Moritz Schularick is professor of economics at the John F. Kennedy Institute of the Free University of Berlin, Germany. He has also been a visiting scholar at Cambridge University and worked in the financial industry for several years. His current work focuses on credit cycles, the determinants of financial crises, and the international monetary system. Together with Niall Ferguson, he coined the term “Chimerica” to describe the intimate financial relations between the United States and China. Working at the crossroads of monetary and international economics as well as economic history, his contributions can be found in the American Economic Review, the Review of Economics and Statistics, the Journal of Economic Growth, the Journal of Economic History, and several other journals.
Moritz Schularick
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The Rate of Return on Everything, 1870–2015
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century.
Inside the Great Leveraging
This paper discusses what we have learned about the debt build-up in advanced societies over the past century. It shows that the extraordinary growth of aggregate debt in the past century was driven by the private sector.
When Credit Bites Back: Leverage, Business Cycles and Crises
This paper studies the role of credit in the business cycle, with a focus on private credit overhang.
Sovereigns versus Banks: Credit, Crises and Consequences
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways.
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Private Debt
With the support and partnership of the Governor’s Woods Foundation, the Institute for New Economic Thinking will convene top scholars for the Private Debt Initiative
Reawakening From the Origins of Economic Ideas to the Challenges of Our Time
INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.
Credit Booms Gone Bust
Carmen Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt.