Shows
Markus' AcademyA Conversation with John Maynard AI Keynes, about AI, generated by AI | Markus' Academy | Ep. 155Follow the link for the full summary:https://markusacademy.substack.com/p/a-conversation-with-john-maynardLink to sign up for the webinar series:https://markusacademy.substack.com/In this special episode of Markus’ Academy we debut a new format: a conversation with John Maynard Keynes, recreated through an AI model grounded in his collected writings and archival audio.Keynes’ ideas reshaped modern macroeconomics. Here, Markus Brunnermeier asks AI Keynes how his theories have held up over the last century since the publication of his 1930 essay "Economic Possibilities for Our Grandchildren," espe...
2026-08-2527 minMarkus' AcademyLessons From the Banking Crisis | Markus' Academy | Ep. 110Follow the link for the full summary:https://markusacademy.substack.com/p/lessons-from-the-banking-crisisLink to sign up for the webinar series:https://markusacademy.substack.com/On March 30, 2023, Bill Dudley joined Markus’ Academy for a lecture on Lessons From the Banking Crisis. Dudley is a Senior Research Scholar at Princeton University’s Griswold Center for Economic Policy Studies and former President of the Federal Reserve Bank of New York.Timestamps:[3:56] What went wrong at SVB? [9:52] The FDIC and the Fed’s lending facilities[36:50] Implications for mo...
2026-08-011h 15Markus' AcademyDebt-Inflation Channel of the German Hyperinflation | Markus' Academy | Ep. 109Follow the link for the full summary:https://markusacademy.substack.com/p/debt-inflation-channel-of-the-germanLink to sign up for the webinar series:https://markusacademy.substack.com/On March 23, 2023, Emil Verner joined Markus’ Academy to discuss his paper The Debt-Inflation Channel of the German Hyperinflation (Brunnermeier et al., 2025). Verner is the Class of 1957 Career Development Professor and an Assistant Professor of Finance at MIT Sloan.Timestamps:[0:00] Introduction[4:49] Motivation: how does inflation transmit to the real economy? [17:23] Historical background[32:36] Newly digitized firm-level data[46:35] The evidence of the debt-inflation cha...
2026-08-011h 10Markus' AcademyLessons Learned from the SVB Bank Failure | Markus' Academy | Ep. 108Follow the link for the full summary:https://markusacademy.substack.com/p/lessons-learned-from-the-svb-bankLink to sign up for the webinar series:https://markusacademy.substack.com/On March 16, 2023, Lawrence H. Summers joined Markus’ Academy for a talk on Lessons from the SVB Bank Failure. Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. During the past three decades, he has served in a series of senior policy positions in Washington, D.C., including the 71st Secretary of the Treasury for President Clinton, Di...
2026-08-011h 03Markus' AcademyDebt and the Euro | Markus' Academy | Ep. 107Follow the link for the full summary:https://markusacademy.substack.com/p/debt-and-the-euroLink to sign up for the webinar series:https://markusacademy.substack.com/On December 15, 2022, Luis Garicano joined Markus’ Academy. Garicano has had an extensive academic career at the University of Chicago and at the London School of Economics, where he has been a Professor of Economics and Strategy. He is also a former member of the European Parliament.Download the slides here.Timestamps:[0:00] Introductory Remarks[9:35] ECB Policy and goals[15:50] Construction te...
2026-08-011h 14Markus' AcademyPlatforms, Tokens, DeFi, and Smart CBDC | Markus' Academy | Ep. 95Follow the link for the full summary:https://markusacademy.substack.com/p/platforms-tokens-defi-and-smart-cbdcLink to sign up for the webinar series:https://markusacademy.substack.com/On June 9, 2022, Jonathan Payne joined Markus’ Academy to discuss his paper his paper on Platforms, Tokens, and Interoperability. Payne is an Assistant Professor in the Bendheim Center for Finance and Department of Economics at Princeton University.Download the slides here.Timestamps[0:00] Introductory Remarks[9:47] Different digital currencies and ledgers[22:03] Decentralized Finance[35:28] Centralized, Programmable Ledgers[48:42] Open banking[55:07] Central Ban...
2026-07-211h 18Markus' AcademyStrategic Energy Purchases with Sylvain Chassang | Markus' Academy | Ep. 94Follow the link for the full summary:https://markusacademy.substack.com/p/strategic-energy-purchasesLink to sign up for the webinar series:https://markusacademy.substack.com/On June 2, 2022, Sylvain Chassang joined Markus’ Academy for a talk on his paper on strategic energy purchases. Chassang is a Professor of Economics at Princeton University.Download the slides here.Timestamps[0:00] Introductory Remarks[5:54] Main question[13:20] Cartel discipline framework[30:32] Main proposal: strategic energy procurement[35:55] Using demand[54:10] Other policies
2026-07-211h 12Markus' AcademyChina's Vision for the Private Sector | Markus' Academy | Ep. 93Follow the link for the full summary:https://markusacademy.substack.com/p/chinas-vision-for-the-private-sectorLink to sign up for the webinar series:https://markusacademy.substack.com/On May 26, 2022, Chang-Tai Hsieh joined Markus’ Academy for a lecture on Two Strong Hands: China’s Vision for the Private Sector. Chang-Tai Hsieh is a Professor of Economics at the University of Chicago.Download the slides here.Timestamps[0:00] Introductory Remarks[8:48] Overarching question[22:45] Contradiction in Chinese Policy Direction?[25:05] Recent Chinese growth[38:48] First Strong Hand[54:16] Second Strong Hand[58:30] Impli...
2026-07-211h 23Markus' AcademyExternalities of Colonial Schools in Africa | Markus' Academy | Ep. 92Follow the link for the full summary:https://markusacademy.substack.com/p/externalities-of-colonial-schoolsLink to sign up for the webinar series:https://markusacademy.substack.com/On May 5, 2022, Leonard Wantchekon joined Markus’ Academy for a lecture on Externalities of Colonial Schools in Africa. Wantchekon is the James Madison Professor of Political Economy and Professor of Politics and International Affairs at Princeton University.Download the slides here.Timestamps[0:00] Introductory Remarks[9:20] Research Goals[23:42] Research Methods[38:03] Findings for the second generation[47:29] Findings for the third ge...
2026-07-211h 12Markus' AcademyU.S. Economy and Monetary Policy with the St. Louis Fed President | Markus' Academy | Ep. 91Follow the link for the full summary:https://markusacademy.substack.com/p/us-economy-and-monetary-policy-withLink to sign up for the webinar series:https://markusacademy.substack.com/On April 21, 2022, James Bullard joined Markus’ Academy for a talk. Bullard is the president and CEO of the Federal Reserve Bank of St. Louis.Timestamps:[0:00] Introductory Remarks[15:35] U.S. inflation is high, comparable to that in 1974 and 1983[26:37] Standard Taylor-Type monetary policy suggests the Fed is way behind the curve.[40:27] Credible forward guidance suggests that the Fed is not as...
2026-07-211h 20Markus' AcademyRussia Sanctions: Diving into the Details | Markus' Academy | Ep. 90Follow the link for the full summary:https://markusacademy.substack.com/p/russia-sanctions-diving-into-theLink to sign up for the webinar series:https://markusacademy.substack.com/On April 14, 2022, Elina Ribakova joined Markus’ Academy for a lecture on Russia's sanctions. Ribakova is the Deputy Chief Economist at the Institute of International Finance.Download the slides here.Timestamps[0:00] Introductory remarks[11:26] Overview of Russian sanctions[22:09] A recent history of Russian financial sanctions[30:51] Russia’s 2014 response[36:17] Current strength of the ruble[48:15] Countries reliant on Russian oil[57:46] Impa...
2026-07-211h 17Markus' AcademyWhat if Germany is Cut Off from Russian Gas? | Markus' Academy | Ep. 89Follow the link for the full summary:https://markusacademy.substack.com/p/what-if-germany-is-cut-off-from-russianLink to sign up for the webinar series:https://markusacademy.substack.com/On April 7, 2022, David Baqaee and Ben Moll joined Markus’ Academy for to discuss their paper on cutting Germany off from Russian oil and gas. Baqaee is an assistant professor of economics at UCLA, a research affiliate of the CEPR, and a Faculty Research Fellow at the NBER. Moll is a professor of economics at London School of Economics and Political Science.Dow...
