Abdolnasser Hemmati Reappointed as Governor of Central Bank of Iran
Tehran, IRNA – Abdolnasser Hemmati has reportedly been reappointed as the governor of the Central Bank of Iran (CBI). This announcement follows the acceptance of Mohammadreza Farzin's resignation by President Masoud Pezeshkian earlier today. The 67-year-old economist and politician, Hemmati, previously held the position of CBI governor from 2018 until May 2021 and was also the minister of economy in the current and former Iranian administrations. His career has been marked by significant political engagement, including a run as a reformist candidate during the 2021 presidential elections, in which he came third. His candidacy was rejected in the 2024 presidential election by Iran's Guardian Council, which must approve candidates. Despite his extensive experience, Hemmati's previous role as the economy minister was cut short when he was impeached by parliament on March 2, 2025. His reinstatement as CBI governor signifies a pivotal return as the nation continues to navigate economic challenges. Hemmati’s appointment will be finalized after receiving approval from the Cabinet and a presidential decree, expected to be put forward in the upcoming cabinet meeting on Wednesday. The change at the top of the CBI is made in the context of growing public concerns, including protests, about inflation and the high cost of living. The move highlights the ongoing adjustments within the Iranian economic administration as the country seeks stability amidst these ongoing financial, political and social pressures. Image Credits: Mohammed Rezi Abassi / Mehr News Agency - Free for use under CC 4.0
Abdolnasser Hemmati has officially been reappointed as the governor of the Central Bank of Iran, replacing Mohammadreza Farzin. Hemmati has a prominent background in both economic and political fields, having previously served in various significant roles during different administrations.
Public Economics & Economic Policy (JEL H)
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Urban, Rural and Transportation Economics (JEL R)
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PhD Positions at IESE Business School (Barcelona)
PhD Positions at IESE Business School IESE Business School invites applications for full-time PhD positions for the upcoming intake (September 2026). IESE’s PhD is a five-year, full-time, research-oriented program that prepares students for an academic career at top business schools worldwide. PhD specializations include: Finance; Accounting; Operations, Information & Technology; Organizational Behavior; Strategy, Entrepreneurship; Marketing; and Business Ethics. Specializations: https://www.iese.edu/master-research-management/specializations/ & https://www.iese.edu/phd-in-management/specializations/ IESE’s PhD program is a structured doctoral program based on the traditional U.S model, beginning with rigorous coursework (2 years, awarded with a Master’s Degree) and then transitioning into the PhD phase (2-3 years). During the Master of Research in Management (coursework phase) - Years 1 & 2, students acquire methodological, analytical, and theoretical skills essential for high-quality research, while receiving close guidance from a faculty advisor. Students start specializing in their field of interest through elective coursework. Upon completion, students progress to the PhD phase - Years 3 to 5, which includes: Developing and defending the dissertation proposal Conducting independent research under faculty supervision Presenting research in internal seminars and international conferences Optional funded research stays abroad Participation in funded summer schools and external doctoral courses Language training (e.g., Spanish) is also available. Key Details Funding: Full tuition coverage and competitive stipend (1.500€/month net, 22,680€/year gross) for the entire duration of the program (5 years). Additional funding is also available for international research stays, conferences and workshops. Supervision: You will have a faculty member expert in your area of interest assigned as mentor. Research Areas (8): Strategy, Organizational Behavior, Marketing, Business Ethics, Entrepreneurship, Operations, Finance and Accounting. Program Duration: 4–5 years structured in coursework (2y), research and dissertation (2-3y). Other benefits: Access to extensive data, resources, and research support Professional development workshops, MBA teaching training, and networking opportunities Comprehensive health insurance, cafeteria discount + dedicated working space in our doctoral room at our Barcelona Campus. Candidate Profile We are seeking candidates who: Demonstrate strong analytical, quantitative, and communication skills. Are highly motivated for a research-oriented academic career. Can thrive in an international and collaborative academic environment. How to Apply: Candidates should submit their application through our webpage by January 20, 2026. APPLY HERE. Applicants must present: Academic transcripts from completed Bachelor's degree Official GMAT or GRE scores (mandatory for all candidates) Proof of English proficiency (TOEFL 100 / IELTS 7) unless studies were completed in English 3 letters of recommendation Motivation letter Statement of research interests IESE seeks candidates with strong academic potential, typically ranking in the top 10% of their undergraduate class, and with a clear interest in pursuing an academic research career. Application's process: Deadline Round 1: January 20, strongly recommended. Deadline Round 2: April 20, this round follows a rolling admissions process, meaning applications will be reviewed continuously and candidates admitted as decisions are made. Interview: Conducted online with a faculty member. Interviews are only granted to short-listed candidates. After reviewing all applications faculty will contact you if they are interested in conducting an interview Decisions Announced: By mid-March Upcoming Event: Join the Live Online PhD Open Day with the Academic Director of the Program on December 9, 2025 at 14:00 (Barcelona time). Register: <a href="https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fapply.iese.edu%2Fphd-open-day-online-9dec%2F&data=05%7C02%7CEAlarcon%40iese.edu%7C7270811de2b349e3e0b808de236f2920%7Ced0cd196c46d43d9813e500e8c413eda%7C0%7C0%7C638987157788076769%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=NSMaFDMUwzwbdb%2FOAYTlYVnR1fiSk4cBCjXyI2374l8%3D&reserved=0">https://apply.iese.edu/phd-open-day-online-9dec/ Career Outcomes IESE PhD graduates have a strong placement record, with more than 90% obtaining academic positions in international universities and business schools. The program provides extensive support for research development and job-market preparation. Academic Placements: Our PhD graduates have started academic careers in leading universities and business schools such as: Emory University, London Business School, Copenhagen Business School, Georgia TECH, KU Leuven, IE University, Erasmus University Rotterdam, Universidad Católica de Chile, Macquarie University Sidney, Utrecht University, Zhejiang University, Católica Lisbon School of Business & Economics, UCLA Anderson School of Management, Frankfurt School of Finance & Management, HEC Montreal, INSEAD, Saïd Business School, among others. Why Join IESE IESE Business School is the graduate business school of the University of Navarra. one of the world’s leading business schools. IESE’s MBA and Executive Education programs are regularly ranked among the top 10 in the world. More information: IESE PhD Faculty: https://www.iese.edu/master-research-management/faculty/ & https://www.iese.edu/phd-in-management/faculty/ Specializations: https://www.iese.edu/master-research-management/specializations/ & https://www.iese.edu/phd-in-management/specializations/ Contact: Email: doctoral@iese.edu Phone: +34 93 253 42 00 Website: www.iese.edu/phd-in-management and https://www.iese.edu/master-research-management/
A doctoral program in Barcelona that is 100% funded and prepares you for a world-class career in academia.
The Intuition Behind Regression Analysis
It’s all about the variance The basic question behind many regression analyses is: how much does x affect y? Or, stated another way: when x changes, how much does y change as a result? This is a great way to think about what a regression is attempting to do. In essence, a regression measures how much of y’s variation results from x varying, ignoring the variation in other regressors (the Frisch-Waugh Theorem illustrates how a regression can isolate the effect of a single variable on y, but that’s beyond the scope of this article). The regression attributes whatever variation in y that x explains to a coefficient (usually denoted by a lower case beta symbol: 𝛽), and whatever variation x can’t explain to a term we call the “error”. Finally, statistics are computed that tell us how unlikely it is that the effect of x on y is due to random chance — if it’s very unlikely, we call it a “statistically significant” result. An example: Let’s consider high-end TV sales as our y variable, and “income of consumers” as the x variable. How should consumer income affect the sales of high-end TVs? Clearly, the wealthier people are, the more likely they are to spend money on a nice TV — or even multiple TVs. Therefore we’d expect a positive relationship between x and y. After gathering TV sales data and running our regression, if more TVs seem to be sold when consumers in the area have higher incomes (or after their incomes increase), we have some good evidence to support our hypothesis. The 𝛽 coefficient on the x variable “consumer income” might be statistically significant, and it can indicate by how much exactly an increase in income is expected to affect TV sales. This might sound straightforward, but much is happening “under the hood”. Before diving into some more complex scenarios, let’s draw a picture so we can visualize what’s happening when a regression is run. The geometry of regression analysis You’ve seen plenty of graphs in math classes before, with y on the vertical axis and x on the horizontal axis. Most regressions cannot easily be depicted in this way, for one simple reason. Most regressions include far more than two variables! When we collect data to run a regression, we end up having a series of y values (a vector), and several series of x values (a matrix). To compare the variation in y and x, we “project” y onto the “space” of x. Figure 1 below depicts this. Figure 1: The Geometry of Regression Analysis In Figure 1, we can see the vector of y data we’ve collected, which appears as the hypotenuse of the triangle. Let’s break this image down to understand all of its pieces, and how they’re represented by the tables of numbers a computer will give us. Suppose that the y vector is a paper airplane you’re launching, and the x “space” contains the forces of wind, gravity, and your own muscle power. You throw your paper airplane and record its flight. Your muscles launch the paper airplane forward, gravity pulls it downward, and the wind blows it around wildly. Similar to this scenario, the regression of y on x measures how much the x variables “pull” y in the direction it’s going, as the y vector “flies” over the space of x. If y is TV sales and x is income, the regression measures how much the force of “income gravity” changes the direction of the “TV sales airplane”’s flight, for example. Consider the space of x in Figure 1, which appears to be a 2-dimensional-looking plane. If x has absolutely zero power to affect y, then the y vector will be perfectly vertical. Why? Because as the y vector takes flight, the x space has no power to change its trajectory. This would be as if you threw a paper airplane straight up into the air and both gravity and the wind turned off at the same time. But if the x space does influence y, then as x works or changes, y’s trajectory is changed too. So, in Figure 1, we can see that x has some power over y. How much power? One way to measure it is by looking at the “base” of the triangle. This measures the exact horizontal distance that y has traveled as it’s moved through the x space. This quantity is called the projection of y onto x; it is the portion of x that explains y’s trajectory. This is also what gives us the model’s predicted values of y. Another way to measure this explanatory power is by looking at the vertical distance between y and the space of x in Figure 1. This distance represents the portion of y’s trajectory that x does not explain at all. This is the “error” term! The best model is typically the one that minimizes this distance, or in other words, minimizes the sum of the error (which we usually measure using squared values, so that negative and positive errors don’t cancel each other out). This picture hides a bit of math that’s going on under the hood. When you run a regression, the computer predicts an estimate of y for every set of x data points you have (the base of the triangle), then computes the resulting error (the vertical line) by subtracting this estimate from the actual y data point (the hypotenuse). In other words, together the error term and the projection constitute y. In order to figure out where y’s position is, we must know both the projection and the error — the explained and unexplained portions of y’s variance. This is easy to see from the formal regression equation Y = X𝛽 + ε. The first term, X𝛽, is the data times the coefficient our regression calculated for it; it creates the prediction of y based solely on the data, which is the base of the triangle. The error term is what’s left over, denoted by ε, which is again the vertical line in the triangle. Finally, we can use the ratio of these projection and error vectors to compute a very important statistic known as R2. This is a number that measures how much variation in y is explained by your regression. It’s one of the first things that students of statistics learn about regression analysis, and while it has problems (data scientists now typically use transformed versions of R2 that account for factors like scale and over-fitting), it’s a great window into what your regression’s version of Figure 1 probably looks like. High values of R2 indicate a good fit, which indicates that the model is useful for inference or prediction (one of which is usually the end goal of the analysis). In search of unknowable truths Figure 1 might make a regression seem very powerful, but unfortunately, a regression does not yield a certain answer. In other words, we can never learn the 100% precise answer to our research question for certain. This might be a surprising statement, but it’s true! This is a very important point to realize about regression analysis. We can admittedly get very, very close to a certain answer, but the actual real-world “true” answer is usually impossible to know for certain. In most of the sciences, including economics and data science, these “true” values are called “population parameters”, and our regression analysis gives us estimates of them. This is due to myriad real-world factors — like the difficulty of gathering fully comprehensive data, a limit to available computing power, and the imprecision of measurements we take. In science, it simply is not possible to have 100.00% certainty about things the majority of the time. This is one of the reasons why having a solid theoretical reasoning behind a regression model is important. The statistical evidence can only point us in the right direction. After the dust settles, it’s up to the data scientist, economist or biologist, etc. to correctly interpret the results and their real-world implication(s). This brings up another fascinating point, that an astute reader might have already wondered by now. What if we’re already confident that we know something