2022–2023 annual
report
about the center
Established in 2011, the JulisRabinowitz 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
message from the director . . . . . . . . . . . . 1 JRCPPF at a glance 2 2022–2023 faculty affiliates . . . . . . . . . . . 4 faculty research . . . . . . . . . . . . . . . . . . . . . 5 faculty scholarship . . . . . . . . . . . . . . . . . . . 8 faculty in the news . . . . . . . . . . . . . . . . . 10 visitors, fellows, and postdoctoral associates . . . . . . . . . . . . . . . . . . . . . . . . . 12 macrofinance lab . . . . . . . . . . . . . . . . . . . 15 economic history workshop . . . . . . . . . . 16 2022–2023 undergraduate associates . . 18 2022–2023 graduate associates . . . . . . . 21 curriculum . . . . . . . . . . . . . . . . . . . . . . . . 22 center events . . . . . . . . . . . . . . . . . . . . . . 24 11th annual conference . . . . . . . . . . . . . 26
table of contents
The past year was marked by transition as the campus community returned to entirely in-person teaching and research. For many of our current students who began their Princeton career during the pandemic, this was their first fully residential year. In 2022, over 200 student associates participated in the Center’s activities, including talks and conferences, short courses, career workshops, support for summer internships, student-led conferences, the Policy Punchline podcast series, and more.
This year, the Center hosted several visitors, including two doctoral students and postdoctoral associate Alexandre Gaillard. Our predoctoral research program continues to provide invaluable training for careers in academia and policy. Former research assistants are now pursuing doctoral degrees at MIT, Princeton, Northwestern, the University of Chicago, Columbia University, and the London School of Economics. Additionally, two new non-resident fellows from the Center for Economic Research in Pakistan (CERP) and the World Bank have helped expand the Center’s international collaborations and augment the Center’s policy impact. In the coming year, we plan to deepen the partnership with CERP and build a new macroeconomic policy initiative in Africa.
With 31 affiliated faculty, the Center promotes multi-disciplinary and policyrelevant research in finance and macroeconomics. Our work on empirical
macrofinance over the past decade has proved essential to understanding short-run interactions between financial markets and the real economy. In the coming decade, we aim to extend these empirical frameworks to the long run, examining structural changes over the last century, both in advanced economies and globally.
This report highlights the many accomplishments in 2022. The range of academic research, courses, events, and collaborative projects detailed here reflects the dedication of our faculty, students, staff, and alumni. I invite you all to reflect and contribute to shaping the year ahead.
ATIF MIAN Director, Julis-Rabinowitz Center for Public Policy & Finance; John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy, and Finance
1 message from the director
2 JRCPPF at a glance people events conferences engagement
JRCPPF by the numbers
ECONOMIC HISTORY WORKSHOP
5 affiliated faculty
24 affiliated doctoral students
11 seminars and talks
people (2022–2023)
31 affiliated faculty
12 visitors, research associates, and fellows
213 undergraduate student associates
29 graduate student associates
195 student associate alumni
engagement
167 videos posted
3.81k subscribers
424k video views
102k hours watched
166 podcasts
conferences
12 conferences since 2012
2.65k attendees/registrants
194 speakers
15 keynotes
28 lectures and panel events
6 book talks
11 coffee chats
9 student associate leadership lunches
events (2022–2023)
8 student-faculty dinners
2 peer mentorship gatherings
MACROFINANCE LAB
7 faculty and postdoctoral researchers
50 affiliated doctoral students
2 Ph D dissertation fellows
2 summer research fellows
3 summer interns
3
JRCPPF at a glance
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
Miguel Centeno, Vice Dean, SPIA; Musgrave Professor of Sociology; Professor of Sociology and International Affairs
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, Lynn Bendheim Thoman, Class of 1977, and Robert Bendheim, Class of 1937, Professor of Economics and Public Affairs 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
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
Jonathan E. Payne, Assistant Professor of Economics
Stephen J. Redding,* Harold T. Shapiro 1964 Professor in Economics; Professor of Economics and International Affairs; Co-Director, Griswold Center for Economic Policy Studies
David Schoenherr, Assistant Professor of Economics
Eldar Shafir, Class of 1987 Professor in Behavioral Science and Public Policy; Professor of Psychology and Public Affairs
Christopher A. Sims, John F. Sherrerd 1952 Professor of Economics
Leonard Wantchekon, James Madison Professor of Political Economy; 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
4
2022–2023 faculty affiliates
The Center supports EMPIRICAL RESEARCH at the intersection of policy, finance, and macroeconomics. Combining diverse sources of micro- and macro-level data and applying sophisticated econometric methods, this research helps answer macrofinancial questions, including 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. Over the past year, the Center supported the work of seven faculty affiliates.
ALEXANDRE GAILLARD,
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
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 2019 after spending a year as the Pyewacket Research Fellow with the Bendheim Center for Finance
, 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 . One strand of his work uses production network theory to understand industrial policies, specifically the strong government support for upstream industries that is commonly seen in developing economies Another strand of work shows how low, 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 under-investment 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 .
ERNEST
Matray’s research focuses on the distributive effects of financial frictions and the ways in which financial institutions affect economic growth and inequality through the allocation of resources across heterogeneous agents and firms . His work spans innovation and entrepreneurship, corporate investment, household finance, and
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Postdoctoral Research
MORITZ LENEL, Assistant Professor of Economics.
LIU
ADRIEN MATRAY, Assistant Professor of Economics.
faculty research
financial inclusion . One strand of research looks at aspects of financial inclusion for lowincome households and minorities both in the US and in developing countries . A second strand of his work investigates the frictions affecting entrepreneurship, small and medium-sized enterprise (SME) growth, and technology adoption and how new technologies affect SME productivity, employment, and income growth Ongoing work studies how different types of asset bubbles (technological bubbles versus house price 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
ATIF MIAN, Director, JRCPPF
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
JONATHAN E. 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 2007–2009 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 to 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 joined the Princeton faculty in 2020 after spending a year as a Pyewacket Fellow at the Bendheim Center for Finance
MOTOHIRO YOGO, Professor of Economics. Yogo’s fields of expertise are financial economics and econometrics, with research interests in asset pricing, insurance, international finance, and household finance He teaches undergraduate financial investments and graduate asset pricing at Princeton He has co-authored a graduate textbook on the Financial Economics of Insurance 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 . Yogo earned his Ph D from Harvard and an A B in Economics from Princeton
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faculty research
In 1973, BURTON G. MALKIEL published a book called A Random Walk Down Wall Street, which essentially argued that the average investor should not try to pick individual stocks and instead aim to own a broad slice of the market After 50 years and 2 million copies sold, the book has completely revolutionized retail investing and led to the rise of index fund giants like Vanguard and Morningstar
ALAN S. BLINDER’s new book, A Monetary and Fiscal History of the United States, 1961–2021, covers 60 years of economic policy including 10 US presidents, 8 Federal Reserve chairs, 22 Treasury secretaries, and one woman (Janet Yellen) . In this book, Blinder charts the evolution of thinking about the relative importance of monetary and fiscal measures .
