We produce & fund research

that challenges economic orthodoxy

We inform & educate

to change the conversation about major economic problems and policy

We engage students

and support a global network of new economic thinkers

We host events

that bring together scholars, students, and policymakers from around the world

Private Debt

How the Stock Market Drives Wealth Inequality

Video Featuring Moritz Schularick

When the stock market grows faster than the housing market, the gains of the top 1% outpace those of the middle class

A Brief History of Doom

Video Featuring Richard Vague and Rob Johnson

Richard Vague and Rob Johnson discuss the role of excessive lending in causing financial crises throughout history

Could Household Debt Cause the Next Recession?

Video Featuring Steve Pressman

Steven Pressman says in the next few years, we could see rising interest rates bring about a recession

Relearning Recessions

Video Featuring Matthew Baron

Matthew Baron challenges conventional myths about booms and busts

Adair Turner on Debt

Video Featuring Adair Turner

The former chairman of Britain’s Financial Services Authority and author of the forthcoming book “Between Debt and the Devil” explains why private debt, not banks, deepened the financial crisis and continues to cause trouble today.

The Debt We Don't Talk About

Video Featuring Richard Vague

Mainstream economists have ignored private debt to our peril



Shaped by the 2008 financial crisis, a new generation of economists is expanding the boundaries of economic thinking on credit cycles, private debt, and financial stability.


Working Paper Series

American Gothic: How Chicago Economics Distorts “Consumer Welfare” in Antitrust

Paper By Mark Glick

The Chicago School has long used bankrupt assumptions to strangle antitrust policy.

Firm-Level Political Risk: Measurement and Effects

Paper By Tarek Alexander Hassan, Stephan Hollander, Laurence van Lent, and Ahmed Tahoun

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks.

Expansionary Austerity and Reverse Causality: A Critique of the Conventional Approach

Paper By Christian Breuer

It was too good to be true: Another effort to vindicate austerity falls victim to flawed methodology.

State Capacity and Demand for Identity: Evidence from Political Instability in Mali

Paper By Maxim Ananyev and Michael Poyker

Frequent civil conflicts in African countries may erode national identity, thus highlighting a reason why civil conflict is costly for growth and development

Demand-determined potential output: a revision and update of Okun’s original method

Paper By Claudia Fontanari, Antonella Palumbo, and Chiara Salvatori

Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why

Antitrust and Economic History: The Historic Failure of the Chicago School of Antitrust

Paper By Mark Glick

This paper presents an historical analysis of the antitrust laws.

Lost in Deflation

Paper By Servaas Storm

Why Italy’s woes are a warning to the whole Eurozone

More papers