2026-07-211h 30Markus' AcademyQE: What have we learned? | Markus' Academy | Ep. 88Follow the link for the full summary:https://markusacademy.substack.com/p/qe-what-have-we-learnedLink to sign up for the webinar series:https://markusacademy.substack.com/On March 24, 2022, Arvind Krishnamurthy joined Markus’ Academy for a talk on QE. Krishnamurthy is a Professor of Finance at the Stanford Graduate School of Business.Download the slides here.Timestamps[0:00] Introductory Remarks. [13:46] Identification challenges in asset pricing event studies.[29:11] Cases: UK Gilt purchases[35:42] Cases: Fed reinvesting asset portfolio[39:12] More unconventional narrow-channel studies[49:58] Asset pricing theory with na...
2026-07-211h 22Markus' AcademySanctions, Energy Prices, and the Global Economy | Markus' Academy | Ep. 87Follow the link for the full summary:https://markusacademy.substack.com/p/sanctions-energy-prices-and-the-globalLink to sign up for the webinar series:https://markusacademy.substack.com/On March 17, 2022, James Hamilton joined Markus’ Academy for a talk on Sanctions, Energy Prices and the Global Economy. Hamilton is the Robert F. Engle Professor of Economics at the University of California at San Diego.Download the slides here. For further materials, see Hamilton’s explanations on oil prices and inflation and oil sanctions and recessions.Timesta...
2026-07-211h 09Markus' AcademyInvesting in an Inflationary Environment | Markus' Academy | Ep. 86Follow the link for the full summary:https://markusacademy.substack.com/p/investing-in-an-inflationary-environmentLink to sign up for the webinar series:https://markusacademy.substack.com/On March 10, 2022, Alexi Savov and Itamar Drechsler joined Markus’ Academy for a lecture on Investing in a High Inflation Environment. Savov is an Associate Professor of Finance at New York University’s Stern School of Business. Drechsler is the Ervin Miller-Arthur M. Freedman Professor of Finance and Co-Director of the Rodney L. White Center for Financial Research at the University of Pennsylvania, Wharton.
2026-07-211h 09Markus' AcademyImplications of Sanctions on the Russian Economy | Markus' Academy | Ep. 85Follow the link for the full summary: https://markusacademy.substack.com/p/implications-of-sanctions-on-the Explore the webinar series:https://markusacademy.substack.com/archiveOn March 3, 2022, Sergei Guriev joined Markus' Academy for a lecture on the implications of sanctions on the Russian economy. Guriev is a Professor at Sciences Po and formerly the Chief Economist at the EBRD and Rector of Moscow's New Economic School.Download the slides here.Timestamps:[0:00] Markus' Introduction: objectives and effects of sanctions on Russia[11:36] Prior to the Ukraine War, the Russian economy exhibited slow g...
2026-07-211h 02Markus' AcademyInflation Expectations | Markus Academy | Ep. 84Follow the link for the full summary:https://markusacademy.substack.com/p/inflation-expectations Explore the webinar series:https://markusacademy.substack.com/archiveOn February 25, 2022, Yuriy Gorodnichenko joined Markus' Academy for a lecture on Inflation Expectations. Gorodnichenko is the inaugural Quantedge Presidential Chair in Economics at UC Berkeley.Download the slides here.*Timestamps:[0:00] Introductory remarks: anchored inflation expectations and strategic complementarities[8:30] Role of inflation expectations over time[16:34] How do we measure inflation expectations?[29:55] Predicted economic activity[39:41] Forces driving inflation expectations[45:41] Much of the country remains poorly informed[1:07:53] Lessons for economists and policy i...
2026-07-211h 18Markus' AcademyInflation Risks | Markus Academy | Ep. 83Follow the link for the full summary:https://markusacademy.substack.com/p/inflation-risks Explore the webinar series:https://markusacademy.substack.com/archiveOn February 17, 2022, Ricardo Reis joined Markus' Academy for a lecture on Inflation Risks. Reis is the A.W. Phillips Professor of Economics at the London School of Economics.Download the slides here.*Timestamps:[0:00] Markus' Introduction: inflation expectations involve wage bargaining and price setting[9:32] The last 20 years have been a very successful inflation controlling monetary regime[14:55] The initial response to the pandemic was very successful, but the upside risk came i...
2026-07-211h 14Markus' AcademyLandings Hard and Soft: The Fed, 1965-2020 | Markus Academy | Ep. 82Follow the link for the full summary:https://markusacademy.substack.com/p/landings-hard-and-soft-the-fed-1965 Explore the webinar series:https://markusacademy.substack.com/archiveOn February 11, 2022, Alan Blinder joined Markus' Academy for a talk on his book A Monetary and Fiscal History of the United States. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a regular columnist for The Wall Street Journal, and a former vice chairman of the Federal Reserve.Download the slides here.*Timestamps:[0:00] Soft landings encompass many factors[16:39] Understanding the history requires l...
2026-07-211h 12Markus' AcademyFinancial Inclusion in the U.S. | Markus Academy | Ep. 81Follow the link for the full summary:https://markusacademy.substack.com/p/financial-inclusion-in-the-us Explore the webinar series:https://markusacademy.substack.com/archiveOn January 27, 2022, Motohiro Yogo joined Markus' Academy for a talk on his recent paper Financial Inclusion Across the US. Motohiro Yogo is a Professor of Economics at Princeton University, a research associate of the NBER, a co-director of the NBER Insurance Working Group, and a research consultant at the Federal Reserve Bank of Minneapolis.Timestamps:[0:00] Markus' Introduction[5:54] Usage of big data[20:07] Financial participation[27:00] Any time trends?[43:58] Any geographic disparities?[1:03:02] What can b...
2026-07-211h 10Markus' AcademyKrugman-Summers Inflation Debate: Part 2 | Markus Academy | Ep. 80Follow the link for the full summary:https://markusacademy.substack.com/p/a-krugman-summers-inflation-debate-990Explore the webinar series:https://markusacademy.substack.com/archiveOn January 21, 2022, Paul R. Krugman and Lawrence H. Summers joined Markus' Academy for another debate on inflation.Krugman is Professor Emeritus at Princeton University, the Distinguished Professor of Economics at the Graduate Center of the City University of New York, a columnist at the New York Times, and a 2008 recipient of the Nobel Prize in Economics.Summers is a Professor and President Emeritus of Harvard University, a former U...
2026-07-211h 09Markus' AcademyCentral Banking | Markus Academy | Ep. 79Follow the link for the full summary:https://markusacademy.substack.com/p/central-banking Explore the webinar series:https://markusacademy.substack.com/archiveOn January 14, 2022, Lord Mervyn King joined Markus' Academy for a lecture. King is a Professor of Economics and Law at NYU Stern School of Business and NYU Law. He has also served as Governor of the Bank of England and Chairman of its Monetary Policy Committee, as well as Deputy Governor, Chief Economist, Executive Director, and a non-executive director of the bank.Timestamps:[0:00] Inflation is on the rise: how can there b...
2026-07-211h 20Markus' AcademyRethinking Multilateralism | Markus Academy | Ep. 78Follow the link for the full summary:https://markusacademy.substack.com/p/rethinking-multilateralism Explore the webinar series:https://markusacademy.substack.com/archiveOn December 23, 2021, Lawrence H. Summers joined Markus' Academy for a lecture. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. During the past three decades, he has served in a series of senior policy positions in Washington, D.C., including the 71st Secretary of the Treasury for President Clinton, Director of the National Economic Council for President Obama, and Vice President of Development Economics and Chief Economist of t...
2026-07-211h 11Markus' AcademyFinance, Money and Climate Change | Markus Academy | Ep. 77Follow the link for the full summary:https://markusacademy.substack.com/p/finance-money-and-climate-change Explore the webinar series:https://markusacademy.substack.com/archiveOn December 10, 2021, Markus Brunnermeier gave a talk on Finance, Money and Climate Change. Markus is the host of Markus' Academy and the Director of the Bendheim Center for Finance.Download the slides here.*Timestamps:[0:00] The greening of general policies[5:44] Tragedy of horizons[8:15] Green finance and the risks associated with pollution[13:40] Risk premia as an inefficient "Pigouvian tax"[16:26] Time inconsistency and risk premia[20:10] Distorting the labor/capital ratio and ESG r...