about y before running our regression? Consider, for example, a macroeconomic model that attempts to explain inflation. This is something that’s been studied often before, and we’ve generated a lot of knowledge about it already. Can we account for that knowledge when running a new regression using new data? The answer is yes! But, it can seem a little complicated at first… Using our existing knowledge in scientific ways Bayesian regression methods include techniques that allow us to incorporate existing knowledge — or even just a good guess — into a regression analysis. This is done by using probability distributions. Before progressing further, it’s helpful to define what a non-Bayesian method is. We refer to them as “frequentist” methods. Introductory statistics courses (and this whole article so far) discuss frequentist methods and techniques. In essence, these are the “default” setting for regression analysis. Frequentists have a research question, and start to answer it by gathering data. In contrast, the Bayesian statistician doesn’t begin with the data, (s)he begins with a probability distribution that comes from their existing knowledge. What do we know about TV sales before collecting data on income? It’s very likely that more TVs are sold in wealthier areas, and when incomes of consumers increase. This information isn’t very controversial, but if we ignore it before running our regression, we’re essentially saying that we know nothing about TV sales at all before running the regression. This can be inefficient. Why throw away existing information when trying to answer a question? So, the Bayesian statistician takes a probability distribution that they believe is accurate, which we call a “prior” distribution. Then, they collect data and set up a regression as the frequentist did before, and run a regression in mostly the same way. This results in a “posterior” distribution that the data has created. The frequentist relies entirely on this posterior; the Bayesian merges the prior and the posterior together before deciding if there’s evidence for statistical significance or not. This Bayesian practice might seem arbitrary and unscientific, even blasphemous! How can we be allowed to insert our own beliefs into a scientific process? Fortunately, there are a few things keeping Bayesian methods “in check”. First, many frequentist statistics and test methods are secretly Bayesian methods in disguise. In many cases it’s possible to show that by using specific priors, the frequentist and Bayesian methods are the same. We can think of it in this simple way: frequentist methods simply use the “default” priors, while Bayesian methods are akin to an expert going and changing the default settings for a specific purpose. Second, if a data scientist, economist etc. uses a bad prior without sufficient justification, peer reviewers will point it out, and reputable journals might refuse to publish the work. Peer review is a cornerstone of science, after all, and statistical interpretation is not immune to its effects. It’s important to note too that frequentist methods are far from perfect. Consider that the rule of thumb for a statistically significant result is 5% (in words, “this result is 95% likely to be due to a true relationship between x and y, and 5% likely to be due to random chance”)*. This means that there’s a chance that we get the wrong result even though we did nothing wrong during the regression analysis. In some cases, this can even mean that a frequentist regression leads us to conclude something crazy that a Bayesian regression wouldn’t — like that the sun has exploded, when common sense would tell us that it clearly has not. For a beautiful and hilarious illustration of this exact scenario, look at the linked xkcd comic. *This is a reason why the standards for natural sciences, or medical science, are often more strict than for economics or data science. When human lives are at stake, a 5% error rate might be considered unacceptably imprecise. Both frequentist and Bayesian methods help us uncover the true relationships at work in the world around us. At the same time, there are many factors working against us… Setting up a regression can be tricky Regardless of which statistical techniques you employ, a regression really only measures how much y and x vary together, and uses that to estimate the strength of the relationship between x and y. But reality is so complicated that it can disrupt or obfuscate the true link between the variables, or even mislead us into thinking that a relationship exists when it truly doesn’t. Consider, for example, the determinants of high salaries. What factors probably contribute to having a higher salary? Talent, work experience, education, and charisma immediately come to mind. Other factors might include location, the type of industry, workplace politics, labor market factors, and even luck. All of these factors could be x variables that we gather data on before running a regression on y, which in this case is a vector of observed salaries. But there’s no obvious way to measure many of these variables. How do we measure talent or charisma, for instance? There’s no correct answer to this, although there are surely many wrong answers! Even for more obvious factors, how to measure them can still be a tricky thing. Work experience can be approximated by age, for example. But age might not be a good measure of experience if a worker has switched jobs often. We could use the measure “years working in the same industry” instead, but this still isn’t perfect, as the definitions of industries themselves can be arbitrary. If someone worked as a marketer for Apple, and later got a job in the marketing team at PepsiCo, are they working in the same industry? From this quick example, it’s clear that a solid theory should undergird any regression, and clear justifications need to be made for how exactly the practitioner gathers and prepares the data and sets up the regression equation. But there’s much more; we haven’t yet touched the mathematics of this subject. Warning: not everything is as it may seem! Mathematically, there are many ways that reality complicates the relationship between x and y. These include, but are not limited to: cases where x and y affect each other; cases where x affects both y and the error term; cases where x, y or both trend over time; and cases where the error term has patterns or isn’t expected to be zero. These types of issues occur commonly in real-world data, particularly economic data (that is very seldom experimental**). For example, consider using a regression to investigate the effect of an increase in government taxes on GDP growth. **So much so that the economists who popularized randomized controlled trials (RCTs) in economics won the 2019 Nobel Prize for their work, a stark contrast to fields like biology and psychology that use RCTs all the time. It might seem obvious that increasing taxes lowers GDP. However, if the government uses the net-new tax revenue to buy goods or services (for instance, construction projects), the true effect is much less clear. Recall that the aggregate demand equation is GDP = C + I + G + NX, where G is government spending. Higher taxes probably lower GDP, but increase G, since taxes fund government spending. But G increases GDP. So…what is the true effect? Were we to run a regression including GDP and G without accounting for this feedback loop, we would likely reach an incorrect conclusion. The previous example was a case where x and y affect each other. Let’s briefly examine the other cases mentioned above. We can return to our salary example to examine a case where x affects both y and the error term. Consider using “years of education” as an x variable to predict salaries. We’d have to account for the fact that as years of education increase, the variance of earnings increases. That’s because, all else equal, individuals with few years of education tend to have low earnings, while highly-educated workers tend to experience a wider range of earnings. Thus, the error term increases as x increases. When data trends over time — due to seasonality (think sales of ice cream) or simply the passage of time (macroeconomic variables like GDP and population tend to grow over time), it can be hard to disentangle the true effect of x on y, because that effect is hidden among the time trend that affects both variables. Finally, consider a case where the error term has a pattern. This is very often the case with financial data, for instance predicted stock market returns. Financial assets often fluctuate partially based on their previous values. This may be because people assess their future worth based on their current price, and because people have expectations that an asset will continue to perform similarly to how it’s currently performing. Either way, the error term in a regression of financial asset value is likely to vary in a pattern, which will obfuscate the true effect of x on y. Regression is an art and a science Running a good regression can be the cornerstone of an excellent research paper or the key reason for a new business strategy, but they’re far from simple or easy to execute well in many real-world cases. Understanding the issues at play, and figuring out how best to untangle the relationship between y and x, is a bit of an artful science. It requires a thorough understanding of the theory underlying the analysis, and running better regressions is a skill that comes with time. Hopefully, this article has offered a helpful glimpse into the machinery behind this ubiquitous tool in the data scientist’s arsenal, and will aid you the next time you begin to gather data for your own analysis! Image Credit: Generated with Canva AI Image generator (Prompt: Regression)
Regression analysis is a key topic in economics, data science, and computer science, but its roots go further back than these disciplines. Sir Francis Galton is credited with the term, after studying the heights of parents and their children, and noticing that those heights tended to “regress” back towards the mean. That name became associated with this type of analysis, and has stuck, even though a more accurate name might have been something like “variance analysis”. We’ve written previously about what a regression analysis is. If you’re completely new to the idea of a regression, that’s a good place to start. In this article, we’ll look more closely at this tool in the data scientist’s, economist’s and statistician’s toolbox, to understand exactly what’s happening when we run one.
Python and Statistics for Financial Analysis
Instructor: Xuhu Wan Course Details 4 modules Flexibility: 1 week at 10 hours a week, learn at your own pace Intermediate level Taught in English, available in 29 languages (AI Translation) Skills You'll Gain Data Visualization Financial Trading Statistical Analysis Data Import/Export Statistical Inference Regression Analysis Financial Data Financial Modeling Jupyter Model Evaluation Course Overview Python is now becoming the number 1 programming language for data science, especially in the financial industry. This course combines both Python coding and statistical concepts and applies them to analyze financial data, such as stock data. Objectives By the end of the course, you can achieve the following using Python: Import, pre-process, save, and visualize financial data into pandas Dataframe. Manipulate financial data by generating new variables using multiple columns. Apply key statistical concepts into financial contexts. Build and evaluate a trading model using linear regression. Course Structure Module 1: Visualizing and Munging Stock Data - 3 hours to complete Module 2: Random Variables and Distribution - 2 hours to complete Module 3: Sampling and Inference - 3 hours to complete Module 4: Linear Regression Models for Financial Analysis - 4 hours to complete Instructor Xuhu Wan from The Hong Kong University of Science and Technology. Additional Information There are 5 assignments included in this course. Enroll now for free!
Enroll in this course to gain essential skills in Python and statistics for financial analysis.
Hong Kong University of Science and Technology
This Master+ one-year program is fully taught in English. Applicants must provide satisfactory evidence that they have an adequate knowledge and understanding of written and spoken English. A minimum score of 90 on TOEFL IBT or 6.5 on IELTS is highly reccommended if the candidate does not hold an English-taught Bachelor degree. Compulsory Modules ▪ Financial Economics ▪ Bank Risk and Regulation ▪ Bank Structure and Competition ▪ Banking and Credit Risk ▪ Banking and Market Risk ▪ Econometrics of Banking and Finance Optional Modules (2 out of 3) ▪ Portfolio Management ▪ Quantitative Finance ▪ Derivatives Mentorship and Training Experience (required) ▪ “Journal-format” dissertation ▪ Research Methodology ▪ Communication and Exposure Compulsory Research Training Program in Banking and Finance Students will also follow the Intermediate module of the Research Training Program in Banking and Finance delivered by the LAPE research center with the aim of acquiring state-of- the-art skills to conduct empirical research (Training on Writing Research Papers, Handling Datasets and Softwares, Research Seminar Series, etc.) Separate fees may be charged for this program.
The Master+ in Banking and Finance is a unique opportunity to follow a standard Master program combined with a specific training delivered by a well-established Research Center dedicated to banking studies, LAPE, in the Université de Limoges in France. (http://www.unilim.fr/lape/). Teaching staff are active scholars in Banking or Financial Risk practitioners. The program also hosts international visiting professors who are leading experts in their fields.
Soka University Economics Wins Top Award at ISFJ Policy Forum
On December 13 and 14, 2025, at the Japan Policy Student Conference (ISFJ), held at Meiji University, the Nobuyuki Kanazawa Seminar from Soka University's Faculty of Economics secured the esteemed Breakout Prize, the highest accolade in their subcommittee. The award was announced in a press release by Soka University. The ISFJ aims to foster a better society through student-created policy proposals, with participation from 116 teams across 25 universities nationwide. After a thorough review by experts, awards were presented to teams whose work was deemed outstanding. The Kanazawa Seminar, which took part in the Labor and Employment subcommittee, delivered a compelling presentation focused on "Promoting Women's Participation - Considering the Paternity Leave System for Men." Their research highlighted the imbalance in domestic responsibilities that impede women's career advancement. Through empirical analysis and interviews, they examined how the paternity leave system could positively affect men's involvement in childcare and housework. Based on their findings, the team advocated for the promotion of paternity leave for men as a means to foster an environment where women can succeed professionally. Their rigorous research and innovative proposals received high praise from the panel of experts. A member of the winning team remarked, "It was challenging to coordinate discussions around our various commitments, but we succeeded by leveraging each member's strengths. We aspire for our research to enhance women's participation in society." The achievement of the Kanazawa Seminar underscores the proactive role that students can play in addressing critical social issues, affirming their commitment to making significant contributions to policy development.
Soka University's Faculty of Economics won the 'Breakout Prize' at the 2025 ISFJ Policy Forum for their proposal on promoting women's participation in the workforce through enhanced paternity leave for men.
