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.
Public Economics & Economic Policy (JEL H)
Economic Development, Innovation and Growth (JEL O)
Macroeconomics and Monetary Economics (JEL E)
Econometrics, Statistics and Quantitative Methods (JEL C)
Agricultural and Environmental Economics (JEL Q)
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.
The Best Christmas Gift Ideas for an Economist
If you have an economist in your life, but are struggling to come up with economics gift ideas, fear not. We're here with some fun ideas to help you find the best Christmas gifts for economists. INOMICS is a member of the Amazon Associates affiliate program and the Apple affiliate program. This article contains affiliate links from them and other partners, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post. 1. Buy an Economics Bestseller: Empathy Economics or Disorder There is a rich history of books published about economics and by economists. Two economics bestsellers that you might consider are Empathy Economics and Disorder: Hard Times in the 21st Century. The first is a biography of Janet Yellen, the first female secretary of the US Treasury and the first female chair of the US Federal Reserve. In the second book, political economist Helen Thompson examines how energy economics and historic politics come together to affect the challenges facing western democracies today. 2. Arbitrage or The Informant! on DVD Two Hollywood films with economics themes, these are fun movies for specialists and everyone else too. Arbitrage stars Richard Gere as a hedge-fund magnate who has been cooking the books, who must go to extraordinary lengths to protect his secret after a chance accident. The Informant! stars Matt Damon as a corporate whistle-blower who reports his employer to the FBI for price fixing. Based on a true story, it's a funny and snappy movie about the ethics of big businesses. 3. A digital download of Too Big To Fail This documentary covers the financial crisis of 2008, based on the book Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System--and Themselves. Exploring the crisis from the point of view of the inside players as they try to prevent a global economic meltdown, this informative film will be of interest to everyone involved in finance. Frankly, it is reassuring to remind ourselves that not every person working in finance and big business is a greedy, self-interested maniac... 4. A Marx Mug or other humourous left-wing T-Shirt, Mug or Bag It's a statement, for sure, and it looks cool. Rock up to your next seminar on market economics with this Karl Marx mug. After all, you have nothing to lose but your value chains! Or why not go for a jokey Trickle Down Economics T-Shirt. 5. Board Games Board games have experienced an increase in popularity in the past few years, and can make for great economics presents. Many innovative games include economic themes and have strategy elements that economists will enjoy sinking their teeth into. Some great options include: Agricola – build and manage your farm’s resources better than everyone else Viticulture – grow your winery more efficiently than others Settlers of Catan – build your island economy faster than everyone else. Also check out our blog post on the economics of Catan. Camel Up – progressively bet on the outcomes of a statistically zany horse race (but with camels!) Wingspan – manage your resources wisely to attract exotic birds to your habitats, earning you more points than your competitors (and awakening your inner ornithologist!) …and even A Game of Thrones: the Board Game – balance capturing territory with maintaining supplies while managing politics to strive towards victory. 6. The Economist Desk Diary A classy, leather-bound desk diary for the new year, perfect for keeping track of all your important appointments and deadlines. Includes an information and map section of economic, statistical and political facts and street plans for a variety of world cities. Particularly good for busybodies, it is the ideal gift for keeping hectic and on-the-go lives in order. 7. Economists do it with Models T-Shirt Economists who were working in or studying economics from around 2010 may remember the hype around Jodi Begg's YouTube channel, at the time groundbreaking in that she shared her classes online and had a great name for her channel. Been there, seen that? Now you can get the T-Shirt. 8. Can You Outsmart an Economist? - Puzzle Book Do you know an economist who can't resist a challenge (i.e. probably any economist)? Then give them this econ-flavored puzzle book. 9. Get them a novel with economic themes Reading a novel – for fun! – is an enjoyable hobby for many people, economists included. In fact, it can be downright bliss for a hard-working economist to set aside their graphs, theorems, and economic histories to enjoy some inspired fiction. Consider the following books for the economist in your life who likes to read: The Grapes of Wrath by John Steinbeck: A classic novel for good reason, this book explores the economics of poverty and immigration in the United States during the Great Depression – very relevant topics for an economist. Red Plenty by Francis Spufford: a semi-fiction novel that contains a heavy amount of economic theory, perfect for the economist in your life. It details the rise and fall of the Soviet economy, despite all the best efforts of brilliant minds to create a successful planned economy that would rival the capitalists. Brave New World by Aldous Huxley: a novel detailing a future “utopia”, where humans are made in factories, the World State government is obsessed with inducing consumerism for unlimited economic growth, and society has eliminated art, religion, and other elements of culture. This classic novel explores many economic themes and shows how a utopia can be anything but. Bleak House by Charles Dickens: Although not as well-known as Dickens’ other works, Bleak House is sometimes regarded as his best. It follows the story of a family in Victorian England who await the payout from a lawsuit that is supposed to grant them a fortune, but that has become delayed and stymied in the legal system. It also features one of the earliest protagonists working as a detective, which may have fueled the rise of famous works like Sherlock Holmes. The Witcher: The Last Wish by Andrzej Sapkowski: a fantasy novel that follows the life of Geralt of Rivia, a monster hunter for hire. One of Geralt’s main worries is finding enough work to feed himself, as he notes that his profession is designed to put itself out of business forever. A great novel with many sequels for an economist who enjoys