2026-07-2138 minMarkus' AcademyThe Survival of the City | Markus Academy | Ep. 76Follow the link for the full summary:https://markusacademy.substack.com/p/the-survival-of-the-city Explore the webinar series:https://markusacademy.substack.com/archiveOn October 28, 2021, Ed Glaeser joined Markus' Academy to discuss his recent book, The Survival of the City. Glaeser is the Fred and Eleanor Glimp Professor of Economics and the Chair of the Department of Economics at Harvard University. He has served as Director of the Taubman Center for State and Local Government, and Director of the Rappaport Institute for Greater Boston.Download the slides here.*Timestamps:[0:00] Markus' Introduction[8:56] Cities o...
2026-07-201h 05Markus' AcademyIn Defense of Public Debt | Markus Academy | Ep. 75Follow the link for the full summary: https://markusacademy.substack.com/p/in-defense-of-public-debt Explore the webinar series: https://markusacademy.substack.com/archive On October 7, 2021, Barry Eichengreen joined Markus' Academy for a talk on his recent book, In Defense of Public Debt. Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at UC Berkeley.Timestamps: [0:00] Markus' Introduction [10:00] Recent years have seen shifts in views of public debt [16:59] The history of deficit spending for crisis management is extensive [30:29] With the Covid...
2026-07-201h 03Markus' AcademyExperience with Monetary Policy in a Low r* World | Markus Academy | Ep. 74Follow the link for the full summary: https://markusacademy.substack.com/p/experience-with-monetary-policy-in Explore the webinar series: https://markusacademy.substack.com/archive On September 30, 2021, Charles Evans joined Markus' Academy for a lecture on monetary policy in a low r* world. Evans is the President and Chief Executive Officer of the Federal Reserve Bank of Chicago.Timestamps: [1:35] Inflation persistence versus transitory effects [13:56] Monitoring changes in inflation expectations [23:19] Is the Phillips curve relatively flat until the inflation anchor breaks? [34:07] Flexible average inflation targeting (FAIT) and FOMC discretion [46:08] How to think about r* over the cycle [53:31] Ar...
2026-07-201h 09Markus' AcademyCOVID Lessons from India for Emerging Economies | Markus Academy | Ep. 73Follow the link for the full summary:https://markusacademy.substack.com/p/covid-lessons-from-india-for-emerging Explore the webinar series:https://markusacademy.substack.com/archiveOn July 1, 2021, Viral Acharya joined Markus' Academy for a lecture on COVID lessons from India for other emerging economies. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia.Download the slides here.*Timestamps:[0:33] Vaccine production and distribution challenges for emerging and developing e...
2026-07-201h 20Markus' AcademyThe Power of Creative Destruction | Markus Academy | Ep. 72Follow the link for the full summary: https://markusacademy.substack.com/p/the-power-of-creative-destruction Explore the webinar series: https://markusacademy.substack.com/archiveOn June 24, 2021, Philippe Aghion joined Markus' Academy for a talk on his book "The Power of Creative Destruction," discussing the lessons of COVID for rethinking capitalism. Aghion is a Professor at the College de France and at the London School of Economics, and a fellow of the Econometric Society and of the American Academy of Arts and Sciences.Download the slides here.*Timestamps: [0:00] Creative destruction and the Schumpeterian growth p...
2026-07-201h 16Markus' AcademyCOVID Inflation: Evidence from Real-Time Data | Markus Academy | Ep. 71Follow the link for the full summary: https://markusacademy.substack.com/p/covid-inflation-evidence-from-real Explore the webinar series: https://markusacademy.substack.com/archiveOn June 17, 2021, Alberto Cavallo joined Markus' Academy for a lecture. Cavallo is the Edgerley Family Associate Professor at Harvard Business School, a Faculty Research Fellow at the National Bureau of Economic Research, and a member of the Technical Advisory Committee of the US Bureau of Labor Statistics.Download the slides here.*● Online price indices have been produced in real-time since 2007, when Cavallo used web-scraping to expose manipulation of Argentina's off...
2026-07-201h 15Markus' AcademyBitcoin Adoption: What Regulators Need to Consider | Markus Academy | Ep. 70Follow the link for the full summary: https://markusacademy.substack.com/p/bitcoin-adoption Explore the webinar series: https://markusacademy.substack.com/archive On June 10, 2021, Antoinette Schoar joined Markus' Academy. Schoar is the Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship at MIT.Download the slides here.*● The Blockchain Trilemma means that you can have only two of three desired features: self-sufficiency, resource efficiency, and no rent extraction. Bitcoin is extremely energy inefficient, with every transaction consuming energy, while centralized ledgers typically involve some form of rent extraction.● Bitcoin is cur...
2026-07-201h 15Markus' AcademyRethinking Fiscal & Monetary Policy Post-COVID | Markus Academy | Ep. 69Follow the link for the full summary:https://markusacademy.substack.com/p/rethinking-fiscal-and-monetary-policy Explore the webinar series:https://markusacademy.substack.com/archiveOn June 2, 2021, Olivier Blanchard joined Markus' Academy for a talk on rethinking fiscal and monetary policy post-COVID. Blanchard is a Senior Fellow at the Peterson Institute for International Economics, a Professor of Economics Emeritus at MIT, and the former Chief Economist of the IMF.Download the slides here.*● There are two relevant dimensions of low rates: "secular stagnation," where the safe neutral rate is less than the growth rate, and...
2026-07-201h 18Markus' AcademyInflation, Safe Assets and Debt Sustainability | Markus Academy | Ep. 68Follow the link for the full summary:https://markusacademy.substack.com/p/inflation-safe-assets-and-debt-sustainability Explore the webinar series:https://markusacademy.substack.com/archiveOn May 27, 2021, Markus Brunnermeier presented his research on debt as a safe asset, joint work with Merkel and Sannikov. Markus is the host of Markus' Academy and the Director of the Bendheim Center for Finance.Download the slides here.*● Government bonds are valuable even if the government remains in a deficit. The Fiscal Theory of Price Level links inflation to government debt, but a key new insight is that a b...
2026-07-2054 minMarkus' AcademyFinance from the Front Lines | Markus Academy | Ep. 67Follow the link for the full summary: https://markusacademy.substack.com/p/finance-from-the-front-lines Explore the webinar series: https://markusacademy.substack.com/archiveOn May 21, 2021, Liz Myers joined Markus' Academy for a conversation on current trends in the world of finance — the challenges and opportunities corporations and investors are focused on as we emerge from the COVID era.Myers is the Global Chairman of Investment Banking, Equity Capital Markets at J.P. Morgan. She has been named one of the Top 25 Most Powerful Women in Finance by American Banker magazine and one of Barron's 100 Mos...
2026-07-201h 08Markus' AcademyA Conversation with the President of the Eurogroup | Markus Academy | Ep. 66Follow the link for the full summary:https://markusacademy.substack.com/p/a-conversation-with-the-president Explore the webinar series:https://markusacademy.substack.com/archiveOn May 13, 2021, Paschal Donohoe joined Markus' Academy for a conversation on the future of Euro area fiscal policy rules and standards, divergence between European and US fiscal policy, international tax competition, financial stability threats, Brexit implications, digital currencies, and the role of currency and finance in the climate transition. Donohoe is Ireland's Minister of Finance and President of the Eurogroup.● The level of budgetary intervention in the euro area and support fro...
2026-07-201h 07Markus' AcademyCentral Banks and Inequality | Markus Academy | Ep. 65Follow the link for the full summary:https://markusacademy.substack.com/p/central-banks-and-inequality Explore the webinar series:https://markusacademy.substack.com/archiveOn May 6, 2021, Agustín Carstens joined Markus' Academy for a lecture. Carstens is the General Manager of the Bank for International Settlements.Download the slides here.*● Income inequality has been on the rise since the 1980s, driven largely by long-run structural forces rather than monetary phenomena, and is best corrected through fiscal and structural policies. Rising inequality also weakens the transmission of monetary policy, and low interest rates may bene...