SRRNet’s 24TH th International Conference on Corporate Social Responsability and Sustainability
Conference Details Conference Theme: Corporate Social Responsibility in Times of Global Uncertainty: Building Resilient, Inclusive, and Sustainable Futures Organizations across Europe, Africa, Asia, and beyond are navigating overlapping crises — from climate change and digital disruption to geopolitical instability and social inequalities. CSR is increasingly called upon not just to mitigate harm, but to actively foster resilience, trust, and inclusive growth across diverse contexts. We invite scholars and practitioners worldwide to contribute original research that explores the role of CSR in an era marked by global uncertainty and rapid change. The conference seeks to examine how organizations respond to complex challenges such as climate change, social inequality, digital disruption, and geopolitical instability, while striving to build more resilient, inclusive, and sustainable futures. How can corporations act responsibly in times of crisis? What innovative practices and policies are emerging across diverse regions, and how do they shape both local communities and global agendas? We invite scholars and practitioners worldwide to contribute original research that explores the role of CSR in an era marked by global uncertainty and rapid change. The conference seeks to examine how organizations respond to complex challenges such as climate change, social inequality, digital disruption, and geopolitical instability, while striving to build more resilient, inclusive, and sustainable futures. How can corporations act responsibly in times of crisis? What innovative practices and policies are emerging across diverse regions, and how do they shape both local communities and global agendas? We welcome interdisciplinary contributions that bring together insights from management, economics, political science, sociology, environmental studies, and related fields. Both empirical and conceptual papers, as well as comparative perspectives from Europe, Africa, Asia, and beyond, are encouraged to foster a rich dialogue on the evolving global landscape of CSR. The conference is intended to be interdisciplinary and welcomes contributions from anyone with a perspective on this important topic. Papers are welcome on any topic related to this broad issue, and suggested themes for papers include: Conference Topics CSR and Global Crises – corporate responsibility in contexts of war, pandemics, migration, and geopolitical instability; Bridging Local Communities and Global Agendas: CSR for Inclusive Growth – CSR’s role in addressing inequalities, supporting rural development, and fostering trust in societies with diverse cultural and economic backgrounds; Digital Responsibility Beyond AI – data ethics, cybersecurity, digital inclusion, data ethics, cybersecurity, and responsible technology adoption; Resilient Communities – CSR’s role in fostering social cohesion, rural development, and sustainable livelihoods; Transnational CSR – how multinational corporations adapt CSR across different cultural, regulatory, and economic contexts; Legal and Regulatory Perspectives on CSR – comparative legal frameworks, international standards, enforcement challenges, and governance mechanisms; Entrepreneurial and SME Perspectives – CSR in startups and small-to-medium enterprises, social entrepreneurship, and innovation-driven responsibility; Consumers and CSR – consumer expectations, ethical consumption, trust, and the role of public opinion in shaping corporate responsibility; Circular Economy and Sustainable Business Models – CSR in resource efficiency, waste reduction, green innovation, and regenerative practices; CSR in Global Supply Chains – responsible sourcing, human rights, labor conditions, and the tension between globalization and localization; CSR and Environmental Resilience – corporate strategies for biodiversity, climate adaptation, renewable energy, and disaster preparedness; Regional Perspectives on CSR – lessons and challenges from Europe, Africa, Asia, and Latin America; cross-cultural and comparative studies; CSR and Stakeholder Engagement – the role of NGOs, governments, and communities in co-creating responsible business practices; Measuring CSR Impact – methodologies, metrics, reporting standards, and critical evaluations of ESG frameworks; Education and CSR – embedding responsibility in business education, capacity-building, and leadership development; Energy and sustainability - renewable energy development, efficiency innovations, and responsible corporate practices that reduce carbon footprints and foster resilience; National and extractive resources conservation - strategies for managing and conserving a nation’s natural and extractive resources responsibly, the role of corporate accountability in protecting ecosystems and local communities; Environment and health - the impact of pollution, climate change, and corporate environmental policies on public health, sustainable business practices for healthier, more inclusive societies. Submissions Although preference will be given to full papers, abstracts of 300-500 words will also be considered. All papers and abstracts should be sent by 20th June 2026, by email to davideacrowther@aol.com Each author may co-author multiple papers, but may present no more than two. All submissions must adhere to the APA 7th edition formatting guidelines. Submissions should be original and not previously published or under consideration elsewhere. Final version of the accepted papers will be required by 20th of July 2026. Publications One of the distinguishing features of the conferences is SRRNet’s focus on subsequent publication of papers presented. SRRNet publishes at least one book of selected papers from each conference but also encourages every participant to publish their work. Advice will be given during the conference. Full details concerning other publishing opportunities for the papers presented at the conference will be provided during the conference. The Network currently publishes two fully refereed and indexed official journals in association with Emerald Publishing: Social Responsibility Journal, and Technological Sustainability. The Network also publishes two book series, within which the book(s) from the conference will be published: Science, Technology and Sustainability – published by World Scientific, and Developments in Corporate Governance and Responsibility – published by Emerald. All books published in these series are fully indexed. Committee Prof. Dr. David Crowther - SRRNet President and chair of scientific committe Assoc prof. Valentin TOADER, PhD, chair of the conference Assoc prof. Monica Maria Coroș, PhD, chair of the conference Assoc prof. Oana Adriana Gică, PhD, chair of the conference Dr. Shahla Seifi - SRRNet Conferences Chair. Join us in Cluj-Napoca to share insights, exchange ideas, and shape new perspectives on how CSR can foster resilience, inclusion, and sustainability worldwide! Registration Fees 1. Early bird registration (the latest on July 20th, 2026): Delegate: €360 Student delegate (bachelor, master, doctoral student): €250 Accompanying person: €300 Delegate from low income countries*: €245 Delegate from middle income countries**: €280 2. Regular registration (the latest on August 25th, 2026): Delegate: €550 Student delegate (bachelor, master, doctoral student): €400 Accompanying person: €400 Delegate from low income countries*: €385 Delegate from middle income countries**: €440 * Affiliated with Higher Education Institutions from low-income countries according to OECD’s list ** Affiliated with Higher Education Institutions from lower-middle or upper-middle income countries according to OECD’s list Click for Bank transfer payments Make payments via Credit/debit card here For each paper, at least one author must be registered as a Delegate or as a Student Delegate. For all delegates, the fee includes documentation, coffee breaks, meals, and a social programme during the conference days. For accompanying persons, the fee includes meals and a social programme during the conference days. It does not include participation in the conference.
Call for papers SRRNet’s 24th conference will take place in Cluj-Napoca, the second largest city of Romania, often referred to as the heart of Transylvania. It is one of Romania’s most vibrant academic, cultural, and technological hubs, making it an ideal host for our international conference. It will be organised jointly by SRRNet, the Centre for Research and Entrepreneurship in Tourism and Hospitality (CRETH/CECATO), and the Faculty of Business from Babeș-Bolyai University. With a strong tradition of academic excellence dating back to 1581, the university is recognized for its interdisciplinary research, multicultural character, and commitment to innovation. Hosting more than 45,000 students across a wide range of fields, Babeș-Bolyai University is the largest and one of the most prestigious universities in Romania.
Faculty of Business, Babes-Bolyai University Cluj-Napoca
Circular Economy and Sustainable Business Models
Bridging Local Communities and Global Agendas: CSR for Inclusive Growth
National and extractive resources conservation
Legal and Regulatory Perspectives on CSR
The UK and EU have successfully negotiated terms for the UK to rejoin the Erasmus+ programme in 2027, allowing young people from various backgrounds to access opportunities for study and training abroad. This agreement was announced by the UK government in a press release, and delivers on commitments made during the UK-EU Summit earlier this year. Erasmus+ offers educational and training opportunities not just for students in higher education, but also for apprentices, further education students, sports clubs and adult learners. It is estimated that over 100,000 individuals in the UK could benefit from the programme in its inaugural year. The UK Minister for EU Relations, Nick Thomas-Symonds, emphasised the significance of this initiative, stating that it aims to break down barriers and widen horizons for all young people, ensuring that everyone can access transformative educational experiences. Moreover, the UK has agreed to a reduced contribution for the first year, amounting to approximately £570 million for the 2027/28 academic year. This is 30% lower than the cost envisaged by the Trade and Cooperation agreement from earlier this year. Despite the reduced cost, full participation benefits are guaranteed for UK taxpayers. Earlier this year, the European Commission proposed an expansion of the Erasmus+ scheme as part of its Multiannual Financial Framework (MFF) for 2028-2034, including an intention to increase the budget by around 50%. As such, an extension of the agreement for the UK beyond 2028 would need a new agreement on the UK's level of financial contribution in the context of the increased overall budget. Aside from Erasmus+, discussions on energy market integration and a food and drink trade deal have also progressed, indicating a favourable shift in UK-EU relations that addresses broader public priorities. The UK government has already created a page with more information, including eligibility and timescales at https://www.gov.uk/guidance/the-erasmus-programme Image Credit: AI generated image with Canva. Prompts: UK; EU; Students
The UK government has reached an agreement with the EU for the UK to join the Erasmus+ programme in 2027, expanding educational opportunities for young people. The initiative promises to support over 100,000 participants in its first year, with a focus on inclusivity for disadvantaged groups.
If you are looking for a good read for yourself, or a present for a loved one, this is INOMICS pick of new Finance books published in 2025. Whether you are a student of finance, a professional in the field, or a lay-person looking to make good investment decisions, our selection contains something for everyone: from books diving into global financial systems, to personal finance guides, financial history books, and finance textbooks. New Books on Global Financial Systems and Financial Psychology 2025 Fixed: Why Personal Finance Is Broken and How to Make It Work for Everyone by John Y. Campbell & Tarun Ramadorai October 21, 2025 Two leading economists reveal why today’s personal finance markets are rigged against us and offer practical steps to fix them John Campbell and Tarun Ramadorai diagnose the ills of today’s personal finance markets in the United States and across the globe, looking at everything from short-term saving and borrowing to loans for education and housing, financial products for retirement, and insurance. They show how the system is “fixed” to benefit those who are wealthy and more educated while encouraging financial mistakes by those who aren’t, making it difficult for regular consumers to make sound financial decisions and disadvantaging them in some of the most consequential economic transactions of their lives. Campbell and Ramadorai describe how some even opt out of the financial system altogether, relying on unregulated and often shady mechanisms to implement necessary financial functions, with dire consequences for individuals, families, and the economy more broadly. With the explosive growth of the global middle class, longer lifespans, and greater numbers of seniors managing their money alone, the pitfalls of personal finance now affect billions of people around the world. Fixed proposes concrete solutions that harness the expertise of economists, the power of government, and the speed of technology to restore fairness and trust in our broken system and make it work better for ordinary people. How The American Economic Machine Works: Understand How Money Is Made And How The Economy Works by Daniel Bulmez Published: July 9, 2025 The economy can feel abstract and intimidating—yet its effects on your everyday life couldn't be clearer. How the American Economic Machine Works demystifies the invisible engine powering your daily experience, connecting historical events to your paycheck, explaining financial markets in plain English, and empowering you to finally understand what's happening around you—and why it matters. From the roaring twenties and the Great Depression, to the 2008 financial crisis and the COVID-19 recession, you'll uncover powerful insights through vivid storytelling and relatable examples that reveal why the economy isn't a distant abstraction but an integral part of your daily reality. Recommended for readers seeking clear, jargon-free explanations of the economy, students of economics, history, or business who need practical insights, or anyone looking to confidently navigate financial news and policy discussions. The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel Published: September 16, 2025 (first edition published in 2020) Deluxe hardback edition of The Psychology of Money with sprayed edges and additional bonus chapter content from Morgan Housel, the New York Times bestselling author. Money – investing, personal finance, and business decisions – is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don't make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In short: Doing well with money isn't necessarily about what you know. It's about how you behave. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life's most important topics. New Books in 2025 Introducing Finance to Young Adults and Kids ESSENTIALS OF BANKING, MONEY AND FINANCIAL MARKET: From Vaults to Value—Understand It All by Olaniyi Akanmu Published: October 31, 2025 Offers an insightful journey through the core principles of Banking & Finance. Provides readers with a clear understanding of how financial institutions operate and influence global economies. Perfect for students, entrepreneurs, or anyone curious about how economies really function, this textbook blends theory with real world examples from Nigeria & beyond. A Kid’s Introduction To Personal Finance: Understanding How To Earn, Save and Invest Money (Wonder Books: A Kid's Introduction To) by Sam Wonder Published: November 4, 2025 "A Kid's Introduction to Personal Finance" is specifically designed for ages 8-14 and transforms money from a confusing, frustrating topic into an exciting adventure your child can actually understand and use. This isn't just another boring money book. It's a step-by-step guide that shows kids how to earn, save, and grow money starting RIGHT NOW, not when they're adults. Through the relatable story of Alex - a kid who starts with just $50 and a $400 goal - your child will discover that they have far more financial power than they ever imagined. This, like other books in the series, is written to be about 5-10 minutes per chapter, perfect for a short read before bedtime. Includes many "Did you know?" stories that you're likely to hear about at your next family dinner and includes suggestions at the end of the book for more ways that you can explore the topic Not a Boring Finance Book for Teens: Understand the Money Machine (for adults too, shhh!) by J.P. Finnegan Published: September 26, 2025 This entertainingly and accessibly written book helps teens (and adults) see how the parts of money work together—how earning, spending, saving, and investing all connect like a Money Machine to build real financial freedom. Inside, you’ll discover essential money skills and learn how to: - Earn and create value — by developing your own talents and ideas (that you can actually get paid for). - Save wisely — and understand why it’s the key to freedom, not restriction. - Spend with purpose — so you can cover your needs, enjoy your wants, and still have money left to invest. - Invest (and do it well) — so your money can start growing instead of shrinking. - Avoid the debt spiral — by mastering credit before it masters you. New Personal Finance & Investing Guide Books 2025 The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life by J L Collins Published: May 20, 2025 Revised and Expanded 2025 Edition. New edition includes: updated data, FAQ, a Simple Path to Wealth Punchlist, Resources & Tools. Drawing from fifty years of investing experience, and born out of a series of letters the author wrote to his daughter, The Simple Path to Wealth has become foundational to the FIRE (Financial Independence, Retire Early) movement, inspiring hundreds of thousands of readers to reimagine their relationship with money and freedom. The real-world success of Collins' approach is documented in Pathfinders, his collection of stories from readers who have transformed their financial lives using his method. This comprehensive guide covers everything from debt elimination to optimizing retirement accounts, all while exposing the marketing myths and investment industry practices that keep most people from building real wealth. Collins shares specific, actionable strategies for both wealth-building and wealth-preservation phases, with a straightforward approach to asset allocation that anyone can implement. Collins' direct, often irreverent style makes complex financial concepts crystal clear, giving readers the tools and confidence to take control of their financial future. How to Make Money in Any Market by James J. Cramer (Author) Published: September 30, 2025 Renowned personal finance expert, bestselling author, host of CNBC’s Mad Money, and cohost of Squawk on the Street Jim Cramer returns with how to make money in any market for every investor. Except for the one percent of the one percent, nobody learns how to make your money grow in the stock market. Jim Cramer has spent his career determined to change that. Now a household name after twenty seasons of Mad Money with Jim Cramer, cohost of Squawk on the Street, and host of CNBC’s Investing Club, Cramer shows you how to get rich by understanding the market and investing in the right growth and income stocks—ones that he can help you identify. How to Make Money in Any Market is your guide to overcoming your fear about investing, to be able to make bigger money with what you have, no matter how small—in any market. New Financial History Books 2025 The History of Money: A Story of Humanity by David McWilliams, with an introduction by Michael Lewis Published: November 11, 2025 "Learned, lively and often irreverent, David McWilliams’s The History of Money is rich with surprising details about currency, then and now." ―The New York Times In this fresh, eye-opening global history, economist David McWilliams charts the relationship between humans and money―from clay tablets in Mesopotamia to cryptocurrency in Silicon Valley. The story of humanity is inextricable from that of money. No innovation has defined our own evolution so thoroughly and changed the direction of our planet’s history so dramatically. And yet despite money’s primacy, most of us don’t truly understand it. In The History of Money, McWilliams takes us across the world, from the birthplace of money in ancient Babylon to the beginning of trade along the Silk Road, from Marrakech markets to Wall Street. Along the way, we meet a host of innovators, emperors, frauds, and speculators, who have disrupted society and transformed the way we live. Filled with memorable anecdotes, and with a foreword by Michael Lewis, The History of Money is an essential, extremely readable history of humanity’s most consequential invention. 1929: Inside the Greatest Crash in Wall Street History - and How It Shattered a Nation by Andrew Ross Sorkin Published: October 14, 2025 #1 NEW YORK TIMES BESTSELLER From the bestselling author of Too Big to Fail, “the definitive history of the 2008 banking crisis,” (The Atlantic) comes a riveting narrative of the most infamous stock market crash in history—one with ripple effects that still shape our society today. In 1929, the world watched in shock as the unstoppable Wall Street bull market went into a freefall, wiping out fortunes and igniting a depression that would reshape a generation. But behind the flashing ticker tapes and panicked traders, another drama unfolded—one of visionaries and fraudsters, titans and dreamers, euphoria and ruin. This is not just a story about money. 1929 is a tale of power, psychology, and the seductive illusion that this time is different. It’s about disregarded alarm bells, financiers who fell from grace, and skeptics who saw the crash coming—only to be dismissed until it was too late. Hailed as a landmark book, Too Big to Fail reimagined how financial crises are told. Now, with 1929, Sorkin delivers an immersive, electrifying account of the most pivotal market collapse of all time—with lessons that remain as urgent as ever. More than just a history, 1929 is a crucial blueprint for understanding the cycles of speculation, the forces that drive financial upheaval, and the warning signs we ignore at our peril. New Finance Textbooks 2025 Perhaps not such natural stocking-fillers, but for students of finance these newest textbooks offer cutting edge insight and the latest real-world examples. Principles of Finance by Zvi Bodie, Robert C. Merton & Richard T. Thakor Published: February 13, 2025 Written for the MBA or undergraduate first course in finance, as well as follow-on courses, this textbook provides a clear, accessible, and thorough explanation of the principles of finance; how they connect to real-world practice and how they are used to solve problems. Structured around ten unifying principles representing the core tenets of the science, this book imparts basic financial concepts irrespective of the institutional framework, ensuring that students learn about finance in a way that is applicable both now and into the future. Pedagogical features include learning objectives and major takeaways, applications in the world of business, numerous worked examples, key equation boxes highlighting the most important financial equations, quick check questions with solutions, key finance terms with a detailed glossary, and more than 380 homework problems. Online resources include a solutions manual, detailed instructor manual to adapt the book to your course, lectures slides and an 800 question test bank for instructors. Mastering Corporate Finance: Key Concepts, Exercises & Case Studies by Stefan Rosset Published: October 15, 2025 Mastering Corporate Finance is your complete guide to mastering the fundamentals of corporate finance - from accounting and financial statements to capital structure, valuation, and value creation. This book makes complex concepts accessible, combining academic rigor with real-world insights. Key Features: Core Principles of Corporate Finance – Learn how firms finance themselves, allocate capital, and balance risk and return. Accounting & Financial analysis – Understand balance sheets, income statements, cash flow statements, and the key metrics that drive financial analysis. Debt & Equity Financing – Explore the instruments, trade-offs, and strategies behind corporate financing decisions. Valuation Techniques – Master DCF, multiples, and other valuation methods with clear explanations and examples. Governance & Value Creation – See how boards, shareholders, and managers interact to shape corporate outcomes. Equity Financing & IPOs – Discover the fundamentals of going public and the dynamics of shareholder returns. 100+ Practical Questions & Exercises – Apply what you learn through hands-on practice inspired by real-world finance. Whether you’re a student building a foundation in finance, a professional preparing for interviews, or a manager seeking to sharpen your decision-making, Mastering Corporate Finance gives you the essential knowledge and tools to understand, analyze, and apply corporate finance with confidence. Clear, structured, and practice-oriented, this book bridges accounting, finance theory, and real-world applications into one accessible guide. If you have more suggestions, share them in the comments below or contact us at info@inomics.com. Happy Reading! INOMICS is an Amazon Associate, meaning we are a part of their affiliate program. This means that we earn money if a user clicks through to an affiliate link and makes a qualifying purchase. Image Credit: Karola G via Pexels (License: Free to Use)
As 2025 draws to a close, we round up some of the new book releases in the field of finance.
Econometric Society Announces Winter Meeting Best Paper Award
December 8, 2025 — At the 2025 European Winter Meeting of the Econometric Society held from December 7 to 9 in Nicosia, Cyprus, the winners of the Best Paper Award have been announced: Geraud Desazars, a current PhD Student at the Università Bocconi in Italy, was recognised for his paper on “Growing through capital”. The paper presents a general equilibrium framework to explain why large firms tend to be more capital-intensive than their competitors, highlighting their ability to adopt external innovations rather than creating innovations themselves. As capital costs decrease, firms with lower switching costs can adopt more capital-intensive technologies, thereby increasing market shares and markups, which in turn accounts for various economic phenomena such as rising markup dispersion and the divergence between sales and employment concentration. Lavinia Kinne and Virginia Sondergeld of DIW Berlin were honored with their project, titled "Meet my family: women in leadership and gender stereotypes in the media," which addresses critical issues surrounding gender representation in leadership roles. The authors conducted an analysis of media coverage regarding women on the executive and supervisory boards of DAX companies, reviewing approximately 45,000 newspaper articles from three prominent German daily newspapers. The findings reveal that media narratives about female and male board members are laden with gender stereotypes; coverage of female executives predominantly emphasizes family roles and caregiving, while male counterparts are portrayed as powerful leaders. Moreover, Kinne and Sondergeld employed a survey experiment that illustrated how these stereotypical portrayals of female CEOs can significantly affect readers' expectations and financial decisions regarding the companies led by these executives. Lavinia Kinne is a postdoctoral researcher in the Public Economics Department at DIW Berlin. Virginia Sondergeld is a former research associate and PhD student at DIW Berlin, who now works at Indeed Hiring Lab. Kinne and Sondergeld were congratulated by DIW Berlin in an Announcement on the DIW website. Both winning papers can be viewed on the Econometric Society website. Credits: diw.de (images free for editorial use) / unibocconi.it / Virginia Sondergeld Personal Site
The Econometric Society has announced the winners of its Best Paper Award at the society's 2025 European Winter Meeting.
Brendan Nelson Appointed as HSBC Group Chair
HSBC made the Announcement on Wednesday (3 December), with the appointment effective immediately. Nelson has been serving as the interim Group Chair since October 1, 2025, after joining the Board in September 2023. The decision to appoint Nelson follows an extensive selection process that included various internal and external candidates. However, it has come as a surprise to many, considering that as recently as Tuesday HSBC CEO Georges Elhedery had said at the FT Global Banking Summit in London that Nelson had expressed a desire not to take on the chairman's job on a permanent basis, given the current stage of his career. Nelson is 76. Despite the raised eyebrows, HSBC is positive about the appointment. Ann Godbehere, the Senior Independent Non-executive Director, and a member of the board, expressed her confidence in Nelson’s leadership abilities, stating, “On behalf of the Board, I am delighted with Brendan’s appointment as our Group Chair. Since assuming the role of interim Group Chair, Brendan has demonstrated his excellent leadership capabilities backed by his strong banking and governance credentials.” Brendan Nelson boasts an extensive career in financial services, having previously led the Global Financial Services Practice at KPMG, where he advised and audited international banks. His experience also includes serving on the Boards of prominent companies including BP, RBS, and HSBC itself. Upon his appointment, Nelson expressed his honor in taking on the role, stating, “I look forward to continuing to work with the Board, Georges, and the wider management team as we deliver on our strategic and financial objectives.” He will continue to serve as the Chairman of the Group Audit Committee until the publication of HSBC's Annual Results for 2025, expected in February next year. The Board also noted that details regarding Nelson’s successor as Chairman of the Group Audit Committee would be provided in due course. Image Credits: hsbc.com (free use for editorial purposes)
HSBC has announced Brendan Nelson as its new Group Chair following an interim leadership period.