fantasy settings, complex characters, and economic themes. As an added fun fact, Andrzej Sapkowski – who originally wrote as a hobby – is actually a trained economist who studied at the University of Łódź. But he is much more well-known as the author of The Witcher novel series, which has spawned massively successful video games and a Netflix series. In fact, he’s not the only economist with a penchant for another hobby… 10. Support their hobby Many famous economists have had interesting hobbies aside from their careers. For example, 2023 Nobel Prize in Economics winner Claudia Goldin and her husband, economist Lawrence Katz, are said to enjoy bird watching together; John Maynard Keynes was known to collect paintings and became a patron of the arts after earning his fortune; and US Federal Reserve Chairman Janet Yellen learned to cook Indian cuisine after the pandemic closed many restaurants. If you’re familiar with your economists’ interests, there will be ample opportunities to support them. 11. Cash According to behavioral economists themselves, the very best gift per dollar spent you could give an economist is cold, hard cash. Giving cash guarantees that the recipient can get exactly the high quality gift that they want, thus eliminating the deadweight loss of Christmas presents. It might not really keep with the spirit of the season, but it is the subject of much debate in economics. You'll just have to argue this one out with your economist friends! 12. The Economics Book Tired of your family and friends not understanding what you do? This handy guide serves as an accessible introduction to the field of economics, covering topics ranging from property, to trade, to game theory. The perfect gift to spark conversations with relatives over Christmas time, and forever after! Best of luck with your gift buying, and from all of us at INOMICS happy holidays! Image Credit: Pixabay (free for use under the pixabay content license)
The holiday season is coming and Christmas is just around the corner. If you want to avoid buying presents for the holidays in a panic, you had better get to planning the gifts you'll be giving.
Post-doc position in Economics : The impact of AI on firms’ productivity and employment
Post-doc position* in ECONOMICS The impact of AI on firms’ productivity and employment Application deadline 31 January 2026 Start date September 2026 Duration 1 year Salary The candidate could expect net monthly salary between 3000€ and 3250€. How to apply? Send the required document by e-mail to Prof. Vincent Vandenberghe. Required documents are: CV Motivation letter 2 references letters *Financed by a Belgian Science Policy (Belspo) grant. Candidates must have not lived in Belgium or carried out their main activity there (employment, studies, etc.) for more than 24 months during the 3 years immediately preceding the post-doc.
The Institute of Economics and Social Research invites applications for a one-year postdoctoral position at UCLouvain, starting September 2026. The successful candidate will join a research project investigating the impact of artificial intelligence on firms’ productivity and employment. The project is funded by the Belgian Science Policy and is led by Prof. Vincent Vandenberghe.
Institut de Recherches Economiques et Sociales (IRES) - Université catholique de Louvain (UCL)
Nikhil Agarwal (MIT) Wins Infosys Prize 2025 for Groundbreaking Work in Market Design
Nikhil Agarwal's pioneering contributions to market design have set new standards in empirical studies for allocation mechanisms, affecting critical areas such as school choice, medical residency, and kidney exchanges, and make him a worthy winner of the 2025 Infosys Prize in Economics. The selection of Agarwal comes as part of the ISF's initiative to promote early-career researchers by honoring individuals under 40 years of age. This shift, introduced in 2024, underscores the foundation's commitment to recognizing and nurturing talent that shapes the future of scholarship and innovation. Agarwal's research addresses complex "matching problems," scenarios where traditional market principles fall short. His work elucidates how individuals seeking vital resources—like patients in need of kidney transplants or students aiming for college admission—can be systematically matched through innovative market design techniques. By anchoring his theories in empirical data, Agarwal provides profound insights that have the potential to influence policy design and enhance societal welfare. The Infosys Prize is renowned for being one of the most significant awards in India, which not only honors excellence but also fosters a scientific culture that drives innovation across multiple disciplines. Each laureate receives a gold medal, a citation, and a prize purse of USD 100,000, along with international recognition, often leading to further prestigious awards. K. Dinesh, President of the Board of Trustees, ISF, expressed his congratulations to the winners, highlighting their work as an essential bridge between research, science, and societal advancement: "I extend my heartfelt congratulations to the winners of the Infosys Prize 2025, whose achievements reflect the vital connection between research, science, and society, inspiring the next generation of innovators. The Infosys Prize continues to embody our belief that research and science are cornerstones of human progress. It reflects the Foundation’s enduring commitment to nurturing a culture that drives innovation and broadens understanding across disciplines." The five other winners were Sushant Sachdeva (University of Toronto) in the field of Engineering and Computer Science, Andrew Ollett (University of Chicago) in Humanities and Social Science, Anjana Badrinarayanan (NCBS, Bangalore) in Life Sciences, Sabyasachi Mukherjee (Tata Institute, Mumbai) in Mathematical Sciences and Karthish Manthiram (Caltech) in Physical Sciences. As the economics landscape continues to evolve, Agarwal's contributions in the field of market design promise not only to enrich the field of economics, but also to improve the efficacy and fairness of essential public services—a testament to the transformative potential of economic research. You can read more about the justification for the award of the 2025 Infosys Prize to Nikhal Agarwal on the Infosys Laureate Page You can read more about Nikhal Agarwal on his MIT Profile page Credits: infosysprize.org
Recognising innovation in the field of economics, the Infosys Science Foundation (ISF) has awarded the prestigious Infosys Prize 2025 in Economics to Nikhil Agarwal, the Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology.