MOTOHIRO YOGO’s new book, Financial Economics of Insurance, provides a unified framework to study the impact of financial and regulatory frictions as well as imperfect competition on all insurer decisions Traditionally, insurers focused on idiosyncratic risks through products such as life annuities, life insurance, and health insurance However, with the decline of private defined benefit plans and government pension plans around the world, insurers are using more complex capital management tools to insure against market risks . The book covers all facets of the modern insurance sector, guiding readers through its complexities with empirical facts, institutional details, and quantitative modeling .
scholarly papers
In “The Flight to Safety and International Risk Sharing,” MORITZ LENEL and Rohan Kekre study the business cycle implications of a time-varying demand for safe dollar bonds for the global economy In “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 “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 Kroen, 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 Goldilocks Theory of Fiscal Deficits,” ATIF MIAN and 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
8
scholarship
faculty
books
demographic shifts are behind the decline in real interest rates . A 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 “Political Quid Pro Quo in Financial Markets,” ADRIEN MATRAY and co-authors
Anne Laure Delatte and Noemie Pinardon Touati use evidence on local electoral outcomes in France combined with credit registry data to show that formally independent private banks support local incumbents by increasing credit granted to local firms by 9–14 percent in the year of contested elections . Banks that grant more credit to private firms in election years gain market share in the profitable market for public entity borrowing after the election, when incumbents are re-elected . In another new work, “Tracing Banks’ Credit Allocation to their Funding Costs,” with Anne Duquerroy and Farzad Saidi, Matray quantifies how banks’ funding cost affects lending behavior and the real economy Another paper, “Misallocation and Capital Market Integration: Evidence from India,” joint with Natalie Bau, is forthcoming in Econometrica
In a paper on inequality, business cycles, and growth, ALEXANDRE GAILLARD and co-author Philipp Wangner compare the effectiveness of discretionary stabilization policies, such as social insurance or looser monetary policy, during economic downturns . The analysis provides a rationale to finance stabilizers by issuing government debt and shifting the tax incidence on middle-class households . In a second working paper,
“Wealth, Returns, and Taxation: A Tale of Two Dependencies,” Gaillard and Wagner develop a conceptual framework to study the macroeconomic and welfare implications of wealth redistribution when the returns to wealth are not homogeneous for all wealth classes .
In “Platforms, Tokens, and Interoperability,” JONATHAN E. PAYNE and MARKUS BRUNNERMEIER look at the market power of digital ledger platforms to “lock in” customers, increase their market power, and enforce repayment of uncollateralized credit In other work with George Hall, Tom Sargent, and Bálint Sz˝oke, Payne uses a statistical model to infer term structures of real and nominal yields on US federal bonds during the gold standard era A third working paper, “Covid-19: Inflation and Deflation Pressures,” with Brunnermeier, Sebastian Merkel, and Yuliy Sannikov, examines how the interactions between possible pandemic pathways and redistributive policies affect inflation .
A working paper by MOTOHIRO YOGO and co-authors, “Asset Demand of US Households,” uses new monthly securitylevel data on portfolio holdings, flows, and returns of US households to understand asset demand across the wealth distribution and across broad asset classes “Understanding the Ownership Structure of Corporate Bonds,” with co-author Ralph Koijen, is forthcoming in American Economic Review: Insights A third paper, “The Fragility of Market Risk Insurance,” also with Koijen, was recently published in the Journal of Finance
9 faculty scholarship
YACINE AIT-SAHALIA
y Movement of lower-priced stocks easier to predict for HFT firms – IR Magazine
ALAN S. BLINDER
y The Use and Abuse of Inflation History – Project Syndicate
y The Fed’s Surprising Record With “Soft Landings” from Inflation – The Wall Street Journal
y The Fed Has Good Reasons to Slow Rate Increases – The Wall Street Journal
y Inflation Isn’t Transitory, but It Isn’t Permanent Either – The Wall Street Journal
y If We Get a Recession in 2022 or 2023, It’ll Be a Mild One – The Wall Street Journal
y The Fed’s Mission Improbable: Beating inflation without causing a recession – NPR
y Wish the Fed Luck as It Seeks a Soft Landing on Inflation – The Wall Street Journal
y There’s a 50% to 60% chance of a mild recession next year – CNBC
y Federal Reserve to begin risky pursuit of a “soft landing” – AP News
y America’s inflation turnaround – Axios
y GOP Frets Over the Inflation Reduction Act’s Tiny Tax Increase –The Wall Street Journal
y The Fed has pushed interest rates high because it doesn’t want to repeat the 1970s – NPR
y Biden Isn’t to Blame for Inflation
– The Wall Street Journal
y The Fed Shouldn’t Raise Interest Rates Too Quickly – The Wall Street Journal
MARKUS BRUNNERMEIER
y Europe’s Moral Obligation to Boycott Russian Energy – Project Syndicate
y End of sub-zero: Europe ditches negative rates as inflation surges – Financial Times
y “Markus’ Academy” brings together a virtual community of economics thought leaders –Princeton University News
y Markus Brunnermeier on the need for CBDCs – Central Banking
y Sanctions and the international monetary system – VoxEU
y HarperCollins presents The Resilient Society: Economics After Covid by Markus Brunnermeier –Asian News International
y BOK chief stresses post-pandemic role – The Korea Herald
y There are no good choices for the west on Ukraine – Financial Times
y The main objection to digital currencies is misguided – Financial Times
y EZB; Wenn der Euro digital wird –Süddeutsche Zeitung
y Er jetzt auch noch; Der Euro verliert an Wert, die Inflation steigt immer weiter, und Italiens Schulden werden teurer. Kommt eine neue Euro-Krise? – Die Zeit
y Gefangen in der Kriegswirtschaft – Der Spiegel
y How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History – Liberty Street Economics
MIGUEL CENTENO
y Elite colleges talk a lot about equity. Why are they still overlooking low-income students?