This is INOMICS pick of new books published from the end of 2024 and in 2025. Grouped into Political/Economic Commentaries, Economic Histories, and Introductions to Economics. Whether for yourself or as a gift, the selection below has something for everyone! 1) Political / Economic Commentaries Exploring political, environmental and social challenges from an economics perspective, these new books are up-to-date and relevant for issues facing global society. Often critical of political elites and economic structures, these new releases provide a provocative yet informed and academically sound basis to approach current affairs. Abundance by Ezra Klein & Derek Thompson Published: March 18, 2025 Description: #1 NEW YORK TIMES BESTSELLER • ONE OF BARACK OBAMA’S FAVORITE BOOKS OF 2025 From bestselling authors and journalistic titans Ezra Klein and Derek Thompson, Abundance is a once-in-a-generation, paradigm-shifting call to renew a politics of plenty, face up to the failures of liberal governance, and abandon the chosen scarcities that have deformed American life. To trace the history of the twenty-first century so far is to trace a history of unaffordability and shortage. After years of refusing to build sufficient housing, America has a national housing crisis. After years of limiting immigration, we don’t have enough workers. Despite decades of being warned about the consequences of climate change, we haven’t built anything close to the clean-energy infrastructure we need. Ambitious public projects are finished late and over budget—if they are ever finished at all. The crisis that’s clicking into focus now has been building for decades—because we haven’t been building enough. Abundance explains that our problems today are not the results of yesteryear’s villains. Rather, one generation’s solutions have become the next gener­ation’s problems. Rules and regulations designed to solve the problems of the 1970s often prevent urban-density and green-energy projects that would help solve the problems of the 2020s. Laws meant to ensure that government considers the consequences of its actions have made it too difficult for government to act consequentially. In the last few decades, our capacity to see problems has sharpened while our ability to solve them has diminished. Progress requires facing up to the institutions in life that are not working as they need to. It means, for liberals, recognizing when the government is failing. It means, for conservatives, recognizing when the government is needed. In a book exploring how we can move from a liberalism that not only protects and pre­serves but also builds, Klein and Thompson trace the political, economic, and cultural barriers to progress and propose a path toward a politics of abundance. At a time when movements of scarcity are gaining power in country after country, this is an answer that meets the challenges of the moment while grappling honestly with the fury so many rightfully feel. The Growth Story of the 21st Century: The Economics and Opportunity of Climate Action by Nicholas Stern Published: November 5, 2025 Description: The world stands at a crossroads. The next decade will determine whether we avoid climate, biodiversity, and economic catastrophe - or unlock a new era of sustainable, resilient, and inclusive growth. The Growth Story of the 21st Century challenges the outdated idea that we must choose between climate action and development. Instead, it presents a compelling case for a transformation that delivers both prosperity and a healthier planet. Drawing on economics, finance, policy, politics, and behavioural science, Nicholas Stern explores why this transformation is essential, what it entails, and how we can achieve it. He revisits the insights of the Stern Review two decades on and sets out a new research agenda for economics and the social sciences. This is a story of optimism - about how rapid technological advances, including digitisation and AI, can drive change at scale. But it does not shy away from the immense challenges ahead. With clear and practical strategies for national and international action, this book is a call to leaders, businesses, and individuals alike: the future is in our hands, and delay is the riskiest option of all. Breakneck: China's Quest to Engineer the Future by Dan Wang Published: August 26, 2025 Description: For close to a decade, technology analyst Dan Wang―“a gifted observer of contemporary China” (Ross Douthat)―has been living through the country’s astonishing, messy progress. China’s towering bridges, gleaming railways, and sprawling factories have improved economic outcomes in record time. But rapid change has also sent ripples of pain throughout the society. This reality―political repression and astonishing growth―is not a paradox, but rather a feature of China’s engineering mindset. In Breakneck, Wang blends political, economic, and philosophical analysis with reportage to reveal a provocative new framework for understanding China―one that helps us see America more clearly, too. While China is an engineering state, relentlessly pursuing megaprojects, the United States has stalled. America has transformed into a lawyerly society, reflexively blocking everything, good and bad Blending razor-sharp analysis with immersive storytelling, Wang offers a gripping portrait of a nation in flux. Breakneck traverses metropolises like Shanghai, Chongqing, and Shenzhen, where the engineering state has created not only dazzling infrastructure but also a sense of optimism. The book also exposes the downsides of social engineering, including the surveillance of ethnic minorities, political suppression, and the traumas of the one-child policy and zero-Covid. In an era of animosity and mistrust, Wang unmasks the shocking similarities between the United States and China. Breakneck reveals how each country points toward a better path for the other: Chinese citizens would be better off if their government could learn to value individual liberties, while Americans would be better off if their government could learn to embrace engineering―and to produce better outcomes for the many, not just the few. Kaput: The End of the German Miracle By Wolfgang Munchau Published: 27 Mar. 2025 Description Until recently, Germany appeared to be a paragon of economic and political success. But recent events – from Germany’s dependence on Russian gas to its car industry’s delays in the race to electric – have undermined this view. In Kaput, Wolfgang Münchau argues that the weaknesses of Germany’s economy have, in fact, been brewing for decades. The close connections between the country’s industrial and political elite have left Germany technologically behind, over-reliant on authoritarian Russia and China, and with little sign of being able to adapt to the digital realities of the twenty-first century. It is an essential read for anyone interested in the future of Europe’s most important economy. Why Nothing Works: Who Killed Progress―and How to Bring It Back by Marc J. Dunkelman Published: February 18, 2025 Description: A provocative exploration about the architecture of power, the forces that stifle us from getting things done, and how we can restore confidence in democratically elected government—“the best book to date on the biggest political issue that nobody is talking about” (Matthew Yglesias) America was once a country that did big things—we built the world’s greatest rail network, a vast electrical grid, interstate highways, abundant housing, the Social Security system, the Tennessee Valley Authority, and more. But today, even while facing a host of pressing challenges—a housing shortage, a climate crisis, a dilapidated infrastructure—we feel stuck, unable to move the needle. Why? America is today the victim of a vetocracy that allows nearly anyone to stifle progress. While conservatives deserve some blame, progressives have overlooked an unlikely culprit: their own fears of “The Establishment.” A half-century ago, progressivism’s designs on getting stuff done were eclipsed by a desire to box in government. Reformers put speaking truth to power ahead of exercising that power for good. The ensuing gridlock has pummeled faith in public institutions of all sorts, stifled the movement’s ability to deliver on its promises, and, most perversely, opened the door for MAGA-style populism. A century ago, Americans were similarly frustrated—and progressivism pointed the way out. The same can happen again. Marc J. Dunkelman vividly illustrates what progressives must do if they are going to break through today’s paralysis and restore, once again, confidence in democratically elected government. To get there, reformers will need to acknowledge where they’ve gone wrong. Progressivism’s success moving forward hinges on the movement’s willingness to rediscover its roots. Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity by Yoni Appelbaum Published: February 18, 2025 Description: How did America cease to be the land of opportunity? We take it for granted that good neighborhoods—with good schools and good housing—are only accessible to the wealthy. But in America, this wasn’t always the case. Though for most of world history, your prospects were tied to where you were born, Americans came up with a revolutionary idea: If you didn’t like your lot in life, you could find a better location and reinvent yourself there. Americans moved to new places with unprecedented frequency, and, for two hundred years, that remarkable mobility was the linchpin of American economic and social opportunity. In this illuminating debut, Yoni Appelbaum, historian and journalist for The Atlantic, shows us that this idea has been under attack since reformers first developed zoning laws to ghettoize Chinese Americans in nineteenth-century Modesto, California. The century of legal segregation that ensued—from the zoning laws enacted to force Jewish workers back into New York’s Lower East Side to the private-sector discrimination and racist public policy that trapped Black families in Flint, Michigan to Jane Jacobs’ efforts to protect her vision of the West Village—has raised housing prices, deepened political divides, emboldened bigots, and trapped generations of people in poverty. Appelbaum shows us that these problems have a common explanation: people can’t move as readily as they used to. They are, in a word, stuck. Cutting through more than a century of mythmaking, Stuck tells a vivid, surprising story of the people and ideas that caused our economic and social sclerosis and lays out common-sense ways to get Americans moving again. 2. Economic History Books Histories of the Wall Street crash and an overview of the global economy in the last hundred years - both offer compelling reading to anyone interested in economics and political economy. 1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation by Andrew Ross Sorkin Published: October 14, 2025 Description: From the bestselling author of Too Big to Fail, “the definitive history of the 2008 banking crisis,” (The Atlantic) comes a riveting narrative of the most infamous stock market crash in history—one with ripple effects that still shape our society today. In 1929, the world watched in shock as the unstoppable Wall Street bull market went into a freefall, wiping out fortunes and igniting a depression that would reshape a generation. But behind the flashing ticker tapes and panicked traders, another drama unfolded—one of visionaries and fraudsters, titans and dreamers, euphoria and ruin. With unparalleled access to historical records and newly uncovered documents, New York Times bestselling author Andrew Ross Sorkin takes readers inside the chaos of the crash, behind the scenes of a raging battle between Wall Street and Washington and the larger-than-life characters whose ambition and naïveté in an endless boom led to disaster. The dizzying highs and brutal lows of this era eerily mirror today’s world—where markets soar, political tensions mount, and the fight over financial influence plays out once again. This is not just a story about money. 1929 is a tale of power, psychology, and the seductive illusion that this time is different. It’s about disregarded alarm bells, financiers who fell from grace, and skeptics who saw the crash coming—only to be dismissed until it was too late. Hailed as a landmark book, Too Big to Fail reimagined how financial crises are told. Now, with 1929, Sorkin delivers an immersive, electrifying account of the most pivotal market collapse of all time—with lessons that remain as urgent as ever. More than just a history, 1929 is a crucial blueprint for understanding the cycles of speculation, the forces that drive financial upheaval, and the warning signs we ignore at our peril. The Economic Government of the World: 1933-2025 by Martin Daunton Published: 18 Sept. 2025 Description: From a leading UK economic historian, this is the history of the institutions and individuals who have managed the global economy, from the World Monetary and Economic Conference in the wake of the Great Depression to the present Since the Second World War, organisations created at Bretton Woods - the International Monetary Fund and the International Bank of Reconstruction and Development - and afterwards - the General Agreement on Trade and Tariffs and the Organisation for Economic Co-operation and Development - have left an indelible mark on our contemporary world. Martin Daunton examines the swings of the pendulum over ninety years between the forces of democracy, national determination and globalization. He shows that the structures of economic government have been overwhelmingly shaped by 'first world' powers, often to the dismay of developing countries. He argues that whilst structures cannot be separated from the politics of and between the biggest economies, future global recovery rests on the reduction of inequality and that multilateral institutions are fundamental in fostering inclusive growth. 3. Introductions to Economics for non (or not-yet) Economists Finally, here are two new books for not-yet-economists who are interested in the field. If you are an economist,buy them as a gift to share your love of economics with your loved ones. Perfect to encourage more stimulating conversations over Christmas, and ever after, with relatives and friends who, up to know, have never really understood what you do... The Economics Book: Big Ideas Simply Explained by DK Published: November 26, 2024 Description: Explore the key milestones in the field of economics broken down clearly and simply with The Economics Book. Learn about economics in this overview guide to the subject, which is brilliant for novices looking to learn more and experts wishing to refresh their knowledge. Part of the fascinating Big Ideas series, this book tackles tricky topics and themes in a simple and easy-to-follow format. The Economics Book brings a fresh, vibrant take on the topic, breaking it down in a visual way through images and diagrams. This book will broaden your understanding of Economics with: Some of the greatest ideas in economics Facts, charts, timelines, and graphs to help explain core concepts A visual approach to big subjects with illustrations and graphics throughout Easy-to-follow text, making topics accessible for people at any level of understanding The Economics Book is a captivating introduction to historically important and emerging ideas in a field of science that often confuses newcomers. It is aimed at adults with an interest in the subject and students wanting to gain more of an overview. Discover some of the greatest ideas, from the earliest development of private property to the cutting-edge development of modern game theory. Economics: The Economist Guide by Philip Coggan Published: November 4, 2025 Description: From its humble beginnings in Ancient Greece to today's mammoth global system, economics is all around us. Getting to grips with what it means is crucial to understanding how the world works: it's never been more important to know your macro from your micro and your fiscal from your monetary policy. In this invaluable guide, Philip Coggan lifts the veil with an entertaining, no-nonsense overview of the development and scope of the field, and breaks down the jargon with an all-new A-Z of key economics concepts and terms. Crisp, sophisticated and often surprising, this is the complete companion to what economics is - and why it matters. If you have more suggestions, share them in the comments below or contact us at info@inomics.com. Happy Reading! INOMICS is an Amazon Associate, meaning we are a part of their affiliate program. This means that we earn money if a user clicks through to an affiliate link and makes a qualifying purchase. Image Credit: Lubos Houska from Pixabay (Free use license)
As 2025 draws to a close, we round up some of the new book releases in the field of economics.