Nobel Laureates Duflo and Banerjee Set to Join University of Zurich
In an exciting development for the academic community, acclaimed economists Esther Duflo and Abhijit Banerjee will be joining the University of Zurich (UZH) in July 2026. The duo, who were awarded the Nobel Prize in Economics in 2019 for their innovative approach to alleviating global poverty, will work within the Faculty of Business, Economics and Informatics. With the financial backing of the Lemann Foundation, Duflo and Banerjee will co-establish the Lemann Center for Development, Education, and Public Policy. This center will focus on fostering policy-relevant research and improving education and health policies, particularly in Brazil where the Lemann Foundation is based. Esther Duflo, currently the Abdul Latif Jameel Professor at MIT, and Abhijit Banerjee, Ford Foundation International Professor of Economics at MIT, are both renowned for their dedication to interdisciplinary research that combines academic insight with significant social impact. UZH President Michael Schaepman expressed his enthusiasm regarding their arrival, recognizing the contribution these economists would make to the university's international profile. The establishment of the Lemann Center, along with two endowed professorships funded by a generous CHF 26 million donation from the Lemann Foundation (approx. 33 million USD as of November 2025), will enhance UZH's commitment to research and education in development economics. Duflo and Banerjee will also expand the existing ADEPT program and introduce new Master's courses, offering opportunities specifically for Brazilian students. Florian Scheuer, head of UZH's Department of Economics, noted that the integration of Duflo and Banerjee into their team represents a significant advancement for UZH, benefitting both faculty and students through their expertise in nurturing educational growth and research. The Center is the sixth such initiative from the Lemann Foundation, following similar partnerships with Harvard, Illinois, Stanford, Columbia and Oxford Universities. Denis Mizne, CEO of the Lemann Foundation, said in a press release on the Lemann Foundation website, “The Lemann Center in Zurich strengthens our global connection with major international universities such as Harvard, Illinois, Stanford, Oxford, and Columbia. This new knowledge hub with the University of Zurich will be a strategic space to generate research, foster debate, and develop solutions for the major challenges of Brazil and the world, always with a focus on children’s learning, reducing inequalities, and achieving large-scale impact.” The Lemann Foundation is a Brazilian non-profit founded and funded by Brazilian/Swiss billionaire and former tennis player Jorge Paulo Lemann, a co-founder of 3G Capital, which is the majority shareholder of multiple international consumer brands, including Heinz, Burger King and Anheuser-Busch. The foundation has the aim of advancing education and tackling social challenges in Brazil, primarily through education initiatives. Credits: Bryce Vickmark / news.uzh.ch
Economists Esther Duflo and Abhijit Banerjee, Nobel Prize winners in Economics, will join the University of Zurich in July 2026, establishing the Lemann Center for Development Economics.
Call For Papers - Conference on Occupational Mismatch and Skill Shortage September 10-11, 2026, Naples, Italy
The conference, funded by the EU Horizon program, will be held in Naples, Italy, on September 10-11, 2026. KEYNOTE SPEAKER: Pierre Cahuc (Science Po), Program Director for the IZA Institute of Labor Economics program and CEPR research fellow. CONFERENCE DETAILS: The conference is a one-and-a-half-day event and will be held in person in Naples, Italy, on Thursday, September 10, and Friday, September 11, 2026. We will cover lunches for all conference participants on both conference days, as well as a dinner reception on Thursday. The conference program will include 10 papers (in addition to the keynote lecture) and a policy panel, featuring Samuel Bentolila (CEMFI), Sandra McNally (Surrey), and Konstantinos Pouliakas (CEDEFOP). TO SUBMIT A PAPER: E-mail the PDF of your paper to Stefania Maddaluno, trailsconference2026@gmail.com. The submission deadline is April 15, 2026. Authors of papers will be notified by May 10, 2026. SCIENTIFIC COMMITTEE: Samuel Bentolila (CEMFI), Alexia Delfino (Bocconi), Alessandra Fenizia (George Washington), Peter Fredriksson (Uppsala), Giulia Giupponi (Bocconi), Lena Hensvik (Uppsala), Thomas Le Barbanchon (Bocconi), Oskar Nordström Skans (Uppsala), Luigi Pistaferri (Stanford), Roland Rathelot (ENSAE, IP Paris & CREST), Alexandra Roulet (INSEAD), Raffaele Saggio (British Columbia), Julien Sauvagnat (Bocconi), Alessandra Voena (Stanford), Andrea Weber (CEU). ORGANIZING COMMITTEE: The conference is organized by the following researchers who contributed to the TRAILS project: Luca Coraggio, Lorenzo Incoronato, Monica Langella, Armando Miano, Marco Pagano, Georgios Panos, Marco Petterson Stenborg, Vincenzo Pezone, Ioannis Pragidis, Paul Redmond, and Annalisa Scognamiglio.