– USA Today
JEAN-CHRISTOPHE DE SWAAN
y How Young Finance Professionals Can Keep Themselves, And Their Firms, Honest – Barron’s
AMANEY A. JAMAL
y The problem of democracy: Islam, liberalism, and American foreign policy – Brookings
y The Middle East Moves On; In Search of a Post-American Order –Foreign Affairs
y Why Democracy Stalled in the Middle East – Foreign Affairs
HAROLD JAMES
y What Happens After the War? –Project Syndicate
y Inflation May Pave the Way to a New Era of Globalisation –Financial Times
y Geopolitics Is for Losers – Aeon
y Faking It, Making It, Losing It –Project Syndicate
y Geopolitical Davids and Goliaths
– Project Syndicate
y Can Truss Be Trusted with the Bank of England? – Project Syndicate
y All that is solid melts into inflation
– Project Syndicate
y Sanctions and the international monetary system – VoxEU
y What If Ukraine Is a Forever Crisis? – Project Syndicate
y A Decade of “Whatever It Takes” – Project Syndicate
y Friends Without Benefits – Project Syndicate
NOBUHIRO KIYOTAKI
y Japan Panel Expert Sessions Will Not Craft New “Accord” With BOJ Minister – Reuters
HENRIK J. KLEVEN
y What Have We (Not) Learned About Taxes and Transfers in the Last Twenty-Five Years? – Nobel Symposium on Inequality
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faculty in the news
BURTON G. MALKIEL
y The Best 50-Year-Old Investing Advice Money Can Buy – The New York Times
y Five Best: Business Books – The Wall Street Journal
y Colleges Aren’t as Rich as They Look – The Wall Street Journal
y Don’t Give Up on the Stock Market – The Wall Street Journal
ADRIEN MATRAY
y Impact of access to banks on development: Evidence from Brazil – VoxDev
NOLAN MCCARTY
y Red and Blue America Will Never Be the Same – The New York Times
y The Myth That Roe Broke America – The Atlantic
ATIF MIAN
y Is the world economy in a debt trap? – The Economist
y The Homeownership Society Was a Mistake – The Atlantic
y Pakistan’s economy faces a policy paralysis – The Economic Times
y “Imran Khan’s foreign begging trips”: Expert on how Pakistan economy went from “bad to worse” – Hindustan Times
y Imran Khan inherited bad economy, but leaves it in even worse shape: Pak economist –Asian News International
y 5 things PML-N needs to do according to economist Atif Mian
– Business Recorder
y Dr Atif Mian Says Petrol Currently 20% Cheaper Than India – The Nation
y Atif Mian: Pakistan has already defaulted and needs “courageous” economic decision
– Business Recorder
ASHOKA MODY
y Policies of Every PM From Nehru to Modi Betrayed Us – The Wire
y Nehru’s fake socialism let India down, erred in not adopting the Japan model: Ashoka Mody – The Times of India
y India: An Uncertain Beginning –Sri Lankan Guardian
LAYNA MOSLEY
y Sri Lanka can’t count on China to solve its debt problems – The Washington Post
y Will Russia really care if US actions make it default on its debt? – The Washington Post
STEPHEN J. REDDING
y How suburban sprawl weighs on the US economy – CNBC
ELDAR SHAFIR
y Why We Are So Cash Conscious –Chicago Booth Review
y Studying health inequalities has been my life’s work. What’s about to happen in the UK is unprecedented – The Guardian
y Opinion: The surprising solution to gun violence – CNN
CHRISTOPHER A. SIMS
y Christopher Sims on modelling the inflation surge – Central Banking
LEONARD WANTCHEKON
y Leonard Wantchekon’s Personal Perspectives on African History and Economics – London Business School Wheeler Blog
y The Woman King’s Official Historian, Leonard Wantchekon
Talks Controversy and History
– Forbes
y African history through the lens of economics – VoxEU
y The Complicated History Behind The Woman King – Time
MOTOHIRO YOGO
y Why Are Financial Markets So Volatile? – Chicago Booth Review
OWEN ZIDAR
y Britain’s Gamble on Tax Cuts Has Economists Warning of Past Mistakes – The New York Times
faculty awards and recognitions
MOTOHIRO YOGO was named Hugh Leander and Mary Trumbull Adams Professor for the Study of Investment and Financial Markets.
MARKUS BRUNNERMEIER was awarded an honorary doctorate from the Faculty of Economics at the University of Regensburg (Germany).
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faculty in the news
The JRCPPF 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.
VERONICA BACKER PERAL
is a senior research specialist at the JRCPPF. 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
DONAL BYARD is a professor of accounting in the Zicklin School of Business at Baruch College, City University of New York . He has taught the Financial Accounting (ECO361) course at Princeton since 2017 . Byard’s 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 several academic journals in accounting In 2008–2009, Byard served as an academic fellow in the Chief Accountants Office of the US Securities and Exchange Commission 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 He is affiliated with both the JRCPPF and the Bendheim Center for Finance . He teaches two courses— Ethics in Finance and Asian Capital
Markets—for Princeton undergraduate and graduate students . He also teaches at the Judge Business School at the University of Cambridge He has also taught at Yale University, Hong Kong UST, and Cheung Kong Business School in Beijing Separately, de Swaan is a partner at Cornwall Capital, an investment fund based in New York Before joining Cornwall, he was a senior advisor on China at a global macro fund and an investment professional at an Asia-dedicated hedge fund, and a consultant at McKinsey & Company At Princeton, de Swaan also hosts speakers on the topic of ethics in finance and acts as a faculty advisor to first-year and sophomore students . He received his B .A . from Yale University in Political Science, an MPhil in International Relations from the University of Cambridge, and an MPP from Harvard University’s Kennedy School of Government He is a Council on Foreign Relations member and an associate fellow of Ezra Stiles College at Yale University
ALEXANDRE GAILLARD is a postdoctoral research associate at the JRCPPF 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 crosscountry relationships between gross domestic product, total factor productivity, and
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visitors, fellows, and postdoctoral associates
international trade . Gaillard received his Ph .D . in Macroeconomics from the Toulouse School of Economics . In Fall 2023, he will join the Economics Department faculty at Brown University
EKATERINA (KATYA)
GRATCHEVA, non-resident fellow, leads the finance function of the $10 billion Climate Investment Funds (CIF) which 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 environmental, social, and corporate governance (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 also advises the Human Rights Measurement Initiative, which measures countries’ performance on human rights and how that contributes to countries’ sustainability In her prior roles 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 of Government, 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 JRCPPF. 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
JONATHON HAZELL is a visiting research scholar and an assistant professor at the London School of Economics, jointly appointed at the Center for Macroeconomics and the Center for Economic Performance .
Formerly, he was a postdoctoral research associate at JRCPPF with a joint appointment in the Department of Economics’ Griswold Center . Hazell is an empirical macroeconomist who focuses on labor markets . Recent research topics include the relationship between wages and unemployment fluctuations, the consequences of changes in the labor share for business cycles, and the determinants of shortrun fluctuations in inflation Hazell holds a Ph D in Economics from MIT and a B A from the University of Cambridge
MIKHAIL MAMONOV is a visiting student at JRCPPF and the Department of Economics He is a Ph D candidate in Economics at CERGE-EI (Czech Republic)
Mamonov’s research interests cover empirical banking, financial regulation, political distortions/financial sanctions and macrofinance . Previously he was a visiting scholar at the University of Zurich and KU Leuven (Belgium) .
visitors, fellows and postdoctoral associates
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visitors, fellows and postdoctoral associates
SERGIO NASCIMENTO is a senior research specialist at the JRCPPF. He received his B .A . in Economics from the University of California, Berkeley, where he also worked as a research assistant . His research interests lie in the intersection between finance, macroeconomics, and econometrics
KARIM NCHARE is a nonresident fellow of the JRCPPF
He is a senior lecturer in econometrics and economics at Vanderbilt University
Previously he was an assistant professor of economics at the African School of Economics and a visiting research scholar at the JRCPPF and the Department of Politics at Princeton University Nchare is an econometrician with research interests in causal inference and nonparametric methods in the presence of censoring, misreporting, and measurement errors, as applied to development economics and policy evaluation questions . Nchare received his Ph .D . in Economics from Pennsylvania State University with a concentration in econometrics He also holds an M Sc in Applied Statistics from the École Nationale Supérieure de Statistique et d’Économie Appliquée and an M Sc in Economics from the University of Montreal
ANNA PESTOVA is a visiting student at the JRCPPF and the Department of Economics
She is a Ph D candidate in Economics a Ph D candidate in Economics at CERGE-EI in Prague, Czech Republic Her research investigates the role of macroeconomic shocks in business cycle fluctuations, with a particular interest in bank credit, financial risks, and micro-level responses to aggregate shocks .