Top Tips for Applying to a UK or European PhD Program
So, without further ado, here are my top tips when applying to a UK or European-style PhD program. 1. Give yourself plenty of time Applying for a PhD isn’t something you can accomplish in a single night, or even a single week. In fact, applying might well take you a few months — especially if you need to contact a potential supervisor before applying, which a fair portion of schools in the UK and Europe require. In fact, even the process of identifying the institutions you wish to apply to, and learning how their application portals and processes work, will take some time. Many application portals are hosted on outdated-looking website infrastructure that can be difficult to navigate, and some will even create a unique applicant inbox for you that will house your communications. In this case, the university won’t email you directly, and you’ll have to check each portal for updates (this is admittedly rare, but one of the universities I applied to used this system!). Moreover, every university may have slightly different quirks with regard to the documents they require. It really pays to be aware of these things in advance, and make sure you have every document you need for each institution you wish to apply to. 2. Understand the type of program you’re applying to There are actually a few different types of economics PhD programs you can apply to (check out the linked article for more on this). US-style programs are normally 5-year commitments that include 2 years of classes before you begin your dissertation research, and the applications are treated very similarly to other university program applications. In these programs, there are usually qualifying exams that you must pass in order to continue with your degree, but typically during this entire period of study you are considered a PhD student. European-style PhD programs, however, often only last for 3 years and don’t include the coursework portion. Instead, you seek a supervisor (by reaching out to professors at specific economics departments) and conduct your research immediately. However, many European universities do include programs designed to prepare you for this 3-year PhD portion! Sometimes, this involves a year or two of coursework before you’re expected to begin your research. Often, these types of programs may be referred to as “2+3” or “1+4” programs on university websites to differentiate them from the more traditional 3-year model. If you are applying to PhDs at European institutions, take a careful look at the program outline on their website so you know which type of program you’re applying to. Another aspect where these programs differ is in the visa process. Most of the time, visas for these USA- or European-style programs cover the entire expected length of study. However, this may not be the case for UK-style programs. Some UK programs are 3-year programs and some are 4- or 5-year programs. Typically, what would be considered the coursework portion of a PhD in the USA is actually a separate degree in the UK, often called a “Master’s of Research” (or MRes; similar names such as “Master of Letters” or “Master of Philosophy” may be used). An MRes is not the same degree as a PhD! Even so, they’re designed to prepare you for a PhD, and some institutions explicitly state that passing their MRes program first is how most students are expected to pursue a PhD at their institution. In the UK, this distinction matters because the type of student visa you have depends on if you are in the MRes or PhD portion of your degree. And, when you progress from the MRes to the PhD portion of your program, you’ll have to get a second student visa (because the initial visa will only cover your Master’s of Research studies). Yet another way that PhD programs can differ is in where you apply. In some countries – particularly northern European countries such as Norway and Denmark – universities may require you to apply to PhD programs through a job portal, not a typical university-hosted application portal. That’s because some PhDs are funded by government programs or research grants, and as such are treated more like job applications in certain countries. This means that, if you want to apply to some PhDs, you’ll have to wait until a PhD job is posted in the portal before you can apply to it. Finally, economics PhD programs can also vary by how much education they expect you to have before applying. In some programs, particularly those that include a coursework component, you can apply with just a Bachelor’s degree — though having a Master’s can give you a leg up over other applicants. Some MRes programs in the UK, even though they are considered Master’s programs, expect you to have earned a relevant Master’s degree already, while some accept applicants with a Bachelor’s. It’s necessary to check the programs you’re applying to and see whether or not your current education qualifies you to apply. Further, you can explore the program’s website and see if you feel that your current education is sufficient for the program and your goals. For example, I sought programs with a coursework component. I wanted to spend additional time learning research methods and mastering advanced econometric models that I didn’t have much exposure to during my Master’s studies (such as gravity models). I believe this will help me to become a better researcher from the start. However, you may feel fully prepared to dive into a 3-year PhD, in which case extra coursework might feel like a burden. Regardless of the differences, the end goal of all these different types of programs is almost always the same: to turn you into a successful economics researcher. Clearly, though, there are many different ways this can happen. Indeed, while not the focus of this article (because I ruled them out fairly early on in my search) there are even research assistantships that let you begin a PhD after working as an RA for a researcher! Since there are so many different types of programs and PhD paths out there, you must set aside time to carefully research the options you have, and ensure you know the structure of each program you plan to apply to. It’s very likely that your particular history lends itself to some of these program types more than others! Set yourself up for success by doing this work in advance. 3. Look for Scholarships and Studentships Once you’ve identified institutions that you want to apply to, you should begin to look for scholarships that could help you at that institution. Some universities helpfully list relevant scholarships on their website; you ought to take note of any that you’d qualify for. I learned the hard way that, with some UK institutions, the exact program I wanted to apply for was actually listed as a scholarship! Some institutions consider their MRes and PhD applications separately, even though they may state that the MRes is an expected first step before applying for their PhD. But, in at least two cases, I found (or was told about) an MRes+PhD scholarship option, where being awarded the scholarship guarantees you entry into the PhD (after successfully passing the MRes qualifying exams, of course). This is a great choice if you — like me — want to do additional high-level coursework, and fully plan to continue with your PhD research immediately after. Further, many European countries have scholarship programs for foreign students. You ought to spend time researching what is on offer in the countries of the institutions you’re applying to; government scholarships are rarely listed on university websites, even though they can be a great way to fund your studies. You should also search for “studentships” and “pre-doctoral fellowships”, not just “scholarships”. Studentships are very similar to scholarships, but typically include a work component where you must teach for a certain number of TA hours (this can be a fantastic way to see if you’d enjoy being a professor!). And pre-doctoral fellowships — or just fellowships — is very similar to a studentship, but typically requires you to work as a research assistant rather than a TA. 4. Ask for letters of recommendation at least 1 month before applying Often, the number of letters of recommendation that an institution requires varies. Almost every economics PhD application requires at least two, and many stipulate that both of these must come from academics. Some schools may require three — in fact, almost every economics PhD program in the USA at top institutions (as of 2025) require three letters of recommendation. This is likely not a surprise, but these letters take time to acquire. Once you identify the type of program you want to apply to, you should check how many letters they require, and make a plan to ask your (former) professors — which you should do at least one month in advance of your application deadline. As a note, some universities do accept letters from non-academic sources, particularly if you’ve been out of academia for a few years. But, academic letters are typically given more weight, and some schools explicitly state that they will only accept academic ones. If you’re unsure, err on the side of academic letters. 5. Get ready to research: Research proposals are likely necessary for UK applications, and possibly needed for others If you’re applying to UK programs, you should expect to write a research proposal. This is essentially an outline and preliminary research review of your intended PhD research project, and as such, it needs to be thorough and high-quality if you hope to get admitted. We’ve already written about how you should write your research proposal in our Advice column. Some other European schools require research proposals as well, but they are especially popular for UK-based program applications. Conversely, programs based in the USA almost never ask for one of these. Still, keep in mind that even if a university doesn’t ask for a research proposal, they may still require you to contact potential supervisors with a project idea, in which case you’ll still want to have a well-defined and thought-out research question at minimum. 6. Be prepared to make time for admissions interviews At first, I did not realize that some programs do live interviews with candidates before making their admissions decisions. But this is something you’ll need to be prepared for. A smaller, but still significant, portion of universities will ask for these before making an admissions decision. This is another reason why reading your field’s literature can be very helpful. Even if you don’t have to write a research proposal, you’ll be asked about your own research interests in these interviews! I’d recommend reading at least some papers published within the past several years on the sub-topics you’re interested in. And, reading some of the papers published by that university’s faculty can never hurt your chances… 7. Get familiar with the faculty’s research interests As part of the application process, you should learn the interests and research specialities of the faculty at the schools you apply to. You don’t need an intimate understanding of each professor’s greatest work, but you will need to know generally the topics that the school’s faculty specializes in researching. This will help you identify a suitable topic to write your research proposal on (if you have to write one), will help you confirm during an admissions interview that you understand the program you’re applying to (and show them you’re a good fit for their faculty), can help you write a more targeted personal statement, and — importantly — can help you determine if a certain program is the right one for you. After all, if you have your heart set on researching macro-level trends, but a specific university’s faculty is heavily weighted towards behavioral economics and microeconometrics research, you’d most likely be happier and more successful at a different institution! Make sure you don’t spend too much time pursuing an application at a university that doesn’t even have research in the sub-field you’re interested in. 8. Prepare to take the GRE (or another exam) Although it’s becoming less common, many universities will still require you to submit a graduate aptitude test score of some sort. The GRE is a very commonly required one, and it could take you a week or so to sign up for a test and take it. But, even though the test has been streamlined in recent years, it’s a good idea to study GRE materials for at least a week or two before taking the exam. After all, you’ll be competing against test-takers who are actively studying the test content, and your percentile score is going to matter most for economics admissions committees — especially for the quantitative section. Helpfully, a few universities post the average quantitative GRE scores for their incoming economics PhD classes: from my own personal research, I had identified 165 (out of 170) as the minimum score that many economics PhD programs will accept for the quantitative section. Top institutions sometimes require a near-perfect score, closer to 168. I’ve also seen one program website state outright that if your quantitative GRE score is below 160, you should not apply at all. With the GRE, as with other application materials you’ll need, it really pays to take your time and prepare. For schools that accept the exam, your (quantitative) score is a critically important way to show that you have what it takes to be an economist. 9. Take Notes If this all sounds like a lot to keep track of, that’s because it is! Especially if you plan to apply for multiple schools, you’ll quickly start to forget which institution needs what, and what stage of the application process you’re at with each of them. So, unless you have a photographic memory, taking notes is a fantastic idea. I highly recommend you create a spreadsheet where you can list out: a) The universities you’re applying to b) Your application portal login for each university c) Which specific documents each application requires (personal statement, original Bachelor’s certificate, GRE scores, how many letters of recommendation, etc.) d) Which universities you have submitted which of these documents to already e) The names of potential supervisors you’ve identified at each of the institutions f) Research specialities of the faculty g) Research proposal topics that would fit each university (where necessary) h) The next step you need to take for that university’s application i) Anything else that will help you stay organized! Keep in mind that actually pursuing your PhD will be quite a worthy challenge on its own; you ought to make the process of applying as straightforward as you can. Taking meticulous notes is a great way to make it easier on yourself. 10. Take breaks, and remember your personal goals Applying for a PhD is hard work. This is one of the key reasons why giving yourself ample time for the process is important. Set weekly goals, and take breaks. After all, you likely have work or current studies to balance out while you’re applying for PhDs, too. It can be incredibly helpful to have a personal goal in mind throughout this process — and frankly, your PhD studies as well. What mark do you want to have on your sub-field of economics? Or, what do you hope to accomplish that an economics PhD is required for? These goals will be important motivators to help you keep going when you’re knee-deep in some administrative work, stressing about your letters of recommendation, or trying to find a research question that feels doable and original. And don’t forget that INOMICS is here to help. You can browse our PhD programs and scholarship listings, and check out our Advice column for more helpful information. Sean McClung is, after a well structured search and successful application process, an MRes/PhD Student at Queen Mary University of London, School of Economics and Finance. Image Credit: Theo Felton / Pexels Free Licence (via Canva Premium Licence)
Recently, I applied to PhD programs in the UK and Europe. I’m from the USA originally, but I got my Master’s in Economics and Management Science in Berlin, Germany. So, when it came time to apply for economics PhDs, I cast a wide net across Europe. I’ve proven that I can handle applying to, moving to, and studying in a foreign country, after all. But it turns out that I still had a lot to learn about applying to PhDs! That’s partly because US-style PhD programs are different from UK- or European-style PhD programs, and partly because applying for a PhD is just different than applying for a Master’s degree.
Funded PhD in Economics at the University of New Mexico, USA
Program UNM’s Ph.D. in Economics is designed for students interested in pursuing original applied research and advanced study in Economics. We have renowned faculty, significant graduate student financial support, and a history of strong graduate student placements. The UNM Economics Department is ranked in the top 25% in the world according to RePEc. Students receive five years of guaranteed funding (including a stipend, full health insurance, and full tuition). Funding may be provided through assistantships and scholarships. Assistantships include classroom support, research, and teaching undergraduate courses. Summer money is available and the Department and University sponsor travel awards for research conferences. We seek applicants of all backgrounds and believe that a diverse student body contributes to diversity of thought and promotes academic excellence. We highly encourage applications from any and all underrepresented, underserved, and marginalized groups in the Economics community, and in both the US and International communities at-large. These groups include women, people of color (Black, Indigenous, Latinx, and others), the LGBTQIA+ community, religious minorities, and more. Our Ph.D. program is made up of domestic and international students with a wide range of perspectives, experiences, and research interests. UNM and the Economics Department are committed to deploying justice, equity, accessibility, diversity, and inclusion resources to expand opportunity and cultivate the potential of graduate students at the university. UNM is both a Minority Serving Institution (as defined by the National Science Foundation) and is one of 16 “Very High Research Activity” R1 institutions in the US that is also an Hispanic Serving Institution (as defined by the US Department of Education). Requirements BA/BS in Economics, Applied Economics, Agricultural Economics, or related fields. MA/MS in Economics (or related field) is NOT required for admission. Letter of Intent: Your letter of intent should clearly address how your interests match those of the department. Please refer to the departmental website for specific guidelines for writing your letter of intent. CV/Resume Test Scores: GRE scores are required to be submitted with your application. Must be from within the last three (3) years. Undergraduate and graduate (if applicable) transcripts are required. Unofficial copies are acceptable for your application. English test scores (required for all International Applicants). Three (3) letters of recommendation. Deadline Application deadline for all applicants (domestic and international) is February 1, 2026. Apply here: https://grad.unm.edu/graduate-programs/application-instructions/economics.html
The University of New Mexico (UNM) in Albuquerque, NM, USA welcomes domestic and international students to apply for our funded Ph.D. program in Economics for Fall 2026.
PhD in Economics / Master in Economic Analysis- University of Cyprus
ABOUT: The Department of Economics at the University of Cyprus provides a strong research-oriented academic environment, with faculty members with research interests spanning across various fields in Economics and Econometrics. Tilburg University Research Ranking, which measures research output in Economics journals, has been the University of Cyprus consistently within the top 100 institutions in Europe and around the world’s top 200 (currently 71 in Europe and 214 globally in ). Faculty members of the Department have published in most of the leading journals in economics and other related fields, including among others the American Economic Review, Econometrica, Annals of Statistics, and the Quarterly Journal of Economics. The Master in Economic Analysis is designed to merge mathematical analysis with economic thinking, offering advanced education and scientific training for aspiring high-level analysts. Graduates of the program are well-equipped to attract the attention of international organizations, globally recognized research institutions, and private sector entities specializing in economic data analysis. Additionally, the program also caters to students considering a future Ph.D., equipping them with the foundational skills and rigorous training needed to excel in advanced research. The Ph.D. in Economics aims to provide rigorous economic theory and econometrics training to enable our students to conduct cutting-edge original research in economics. Our aim is for our graduates to can successfully compete internationally for employment at Universities, research institutions, public policy organizations, and the private sector. Past graduates of the programme are now employed in renowned Universities abroad, as well as in several academic institutions in Cyprus. We seek candidates with strong analytical skills, a background in quantitative methods (not necessarily in Economics) and a passion for research. Students coming directly from undergraduate studies, or without prior research-oriented graduate studies in Economics, are typically first enrolled in the Master in Economic Analysis, where they can complete the required coursework. Admitted students can also have the opportunity to transfer credits from similar classes taken in other universities. FUNDING: The Department makes every effort possible to ensure that the doctoral students have enough income to live independently during their studies. The Department covers the tuition fees of its incoming full-time Ph.D. students. In addition to this, most students are offered financial aid, in the form of scholarships or teaching assistantships, which allows them to cover their living costs. Students who are initially enrolled in the Master of Economic Analysis are also eligible for funding. Typically, the initial offer of financial support covers the first year of studies. Renewal of the support beyond the first year is usually offered to students who are admitted to the research stage of the Ph.D. programme. The Department tries its best to clarify the financial support that incoming students should expect as soon as possible. Oftentimes, this is done already when the Department offers a position to the applicant in the programme or soon after that. The Department offers additional funding for participation in conferences, enrolment in summer/winter schools and online courses, as well as it provides opportunities for research visits in renowned research institutions. In the past decade, the Department has financially supported all its full-time Ph.D. students throughout their studies and a substantial number of students enrolled in the Master in Economic Analysis. PROGRAMME STRUCTURE: Both programmes share the same coursework stage. The students take core courses in Microeconomics, Macroeconomics and Econometrics, as well as a course in Mathematics, two courses in Topics in Current Economic Research and additional elective courses that help them deepen their knowledge in specific research areas. Students who are enrolled in the Master of Economic Analysis can choose between attending several elective courses or writing a Master's thesis. If a graduate of the Master in Economic Analysis continues its studies to pursue a Ph.D. in Economics then the credits from courses completed in the Master's programme are transferred. Ph.D. Students with sufficiently high performance in the core courses obtain the right to take the comprehensive exam. Students who are enrolled in the Ph.D. Programme and successfully complete the coursework stage, but do not meet the requirements to enter research stage of the Ph.D. Programme can graduate with a Master in Economic Analysis. Success in the comprehensive exam gives the student the right to proceed to the programme’s research stage. During the research stage, the student conducts research under a Research Advisor’s guidance, intending to write a doctoral dissertation. APPLICATION PROCESS: Applications will open soon! First Deadline: 30/03/2026 Second Evaluation Round: 30/04/2026 Final Deadline: 30/06/2026 Applications received after the first deadline are evaluated on a rolling basis. Interested candidates are encouraged to apply as soon as possible to ensure that they can be evaluated while there are still available positions and funding opportunities. ADDITIONAL INFORMATION AND CONTACT DETAILS: Info about the life in Cyprus can be found at UCY’s International Students Office. Contact Email: dept.econ@ucy.ac.cy
The Department of Economics at the University of Cyprus is currently accepting applications for it's Ph.D. Programme in Economics and Master in Economic Analysis! Both programs are designed to equip ambitious students with the skills and knowledge needed to excel in academia, research, policy, and the private sector.