We invite interested authors to submit papers on occupational mismatch and skill shortages for the final conference of the TRAILS Project (www.trails-project.eu).
Graduate Programs in Economics and Business Data Science (MRes+PhD opportunity)
Small-scale programs Admissions are highly selective and competitive. A maximum of 25 students from all over the globe are annually admitted to each program. The small scale allows students to regularly call upon the professors and the Director of Graduate Studies for individual advice. Students become a closely knit group: despite the many hours of hard work they always find the time for leisure. Research Master in Business Data Science The two-year program (120 EC) is designed to prepare future PhD students in the business and econometrics departments (spanning disciplines such as business analytics, human resources, finance, marketing, entrepreneurship, and more), with a strong focus on data science. The first year focuses on building a solid data science foundation and introduces students to a variety of methodological approaches through coursework. Students are challenged at their own level, with the possibility to enroll in an advanced data science track. In the second year, students further specialize in their business discipline, choosing from the following tracks: 1) Management Science, 2) Operation Research Analytics, and 3) Quantitative Finance. Future The growth of big data and advanced analytical methods is reshaping business thinking. As a result, there's a rising need for highly skilled professionals capable of deriving insights to address complex business problems. The program helps students jumpstart their PhD trajectory by solid training in research methodologies and direct research experience through the thesis, electives, research internship, during seminars, research clinic, thesis work, interaction with faculty, and teaching experience (e.g., teaching assistantships). Graduates typically continue into PhD programs and pursue academic careers. However, some graduates also transition into research-oriented roles in the private sector or at regulatory institutions (e.g., European Central Bank). Research Master in Economics The two-year program (120 EC) is designed to prepare future PhD students in economics, econometrics and finance. In the first year, students receive rigorous training in the core subjects and tools of economics, econometrics and finance. In the second year, students specialize in their choice of the institute’s many fields of research through field course work and writing the research master’s thesis. The research master’s thesis marks the final component of the program. It typically becomes a student's first academic paper and a chapter in the PhD dissertation. Future The program helps students jumpstart their PhD trajectory by solid training in research methodologies and direct research experience through the thesis, electives, during seminars, thesis work, interaction with faculty, and teaching experience (e.g., teaching assistantships). Students who complete the master typically continue in a PhD position as the research master in Economics is the main entry point to fully paid PhD positions at the three faculties. Our PhD students work with the best researchers from the three faculties. Tinbergen Institute also provides tailored training to prepare PhD students for the academic job and boasts significant success in placing its students in the best economics departments worldwide. Elective Courses Tinbergen Institute's Research Master's Programs offer a broad range of courses, also open to PhD students and External Participants/Professionals. Browse our course catalogs to view full course lists and learn how to apply: Courses Research Master Business Data Science Courses Research Master in Economics Summer School Every year we organize courses in the summer period, learn more: Summer School - tinbergen.nl.
Tinbergen Institute Research Master's Programs in Economics and Business Data Science are two-year (120 EC) joint degree programs aiming to train future PhD students who will start their doctorate at one of the Schools in Business and Economics of the three partner universities: Erasmus University Rotterdam, the University of Amsterdam, and Vrije Universiteit Amsterdam. Both research master’s programs fit students with strong analytical and quantitative skills, providing rigorous training in preparation for a doctoral degree in business and econometrics departments. The programs are tailored for those who are seeking rigorous training in preparation for an academic career. Students who successfully complete the research master’s program are supported in finding PhD positions at one of the three partner universities.