TUDOR SCHLANGER is a senior research specialist at the JRCPPF. He was previously a research assistant at the Bank of Canada, working in the model development division within the department for Canadian economic analysis Tudor 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 JRCPPF 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 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 big and startup technology companies, including Broadcom Corporation (formerly Silicon Spice), Texas Instruments, and Intel Corporation (formerly Dialogic) He co-founded Karnybo Group, investing in latestage pre-IPO technology companies, including Tesla, Twitter, Facebook, Jawbone, Square, and Palantir He is the 2017 recipient of the Lucius N Littauer Award from Harvard University’s Kennedy School of Government 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 an MPA from Harvard’s Kennedy School
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Under the guidance of Atif Mian and Ernest Liu, the MACROFINANCE LAB supports research at the intersection of finance and the macroeconomy. The lab has 50 affiliated doctoral students and helps students develop research ideas from the conceptual stage to a publishable product through research workshops, access to data sources, summer research stipends, dissertation fellowships, and matching qualified undergraduate research assistants. 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 macrolevel 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 Alexandre Gaillard
y Moritz Lenel
y Ernest Liu
y Adrien Matray
y Atif Mian
y Jonathan Payne
y David Schoenherr
PH.D. STUDENTS
y Patrick Agte
y Narek Alexanian
y Max Alston
y Lukas Althoff
y Christine Blandhol
y Francisco Cabezon
y Juan Manuel Castro
Vincenzi
y Anshu Chen
y Kevin Cui
y Jan Ertl
y Abhishek Gaurav
y Rafael Goncalves
y Sebastian Guarda
y Nicolas Hommel
y Michael Jenuwine
y Binyamin Kleinman
Orleansky
y Jiwon Lee
y Kwok Hao Lee
y Chun Beng Leow
y Shiqi 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 Qui
y Junyi Que
y Sebastian Roelsgaard
y Raúl Rosales Guadarrama
y Rafael Schwalb
y Vartan Shadarevian
y Jihong Song
y Ruairidh South
y Robert Wagner
y Peng Wang
y Sifan Xue
y Fangyuan Yi
y Chansik Yoon
y So Hye Yoon
y Yinjie Yu
y Alicia Zhang
y Xiang Zhang
y Ziqiao Zhang
y Haonan Zhou
y Yuci Zhou
macrofinance lab
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 a broadly construed field of economic history.
AFFILIATED FACULTY
Jeremy Adelman, Henry Charles Lea Professor of History; Director of the Global History Lab
Leah Boustan, Professor of Economics
Harold James, Claude and Lore Kelly Professor in European Studies; Professor of History and International Affairs
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 Rebecca Giblon, Coordinator
y Robert Yee, Coordinator
y Zehra Ahmed
y Lukas Althoff
y Friedrich Asschenfeldt
y Bianca Centrone
y Adhitya Dhanapal
y Brendan Greeley
y Jack Guenther
y Peilun Hao
y Liane Hewitt
y Tristan Hughes
y Griffin Jones
y Rob Konkel
y BJ Lillis
y Meredith McDonough
y Johanna Gautier Morin
talks and conferences 2022-23
y Giovanni Pala
y Pablo Pryluka
y Jonathan Raspe
y Neel Thakkar
y Caitlin Tully
y Peng Wang
y Law, Authoritarianism, and Everyday Economic Life in Vargas Era Brazil, Melissa Teixeira *16, University of Pennsylvania
y The Role of the Sentiment in the US Economy: 1920-1934, Ali Kabiri, University of Buckingham
y World War II’s Cartel Menace: International Cartels as Private Governments & Fascist Weapons of Economic Warfare, Lianne Hewitt, Princeton University
y The Economic Weapon: The Rise of Sanctions as a Tool of Modern War, Nicholas Mulder, Cornell University
y Streets of Gold: America’s Untold Story of Immigrant Success, Leah Boustan, Princeton University
y The Sassoons: The Global Merchants and the Making of a Dynasty, Joseph Sassoon, Georgetown University
y The Antislavery Moment: Capitalism, Democracy, and Abolition in the Nineteenth-Century Atlantic (conference)
y A Monetary and Fiscal History of the United States: 1961–2021, Alan S. Blinder, Princeton University
y Industrious Nations: Reconsidering Nationality and Economy in the Soviet Union (conference)
y What Makes Countries Rich and What Keeps Them Poor: Insights from Europe’s Growth Champion, Marcin Piatkowski, Kominski University, World Bank
y Tea War: A History of Capitalism in China and India, Andrew Liu, Villanova University
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economic history workshop
The JRCPPF STUDENT ASSOCIATES PROGRAM offers a range of co-curricular activities that complement coursework in economics, finance, and public policy. Student associates interact with Center-affiliated faculty, contribute to research, and meet high-profile speakers and visitors from 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 29 graduate and 213 undergraduate student associates from across campus . Forty percent of the student associates are concentrating in economics, 19 percent in operations research and financial engineering, 16 percent in public and international affairs, and 9 percent in computer science and engineering
The student-run podcast series Policy Punchline, which is supported by the Center, is now in its fifth year and has published 166 episodes featuring student interviews with scholars, authors, business leaders, and policymakers This long-form podcast allows students to build on classroom learning and engage with current issues The Center also supports the student-led Princeton Women in Economics and Policy Initiative, which leads career-oriented workshops, a year-long mentorship program, and networking events .
This past year, the center organized a Finance Field Day in New York City featuring a tour of the Financial District and a panel discussion with Princeton alumni at McKinsey and Company .