2026-07-201h 00Markus' AcademyMarket Values, Cycles and Bubbles | Markus Academy | Ep. 64Follow the link for the full summary:https://markusacademy.substack.com/p/market-values-cycles-and-bubblesExplore the webinar series:https://markusacademy.substack.com/archiveOn April 29, 2021, Barry Ritholtz joined Markus' Academy for a talk. Barry Ritholtz is co-founder, chairman, and chief investment officer of Ritholtz Wealth Management.Download the slides here.*● A bull market is characterized by expanded economic activity, rising stock prices, rising investor sentiment, and an extended trend. In long bull markets, investors are willing to pay more and more for a dollar of earnings. The widely used 20% cutoff distinguishing bull fr...
2026-07-201h 35Markus' AcademyIs the Phillips Curve Getting Flatter? | Markus Academy | Ep. 63Follow the link for the full summary:https://markusacademy.substack.com/p/is-the-phillips-curve-getting-flatter Explore the webinar series:https://markusacademy.substack.com/archiveOn April 22, 2021, Emi Nakamura joined Markus' Academy to present joint research with Jonathon Hazell, Juan Herreno, and Jon Steinsson. Nakamura is a Professor of Economics at the University of California, Berkeley, and a research associate and co-director of the Monetary Economics Program of the National Bureau of Economic Research.Download the slides here.*● The Volcker disinflation led to a dramatic decline in inflation, suggesting the Phillips curve was steeper in...
2026-07-201h 17Markus' AcademyThe Future of the U.S. Financial System | Markus' Academy | Ep. 62Follow the link for the full summary:https://markusacademy.substack.com/p/the-future-of-the-us-financial-systemLink to sign up for the webinar series:https://markusacademy.substack.com/On April 15, 2021, Gary Gorton joined Markus’ Academy for a lecture on the recent changes and future of the U.S. financial system. Gorton is the Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management.Download the slides here.Summary:The financial crisis has not been solved because financial crises are inherent in m...
2026-07-1154 minMarkus' AcademyEmerging Markets: Taper Tantrum Redux? | Markus' Academy | Ep. 61Follow the link for the full summary:https://markusacademy.substack.com/p/emerging-markets-taper-tantrum-reduxLink to sign up for the webinar series:https://markusacademy.substack.com/On April 1, 2021, Robin Brooks joined Markus’ Academy for a lecture on “Emerging Markets: Taper Tantrum Redux?” Brooks is the Chief Economist of the Institute of International Finance.Download the slides here.Summary:The taper tantrum began in 2013 when Bernake floated the idea of adjusting the monthly volume of purchases, shocking markets.Financial markets in 2013 became very s...
2026-07-111h 16Markus' AcademyInternational Taxation in a Digital World | Markus' Academy | Ep. 60Follow the link for the full summary:https://markusacademy.substack.com/p/international-taxation-in-a-digitalLink to sign up for the webinar series:https://markusacademy.substack.com/On March 25, 2021 ,Alan Auerbach joined Markus’ Academy for a lecture. Auerbach is the Director of the Robert D. Burch Center for Tax Policy and Public Finance at the University of California, Berkeley.Download the slides here.HighlightsThere has been a steady downward trend of G-7 corporate tax rates in the last 25 years. These changes incre...
2026-07-111h 09Markus' AcademyModern Financial Intermediation | Markus' Academy | Ep. 59Follow the link for the full summary:https://markusacademy.substack.com/p/modern-financial-intermediationLink to sign up for the webinar series:https://markusacademy.substack.com/On March 19, 2021, Amit Seru joined Markus’ Academy for a talk on his recent work on modern financial intermediation (Buchak et al., 2024). Seru is a Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER)....
2026-07-111h 11Markus' AcademyThe Rise of Fintech Intermediaries | Markus' Academy | Ep. 58Follow the link for the full summary:https://markusacademy.substack.com/p/the-rise-of-fintech-intermediariesLink to sign up for the webinar series:https://markusacademy.substack.com/On March 18, 2021, Amit Seru joined Markus’ Academy for a talk on his recent work on the rise of fintech intermediaries (Buchak et al., 2018, 2025). Seru is a Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER).
2026-07-111h 13Markus' AcademyTaming a Minsky Cycle | Markus' Academy | Ep. 57Follow the link for the full summary:https://markusacademy.substack.com/p/taming-a-minsky-cycleLink to sign up for the webinar series:https://markusacademy.substack.com/On March 11, 2021, Ivan Werning joined Markus’ Academy for a talk on his recent work with Emmanuel Farhi. Werning is the Robert M. Solow Professor of Economics at MIT.Download the slides here.Highlights:The paper examines a Minsky cycle starting with a boom with rising asset prices and leverage followed by a Minsky moment where asset...
2026-07-111h 19Markus' AcademyInternational Currency Competition | Markus' Academy | Ep. 56Follow the link for the full summary:https://markusacademy.substack.com/p/international-currency-competitionLink to sign up for the webinar series:https://markusacademy.substack.com/On March 4, 2021, Jean-Pierre Landau joined Markus’ Academy for a lecture on International Currency Competition: The Digital Dimension. Landau is an affiliated Professor of Economics at Sciences Po. A former Deputy Governor of the Banque de France, he has held senior roles at the IMF, World Bank and the EBRD.Download the slides here.Highlights:Libra was...
2026-07-111h 15Markus' AcademyA Chronic Pandemic? Vaccine Geopolitics | Markus' Academy | Ep. 55Follow the link for the full summary:https://markusacademy.substack.com/p/a-chronic-pandemic-vaccine-geopoliticsLink to sign up for the webinar series:https://markusacademy.substack.com/On February 25, 2021, Monica de Bolle joined Markus’ Academy for a talk A Chronic Pandemic? Vaccine Geopolitics. de Bolle is a Senior Fellow at the Peterson Institute for International Economics and a adjunct lecturer and former director for Latin American Studies and Emerging Markets at the School of Advanced International Studies at Johns Hopkins University.Download the slides here.
2026-07-111h 04Markus' AcademyGameStop and Predatory Trading | Markus' Academy | Ep. 54Follow the link for the full summary:https://markusacademy.substack.com/p/gamestop-and-predatory-tradingLink to sign up for the webinar series:https://markusacademy.substack.com/On February 18, 2021, Lasse Pedersen joined Markus’ Academy for a talk on GameStop and Predatory Trading. Pedersen is a Professor of Finance at the Copenhagen Business School and a principal at AQR Capital Management.Download the slides here.Highlights:Predatory trading is trading that induces and/or exploits the need of other investors to reduce their posi...
2026-07-111h 15Markus' AcademyKrugman-Summers Inflation Debate: Part 1 | Markus' Academy | Ep. 53Follow the link for the full summary:https://markusacademy.substack.com/p/a-krugman-summers-inflation-debateLink to sign up for the webinar series:https://markusacademy.substack.com/On February 12, 2021, Paul Krugman and Lawrence H. Summers joined Markus’ Academy for a conversation on whether the Biden stimulus will lead to inflation.Krugman is Professor Emeritus at Princeton University, the Distinguished Professor of Economics at the Graduate Center of the City University of New York, a columnist at the New York Times, and a 2008 recipient of the Nobel Prize in Ec...
2026-07-111h 14Markus' AcademyEncouraging Social Distancing: evidence from RCTs | Markus' Academy | Ep. 52Follow the link for the full summary:https://markusacademy.substack.com/p/encouraging-social-distancing-evidenceLink to sign up for the webinar series:https://markusacademy.substack.com/On February 11, 2021, Esther Duflo joined Markus’ Academy to present RCT evidence on encouraging social distancing. Duflo is a Professor of Poverty Alleviation and Development Economics at MIT and a 2019 recipient of the Nobel Prize in Economics.Download the slides here.Highlights:Before a vaccine was available, behavior changes were the only way to protect oneself an...
2026-07-111h 07Markus' AcademyNew Funding Models for Biomedical Innovation | Markus' Academy | Ep. 51Follow the link for the full summary:https://markusacademy.substack.com/p/new-funding-models-for-biomedicalLink to sign up for the webinar series:https://markusacademy.substack.com/On February 4, 2021, Andrew Lo joined Markus’ Academy for a talk on new funding models for biomedical innovation. Lo is a Professor of Finance at MIT Sloan.Download the slides here.Biomedicine is currently at an inflection point. Drug discovery faces a “valley of death” before becoming de-risked as the trials progress. There is a risk-rewar...