Urban, Rural and Transportation Economics (JEL R)
World’s Safest Banks 2025 Rankings Announced by Global Finance Magazine
November 5, 2025 - Global Finance has unveiled its latest rankings of the World’s Safest Banks, expanding the list to include the top 100 as the global banking sector confronts challenges arising from U.S. tariff policies and fierce competition. The revised rankings provide deeper insights into the banking sector's resilience amid ongoing economic volatility. Amid disruptions to global trade and supply chains caused by changing tariff policies, inflationary pressures and a slowdown in global growth have become prominent concerns. The World Trade Organization (WTO) has adjusted its forecast for global trade volume growth in 2025 to 2.4%, a rise from earlier predictions of 0.9% in August. However, the outlook for 2026 is less optimistic, with anticipated growth falling to 0.5%. Economic forecasts from the OECD indicate a slight decline in global GDP growth, from 3.3% in 2024 to 3.2% in 2025 and further down to 2.9% in 2026. The U.S. economy is projected to experience a drop from 2.8% to 1.8% growth in 2025, while growth in the Euro area is forecasted to decrease to 1.2%. In this environment, banks that have embraced technology and generative artificial intelligence (GenAI) to adapt their business models have emerged as leaders. Institutions such as the Saudi National Bank and Al Rajhi Bank have benefitted from upgrades in credit ratings, allowing them to join the top 100 list. Moody’s recent downgrades of banks in France and China reflect the ongoing impact of sovereign ratings on bank rankings, demonstrating the interconnected nature of fiscal challenges and banking stability. The rating is taken from the 500 largest banks that are rated by at least two of the three major ratings agencies (Fitch, S&P, Moodys): The top four worldwide are, in some way, all part-owned or affiliated with state institutions and all received top scores with all three agencies: KfW Bank (Germany) Zuercher Kantonalbank (Switzerland) BNG Bank (Netherlands) Landwirtschaftliche Rentenbank (Germany) All of the top ten are in based in Europe, with four in Germany, two each in the Netherlands and Switzerland, and one each in Norway and Sweden. The highest rank non-European bank is the Bank of Canada, in 11th spot, which was also rated as the safest commercial bank. Several banks from Singapore and South Korea appear in the top twenty, with banks from Australia, Taiwan, Luxembourg, UAE and France appearing in the top thirty. The highest rank US bank is Agribank, in 45th spot. Eight further US banks made the top 100. The only UK bank to be ranked in the top 100 was Nationwide Building Society, in 77th position. The full rankings will be available in the December issue of Global Finance Magazine, and are available online. Credits: gfmag.com
Global Finance Magazine has released its updated rankings of the world's safest banks, expanding the list from 50 to 100 in 2025 as the banking sector faces increasing volatility and economic challenges due to U.S. tariff policies and competition.
Penny Goldberg Wins 2025 Jean-Jacques Laffont Prize
On October 30, 2025, Pinelopi (Penny) Koujianou Goldberg, the William Nordhaus Professor of Economics and Global Affairs at Yale, was honored with the 2025 Jean-Jacques Laffont Prize by the Toulouse School of Economics (TSE). This annual award recognizes economists whose research aligns with the legacy of Jean-Jacques Laffont, emphasizing the integration of theory with empirical applications. Goldberg expressed her gratitude upon receiving the award, stating, "I am incredibly honored to receive such a prestigious award; I was certainly not expecting it. It means a lot to me as Jean-Jacques Laffont is someone whom I have always admired. His research exemplifies the qualities I aim for in my work, particularly in addressing pivotal questions with analytical rigor and combining theory with real-world evidence." To commemorate the award, Goldberg presented a lecture titled "Global Trade and Economic Development" on the award date, which was followed by an official awards ceremony held at Toulouse City Hall. This recognition not only celebrates Goldberg's significant contributions to the fields of economics but also highlights her role in addressing crucial policy-related issues in trade and development. Goldberg holds positions at both the Yale Department of Economics and the Jackson School of Global Affairs. From 2018 to 2020, she was the Chief Economist of the World Bank Group. Additional roles of note that she has held include President of the Econometric Society, Vice-President of the American Economic Association, and Editor-in-Chief of the American Economic Review. Read more about Prof. Goldberg's work and research interest on her Yale profile page or personal page. Credits: egc.yale.edu
Yale economist Pinelopi Koujianou Goldberg has been awarded the prestigious Jean-Jacques Laffont Prize for her contributions to trade and development research. The award was celebrated with a lecture and ceremony in Toulouse.