Finally, the JRCPPF Alumni Forum, launched in 2020 by former student associates from the Class of 2019 continues to grow . The JRCPPF now has 195 student associate alumni . As part of Princeton’s Reunions in May 2022, the alumni forum hosted an in-person panel discussion on sovereign debt with Professor Layna Mosley, Mark Plant *82, and Linda Goldberg *88
2022 undergraduate prize and award winners
Emily Philippides, Griswold Center for Economic Policy Studies Senior Thesis Prize, awarded annually to five seniors with the best policy-relevant theses
Katharine McCallum, Leigh Buchanan Bienen and Henry S. Bienen Senior Thesis Prize from the East Asian Studies Program
Kenneth D. Gonzalez Santibanez, C.O. Joline Prize in American History, awarded for the two best theses by a senior on any phase of American history
Roopa Venkatraman, Philo Sherman Bennett Prize in Politics, awarded to the junior or senior who has written the best essay discussing the principles of free government
Richard Yang, Howard Crosby Warren Prize, awarded to the seniors with the highest overall combined senior thesis, comprehensive exam, and psychology course grades
class of 2021 undergraduate theses
Arman Badrei, “In Media We (Ought to) Trust: How the US Media Can Rebuild Trust” (Advisor: Jan-Werner Mueller)
Danice Ball, “Soundtrack to the End of the World: Sonification of Climate Model Projections” (Advisor: Catherine Peters)
George Baughan, “Counterterrorism and Confinement: How Chinese Officials Amplified the U. S’s GWOT Policy Against the Uyghurs in Xinjiang” (Advisor: Martin Flaherty)
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2022–2023 undergraduate associates
Guillermo de la Torre, “Economic Integration and Latin American Spreads: The Effects of Bilateral Free Trade Agreements with the US on Country Risk Premia” (Advisor: Natalie Cox)
Leland Domaratzky, “Commercial Banks and Monetary Transmission: Does the Federal Reserve Still Need Its Frontline Soldiers? (Advisor: Alan S. Blinder)
Owen Engel, “The Grip of Black Gold: The Natural Resource Curse, Jobs C4risis and Appalachian Coal Country’s Struggle for Economic Survival” (Advisor: Amy Craft)
Julie (Chengzhi) Fang, “The Impact of Climate Change on Migration from Central America to the United States” (Advisor: Swati Bhatt)
Kenneth D. Gonzalez Santibanez, “Broken Treaties, Broken Lives: A Legal History of Mexican-American Dispossession in Arizona, 18541912” (Advisor: Laura Edwards)
Joshua Haile, “Statues of Strife: Why Cities Recontextualize Confederate Monuments” (Advisor: Paul Frymer)
Qingxi (Tim) Jia, “Stimulating the Brain and Spinal Cord: A ShortCircuit or the Future of Targeted Therapy?” (Advisor: Elizabeth Gould)
Gio Kim, “The Fairest of Them All: Exploring the Effect of Fairtrade Certification on Gender Equality in Coffee Farms Across the Coffee Belt Regions” (Advisor: Ellora Derenoncourt)
y Charles An
y Arman Badrei
y Danice Ball
y George Baughan
y Allen Dai
y Leland Domaratzky, Highest honors
Samuel Lee, “Premature Deindustrialization and the Rise of China: Analyzing the Impact of Trade on Mexico’s Structural Change” (Advisor: Nicholas Buchholz)
Arturo Leis-Pretto, “The Effect of Undergraduate Student Loan Debt on Labor Market Outcomes”
(Advisor: Henrik Kleven)
Sophia Lewandrowski, “Value Creation in Uncertain Regulation: Investor Management of FDA Medical Device Approval” (Advisor: Jonathan Payne)
Katharine McCallum, “Picking Quarrels and Creating a Disturbance: An Analysis of the Survival of China’s Grassroots Feminist Movement on Social Media” (Advisor: Martin Flaherty)
Emiri Morita, “Infrastructure and New Technology Adoption: Assessing the Impact of Transmission Availability on New Solar and Wind Entries Using Power Plant Retirements as a Proxy”
(Advisor: Adam Kapor)
Mouhamed Ndiaye, “La Question Linguistique : École Cheikh Anta Diop ou École d’Éloge de la Créolité”
(Advisor: Nick Nesbitt)
Christal Ng, “The Impact of Initial Public Offerings on the Housing Market and Employment in the United States” (Advisor: Adrien Matray)
Phoebe Park, “Measuring Income and Racial Inequality in Transportation Access to Emergency Medical Services: Method
Development” (Advisors: Alain Kornhauser and Anu Ramaswami)
Emily Philippides, “Strapped for Cash: The Effect of Wages and Minimum Wage Increases on Delinquency Risk for Residential Mortgages” (Advisor: Ernest Liu))
Kevin Polanish, “Modernity, Money, Morality and Malthus: International Settlement and the 1923 Greek Refugee Crisis” (Advisor: Natasha Wheatley)
Bailey Ransom, “To Embrace, Avoid, or Disavow?: How Perceived Candidate Positions on ‘Defund the Police’ Impact Voting Decisions”
(Advisor: Udi Ofer)
Cindy Song, “The Impact of Broadband Speeds on Academic Performance: Evidence from New York Zip Codes” (Advisor: Swati Bhatt)
Roopa Venkatraman, “Oil or Islam?: Female Labor Force Participation in Benin and Nigeria”
(Advisor: Leonard Wantchekon)
Richard Yang, “Disentangling Multimodal Scaffolding: An Investigation into the Potential of Social Cues to Bolster Word Learning from Adult-Directed Speech”
(Advisor: Casey Lew-Williams)
Victoria Zhou, “LAX ANTITRUST: Impact of Horizontal Merger Enforcement on Competition Dynamics and Investment in Innovation” (Advisor: John Grigsby)
class of 2022: undergraduate associates
y Julie (Chengzhi) Fang, Honors
y Aatmik Gupta
y Joshua Haile
y Qingxi (Tim) Jia
y Gio Kim
y Samuel Lee
y Guillermo de la Torre, High honors
y Owen Engel, High honors
y Arturo Leis-Pretto, Honors
y Sophia Lewandrowski, Honors
y Katharine McCallum, Highest honors
y Emiri Morita, Honors
y Mouhamed Ndiaye
y Christal Ng
y Phoebe Park
y Emily Philippides, Honors
y Kevin Polanish, Highest honors
y Bailey Ransom, Honors
y Kenneth D. Gonzalez Santibanez, Honors
y Cindy Song, Honors
y Roopa Venkatraman, Honors
y Richard Yang, Highest honors
y Victoria Zhou, Honors
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2022–2023 undergraduate associates
2022–2023 undergraduate associates
y Moses Abrahamson ‘25
y Sayf Addassi ‘23
y Adwoa Afrifa ‘24
y Akshat Agarwal ‘26
y Ebun Ajayi ‘24
y Nikhil Ajjarapu ‘24
y David Akpokiere ‘24
y Jacob Alayof ‘23
(Co-Director of Events}
y Mohamed Alghondakly ‘23
y Sofia Alvarado ‘23
y Rohan Amin ‘24
y William Ao ‘24
y Anika Asthana ‘25
y Avi Attar ‘25
y Darin Avila ‘23
y Nazdar Ayzit ‘23
y Rawand Aziz ‘25
y Abhimanyu Banerjee ‘23