2026-07-111h 16Markus' AcademyClimate Compacts to Combat Free Riding | Markus' Academy | Ep. 50Follow the link for the full summary:https://markusacademy.substack.com/p/climate-compacts-to-combat-free-ridingLink to sign up for the webinar series:https://markusacademy.substack.com/On January 28, 2021, William Nordhaus joined Markus’ Academy for a lecture on climate compacts to combat free riding in international climate agreements. Nordhaus is a Professor of Economics at Yale University and one of the 2018 recipients of the Nobel Prize in Economics.Download the slides here.Highlights:There has been little progress in slowing emissions. Climate innov...
2026-07-081h 16Markus' AcademyMacroeconomics, Carbon Pricing, and Climate Policy | Markus' Academy | Ep. 49Follow the link for the full summary:https://markusacademy.substack.com/p/macroeconomics-carbon-pricing-andLink to sign up for the webinar series:https://markusacademy.substack.com/On January 21, 2021, James Stock joined Markus’ Academy for a talk on macroeconomics, carbon pricing, and climate policy. Stock is a Professor of Political Economy at the Harvard Kennedy School.Download the slides here.Highlights:Climate change policies are rapidly changing. For example, on its first day, the Biden Administration rejoined the Paris climate accord, sto...
2026-07-081h 07Markus' AcademyA Conversation with the Federal Reserve Chair | Markus' Academy | Ep. 48Follow the link for the full summary:https://markusacademy.substack.com/p/a-conversation-with-the-federal-reserveLink to sign up for the webinar series:https://markusacademy.substack.com/On January 14, 2021, Federal Reserve Chair Jerome Powell joined Markus' Academy for a conversation. Powell and Brunnermeier discussed the following:The new flexible average inflation targeting frameworkThe possibility of an “inflation whipsaw"The importance of central bank independence to avoid fiscal dominance and of macroprudential regulation to avoid financial dominanceThe difference between the COVID crisis and Great RecessionVarious crisis response measures the Federal Re...
2026-07-0859 minMarkus' AcademyLess Lower for Longer; More Higher and Sooner | Markus' Academy | Ep. 47Follow the link for the full summary:https://markusacademy.substack.com/p/less-lower-for-longer-more-higherLink to sign up for the webinar series:https://markusacademy.substack.com/On January 7, 2021, Charles Goodhart, CBE, joined Markus’ Academy for a lecture on "Less lower for longer; more higher and sooner." Goodhart is a Professor at the London School of Economics.Download the slides here.Highlights:Looking at the last three centuries, interest rates were steady up to 1950, after which they increased drastically up to 1980. From the...
2026-07-081h 09Markus' AcademyCOVID-19 Economic Lessons | Markus' Academy | Ep. 46Follow the link for the full summary:https://markusacademy.substack.com/p/covid-19-economic-lessonsLink to sign up for the webinar series:https://markusacademy.substack.com/On December 16, 2020, Markus Brunnermeier joined Markus’ Academy for a summary lecture on economic lessons from COVID-19 on resiliency. Markus is the host of Markus’ Academy, a Professor of Economics at Princeton, and Director of the Princeton Bendheim Center for FinanceDownload the slides here.Timestamps:0:00 Introduction0:59 Webinar speakers 2020 ... and beyond8:17 Social cont...
2026-07-0851 minMarkus' AcademyInternational Economic Challenges for the President-Elect | Markus' Academy | Ep. 45Follow the link for the full summary: https://markusacademy.substack.com/p/international-economic-challenges Explore the webinar series: https://markusacademy.substack.com/archiveOn December 9, 2020, Adam Posen joined Markus' Academy to discuss international economic challenges for the President-elect: trade, China, the dollar, and pandemic recovery. Posen is the President of the Peterson Institute of International Economics.Download the slides here.*● Presidents rarely tackle international economic issues early on, but many of Biden's most urgent problems are inescapably international in nature, including vaccine distribution, climate change, and conflict with China. Political constraints — including a div...
2026-07-061h 06Markus' AcademyWorking from Home: Will it Persist? | Markus' Academy | Ep. 44Follow the link for the full summary:https://markusacademy.substack.com/p/working-from-home-will-it-persist Explore the webinar series:https://markusacademy.substack.com/archiveOn December 3, 2020, Nick Bloom joined Markus' Academy to discuss labor market trends around working from home before, during, and after the COVID-19 pandemic. Bloom is a Professor of Economics at Stanford University.Download the slides here.*● In March, work-from-home (WFH) status of full-time employees surged to 42% of Americans from pre-pandemic levels of 2%. By November, it was still high at 34%, leaving commercial buildings semi-deserted, with office security card swipes dropping to...
2026-07-061h 10Markus' AcademyWhen, If Ever, Should We Worry About the Debt? | Markus Academy | Ep. 43Follow the link for the full summary:https://markusacademy.substack.com/p/when-if-ever-should-we-worry-about Explore the webinar series:https://markusacademy.substack.com/archiveOn November 19, 2020, Jason Furman joined Markus' Academy to discuss U.S. debt and a framework for fiscal policy moving forward. Furman is a Professor of Economics at Harvard Kennedy School, Senior Fellow at PIIE, and Former Chair of the Council of Economic Advisers.Download the slides here.*● Even before the pandemic, economic policy in 2018-2019 was extraordinarily stimulative and should change how we think about the macroeconomy. A chronic exc...
2026-07-061h 05Markus' AcademyPandemics and the Future of Globalization | Markus Academy | Ep. 42Follow the link for the full summary:https://markusacademy.substack.com/p/pandemics-and-the-future-of-globalization Explore the webinar series:https://markusacademy.substack.com/archiveOn November 12, 2020, Stephen Redding joined Markus' Academy for a talk on recent work studying the relationship between pandemics and globalization. The research is joint work with Harvard's Pol Antras and Princeton's Esteban Rossi-Hansberg. Redding is a Professor of Economics at Princeton University.Download the slides here.*● As it did during the Black Death in the 14th century, business travel and people travelling for trade played a role in the spr...
2026-07-061h 04Markus' AcademyCOVID-19 School Dashboard: Reopen EvidenceFollow the link for the full summary:https://markusacademy.substack.com/p/covid-19-school-dashboard-reopen Explore the webinar series:https://markusacademy.substack.com/archiveOn November 5, 2020, Emily Oster joined Markus' Academy for a talk on her COVID-19 school dashboard and evidence around reopening schools. Oster is a Professor of Economics at Brown University.Download the slides here.● Remote learning is not as effective as in-person learning, particularly for lower-income students. Earlier work showed that student performance on Zearn, an online math program, declined by larger amounts among lower-income children at the start of...
2026-07-0658 minMarkus' AcademyThe Natural Behavior of Unemployment with Robert Hall | Markus' Academy | Ep. 40Follow the link for the full summary:https://markusacademy.substack.com/p/the-natural-behavior-of-unemploymentLink to sign up for the webinar series:https://markusacademy.substack.com/On October 29, 2020, Robert Hall joined Markus’ Academy for a talk on the natural behavior of unemployment. Hall is a Professor of Economics at Stanford University.Download the slides here.
2026-06-271h 22Markus' AcademyThe Seasonality of Covid-19 | Markus' Academy | Ep. 39Follow the link for the full summary:https://markusacademy.substack.com/p/the-seasonality-of-covid-19Link to sign up for the webinar series:https://markusacademy.substack.com/On October 22, 2020, Bengt Holmstrom joined Markus’ Academy for a lecture on the seasonality of COVID-19. Holmstrom is a Professor of Economics at MIT and one of the 2016 recipients of the Nobel Prize in Economics.Download the slides here.
2026-06-271h 13Markus' AcademyHow To Worry About Government Debt | Markus' Academy | Ep. 38Follow the link for the full summary:https://markusacademy.substack.com/p/how-to-worry-about-government-debtLink to sign up for the webinar series:https://markusacademy.substack.com/On October 15, 2020, Christopher Sims joined Markus’ Academy for a lecture on “how to worry about government debt.” Sims is a Professor of Economics at Princeton University and one of the 2011 recipients of the Nobel Prize.Download the slides here.
2026-06-271h 12Markus' AcademyWhich Capitalism? | Markus' Academy | Ep. 37Follow the link for the full summary:https://markusacademy.substack.com/p/which-capitalismLink to sign up for the webinar series:https://markusacademy.substack.com/On October 8, 2020, Luigi Zingales joined Markus’ Academy for a conversation on “Which Capitalism?” Zingales is a Professor of Finance at the University of Chicago Booth School of Business.Download the slides here.