Postdoctoral Fellow in Banking / Household Finance
Laboratory for Banking Studies (LaBS), Moscow, Russia, invites applications for postdoctoral research positions in the field of Banking / Household Finance. Requirements The general requirements for the postdoctoral fellowship positions are the following: Candidates must hold a recent PhD in the field of Banking, Finance, Economics or related areas which was awarded over the last 5 years or received before starting work at HSE in a relevant field by an internationally recognized university and has been assessed by external reviewers as having the potential to pursue research that is publishable in leading peer-reviewed journals; Candidates should have a strong backgroundin Economics, Econometrics, Banking, Finance or Household Finance, genuine interest in applied empirical research in the mentioned fields accompanied by (a) clear research project proposal(s), as well as the ability to work in a team and on his/her own research projects. The applications without research project proposals will not be considered. Fluent English is an obligatory condition as research and other activities are conducted in English. Knowledge of Russian is not required; Relevant experience will be an asset although not required. The position involves: working under the direct supervision of Maria Semenova, Head of Laboratory for Banking Studies and Associate Professor at the School of Finance, HSE; pursuing the research on topic(s) within at least one of the following broad areas: Influence of institutional and regulatory diversity, as well as institutional and regulatory change on banks’ stability, profitability and other outcomes in a cross-country prospective; Banking in Russia; Households’ bank-related financial strategies: cross-country comparisons; The influence of new (non-cash) payment instruments on banking markets (combining survey data and bank financial statements); Government involvement in banking markets: state ownership, political connections, etc; Islamic Banking; Deposit Insurance. submitting at least one working paper per year to the HSE working paper series in Financial Economics submitting at least one research paper per year to the international peer-reviewed journal (Scopus Q1/Q2) in co-authorship with the members of the Laboratory for Banking Studies HSE; participation in the events of the Laboratory for Banking Studies and other contribution to the Lab’s development; public presentations of candidate’s own research to the academic community; some teaching is encouraged. Conditions Appointments are made for one year. Postdoctoral fellows have high opportunity of renewal of the contract (no more than two times) in case of outstanding performance. HSE University offers postdoctoral fellows a competitive salary, the standard medical insurance plan; a working space equipped with a computer and free Internet access at the University. The Laboratory for Banking Studies offers access to its databases covering Russian banks’ financial statements (IAS Banks and Finance Database (Mobile)). At HSE you will also obtain the access to the following databases and electronic resources/subscriptions. We also widely use the publicly available data on Russian banking (by the Bank of Russia) and household finance (Russian household longitudinal surveys, e.g. RLMS-HSE). Application Process Applications must be submitted online. Please provide a CV, a statement of research interest (including (a) research project proposal(s) a candidate will be working on in the LaBS) and a recent research paper submitted via the online application form. At least two letters of recommendation should be sent directly to the International Faculty Recruitment Office at fellowship@hse.ru before the application deadline. Please note that direct applications to the LaBS will not be reviewed. Read more about the application process here. Application deadline: January 31st, 2026.
HSE University invites applications for a postdoctoral position in the field of Banking / Household Finance at the Laboratory for Banking Studies. The position involves pursuing high-quality research on topics within the chosen field. Appointments are made for one year. Postdoctoral fellows have high opportunity of renewal of the contract in case of outstanding performance.
Higher School of Economics, National Research University
Claudia Goldin Appointed Samuel W. Morris University Professor at Harvard
The appointments were announced in the Harvard Gazette. Goldin is among four faculty members awarded the title, which was also granted within the fields of Medicine, Law, and Physical Sciences as well. Harvard President Alan M. Garber praised the newly appointed University Professors as "outstanding colleagues" embodying the university's commitment to academic excellence. He highlighted their contributions to both scholarly pursuits and the wider community. Goldin, currently the Henry Lee Professor of Economics and the Lee and Ezpeleta Professor of Arts and Sciences, is celebrated for her groundbreaking research in economic history, particularly regarding women's labor market outcomes, the gender earnings gap, and the challenges women face in balancing career and family. In 2023 she was awarded the Sveriges Riksbank Prize in Economic Sciences for her advancements in this critical area of study. In a recent statement, Goldin expressed her gratitude for the new role, stating, "I am deeply honored and thank President Garber for this unique opportunity." She plans to introduce a course focused on the interdisciplinary insights of economic history, furthering the mission of a University Professor. Goldin has a long-standing reputation; her notable works include “The Race between Education and Technology” and "Career and Family: Women’s Century-Long Journey Toward Equity," the latter translated into over a dozen languages. She is actively involved in various economic research initiatives and recognized by numerous academic societies. As Goldin steps into her new role, she aims to explore the dynamics of women’s rights and the evolving landscape of caregiving benefits in the U.S., contributing to a deeper understanding of societal change. Credits: Mark James Dunn / Harvard Gazette and Kris Snibbe / Harvard University and Stephanie Mitchell / Harvard University
Harvard University has honored economist Claudia Goldin with her appointment as Samuel W. Morris University Professor. The title of University Professor is one of the highest distinctions a faculty member can receive. This title, introduced in 1935, recognizes individuals whose work transcends multiple disciplines.