y Ovinabo Banerjee ‘25
y Michael Bath ‘25
y Naomi Benenson ‘23
y Joaquin Peralta Bierman ‘25
y Samir Bhojwani ‘25
(Co-Director of Recruitment)
y Malik Bigharassen ‘25
y Dickson Bowman ‘24
y Roy Boyd ‘26
y Anjali Brunnermeier ‘25
y Mindy Burton ‘23
y John Catherman ‘26
y Luke Chan ‘25
y Max Chan ‘23
y Julia Chang ‘24
y Uanne Chang ‘24
y Connor Chen ‘25
y Brandon Cheng ‘25
y Sam Chiang ‘25
y Melissa Chun ‘24 (Co-Director of Communications)
y Anna Cornelissen ‘25
y Michael Deschenes ‘25
y Jason Ding ‘25
y Stephen Dong ‘24
y Jampel Dorjee ‘24
y Chieu An Duong ‘26
y Mohammed Elzubeir ‘23
y Maxfield Evers ‘25
y Sophia Fang ‘24
y Shlomo Fortgang ‘25
y Luke Freeman ‘25
y Steven Freidenrich ‘24
y Jason Fuller ‘26
y Joey Gant ‘26
y Jiangying Gao ‘23
y Benjamin Gelman ‘23
y Sreesha Ghosh ‘23
y Sofie Grouws ‘25
y Aatmik Gupta ‘23
y Alan Gutiérrez ‘25
y Teddy Gutman ‘24
y Hajra Hamid ‘25
y Daphne Hao ‘25
y Samantha Hariz ‘26
y Noah Harrigan ‘24
y Andy He ‘23
y Ethan Hicks ‘26
y Erica Hsueh ‘24
y Daniel Hu ‘24
y Jonathan Hu ‘26
y Xuanying Hua ‘26
y Elaine Huang ‘25
y Michelle Huang ‘24
y Neo Huang ‘23
y Calvin Hunt ‘24
y Brandon Hwang ‘26
y Owais Ibrahim ‘25
y Tejas Iyer 26
y Sabina Jafri ‘24
y Ishaan Javali ‘26
y Julian Jensen-Lim ‘25
y Bofan Ji ‘24
y Nicharee Jiraphanphong 25
y Jack Johnson ‘23
y Asher Joy ‘23
y Jiwon Jun ‘24
y Kanishkh Kanodia ‘23
y Natali Kim ‘24
y Daniel Kim ‘26
y Nicole Klausner ‘24
y Vivek Kolli ‘24 (Vice Chair)
y Katie Kolodner ‘24
y Kriti Kothari ‘23
y Catherine Kruse ‘23
y Christian Lalin ‘25
y Natalia Lalin ‘24
y Sowon Lee ‘23
y Hyunwook Lee ‘26
y Aaron Leung ‘23
y Richard Li ‘24
y Callia Liang ‘25
y Jeffrey Lioa ‘24
y Abigail Leibowitz ‘26
y Alan Lin ‘24
y Jonathan Lin ‘24
y Kate Liu ‘23
y Astor Lu ‘26
y Chris Luo ‘23
y Daniel Lyons ‘23
y Coulter Macksey ‘25
y Tinney Mak ‘25
y Vincent Marin ‘25
y Emiliano Martinez Benitez ‘24
y Hugh Markham ‘26
y Julio (JC) Martinez ‘23
y Jennifer Melo ‘25
y Leena Memon ‘25
y Uma Menon ‘24
y Luke Miller ‘26
y Gianmarco Miranda Bueno ‘25
y Anais Mobarak ‘25
y Sakariya Mohamud ‘25
y Paola Moncada ‘25
y Kaustuv Mukherjee ‘26
y Aniket Mukherji ‘24
y Nolan Musslewhite ‘25 (Co-Director of Events)
y Patrick Newcombe ‘25
y Han Nguyen ‘24
y Windsor Nguyen ‘25
y Vinh Nguyen ‘25
y Isla Okkinga ‘23
y Justin Ong ‘24 (Co-Chair)
y Lia Opperman ‘25
y Alen Palic ‘23
y Ananya Parashar ‘24
y Kelly Park ‘25
y George Pavlakis ‘24
y Walker Penfield ‘25
y Joanne Peng ‘25
y Marko Petrovic ‘24
y Kok Wei Pua ‘25
y Allison Qi ‘24
y Skyla Qian ‘25
y Maiya Raghu ‘25
y Rooya Rahin ‘23
y Griffen Rakower ‘23
y Jeanna Raphael ‘26
y Laya Reddy ‘25 (Co-Director of Outreach)
y Shirley Ren ‘24 (Co-Chair)
y Julianna Revelo ‘23
y River Reynolds ‘23
y Alexandra Roberts ‘25
y Nelson Rogers ‘24
y Jeremiah Romagnoli ‘25
y Mark Rosario ‘24
y Keletso Rosenberg 26
y Rebecca Roth ‘24 (Policy Punchline Liaison)
y Tiana Ruden ‘24
y Shakhnoza Salimjonova ‘24
y Felicia Sanders ‘25
y Maya Satchell ‘24
y Matej Sekulic ‘24
y Mohan Setty-Charity ‘24
y Kellsie Shan ‘24
y Albert Shi ‘26
y Sam Shi ‘26
y John Shin ‘25
y Fariha Shoily ‘25
y Maguire Sholette ‘25
y Zoe Simon ‘24
y Tevin Singei ‘25
y Alex Slusher ‘23
y Emmy Song ‘24
y Zequn Song
y Sriram Srinivasan ‘23
y Adiytha Sriram ‘23 (Co-Director of Outreach)
y Sophia Steele ‘23
y Jason Sutton ‘25
y Nicole Svensson ‘24
y Yoo Shin Tanai ‘23
y David Tang ‘25
y Kenneth Taylor ‘24
y Yash Thakkar ‘26
y Mason Thieu ‘25
y Christopher Thomas ‘24 (Co-Director of Mentorship)
y Kevin Thomas ‘26
y Dylan Tie-Shue ‘24
y May Tieu ‘23
y Nicole Torres ‘26
y Joe Tyson ‘26
y Gloria Ukaoma ‘25
y Lana Utley ‘24
y Abhi Vellore ‘25 (Co-Director of Mentorship)
y Kritin Vongthongsri ‘24
y Bryan Wang ‘24
y Daniel Wang ‘26
y Ethan Wang 26
y Evan Wang ‘24
y Gloria Wang ‘24 (Co-Director of Recruitment)
y Grace Wang ‘23
y Lawrence Wang ‘24
y Jack Warden ‘23
y Jim Williams ‘26
y Haven Won ‘23
y Eric Wong ‘23
y Allen Wu ‘24
y Karina Wugang ‘24
y Annie Xiong ‘25
y Stone Yang ‘24
y Tony Ye ‘23
y Madeline Yu ‘23
y Jason Yuan ‘24
y Aster Zhang ‘24
y Rosalinda Zhao ‘26
y Sophia Zheng ‘23
y Oliver Zhong ‘25 (Co-Director of Mentorship)
y Brian Zhou ‘26
y Jacqueline Zhou ‘26
y Olin Zimmet ‘26
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class of 2022 graduate associates
Bridget Kelly, Winner of the David Bradford Prize for achievement and exemplary citizenship in the Program in Science, Technology, & Environmental Policy
Ajita Agarwala, MPA, Economics and Public Policy
Juan Pablo Alvarez Enríquez, MPA, International Development
George Brady, MPP, International Development Policy
Karel Chromy, MPP, Economics and Public Policy
Jack Diao, MPA, Economics and Public Policy
Karlin Gatton, MPA, Economics and Public Policy
Sophie Graham, MPA, Economics and Public Policy
Philippa Haven, MPA, Economics and Public Policy
Liane M. Hewitt, Ph.D., Economic History
Bridget Kelly, MPA, Domestic Policy
Chang-Boong Lee, MPA, Economics and Public Policy
Jia Jun Lee, MPA, Economics and Public Policy
Joshua Seawell, MPA, Economics and Public Policy
Gizem Sucuoglu, MPP, International Relations
Kantheera Tipkanjanarat, MPA, International Development
Francis Torres, MPA, Economics and Public Policy
Juan Carlos Urcia Barea, MPA, Domestic Policy
Maria Luisa Zeta Valladolid, MPA, Economics and Public Policy
y Funke Aderonmu, MPA, International Development , ‘24
y Friedrich J. Asschenfeldt, Ph.D. Student, History, ‘24
y Ishita Batra , MPA, International Development , ‘23
y Hannah Ceja, MPA, Economics and Public Policy, ‘23
y Charlie Fraser, MPA, International Development , ‘24
y Cherrita Guy, MPA, Economics and Public Policy, ‘23
y Gregory Kearney , MPA, Economics and Public Policy, ‘23
y John Kearns, MPA, Economics and Public Policy, ‘24
y Christian Keith, MPA, Economics and Public Policy, ‘23
y Ryan Klaus, MPA, Domestic Policy, ‘23
y Kimberly Kreiss, MPA, Economic Policy, ‘24
y Sharon Lai, MPA, Economics and Public Policy, ‘23
y Haley Lemieux, MPA, Domestic Policy, ‘23
y Daniel Lyng, Ph.D. Student, Politics, ‘25
y Luke Maier, MPA, Economics and Public Policy, ‘23
y Shua-Kym McLean, MPA, International Development , ‘23
y Paul Nix, Ph.D. Student, STEP, ‘23
y James O’Donnell, MPA, Economic Policy, ‘23
y Katie Pannell, MPA, Domestic Policy, ‘23
y Fernando Pernas, MPA , Economics and Public Policy, ‘24
y Kacie Rettig, MPA, Domestic Policy, ‘23