2026-06-271h 14Markus' AcademyThe Economic Geography of Climate Change | Markus' Academy | Ep. 36Follow the link for the full summary:https://markusacademy.substack.com/p/the-economic-geography-of-climateLink to sign up for the webinar series:https://markusacademy.substack.com/On October 1, 2020, Esteban Rossi-Hansberg joined Markus’ Academy for a lecture on the economic geography of climate change. Rossi-Hansberg is a Professor of Economics at Princeton University. He presented joint work with Princeton Economics Ph.D. student José-Luis Cruz.Download the slides here.Timestamps:0:00 Introduction1:08 Markus' intro on Climate Change2:42 Role...
2026-06-271h 19Markus' AcademyPublic and Private Spheres and the Authentic Self | Markus' Academy | Ep. 35Follow the link for the full summary:https://markusacademy.substack.com/p/public-and-private-spheres-and-theLink to sign up for the webinar series:https://markusacademy.substack.com/On September 24, 2020, Jean Tirole joined Markus’ Academy for a lecture on public and private spheres and the authentic self. Tirole is honorary chairman of the Foundation JJ Laffont at the Toulouse School of Economics (TSE), the scientific director of TSE-Partnership, and a 2014 recipient of the Nobel Prize in Economics.Download the slides here.Timestamps:(1:22) Ma...
2026-06-201h 06Markus' AcademyA Q&A on Digital Innovation, Privacy, and Cybersecurity | Markus' Academy | Ep. 34Follow the link for the full summary:https://markusacademy.substack.com/p/a-q-and-a-on-digital-innovation-privacyLink to sign up for the webinar series:https://markusacademy.substack.com/On July 27, 2020, Eric Schmidt, Princeton Class of ‘76, joined Markus' Academy for a Q&A on digital innovation, privacy, and cybersecurity. Eric Schmidt is the former chairman and CEO of Google and co-founder of Schmidt Futures.Download the slides here.Timestamps:Markus Brunnermeier introduction: 0:00Technology and society: 0:59Privacy - “free to think”: 9:51Free to speak, fake n...
2026-06-2059 minMarkus' AcademyCOVID-19: A View from Outside The Industrialized World | Markus' Academy | Ep. 33Follow the link for the full summary:https://markusacademy.substack.com/p/covid-19-a-view-from-outside-theLink to sign up for the webinar series:https://markusacademy.substack.com/On July 24, 2020, Raghuram Rajan joined Markus' Academy. Rajan is Professor of Finance at Chicago Booth, a former Governor of the Reserve Bank of India, and a former Chief Economist of the IMF.Download the slides here.Timelines: Markus Brunnermeier introduction: 0:00Beginning of Rajan presentation: 8:35The economic playbook: 9:23Containment: 12:31Differences between India and Italy: 16:22...
2026-06-201h 19Markus' AcademyClimate Policy: Moving Beyond Ostriches and Pollyannas | Markus' Academy | Ep. 32Follow the link for the full summary:https://markusacademy.substack.com/p/climate-policy-moving-beyond-ostrichesLink to sign up for the webinar series:https://markusacademy.substack.com/On Friday, July 17, 2020, Richard Zeckhauser joined Markus' Academy for Finance to discuss recent research on prudent climate policy. Zeckhauser is a Professor of Political Economy at the Harvard Kennedy School.Download the slides here.Timestamps:Markus Brunnermeier introduction: 0:00Beginning of Zeckhauser presentation: 16:10Prudent climate policy: 22:28Three prongs for climate policy: 23:30Next ten years are...
2026-06-201h 15Markus' AcademyBrazil’s Perfect Storm | Markus' Academy | Ep. 31Follow the link for the full summary:https://markusacademy.substack.com/p/brazils-perfect-stormLink to sign up for the webinar series:https://markusacademy.substack.com/On July 13, 2020, Arminio Fraga joined Markus' Academy for a discussion of Brazil’s economy leading up to COVID-19. Fraga is a member of the Group of Thirty and the former president of the Central Bank of Brazil.Download the slides here.Timestamps:Markus Brunnermeier introduction: 0:00Beginning of Fraga presentation: 13:50Divergence since 1980: 16:05What went wrong: 18:05Pr...
2026-06-201h 19Markus' AcademyNarrative Economics and COVID-19 | Markus' Academy | Ep. 30Follow the link for the full summary:https://markusacademy.substack.com/p/narrative-economics-and-covid-19Link to sign up for the webinar series:https://markusacademy.substack.com/On July 10, 2020, Robert J. Shiller joined Markus' Academy for a discussion of narrative economics in light of the COVID-19 epidemic. Shiller is a Professor of Economics at Yale University and a 2013 recipient of the Nobel Prize in Economics.Download the slides here.Timestamps:Markus Brunnermeier introduction: 0:00Beginning of Shiller presentation: 13:42JSTOR counts of word “na...
2026-06-191h 08Markus' AcademyTracking the Global Pandemic Recovery | Markus' Academy | Ep. 29Follow the link for the full summary: https://markusacademy.substack.com/p/tracking-the-global-pandemic-recovery Explore the webinar series: https://markusacademy.substack.com/archive On July 6, 2020, Michael Spence joined Markus' Academy for a webinar to discuss new data from a Luohan Academy study that tracks the economic recovery from COVID-19 across several countries. Spence is a Professor of Economics at NYU's Stern School of Business and a 2001 recipient of the Nobel Prize in Economics.Download the slides here.Timestamps: [17:35] Real-time data tracking across 132 countries [22:30] Digital tools and privacy concerns in...
2026-06-191h 14Markus' AcademyCorporate Debt Overhang and COVID Credit Policy | Markus Academy | Ep. 28Follow the link for the full summary: https://markusacademy.substack.com/p/corporate-debt-overhang-and-covid Explore the webinar series: https://markusacademy.substack.com/archiveOn June 29, 2020, Arvind Krishnamurthy joined the Princeton Bendheim Center for Finance to discuss a new paper co-authored with Markus Brunnermeier on COVID credit policy. Krishnamurthy is a Professor of Finance at the Stanford Graduate School of Business.Download the slides here.*● This crisis is different from the 2008 crisis in many ways, and a main goal of policy should be to avoid economic scarring post-pandemic. Today, supply and demand disruptions hav...
2026-06-191h 19Markus' AcademyThe U.S. Labor Market During the Beginning of the Pandemic Recession | Markus Academy | Ep. 27Follow the link for the full summary: https://markusacademy.substack.com/p/the-us-labor-market-during-the-beginning Explore the webinar series: https://markusacademy.substack.com/archiveOn June 26, 2020, Erik Hurst joined the Princeton Bendheim Center for Finance to discuss a new paper on labor market conditions during COVID-19. Hurst is the Frank P. And Marianne R. Diassi Distinguished Service Professor of Economics at the University of Chicago's Booth School of Business.Download the slides here.*● By using ADP data, the authors are able to study employer/employee links across 1/6 of the U.S. workforce, comparable in...
2026-06-191h 23Markus' AcademyUnderstanding the ECB's Pandemic Emergency Purchase Program | Markus Academy | Ep. 26Follow the link for the full summary: https://markusacademy.substack.com/p/understanding-the-ecbs-pandemic-emergency Explore the webinar series: https://markusacademy.substack.com/archiveOn June 22, 2020, Philip Lane joined the Princeton Bendheim Center for Finance to discuss the ECB's pandemic emergency purchase program (PEPP). Lane is the Chief Economist of the ECB, a member of the ECB Executive Board, and a former Governor of the Central Bank of Ireland.Download the slides here.*● PEPP is different from previous EU QE measures in that its main goal is market stabilization, while the ECB's asset pur...
2026-06-191h 18Markus' AcademyCOVID-19: Can Supply Shocks Cause Demand Shortages? | Markus Academy | Ep. 25Follow the link for the full summary: https://markusacademy.substack.com/p/covid-19-can-supply-shocks-cause Explore the webinar series: https://markusacademy.substack.com/archiveOn June 19, 2020, Veronica Guerrieri joined the Princeton Bendheim Center for Finance to discuss recent research with Guido Lorenzoni, Ludwig Straub, and Ivan Werning on supply and demand shocks resulting from COVID-19.Download the slides here.*● A model that takes into account multiple sectors and an incomplete market is necessary to understand how to respond to COVID-19. Economies with multiple sectors and incomplete markets might make Keynesian supply shocks mor...