A Closer Look at the Research That Won the 2025 Economics Nobel Prize
As was recently announced by the Nobel committee, economists Joel Mokyr, Philippe Aghion, and Peter Howitt won the 2025 Nobel Prize in Economics for their contributions in uncovering how technology-driven growth occurs. In this article, we’ll dive deeper into the specific research that won these luminaries the Prize, and what it means for the field. The Nobel laureates’ research asked and began to answer a very important question: what’s the secret behind such unprecedented, sustained, and world-changing economic growth? Let’s find out! Joel Mokyr Economic historian Joel Mokyr described how continual economic growth has its foundations in knowledge as well as the ability to make use of that knowledge. Specifically, he defined two different types of knowledge — propositional knowledge (which reflects advancements in theory) and prescriptive knowledge (which includes practical formulas, recipes, or etc. for use in industry or everyday life), and stated that sustained economic growth results when entrepreneurs, inventors, and other businesspeople are able to make use of them to produce new goods and services. By Mokyr’s theory, for most of human history these two kinds of knowledge seldom interacted. Artisans and builders knew how to make things, but didn’t always understand why the fundamental properties of their crafts worked. Meanwhile, scientists and philosophers deepened our understanding of the natural world, but were seldom able to connect their discoveries to practical, everyday uses. But scientists during the Enlightenment began to emphasize the importance of controlled experiments and repetition in the scientific process, which helped to bring their discoveries closer to the everyday working world. Further, Mokyr noted that Britain had a strong system of apprenticeship and commerce at the time, which resulted in a large class of workers with the “mechanical competence” to make use of new knowledge. Learning why things worked, and showing how natural relationships could be exploited or repeated, enabled these profit-minded entrepreneurs to turn scientific insights into practical innovations that resulted in new products and industries. Shortly thereafter, the Industrial Revolution exploded onto the scene in Britain, and sustained economic growth began to take off around the world. Yet another of Mokyr’s key observations was that only having the advancement of so-called “useful knowledge” wasn’t enough for sustained economic growth. Society additionally needed to be receptive to new ideas and innovations, and allow them to flourish, even at the expense of existing industries — because innovations tend to create both “winners” and “losers”. In fact, this point is related to other research by past Nobel prize winners (including 2024 Nobel Prize in Economics winners Daron Acemoglu and James A. Robinson) about how society’s institutions strongly influence its economic trajectory. If society is willing to accept the sometimes uncomfortable process of change, it is better able to harness technology-driven economic growth. In this sense, Mokyr identified a combination of factors needed for sustained economic growth: a feedback channel between theoretical and practical knowledge, a certain mechanical competence to continue the development and production of an innovative idea, and finally an openness in a society’s institutions that reduce resistance to change and so enable innovation to flourish and growth to occur, even if it causes initial disruption and discomfort. Philippe Aghion & Peter Howitt Aghion and Howitt contributed to the discussion by creating a model of the economy where firms can patent their innovations. Patents allow firms to legally form temporary monopolies if they invent something useful, and thereby extract profit from an otherwise competitive market. Aghion and Howitt’s model showed how this monopoly profit motive spurs innovation: firms are incentivized to fund research and development (R&D) so that they can acquire a patent and create monopoly profit conditions for themselves. But if one firm succeeds in this endeavor, other firms are then incentivized to innovate such that they can unseat the quasi-monopolist, steal their market share, and become the market leader themselves. Clearly, this very process spurs technological development that increasingly builds off of earlier innovations and increases overall productivity. This is also a good summary of the process that economists call creative destruction (a term that is attributed to Joseph Schumpeter). This creative destruction process in Aghion and Howitt’s model creates a sort of R&D “arms race”: companies that spend more on R&D will tend to remain in a profit-making position longer, and thus the entire field of competitors is incentivized to spend more on R&D than they would have in the absence of competition. Because Aghion and Howitt’s model is a general equilibrium model (i.e., it linked together major economic variables such as firm profits, household savings, economy-wide production, R&D, etc.) they were able to answer questions like “what is the optimal amount of R&D for society?”. As it turns out, market competition isn’t enough to guarantee the optimal amount of R&D for society, for two reasons. First, firms’ incentives to unseat and “steal” the market from one another can push R&D expenses too high relative to what’s optimal. Thus, it’s possible for firms to overspend on R&D. Second, individual firms’ incentives only take into account their future profits, but innovations have benefits for the whole of society and future innovators as well. In other words, research has positive externalities; therefore, it’s also possible for firms to underspend on R&D. Aghion and Howitt studied these forces in a range of markets and model parameters, and as their 1992 general equilibrium model was the first of its kind to be published, they inspired many more papers and much further discussion. The most important question in macroeconomics These economists’ work on the most important question in macroeconomics — “what are the causes of sustained economic growth” — earned them the 2025 Nobel Prize, and for good reason. Today, economic growth and the various factors that affect it, both for rich and for poor nations, is a constant topic of study for macroeconomists around the world. And, a sizeable portion of it builds off of the work of these three economists. Image Credit: nobelprize.org
Technology-driven growth — the topic that won three economists the 2025 Nobel Prize — is a big deal! Throughout the vast majority of human history, living standards and per capita income were relatively unchanged, even despite breakthrough inventions and discoveries like fire, agriculture, and the printing press. Only in the late 1700s and early 1800s did sustained economic growth begin to occur, and economists have shown that most of this sustained growth happens purely because of increases in productivity.
