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Thomas Ferguson

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Thomas Ferguson is the Institute for New Economic Thinking’s Director of Research Projects and a member of its Advisory Board. He is Professor Emeritus at the University of Massachusetts, Boston and Senior Fellow at Better Markets. He received his Ph.D. from Princeton University and taught formerly at MIT and the University of Texas, Austin. He is the author or coauthor of several books, including Golden Rule (University of Chicago Press, 1995) and Right Turn (Hill & Wang, 1986). His articles have appeared in many scholarly journals, including the Quarterly Journal of Economics, International Organization, International Studies Quarterly, and the Journal of Economic History. He is a member of the editorial board of the International Journal of Political Economy and a longtime Contributing Editor at The Nation.

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Betting on Hitler – The Value of Political Connections in Nazi Germany

Paper Conference paper | | Oct 2017

This paper examines the value of connections between German industry and the Nazi movement in early 1933. Drawing on previously unused contemporary sources about management and supervisory board composition and stock returns, we find that one out of seven firms, and a large proportion of the biggest companies, had substantive links with the National Socialist German Workers’ Party. Firms supporting the Nazi movement experienced unusually high returns, outperforming unconnected ones by 5% to 8% between January and March 1933. These results are not driven by sectoral composition and are robust to alternative estimators and definitions of affiliation. 

Edward Kane: Hidden Subsidies for Too Big to Fail Banks

Article | Aug 24, 2017

An examination of some little-known ways nation states and central banks prop up megabanks  

Ferguson: Monetary Policy Can't Levitate a Broken Economy

Article | Jan 9, 2017

As part of an International Economy symposium, INET Research Director Tom Ferguson assessed the challenge facing central bankers through the lens of the missing virtues of Dorothy’s travel companions in the Wizard of Oz

INET Research in a Year of Living Dangerously

Article | Dec 29, 2016

Notes from the Institute’s Director of Research on some significant papers and contributions produced in 2016 under the INET rubric 

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