2026-06-191h 22Markus' AcademyThe Economic Impacts of COVID-19: Real-time Evidence from Private Sector Data | Markus Academy | Ep. 24DESCRIPTION:Follow the link for the full summary: https://markusacademy.substack.com/p/the-economic-impacts-of-covid-19 Explore the webinar series: https://markusacademy.substack.com/archiveOn June 17, 2020, Raj Chetty joined the Princeton Bendheim Center for Finance to discuss new research with John Friedman, Nathaniel Hendren, Michael Stepner, and the Opportunity Insights Team. The new paper uses private sector data to document the real-time impacts of COVID-19 on people, businesses, and communities. Chetty is a Professor of Public Economics at Harvard University.Download the slides here.*● Eco...
2026-06-191h 19Markus' AcademyGlobal Sovereign Debt and the Dollar Post-COVID | Markus Academy | Ep. 23Follow the link for the full summary: https://markusacademy.substack.com/p/global-sovereign-debt-and-the-dollar Explore the webinar series: https://markusacademy.substack.com/archiveOn June 12, 2020, Kenneth Rogoff joined the Princeton Bendheim Center for Finance to discuss the implications of COVID-19 for global sovereign debt and the dollar.Rogoff is a Professor of Public Policy and Economics at Harvard University and a former Chief Economist of the IMF.● Double-dips are common in financial crises, and we should expect one this time around. Looking at 100 past systemic financial crises, more than 40% had a double-dip.
2026-06-191h 13Markus' AcademyThe Economic and Social Implications of Racial Disparities | Markus Academy | Ep. 22Follow the link for the full summary: https://markusacademy.substack.com/p/the-economic-and-social-implicationsExplore the webinar series: https://markusacademy.substack.com/archiveOn June 8, 2020, Lisa Cook joined the Princeton Bendheim Center for Finance to discuss the economic and social implications of racial disparities in the U.S., with a specific focus on research that examines how violence impacts innovation among black Americans.Cook is a Professor of Economics and International Relations at Michigan State University and was previously a senior economist in President Obama's Council of Economic Advisers.Download the slides...
2026-06-191h 11Markus' AcademyThe Covid Crisis Was a Wake-Up Call: Redesigning the U.S. Treasury Market | Markus Academy | Ep. 21Follow the link for the full summary: https://markusacademy.substack.com/p/the-covid-crisis-was-a-wake-up-call Explore the webinar series:https://markusacademy.substack.com/archiveOn June 5, 2020, Darrell Duffie joined Markus' Academy to discuss redesigning the U.S. Treasury market after COVID-19. Duffie is a Professor of Finance at Stanford's Graduate School of Business.In his presentation, Duffie argued that the current design of the U.S. Treasury market creates moral hazard. He outlined a new proposal for transitioning the market from one that runs through dealer balance sheets to one with broad central clearing.
2026-06-191h 10Markus' AcademyThe Fed’s Longer Term Challenges: After the Pandemic | Markus' Academy | Ep. 20Follow the link for the full summary:https://markusacademy.substack.com/p/the-feds-longer-term-challenges-afterLink to sign up for the webinar series:https://markusacademy.substack.com/On June 1, 2020, Bill Dudley joined Markus' Academy to discuss the IMF’s perspective on COVID-19. Dudley is a Senior Research Scholar at Princeton University’s Griswold Center for Economics Policy Studies and former President of the Federal Reserve Bank of New York.Download the slides here.Timestamps:[0:00] Markus’ introduction[10:48] Four Longer-Term Issues for th...
2026-06-191h 05Markus' AcademyThe Great Lockdown Through the Global Lens of the IMF | Markus' Academy | Ep. 19Follow the link for the full summary:https://markusacademy.substack.com/p/the-great-lockdown-through-the-globalLink to sign up for the webinar series:https://markusacademy.substack.com/On May 29, 2020, Gita Gopinath joined Markus' Academy to discuss the IMF’s perspective on COVID-19. Gopinath is the Chief Economist of the International Monetary Fund (IMF) and a Professor of International Studies and Economics at Harvard University.Download the slides here.Timestamps:[0:00] Markus’ introduction[19:48] Truly global crisis[32:56] Common features of econ...
2026-06-191h 06Markus' AcademyCOVID-19 and the Global Economy | Markus' Academy | Ep. 18Follow the link for the full summary:https://markusacademy.substack.com/p/covid-19-and-the-global-economyLink to sign up for the webinar series:https://markusacademy.substack.com/On May 22, 2020, Lawrence H. Summers joined Markus' Academy for a webinar on reopening the economy after COVID-19. Summers is a Professor at Harvard’s Kennedy School of Government, a former U.S. Treasury Secretary, President Emeritus of Harvard University, and former Chief Economist at the World Bank.Timestamps:[2:05] How to accelerate vaccine invention?[19:30] Te...
2026-06-191h 27Markus' AcademyCOVID-19 and Re-Opening the Economy | Markus' Academy | Ep. 17Follow the link for the full summary:https://markusacademy.substack.com/p/covid-19-and-re-opening-the-economyLink to sign up for the webinar series:https://markusacademy.substack.com/On May 18, 2020, John Cochrane joined Markus' Academy for a webinar on reopening the economy after COVID-19. Cochrane is a Senior Fellow at the Hoover Institution at Stanford University and author of The Grumpy Economist blog.Download the slides here.Timestamps:[0:00] Markus’ introduction[15:04] The dumb reopening[22:06] Behavioral SIR models...
2026-06-191h 15Markus' AcademyThe Audacity of Slope: How Fast a Recovery? | Markus' Academy | Ep. 16Follow the link for the full summary:https://markusacademy.substack.com/p/the-audacity-of-slope-how-fast-aLink to sign up for the webinar series:https://markusacademy.substack.com/On May 15, 2020, Paul Krugman joined Markus' Academy for a webinar on COVID-19 and the pace of economic recovery. Krugman is Professor Emeritus at Princeton University, the Distinguished Professor of Economics at the Graduate Center of the City University of New York, a columnist at the New York Times, and a 2008 recipient of the Nobel Prize in Economics.Download the slides here.
2026-06-181h 14Markus' AcademyAn Evaluation of the Fed-Treasury Credit Programs | Markus' Academy | Ep. 15Follow the link for the full summary:https://markusacademy.substack.com/p/an-evaluation-of-the-fed-treasuryLink to sign up for the webinar series:https://markusacademy.substack.com/On May 11, 2020, Jeremy Stein joined Markus' Academy for a webinar, co-hosted by the Princeton Bendheim Center for Finance and the Society for Financial Studies, on the COVID-19 credit programs recently implemented by the Federal Reserve and the U.S. Treasury. Stein is a Professor of Economics at Harvard University and a former member of the Board of Governors of the Federal Reserve.
2026-06-161h 12Markus' AcademyThe Benefits of Targeted Policies | Markus' Academy | Ep. 14Follow the link for the full summary:https://markusacademy.substack.com/p/the-benefits-of-targeted-policiesLink to sign up for the webinar series:https://markusacademy.substack.com/On May 8, 2020, Daron Acemoglu joined Markus' Academy for a webinar on his paper on the benefits of targeted policies for lifting lockdowns and recovering from COVID-19 (Acemoglu et al., 2020). Acemoglu is a Professor of Economics at MIT.Download the slides here.Timestamps:[0:00] Markus’ introduction[7:58] Beginning of Acemoglu’s presentation[8:45] Background...
2026-06-1657 minMarkus' AcademyThe Future of Globalization After the COVID Crisis | Markus' Academy | Ep. 13Follow the link for the full summary:https://markusacademy.substack.com/p/the-future-of-globalization-afterLink to sign up for the webinar series:https://markusacademy.substack.com/On May 4, 2020, Dani Rodrik joined Markus' Academy for a webinar on COVID-19. Rodrik is a Professor of International Political Economy at the Harvard Kennedy School.Download the slides here.Timestamps:[0:00] Markus’ introduction[13:34] Beginning of Rodrik presentation[14:33] Economic overview[22:55] Making a globalization[28:37] Different economic globalizations in history...
2026-06-161h 15Markus' AcademyEncouraging the Development and Manufacturing of Vaccines and Diagnostics | Markus' Academy | Ep. 12Follow the link for the full summary:https://markusacademy.substack.com/p/encouraging-the-development-and-manufacturingLink to sign up for the webinar series:https://markusacademy.substack.com/On May 1, 2020, Michael Kremer joined Markus' Academy for a webinar on COVID-19. Kremer is a Professor of Developing Studies in the Department of Economics at Harvard University and a 2019 recipient of the Nobel Prize in Economics.Download the slides here.Timestamps: [1:06] Markus’ introduction[10:19] Beginning of Kremer’s presentation[13:40] Is it wort...
2026-06-111h 08Markus' AcademyThe U.S. Response to COVID-19 | Markus' Academy | Ep. 11Follow the link for the full summary:https://markusacademy.substack.com/p/the-us-response-to-covid-19Link to sign up for the webinar series:https://markusacademy.substack.com/On April 27, 2020, Joseph Stiglitz joined the Princeton Bendheim Center for Finance for a webinar on COVID-19. Stiglitz is a Professor at Columbia University and a 2001 recipient of the Nobel Prize in Economics.Download the slides here.Timestamps:[0:00] Markus’ introduction[10:31] Beginning of Stiglitz’s presentation[16:46] Background: US was ill-prepared for crisis
2026-06-111h 13Markus' AcademyCOVID-19, Debt Monetization, and Lessons from War Financing | Markus' Academy | Ep. 10 Follow the link for the full summary: https://markusacademy.substack.com/p/covid-19-debt-monetization-and-lessonsLink to sign up for the webinar series:https://markusacademy.substack.com/On April 24, 2020, Harold James joined Markus' Academy for a webinar on the history of war financing and lessons for COVID-19. James is a Professor of History and International Affairs at Princeton University.Download the slides here.Timestamps: [0:00] Markus’ introduction[17:39] James’ presentation begins[18:29] Learning from past disasters?[1...
2026-06-111h 04Markus' AcademyCapital Flows to Emerging Market Economies and “Original Sin Redux” | Markus' Academy | Ep. 09Follow the link for the full summary:https://markusacademy.substack.com/p/capital-flows-to-emerging-marketLink to sign up for the webinar series: https://markusacademy.substack.com/ On April 20, 2020, Hyun Song Shin joined Markus' Academy for a webinar on capital flows to emerging market economies. Shin is the Economic Adviser and the Head of Research for the Bank for International Settlements.Download the slides here.Timestamps:[0:00] Markus’ introduction:[21:23] Beginning of Song Shin presentation
2026-06-111h 05Markus' AcademyInternational Trade and Supply Chains after COVID-19 | Markus' Academy | Ep. 08Follow the link for the full summary:https://markusacademy.substack.com/p/international-trade-and-supply-chainsLink to sign up for the webinar series: https://markusacademy.substack.com/On April 17, 2020, Pinelopi Goldberg joined the Bendheim Center for Finance for a seminar on how COVID-19 might impact international trade and supply chains. Goldberg is a Professor of Economics at Yale University and a former Chief Economist at the World Bank. Download the slides here.Timestamps:[0:00] Markus’ introduction[14:22] Begi...
2026-06-111h 21Markus' AcademyWhat COVID-19 means for Inequality and “Deaths of Despair” | Markus' Academy | Ep. 07Follow the link for the full summary: https://markusacademy.substack.com/p/what-covid-19-means-for-inequality Link to sign up for the webinar series: https://markusacademy.substack.com/On April 13, 2020, Nobel Laureate Sir Angus Deaton joined Markus' Academy for a seminar on the implications of COVID-19 for inequality and “deaths of despair.” Deaton is a Professor of Economics and International Affairs Emeritus at the Woodrow Wilson School and the Economics Department at Princeton University and a 2015 recipient of the Nobel Prize in Economics. He is the co-author, along with Professor Anne Case, of Deaths of De...
2026-06-111h 04Markus' AcademyThe Future Social and Political Implications of COVID-19 | Markus Academy | Ep. 06Follow the link for the full summary: https://markusacademy.substack.com/p/the-future-social-and-political-implications Explore the webinar series: https://markusacademy.substack.com/archiveOn April 10, 2020, Tyler Cowen joined Princeton's Bendheim Center for Finance for a seminar on the future social and political implications of Covid-19. Tyler Cowen is a Professor of Economics at George Mason University and a co-author of the Marginal Revolution blog on economics and economic policy.Download the slides here.*Timestamps: [0:00] Markus' introduction [12:26] Beginning of Cowen's presentation [14:58] Public opinion on China [17:53] How v...
2026-06-101h 08Markus' AcademyWhat it Will Take to Save The Economy from COVID-19 | Markus Academy | Ep. 05Follow the link for the full summary: https://markusacademy.substack.com/p/what-it-will-take-to-save-the-economy Explore the webinar series: https://markusacademy.substack.com/archiveOn April 6, 2020, Olivier Blanchard joined Markus' Academy for a seminar on how COVID-19 has impacted the global economy—and what it will take to recover from this unprecedented crisis. Blanchard is a Senior Fellow at the Peterson Institute in Washington, D.C. and a former Chief Economist at the IMF.Download the slides here.*Timestamps: [0:00] Markus' introduction[6:48] Beginning of Blanchard presentation[9:09] Phase 1, decreasing the infection rat...
2026-06-051h 06Markus' AcademyHow to Re-start the Economy after COVID-19 | Markus Academy | Ep. 04Follow the link for the full summary: https://markusacademy.substack.com/p/how-to-re-start-the-economy-after Explore the webinar series:https://markusacademy.substack.com/archive On April 3, 2020, Nobel laureate Paul Romer joined the Princeton Bendheim Center for Finance for a seminar on the economic impact of the COVID-19 pandemic and strategies for re-starting the economy once social distancing measures are lifted. Paul Romer is a Professor of Economics at New York University.Download the slides here.*Timestamps:[0:00] Markus' introduction[6:08] Beginning of Romer's presentation[9:33] COVID-19 crisis in re...
2026-06-051h 02Markus' AcademyIntegrating Economics and Epidemiology to Fight COVID-19 | Markus Academy | Ep. 03Follow the link for the full summary: https://markusacademy.substack.com/p/integrating-economics-and-epidemiologyExplore the webinar series: https://markusacademy.substack.com/archiveOn March 30, 2020, Ramanan Laxminarayan joined Markus' Academy for a seminar on integrating economics and epidemiology to fight COVID-19 in India and around the world. Laxminarayan is a Senior Research Scholar and Lecturer at the Princeton Environmental Institute and Founder and Director of the Center for Disease Dynamics, Economics & Policy (CDDEP) in Washington, D.C. and New Delhi.Download the slides here.*Timestamps: [0:00] Markus' Introduction [2:50] Beginning of...
2026-04-0656 minMarkus' AcademyEvaluating U.S. Financial Stabilization Measures for COVID-19 | Markus Academy | Ep. 02Follow the link for the full summary: https://markusacademy.substack.com/p/evaluating-us-financial-stabilization Explore the webinar series: https://markusacademy.substack.com/archiveOn March 26, 2020, Nellie Liang joined Markus' Academy. Liang is a Senior Fellow with the Hutchins Center on Fiscal and Monetary Policy at Brookings and a former director of the Division of Financial Stability at the Federal Reserve.Download the slides here.*Timestamps: [0:00] Markus' Introduction [8:24] Beginning of Liang presentation[9:05] US COVID-19 response [14:00] Authorities for providing liquidity [17:02] Overview of intervention types ...
2026-04-061h 03Markus' AcademyCOVID-19 and Global Financial Markets | Markus Academy | Episode 01Follow the link for the full summary:https://markusacademy.substack.com/p/covid-19-and-global-financial-markets Explore the webinar series:https://markusacademy.substack.com/archiveOn March 19, 2020, Torsten Slok joined Markus’ Academy for its first episode. Slok is the Chief Economist at Deutsche Bank.Download the slides here.*Timestamps:[0:00] Markus’ Introduction[19:49] Beginning of Slok’s presentation[21:36] Presentation outline[24:15] Before the virus[27:48] The virus[30:40] Financial market reaction to the virus[56:12] Fed and ECB reaction[58:02] Fiscal...
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