y Patrick Ryan, MPA, Economics and Public Policy, ‘23
y Arthur Shemitz, MPA, Domestic Policy, ‘23
y Peter St. Quinton, MPP, ‘23
y Daniel Vonarburg, MPA, Economics and Public Policy, ‘23
y Laura Walzer, MPA, Economics and Public Policy, ‘23
y Evelyn Wong, MPA, International Development , ‘24
y Robert Yee, Ph.D. Student, Economic History, ‘23
y Justine Yu, MPA, Economics and Public Policy, ‘23
2022–2023 graduate associates
financial markets for public policy professionals
On January 25–28, an enthusiastic group of MPA, MPP, and Ph .D . students spent the final three days of the Winter session immersing themselves in the details of financial markets
Now in its 13th year, the intensive threeday course provides a framework for future public policy professionals and generalists to understand the operations of financial institutions, the economic purposes they serve, the markets in which they deal, and the regulatory environment in which they operate
2023 PROGRAM AND SPEAKERS
Introduction to Financial Accounting, Donal Byard, Zicklin School of Business, Baruch College
Framework for Understanding Financial Markets
Lance Eckel, Finance IQ
The Great Financial Crisis, Rosalind Wiggins, Director of the Program on Financial Stability, Yale School of Management
Municipal Bond Markets, RJ Gallo, Head, Municipal Bond Investment Group, Federated Investors
Fintech & Public Policy, Charles Schorin *88, Managing Member, Taconic Advisory Services
Financial Regulation, Carolyn Wilkins, External Member, Bank of England Policy Committee Charles Yi *03, Partner, Arnold & Porter
International Finance, Ashoka Mody, Charles and Marie Robertson Visiting Professor in International Economic Policy, Princeton University
Asian Capital Markets, Jean-Christophe de Swaan, Visiting Lecturer in Economics, Princeton University; Partner, Cornwall Capital
virtual short course at a glance
Date: January 25–28, 2023
Audience: 37 Princeton graduate students; 18 African School of Economics (ASE) graduate students; 15 staff members of the Central Bank of West African States
Topics: Accounting principles, financial markets, regulations and policy
Financial support: Noah Gottdiener ’78
More info: https://jrc.princeton.edu/teaching/fmpp
92% percent of student respondents want the JRCPPF to continue to offer this short course.
curriculum
center events
Sustainable Finance: Challenges for Emerging Market Economies, Andrew Sheng, Hong Kong University and China Banking Regulatory Commission
The Role of the Sentiment in the US Economy, 1920-1934, Ali Kabiri, University of Buckingham (Economic History Workshop)
How Boards Work: And How They Can Work Better in a Chaotic World, Dambisa Moya (book talk)
spring 2022
DeFi and How Blockchain Will Transform Financial Services, Asiff Hirji, Figure Technologies and Jonathan Payne, Princeton University
Ideas to Articles: Undergraduate Research in Economics & Finance, Leland Domaratzky ‘22, Faizaan Kisat *22, Lira Moto, Princeton University, Emily Philippides ‘22
JRCPPF 11th Annual Conference: Evidence to Action: Achieving the Net-Zero 2050 Targets, Keynotes: Patrick Bolton, Columbia University and Barbara Buchner, Climate Policy Initiative
Corporate Sustainability: ESG Symposium, Part I, Richard Hutchinson, Boston Consulting Group; Michael Goltzman, the Coca-Cola Company; and Tori Kaplan, Truist Financial Corporation
Law, Authoritarianism, and Everyday Economic Life in Vargas Era Brazil, Melissa Teixeira *16, University of Pennsylvania (Economic History Workshop)
ESG and Sustainable Investing: ESG Symposium, Part II (virtual), Ron Jarvis, Home Depot; Scott Kalb, New America Foundation; Cecilia Chao, Bain Capital
World War II’s ”Cartel Menace”: International Cartels as Private Governments & Fascist Weapons of Economic Warfare, Lianne Hewitt, Princeton University (Economic History Workshop)
Frontiers of Finance: How Carbon Markets Can Help Save Tropical Forests, Wilson Ervin ‘82, Equilibrium Capital and Credit Suisse
The Economic Weapon: The Rise of Sanctions as a Tool of Modern War, Nicholas Mulder, Cornell University (book talk/ Economic History Workshop)
Catalyzing Climate and Green Finance: Shandong Green Development Fund, Hubert Jenny
Infrastructure Development and Financing Panel, Juan Fernando Echeverri Vargas, World Bank-Global Infrastructure Facility; Elan Cusiac-Bar, CPCS; Jyoti Bisbey, World Association of PPP Units
Conversation on Pakistan’s Economy, Atif Mian, Princeton University
Africa’s Critical Choices: New Directions for a Pan-African Roadmap to Development, Ibrahim Assane Mayaki, African Union Development Agency (AU-NEPAD)
24
Climate Investment Funds: Financing a Just Transition in Developing Countries, Ekaterina (Katya) Gratcheva, Climate Investment Funds
Careers in Finance & Policy –NYC Field Day
Managing Sovereign Debt in a Changed World: Economics, Politics & Finance, Mark Aguiar, Princeton University, Linda Goldberg, Federal Reserve Bank of New York, Layna Mosley, Princeton University, Mark Plant, Center for Global Development
fall 2022
Career & Family: Women’s Century-Long Journey Toward Equity, Claudia Goldin, Harvard University (book talk)
Will New Federal Policy
Put the United States on the Path to Net-Zero?, Jesse Jenkins, Princeton University
Streets of Gold: America’s Untold Story of Immigrant Success, Leah Boustan, Professor of Economics and Director, International Relations Section (book talk/Economic History Workshop)
Finance Career Day, Sara Diressova ‘18, AQR, Abhiram Kappur ‘19, Ara Partners, Julie Kim ‘21, Barclays
Practical Asset Pricing and Options Theory in FX Markets, Adam Iqbal, Goldman Sachs
The Sassoons: The Global Merchants and the Making of a Dynasty, Joseph Sasson, Georgetown University (Economic History Workshop)
The Antislavery Moment: Capitalism, Democracy, and Abolition in the Nineteenth-Century Atlantic (conference/Economic History Workshop)
The Euro After Covid-19 and the War in Ukraine, Federico Febbrini, Dublin City University
A Monetary and Fiscal History of the United States, 1961–2021, Alan S. Blinder, Princeton University (book talk/Economic History Workshop)
Industrious Nations: Reconsidering Nationality and Economy in the Soviet Union (conference/ Economic History Workshop)
Ideas to Articles: Undergraduate Research in Economics and Finance, Shirley Ren ‘24, Princeton University, Veronica Backer Peral, Princeton University, Gabriel Swagel ‘20, Princeton University
