHAN, UK Foreign, Commonwealth and Development Office; JACOB MOSCANO, Harvard University; LAYNA MOSLEY, Princeton University; VICTOR MURINDE, African Development Institute at the African Development Bank; ABDOULAYE NDIAYE, New York University; CATHERINE PATTILLO, International Monetary Fund; NINA PAVCNIK, Dartmouth University; RICHARD ROGERSON, Princeton University; ZAINAB USMAN, Carnegie Endowment for International Peace; and CAROLYN WILKINS, Princeton University.
} Despite efforts to inject liquidity into developed economies during crises, emerging markets often face higher borrowing costs and liquidity challenges… By establishing innovative financial mechanisms like the liquidity and sustainability facility, we can support economic growth and ensure a brighter future for all.”
} There's truth to the fact that cultures matter, but if you look at the predictions about which countries are going to be disasters 10 years before they became examples of great success, I think we at least owe a lot of humility.”
Ford Foundation International Professor of Economics, MIT
center events
SPRING 2023
A Random Walk Down Wall Street— 50 Years Later! (virtual book talk), Burton Malkiel, Princeton University
Undergraduate Associates Faculty Dinner with Andrea Wilson, Princeton University
Ideas to Articles: Undergraduate Research in Economics & Finance
Chip War: The Fight for the World’s Most Critical Technology (book talk), Chris Miller, Tufts University
Undergraduate Associates Faculty Dinner with John Mulvey, Princeton University
Development Finance Research Workshop Law, Leadership, and Policy (panel discussion) Pierre Gentin, McKinsey & Company, Romona Romero, Princeton University, Udi Ofer, Princeton University
Economic Sanctions against Russia and the Rule of Law: A European Perspective, Marc Bungenberg, Saarland University
Scientific Management and Social Peace: The ILO and the Dissemination of Taylorism in the Interwar Years (EHW), Bianca Centrone, Princeton University
Central Bank Digital Currencies, Fintech, and Policy (panel discussion)
William Dudley, Princeton University, Carolyn Wilkins, Princeton University, Charles Schorin *88, Taconic Advisory Services
Scholars of Finance Mid-Atlantic Symposium, Mike Baxter, Bain Company, Amber Mahone, EThree, Natasha Holbeck, Deloitte, Bill Dunigan, Blackrock, Randy Kane, Profec Partners, Merav Pepere, Morgan Stanley
Investment, Innovation and Implementation: Will the Federal Government’s Efforts Meaningfully Turn the Tide toward a Clean Energy Economy and a More Resilient United States?, Alexis Segal, Senior Congressional Policy Staffer
Coordinating Private Sector Investment to Finance Ukraine’s Reconstruction, Brandon J. Hall, Blackrock
Indo-Pacific Entanglements: Japan and the Development of Capitalism in Madras (1904-64) (EHW), Adhitya Dhanapal, Princeton University
America’s Energy Gamble: People, Economy and Planet (Bradford Seminar Series), Shanti Gamper-Rabindran, University of Pittsburgh
Liquid Constitutionalism and European Economic Governance: The End of Constitutional Pluralism? (EUP), Antonio Estella de Noriega, Universidad Carlos III de Madrid, Spain
Navigating the Complexities of Modern Supply Chains (virtual) John Gray, Ohio State University, Susan R. Helper, US Office of Management and Budget, John Paul Macduffie, Wharton School, University of Pennsylvania, Elisabeth Reynolds, MIT
SVB, Banking Risks, and the Economy (panel discussion), Pallavi Gogoi, Humanities Council, Carolyn Wilkins, Princeton University and Atif Mian, Princeton University
India’s Economic Trajectory: Digitization, Infrastructure and Energy Transitions, Suman Bery, National Institute for Transforming India
Branching Out: Banking and the Globalization of US Power, 1900s-1930s (EHW), Mary Bridges, John Hopkins University
Pakistan: Is There a Way Forward?, Atif Mian, Princeton University and Reza Baqir, Harvard Kennedy School, Alvarez and Marsal
The Future of Green Finance & ESG Standards (virtual) Roger Fergurson, Council on Foreign Relations, Annette Nazareth, Integrity Council for Voluntary Carbon Markets, Lin Peng, Krell Chair Professor in Finance, Baruch College; Visiting Professor, Princeton University, Emily Pierce ’97, Persefoni
The Price of Sovereignty: Russia’s Resources in World War I and the Origins of the Foreign Trade Monopoly, Friedrich Asschenfeldt, Princeton University
Undergraduate Associates Faculty Dinner with Harold James, Princeton University
6th Interdisciplinary Sovereign Debt Research and Management Conference (DebtCon6)