Master (MSc) in Behavioural Economics - University of Cyprus
The MSc in Behavioural Economics is a programme offered jointly by the Department of Economics and the Department of Psychology, at the University of Cyprus. The program is aimed at students with a background in economics or psychology, but also other social, natural, or applied sciences, who wish to explore the questions at the boundaries of economics and psychology and acquire a better insight into economic behavior. It provides students with a general grounding in behavioural and experimental approaches to social sciences, and with skills and knowledge that are essential for the economic analysis of human behaviour and the application of behavioural science to the resolution of contemporary societal challenges. Successful graduates will acquire a solid grasp of key concepts and results in the area of behavioural sciences and develop the analytical and technical skills that are valued by organizations operating in today’s dynamic and complex environment. They will be able to use the most recent behavioral insights to understand complex phenomena that determine an organization’s success in achieving its goals; to comprehend and design plans and policies, and to appropriately assess the associated risks and rewards; to draw up and execute studies examining the role of human behaviour in contemporary socio-economic phenomena, and to evaluate the outcomes of interventions, using cutting edge research techniques. Language: The programme is taught entirely in English. Duration: 3 semesters, 90 ECTS Application period: - 28th of February: 1st evaluation cutoff (Full or partial tuition waivers may be available for excellent candidates that apply before this date) - 31 March: final deadline APPLY HERE For more details about the programme, click on this link. You can also follow us on LinkedIn to stay up to date! Additional information: More information about life in Cyprus and the University of Cyprus can be found at UCY’s International Students & Staff Office.
The MSc in Behavioural Economics is a programme offered jointly by the departments of Economics and Psychology at the University of Cyprus.
Full or partial tuition waivers may be available for excellent candidates that apply before the 1st deadline (28th February)
Tharman Shanmugaratnam Awarded Miriam Pozen Prize by MIT Golub Center
The MIT Golub Center for Finance and Policy (GCFP) has awarded President Tharman Shanmugaratnam of Singapore the prestigious Miriam Pozen Prize in recognition of his leadership and contributions to international financial policy. The news was announced in a press release by MIT Sloan School. This honor underscores his longstanding commitment to economic stability and global collaboration, both as President of Singapore, a position he has held since 2023, as well as in previous roles including the head of the Monetary Authority of Singapore and the leading International Monetary and Financial Committee (IMFC), the IMF’s top policy forum. President Tharman will deliver a lecture at the MIT Sloan School of Management during an award ceremony on December 9, 2025. The accolade reflects MIT's appreciation of Tharman's extensive public service and impactful policies in finance and education. In a statement, Tharman expressed gratitude for the award, hoping it inspires new approaches to public finance and international cooperation in addressing global challenges. MIT President Sally Kornbluth emphasized Tharman's notable contributions to both Singapore and the international community, particularly in fostering inclusive growth and building a resilient society. The Miriam Pozen Prize, established to honor Robert Pozen’s late mother, awards a $200,000 prize and supports a fellowship in Tharman's name for an incoming MBA student at MIT Sloan. Tharman has held various governmental roles, including Deputy Prime Minister and Finance Minister, and has played a key role in international financial reform and humanitarian initiatives. His leadership is aimed at promoting economic resilience and social mobility in Singapore and beyond. MIT Sloan aims to leverage this occasion to motivate future leaders in finance and policy to pursue impactful careers that enhance global financial decision-making. Credits: Mohd Fyrol Anwar Aziz Marican, Lim Sin Thai - Ministry of Communications and Information (MCI), CC BY-SA 4.0 (commons.wikimedia.org)
MIT Sloan School of Management honors Singapore's President Tharman Shanmugaratnam with the Miriam Pozen Prize for his contributions to international financial policy. He will deliver a lecture at MIT Sloan on December 9, 2025.
Leadership Changes at Reserve Bank of New Zealand
The Reserve Bank of New Zealand – Te Pūtea Matua has announced the appointment of Rodger Finlay as its new Board Chair, alongside Rhiannon McKinnon, who joins as the newest of the Bank's eight Board members (including the Governor). The decision was made by New Zealand's Governor-General following recommendations from the Minister of Finance, as part of an appointment process managed by Te Tai Ōhanga – The Treasury. The new appointments coincide with the beginning of Anna Breman's tenure as Governor on 1st December 2025. It has been a turbulent year for RBNZ, which the three new incumbents in its most senior roles of Board Chair (Finlay), Governor (Breman) and member of the board (McKinnon) will surely hope to calm. There was also an additional appointment of Grant Spencer to the Board in July 2025. The shake-up has arisen after the abrupt resignation of the previous governor, Adrian Orr, in March 2025. This was followed by the departure of the previous Chair, Neil Quigley, in August, after questions around his handling of Orr's departure. Rodger Finlay has a notable background in international investment banking, having held positions at leading institutions in London, such as CS First Boston, Paribas, and UBS. He joined the RBNZ Transition Board in October 2021 and became a member of the RBNZ Board on July 1, 2022. He has served as Deputy Chair since February 2023 and has been acting as Chair since August 29, 2025. Finlay expressed his enthusiasm for the role, stating, "It is a privilege to be appointed as the RBNZ Board Chair. I look forward to supporting a renewed focus on delivering the Bank’s objectives regarding economic stability and broader central banking functions." His current term as Chair will last until June 30, 2027. Rhiannon McKinnon, who also has extensive experience in financial operations, including bond issuance and M&A transactions, will serve on the Board for a five-year term from December 1, 2025. Her past roles include CEO of Kiwi Wealth and board member positions with various organizations such as the NZ Film Commission and CFA Society of New Zealand. Finlay emphasized the strong strategic leadership McKinnon brings, saying, "We welcome her appointment and look forward to her contributions towards achieving Te Pūtea Matua’s strategic objectives." Credits: rbnz.govt.nz
The Reserve Bank of New Zealand has appointed Rodger Finlay as the new Board Chair and Rhiannon McKinnon as a Board member, effective December 1, 2025.
The Economics of Holiday Feasts: From Turkey to Tamales and more
1. The United Kingdom: Turkeys and the Supply Chain In the UK, the traditional Christmas centrepiece is the humble turkey, a staple popularised by Charles Dickens’s A Christmas Carol where Scrooge famously sends a boy to buy “the prize turkey.”1 Today, turkey consumption skyrockets by 400% during the holiday season, with millions of households featuring it in their festive feasts.2 This annual demand surge creates a ripple effect throughout the food industry, influencing prices and availability. Christmas food pricing is a balancing act between seasonal demand and retailer strategy. As the holidays approach, prices for staples such as turkey, ham, mince pies, and winter vegetables often rise due to supply chain pressures and increased consumer demand. However, supermarkets frequently position turkeys as “loss leaders,” selling them at heavily discounted prices—or even below cost—to attract shoppers.3 This strategy, while shielding consumers from steeper price hikes, intensifies competition among retailers and adds complexity to pricing dynamics. On average, UK households spend £8254 at Christmas, though only 12% of this goes to food. Recent challenges, including Brexit-related staffing shortages and rising production costs,5 have further strained turkey supplies, increasing prices and making affordable birds harder to find. For example, Brexit has significantly increased staffing costs in the poultry industry,6 leading to reduced turkey breeding and higher retail prices. Beyond turkeys, holiday demand has driven notable price hikes, such as mince pies costing an additional £2 last year and winter vegetable prices increasing by a staggering 27%.7 These pressures raise questions about whether traditional Christmas dinners will remain the go-to option for British households this year. As retailers and consumers navigate these challenges, the economic dynamics of festive food provide a fascinating lens through which to view broader market forces at play during the holiday season. 2. Mexico: The Tamale Economy In Mexico, tamales are a quintessential Christmas dish, made with corn masa and stuffed with meats, cheeses, or sweet fillings. The prominence of tamales during Christmas also ties to their symbolic nature in Mexican culture. Corn, a sacred crop to Mesoamerican8 civilisations, represents sustenance and abundance. Preparing tamales for holidays reflects gratitude and is a way to mark special occasions with a food deeply tied to ancestral traditions.9 Typically Mexican families spend slightly more than in the UK with an average of $1055 being spent around the holiday season, with 16% ($167) going on food.4 During the holiday season, tamale sales experienced a significant surge, with some vendors reporting up to a 60-80% increase compared to other times of the year.10 This spike drives higher demand for key ingredients like masa and corn husks, often leading to temporary price increases. For instance, masa prices may rise by 10-15% during the peak tamale-making period as families stock up for traditional "tamaladas" (tamale-making gatherings). However, production faces notable challenges. Suppliers often struggle with logistical issues, such as shortages of high-quality corn husks and the increased cost of corn due to supply chain constraints or weather-related agricultural disruptions.11 Additionally, small-scale tamale producers frequently face labour shortages, as the preparation process is labour-intensive and time-sensitive. These challenges highlight the delicate balance between preserving a cherished tradition and navigating economic pressures during the festive season. Tamales have also crossed borders, becoming a holiday staple in U.S. regions12 with large Mexican communities, further extending their economic reach. 3. Germany: Christmas Feasts and Markets Germany is well known for its authentic Christmas markets (Weihnachstsmärkte) that date back to the late Middle Ages. These festive markets are typically held outdoors in town squares and offer a charming atmosphere filled with lights, decorations, and the aroma of seasonal foods. Visitors can also enjoy live music, entertainment, and sometimes even ice skating or carousel rides. These markets draw millions of tourists each year (Cologne attracting 4 million 13 and Frankfurt drawing in 3 million14 ) providing a magical experience and making it a significant economic driver, generating millions in revenue annually. These markets attract tourists, boosting local economies by increasing demand for accommodations, food, and retail goods. They create seasonal jobs, benefiting vendors, entertainers, and local businesses. The main culinary contributions to the Christmas table include roast goose, stollen, and mulled wine, each with its own economic story. Roasted Goose Tradition: Goose farms experience a seasonal boom, particularly in regions like Lower Saxony. Local farms supply domestic markets, while exports of 18,200 tons of goose meat being imported from neighbouring European countries15 further boost the industry. However, in the last few years rising energy, food costs and bird flu have had a huge impact on festive enjoyment. For example, In the Munich Hofbräukeller, a portion of goose with red cabbage and dumplings currently costs €26.50 16 however, in 2021 it was still €18.90, an increase of over 40%. Stollen, a festive German fruitcake, originated in Dresden and dates back to the 14th century. Originally a simple bread made during Advent, it evolved into a richer, sweeter cake filled with dried fruits, nuts, and marzipan, dusted with powdered sugar. The most famous variety is the Dresdner Christstollen, protected by a geographical indication (GI), ensuring authenticity. Historically, ingredients like butter and sugar were restricted during Advent fasting periods, but the "Butter Letter" from Pope Innocent VIII in 1490 allowed their use, giving rise to the modern version of the cake.17 Glühwein, a traditional German mulled wine, has origins tied to medieval spiced wine recipes. It became popular during the cold winter months, especially at Christmas markets, as a way to warm up while enjoying festive celebrations. The economics of Glühwein are driven by its popularity at German Christmas markets, where it serves as a major revenue generator for vendors. Typically priced at €3-€5 per cup, it has high profit margins due to its simple ingredients (wine, spices, and sugar) and bulk preparation. Its demand supports local wine producers and spice suppliers, boosting related industries. Seasonal increases in wine prices are often observed due to the high demand for Glühwein production. P.S. Fun fact 50 million liters are drunk per year in Germany alone.18 4. The Philippines: A Sweet and Savory Christmas In the Philippines, the holiday season is