What Makes Countries Rich and What Keeps Them Poor: Insights from Europe’s Growth Champion), Marcin Piatkowski, Kominski University, World Bank (book talk/Economic History Workshop)
Money (Not) to Burn: Payments for Ecosystem Services to Reduce Crop Residue Burning, Seema Jayachandran, Princeton University
A Single Market No More: The End of Euro-Kludges, Luis Garicano, Columbia University
Tea War: A History of Capitalism in China and India, Andrew Liu, Villanova University (Economic History Workshop)
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Since 2012 the JRCPPF has organized an annual conference that brings together experts from academia, government, and industry to discuss multidisciplinary solutions to issues of global concern. Held virtually on February 24 and 25, 2022, our 11th annual conference, EVIDENCE TO ACTION: ACHIEVING THE NET-ZERO 2050 TARGETS, convened leading climate scientists, engineers, policymakers, social scientists, and finance experts to discuss the sweeping transformations in technology, markets, and politics needed to reach carbon neutrality. The conference was organized in partnership with the Center for Policy Research on Energy and Environment, the Andlinger Center for Energy and the Environment, and the High Meadows Environmental Institute.
The 2015 Paris Agreement called on the world to limit global warming to 2 degrees Celsius above preindustrial levels—and preferably around 1.5 degrees Celsius—to reduce the risk of extreme weather and ecosystem failure. Since then, the target of net-zero emissions, where emissions produced are mitigated by carbon capture or other measures, has emerged as the global target to achieve by year 2050. Here are the key takeaways from this conference:
• Net-zero by 2050 is the best way to avoid catastrophic global warming.
• The path to net-zero will change our infrastructure, lifestyles, and institutions.
• Changing behavior and attitudes will take planning and coordination across sectors.
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• Carbon pricing has great promise but perhaps limited effectiveness.
• The financial industry needs to deal with the climate-risk problem.
• Global investment to fight climate change is rising—but too slowly.
The industry has to think systematically about climaterelated financial risks and align their balance sheets and portfolios with net-zero targets. In a mature market with 40 percent of financial assets pursuing some form of ESG [environmental, social, and corporate governance] strategy, it’s no longer possible for ESG strategies to…allow investors to do well by doing good. …There’s little evidence that shareholder engagement has had a significant impact in curbing corporate carbon emissions
Keynote Speaker PATRICK BOLTON, Zalaznick Professor of Business at Columbia Business School
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It’s clear that incremental increases in climate finance will not be sufficient. Public and private finance must increase decisively and should count in trillions, not in billions, as it is at the moment. The money is there. …When you look at conventional, non-climate finance investment, you know that trillions are already spent on carbon-intensive products and sectors, from fossil fuel energy to combustion enginereliant vehicles, to new buildings that are still energy intensive. If we proceed with the status quo, we will face catastrophic consequences, both economically but also in humanitarian and environmental terms.
Keynote Speaker BARBARA BUCHNER, Global Managing Director of the Climate Policy Initiative
conference speakers
y Leon Clarke, Research Professor; Acting Director of the Center for Global Sustainability, University of Maryland
y Felix Creutzig, Professor for Sustainability Economics of Human Settlements, Mercator Institute and Technical University Berlin
y Kristie Ebi, Professor, Center for Health and the Global Environment, University of Washington
y Christian Gollier, Professor of Economics and Executive Director of the Toulouse School of Economics
y Connie Hedegaard, former EU Commissioner for Climate
y Zelina Zaiton Ibrahim, Associate Professor of Environmental Management and Statistics, IPCC and University Putra
y Jesse Jenkins, Assistant Professor of Mechanical and Aerospace Engineering and the Andlinger Center for Energy and the Environment, Princeton University
y Sarah Kapnick ’04, Managing Director, Senior Climate Scientist & Sustainability Strategist, JP Morgan Chase & Co.
y Gunnar Luderer, Chair of Global Energy Systems, Technische Universität Berlin; Head, Energy Systems Research, PIK
y Ilissa Ocko *13, Senior Climate Specialist, Environmental Defense Fund
y Mar Reguant, Associate Professor of Economics, Northwestern University
y Jessika Trancik, Professor at the Institute for Data, Systems, and Society, MIT
y Detlef Van Vuuren, Professor in Integrated Assessment of Global Environmental Change, Utrecht University; Senior Researcher, PBL Netherlands Environmental Assessment Agency
y Gernot Wagner, Clinical Associate Professor, New York University
y Christopher Greig, Senior Research Scientist, Andlinger Center for Energy and the Environment, Princeton University
y Simon Levin, James S. McDonnell Distinguished University Professor in Ecology and Evolutionary Biology, Princeton University
y Denise Mauzerall, Professor of Civil and Environmental Engineering and Public and International Affairs, Princeton University
y Atif Mian, Professor of Economics, Public Policy and Finance, Princeton University
y Michael Oppenheimer, Albert G. Milbank Professor of Geosciences and International Affairs; Director of the Center for Policy Research on Energy and the Environment, Princeton University
y Elke Weber, Gerhard R. Andlinger Professor of Energy & the Environment, Professor of Psychology and Public Affairs, Princeton University
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leadership
Atif Mian, Director, JRCPPF; John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance
Pallavi Nuka, Associate Director, JRCPPF
Nancy Turco, Program Coordinator, JRCPPF
executive committee
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; 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, John H. Scully ‘66 Professor in Finance; Professor of Economics