Geopolitics of Oil Price Cycles Amid an Accelerating Energy Transition, (Bradford Seminar Series) Amy Myers Jaffe, New York University
Slouching Towards Utopia: An Economic History of the Twentieth Century (book talk), Brad De Long, University of California, Berkeley
Wall Street District Field Trip
Young Alumni in Finance (JRCPPF Alumni Forum), Soham Daga ’18, TPG, Carmen Huynh ’18, Learn Capital, Hanseul Nam ’19, Spark Capital, Abhiram Karuppur ’19, Ara Partners
Princeton University Economics PreDoc Conference 2023
FALL 2023
India Is Broken: A People Betrayed, Independence to Today (book talk), Ashoka Mody, Princeton University
Scaling Up Climate Technologies in India and the Global South:
Innovations in Venture Capital (panel discussion), Anajali Bansal, Avaana Capital, Swapna Gupta, Avaana Capital, Chris Creig, Princeton University, Elie Bou-Zeid,Princeton University, Moderator: Anu Ramaswami, Princeton University
A Quiet Corporate Sector Revolution in Japan, JC de Swaan, Princeton University
Power and Progress: Our ThousandYear Struggle Over Technology and Prosperity (public lecture) Daron Acemoglu, MIT, Atif Mian, Princeton University
Undergraduate Associates Faculty Dinner with Cecilia Rouse, Princeton University
The Ruble: A Political History (book talk), Ekaterina Pravilova, Princeton University
Expectations from the 28th Conference of the UNFCCC Parties (COP28) and Likely Outcomes (Bradfor Seminar Series), Farrukh Kahn
Undergraduate Associates Faculty Dinner with Atif Mian, Princeton University
Banking on Slavery: Financing Southern Expansion in the Antebellum United States (book talk), Sharon Murphy, Providence College
center events
Undergraduate Associates Faculty Dinner with JC de Swaan, Princeton University
Seven Crashes: The Economic Crises That Shaped Globalization (book talk), Harold James, Princeton University
The Past and Future of Planning (panel discussion), Bill Janeway, University of Cambridge, Liz Chatterjee, University of Chicago, Harold James, Princeton University, Yakov Feygin, Berggruen Institute
State Planning and Private Entrepreneurship in the 20th Century (Conference)
The First Standby Arrangements of the International Monetary Fund in Argentina and Brazil, 1958-64 (EHW), Fernanda Conforto de Oliveira, Geneva Graduate Institute
The Banking Regulatory Outlook: What’s the Right Way Forward? (panel discussion) William Dudley, Princeton University, Aaron Klein *00, Brookings Institution, Carolyn Wilkins, Princeton University
Designing Effective Environmental and Conservation Policies: The Role of Collective Approaches (Bradford Seminar Series), Kathleen Segerson, University of Connecticut
The New China Playbook: Beyond Socialism and Capitalism (book talk), Keyu Jin, London School of Economics
LEADERSHIP
Atif Mian, Director, JulisRabinowitz Center for Public Policy & Finance; John H. Laporte, Jr. ‘67 Professor of Economics, Public Policy and Finance
Pallavi Nuka, Associate Director, Julis-Rabinowitz Center for Public Policy & Finance
Nancy Turco, Program Coordinator, Julis-Rabinowitz Center for Public Policy & Finance
EXECUTIVE COMMITTEE
Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs
Markus Brunnermeier, Edwards S. Sanford Professor of Economics, and Director, Bendheim Center for Finance
Amaney A. Jamal, Dean, Princeton School of Public and International Affairs; 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
Wei Xiong, John H. Scully ‘66 Professor in Finance; Professor of Economics
EXTERNAL ADVISORY COUNCIL
Philip Bennett *79, Board Director, Standard & Poor’s Global Ratings
Michael Bordo, Board of Governor’s Professor of Economics and Director of the Center for Monetary and Financial History, Rutgers University
Joyce Chang *90, Chair of Global Research, JP Morgan Chase & Co.
Mark Genender ’87, Managing Partner, Bristol Growth Capital, LLC
Pierre M. Gentin ’89, Chief Legal Counsel, McKinsey & Company, Inc.
Linda S. Goldberg *88, Financial Research Advisor on Financial Intermediation Policy, Federal Reserve Bank of New York
Robert A. Johnson *86, President, Institute for New Economic Thinking
Mitchell R. Julis ’77, Co-founder and Co-CEO, Canyon Partners, LLC
Christopher Marks *96, Managing Director and Head of Emerging Markets, Mitsubishi UFJ Financial Group
Dean Menegas ’83, General Counsel, Spinnaker Capital Group
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
EDITOR: Pallavi Nuka
DESIGN: Anne Marie Mascia LAYOUT: Nita Congress
PHOTO CREDITS: Sameer Khan, Nancy Turco, Pallavi Nuka