the longest in the world, starting as early as September. Food is central to this extended celebration, with dishes like lechón(roast pig) and desserts such as bibingka (rice cakes) taking centre stage. People in the Philippines spend on average $614 per household during the festive season with a whopping 60% going towards food, one of the highest percentages of spending on food worldwide.4 Lechon is always a centrepiece of Noche Buena, the traditional Christmas Eve feast. The preparation and purchase of lechon created a significant economic impact,19 particularly for small-scale pig farmers, lechoneros (specialised roasters) and vendors. This also drives secondary industries, such as charcoal production and catering services. In 2024, the market price of a lechon ranges from ‘PHP 120 to PHP 150 per kilogram.20’With an average pig being 25-kilogram, it would cost locals between PHP 3,000 to PHP 3,750 and then with the added costs of transport, fuel, labour, and feed etc the cost of one pig can add up to PHP 13,900, roughly $240 which is incredibly high considering the minimum wage is PHP 7,161 ($128) per month. The economics of traditional Filipino Christmas desserts like bibingka (rice cake) revolve around the use of locally sourced ingredients such as rice, coconut, and banana leaves. These key ingredients support rural economies by providing steady demand for small-scale farmers and producers during the holiday season. The primary ingredient is rice which boosts the livelihood of farmers in regions where rice cultivation is prevalent. Increased demand during Christmas generates higher sales for local rice millers and distributors; however, this demand also leads to an increase in cost for consumers and a lack of supply if demand isn't kept up. Coconut milk and grated coconut are essential components of bibingka, supporting coconut farmers and processors. The Philippines, being a top global coconut producer, sees a localized economic boost from the seasonal surge in consumption. The production of bibingka and lechon preserves traditional farming and culinary methods. They are often sold by street vendors or small bakeries, creating additional seasonal income for micro-businesses. The popularity of these delicacies at community events and Christmas gatherings enhances local economic activity. Overall, the production and consumption of these delicacies during Christmas celebrates Filipino culture and contributes to sustaining rural economies and traditional industries. 5. Global Food Traditions and Trade Christmas feasts reflect local cultures and use local ingredients; however, it is not uncommon for them to incorporate global ingredients to highlight the global interconnectedness of holiday traditions. Germany is the leading mulled wine producer, but the spices used - cinnamon, cloves and nutmeg are imported from countries such as India and Indonesia. It started with the rise of trade during the Roman Empire when these ingredients flooded Europe and improved food and drink.21 Pineapples, bananas, oranges, passionfruit, and other tropical fruits are imported from Latin America and Africa to provide for the rise in demand across European countries during the holidays. They are key ingredients to some of the most popular European Christmas dishes including English Christmas Pudding that requires candied pineapple and sultanas, Italian Panettone that includes candied orange and lemon peel, German Stollen that also includes candied orange and lemon peel and French Buche de Noel where some variations include passionfruit or mango for filling and decoration.22 Countries like Norway and Japan experience an increase in seafood demand, as countries like Italy, Portugal, and Australia consume prawns, salmon,23cod, and shellfish around this time of year, driving fish industries and export markets. 6. Sustainability Challenges The intense demand for traditional holiday foods can strain resources and raise sustainability concerns. Large-scale production of turkeys, geese and other forms can have significant environmental footprints, prompting calls for more sustainable farming practices such as plant-based alternatives or supporting local and ethical producers. Holiday feasts also often result in increased food waste. Often people have leftovers for the next few days but a more sustainable, but often forgotten option for huge amounts of leftovers is to keep them for months, rather than days, in the freezer. Wastage has led governments and organisations to promote awareness campaigns and encourage mindful consumption. For example, in the UK Love Food Hate Waste encourages meal planning and proper storage to minimise waste, and Australia's Fight Food Waste Cooperative promotes awareness of over-purchasing during festive seasons. Conclusion From turkey farms in the UK to tamale vendors in Mexico and stollen bakers in Germany, the holiday season is a boon for global food industries. These festive traditions not only bring people together but also stimulate economies, support local producers, and drive international trade. However, balancing this seasonal abundance with sustainable practices will be key to ensuring that the economic benefits of holiday feasts endure for generations to come. Works Cited Hendry, Caroline. “Why do we eat turkey at Christmas? The long-standing tradition explained.” SquareMeal, 24 September 2024, https://www.squaremeal.co.uk/christmas-parties/christmas-party-ideas/why-do-we-eat-turkey-at-christmas_10022. Accessed 26 November 2024. Javed, Saman. “Sales of frozen Christmas turkeys quadruple amid fears of shortages.” The Independent, 2021, https://www.independent.co.uk/life-style/food-and-drink/christmas-turkey-sales-increase-shortages-b1931783.html. Degraba, Patrick. “The loss leader is a turkey: Targeted discounts from multi-product competitors.” Research Gate, 2006, https://www.researchgate.net/publication/4956074_The_loss_leader_is_a_turkey_Targeted_discounts_from_multi-product_competitors. Zepz. “Cost of Christmas around the world in 2023.” World Remit, 2023, https://www.worldremit.com/en/cost-of-christmas. Horn, Tom. “This is why your Christmas turkey costs more this year.” Big Issue, 17 November 2024, https://www.bigissue.com/life/food/christmas-turkey-cost-price/. Accessed 26 November 2024. Wood, Zoe. “Not enough turkeys for Christmas due to Brexit, poultry producers warn.” The Guardian, 2021, https://www.theguardian.com/environment/2021/aug/19/chicken-producers-brexit-staff-supply-shortages-uk-immigration-jobs-eu. Calcea, Nicu, et al. “How much will your Christmas dinner cost this year?” BBC, 2023, https://www.bbc.com/news/business-67716356. Kotula. “La Tamaleada! A Christmas Tradition from Central America.” Clark Kotula, 2018, https://www.clarkkotula.com/blog/2019/12/17/tamaleada-a-mesoamerican-christmas-tradition. Mack, Lauren. “Christmas Tamales Tradition Explained.” Gold Belly, 2024, https://blog.goldbelly.com/christmas-tamales/. Meza, Flower. “Tamale sales increase by 60 to 80% for “Candlemas Day.”” El Dictamen, 2024, https://www.eldictamen.mx/venta-tamales-incrementa-un-60-dia-candelaria/. Garcia, Jocelyn. “Mexico’s corn imports surge amid production challenges.” Fast Markets, 2024, https://www.fastmarkets.com/insights/mexicos-corn-imports-surge-amid-production-challenges/. Mason, Dave. “Tamales play big role in winter holidays in California.” Yahoo, 2024, https://www.yahoo.com/lifestyle/tamales-play-big-role-winter-155854241.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANQj-zus2Gw3_Yz54WaFhybGzH7CSYtC9pxVrIucUjqZ_XokyjC149xIoyhpk9GKwWmf3-ckY3zRewI4-WDj7mFMlIUPfylbXWI. Logan, Olivia. “12 best Christmas markets in Germany.” I am Expat, 2024, https://www.iamexpat.de/lifestyle/lifestyle-news/best-christmas-markets-germany. Pettit, Sophie. “The best Christmas markets in Germany in 2024.” Expatica for Internationals, 2024, https://www.expatica.com/de/lifestyle/holidays/christmas-markets-in-germany-105201/. Burkart, Jürgen. “The perfect Christmas goose with Convotherm.” Welbilt, 2023, https://www.welbiltde.com/newsroom/kulinarische-trends/2022-12/Christmas-recipe?lang=en-us#:~:text=But%20this%20year%2C%20rising%20energy,recently%20become%20significantly%20more%20expensive. Menu. “Unsere Spezialitäten - auch zum Mitnehmen.” Hofbräukeller, https://www.hofbraeukeller.de/speisekarte. Accessed 28 November 2024. “Dresdner Christstollen / Dresdner Stollen / Dresdner Weihnachtsstollen PGI.” European Commission, 2024, https://agriculture.ec.europa.eu/farming/geographical-indications-and-quality-schemes/geographical-indications-food-and-drink/dresdner-christsollen-pgi_en. Martin, Katrin. “7 facts about mulled wine and a recipe.” Hanglage: Das Weinregal, 2020, https://hanglage.com/en/blogs/news/7-fakten-uber-gluhwein-und-ein-gluhweinrezept. Zaldarriaga, Joe. “Christmas and consumer spending.” Phillipine News Agency, 2023, https://www.pna.gov.ph/opinion/pieces/799-christmas-and-consumer-spending. Buenaflor, Chad. “The Economics of Lechon: How Much Does It Cost to Produce?” Teryos Lechon, 2024, https://teryoslechon.com/2024/06/29/the-economics-of-lechon-how-much-does-it-cost-to-produce/. Berry, Camille. “The History of Mulled Wine.” thebacklabel, https://www.thebacklabel.com/the-history-of-mulled-wine/. Accessed 11 December 2024. “Christmas Stollen: The German Sweet Bread for Christ.” Yummy Bazaar, https://yummybazaar.com/blogs/blog/what-is-german-christmas-stollen-bread. Holmyard, Nicki. “Europe celebrates Christmas with smoked salmon, luxury seafood.” Seafood Source, 2014, https://www.seafoodsource.com/features/europe-celebrates-christmas-with-smoked-salmon-luxury-seafood. Additional Sources “What do Europeans Eat for Christmas? 27 EU Countries 27 Desserts.” Yummy Bazaar, 2022, https://yummybazaar.com/blogs/blog/christmas-treats-across-european-union. B, Anuradha. “Corn Masa Flour Market Analysis, Opportunities & Trends 2032.” Growth Market Reports, 2024, https://growthmarketreports.com/report/corn-masa-flour-market. Infographics: ‘Cost of Christmas around the World in 2023’ World Remit, 2023, https://www.worldremit.com/en/cost-of-christmas
Food lies at the heart of Christmas celebrations around the globe. Whether it’s tamales steaming in Mexican kitchens, turkey roasting in American ovens, or spiced mulled wine warming hands in Germany, the holiday season sparks a global surge in demand for traditional foods. This demand doesn’t just shape family traditions—it drives agriculture, small businesses, and supply chains worldwide. Let’s explore how festive feasts influence the economies of countries like the UK, Mexico, Germany, and more.
Winners of 2025 E-axes Forum Research Prize on "Climate Policies and Financial Markets"
Shifrah Aron-Dine's co-winning paper, titled “Rebuild or Relocate? Recovery after Natural Disasters,” delves into the distributional impacts of Hurricane Maria on Puerto Rico. Utilizing flight data and original surveys, her research reveals that approximately 7% of the population migrated to the mainland U.S. post-hurricane, reflecting significant migration costs that deterred even more potential departures. Those who remained faced substantial challenges, including damages to homes and local economies. Through her dynamic equilibrium model, Aron-Dine highlights how factors such as age, wealth, and housing tenure influence decisions regarding recovery and migration. Her analysis concludes that while local infrastructure investment can serve as a cost-effective intervention, current rebuilding subsidies for homeowners may not yield the intended welfare improvements. These findings suggest that more flexible policies could greatly enhance resilience in the face of future disasters, providing vital insights for policymakers aiming to optimize disaster response strategies. Meanwhile, Sarah Duffy's research, “Climate Change, Adaptation, and Sovereign Risk,” tackles the essential topic of how fiscal constraints limit climate adaptation efforts in emerging markets. Duffy develops a sovereign default model that incorporates the risk posed by natural disasters, revealing a vicious cycle dubbed the ‘adaptation trap.’ Her analysis identifies how climate change exacerbates borrowing costs while adaptation efforts can reduce them, highlighting the paradox that high debt levels restrict necessary adaptation, further amplifying losses from climate-related events. Duffy employs a novel text analysis method to quantify adaptation expenditures in government budgets, demonstrating a strong correlation between sovereign ratings and adaptation initiatives. She posits that without strategic interventions, particularly debt relief, emerging economies could suffer substantial economic setbacks, as illustrated by projected GDP losses due to cyclones. Both prize-winning papers provide crucial evidence that informs policymakers and researchers aiming to build more resilient economies in the era of climate change. As the world faces increasing environmental challenges, the insights from Aron-Dine and Duffy underscore the importance of integrated approaches that marry climate action with sound economic policy. The papers will be presented by the winners at an E-Axes Forum webinar in January 2026, moderated by a member of the Prize Committee. Read Shifrah Aron-Dine's winning paper in full here and read more about her research interests on her personal website. Read Sarah Duffy's winning paper in full here and read more about her research interests on her personal website. Image Credits: E-axes, University of Oxford, Vanessa Coleman/UC Berkeley, shifraharondine.com
The E-axes Forum has awarded its prestigious Research Prize for 2025 to two groundbreaking scholars whose work addresses the pressing intersections of climate policies and economic stability. Assistant Professor Shifrah Aron-Dine from UC Berkeley and DPhil candidate Sarah Duffy from the University of Oxford were recognized for their influential papers that explore the implications of natural disasters and climate change on financial systems and macroeconomic policies.