Academic Horror Stories – 5 Real Life Worst Nightmares for Halloween
Here at INOMICS we like to focus on the positive sides of academia – the great economics jobs, programs and other opportunities we encounter every day, and the many successful people taking advantage of them. In the spirit of the season, however, we’ve decided to take a look at the other side of things – scouring the depths of the internet for tales of mishaps, betrayal, embarrassing and outrageous experiences that all happened within the walls of the ivory tower. In this special Halloween blog post, we aim to give you chills and keep you on the edge of your seat with these blood-curdling academic nightmares. While we of course hope that you’ve never had such dreadful encounters, we would love it if you add your stories to our post on Facebook or Instagram! Share your spooky, panic-stricken or downright terrifying tales of academic horror, and offer your fellow academics a vicarious thrill. 1. Trivialized conclusions – A PhD candidate’s horror story This tale comes from the Academic Water Cooler blog. AWC writes that a star PhD candidate was just rounding the corner into the conclusions section of her pre-dissertation defense “brown bag” seminar when a young professor piped up with “Since you haven’t developed a theoretical basis for any substantive hypothesis, aren’t any of your conclusions therefore trivial?” Although the star PhD candidate was already teaching full-time and had numerous publications in the works, such a harsh blow – met with utter silence from everyone else in the room – knocked her off track so fully that shortly after the presentation she simply packed up her belongings, left the office and was never heard from again. An absolute nightmare! Browse jobs for PhD candidates 2. A rescinded offer – A new professor’s horror story This story is taken from a series of posts by The Professor Is In about rescinded job offers. The guest writer for this post tells of how she was in the midst of a postdoc at a large research university when she applied for a tenure track position in a related department. Following an in person interview she was offered the position by the department chair and told to return a few days later with a proposal for her starting package. After working enthusiastically on said package, the postdoc met once again with the chair, only to be told that the dean had reconsidered and a firm offer had already been made to another candidate for the job. Since the postdoc was still employed by the university, her nightmare continued as she had to hear about the negotiations with the new hire and receive muddled sympathy from colleagues. Browse jobs for professors 3. Poisoned research – A scientist’s horror story This is an ongoing story about a Yale graduate student who is now suing her former mentor and the university itself for their inadequate response after a fellow student tampered with her research. The grad student was conducting a study using zebra fish eggs, which kept mysteriously dying despite all signs showing that they should be healthy. After leaving some eggs in the marked container that she had been using and putting others in a separate unmarked container, the student caught a fellow Yale researcher on camera poisoning her fish and thus sabotaging her research. Rather than providing support in the face of this nightmarish sabotage, the grad student’s advisor criticized her work ethic and character and left her out of an awaited co-authorship. The horror story has an open end, as the results of the lawsuit remain unknown. Browse jobs for researchers 4. A blundered interview – An engineer’s horror story An electrical engineer posted this job interview horror story to Reddit not too long ago. During an interview for a job dealing with power systems his interviewer asked to draw a transformer on the white board and explain how it works. Before thinking about it he quipped, “Okay, do you want Optimus Prime or Megatron?” The elderly interviewer clearly had no idea what he was talking about and simply didn’t respond. After blushing a deep red, the engineer proceeded to draw a transformer then stumbled through the rest of the interview. Needless to say, he was not offered the job. 5. Plagiarism and failure – A political science student’s horror story This story was told a few years back in the Huffington Post blog, referencing something that had happened to an acquaintance of the author. When the friend was a senior in college he wrote a term paper on the British Cabinet for a class on the British Political System. The evening prior to the course’s final exam he received word that he was charged with plagiarism, which upset him so much that he bombed the final exam. Believing that he was wrongly accused, the student fought back and the case was brought to a hearing. The professor charged that the student had listed the ten functions of the British Cabinet without a source. Shocked, the student argued that such knowledge was considered general and thus did not need a citation – yet despite the grey area such a case falls in, the horror story ended with the full academic board backing up the professor and the student being charged with full plagiarism. Browse job listings for economists here Image Credit: Harmony Lawrence from Pixabay
In this special Halloween blog post, we aim to give you chills and keep you on the edge of your seat with these blood-curdling academic nightmares.
Combined M.Sc. Economic Research / Doctoral Program at Bonn Graduate School of Economics (BGSE)
Global Opportunities: BGSE conducts all activities in English and provides students with office space, funds for conference participation, and research opportunities abroad. Faculty Excellence: Benefit from an excellent faculty and collaborative research activities.Advanced students can join research units such as the ECONtribute Markets & Public Policy Cluster and the Collaborative Research Center on Economic Perspectives on Societal Challenges. Exceptional Career Prospects: BGSE alumni enjoy outstanding career prospects in academia and beyond. Scholarships: Grants are available to all successful applicants We look forward to receiving your application!
Call for Applications! Program Highlights: A two-stage graduate program, combining challenging coursework and early individual research Earn a Master of Science (MSc) specialized in economic research Continue to a three-year dissertation phase leading to a Doctoral Degree (PhD equivalent) We welcome outstanding students with bachelor's or master's degrees in economics or related fields. Application Details: Visit the BGSE website for application requirements and program information: www.bgse.uni-bonn.de Apply online via our application portal, opening mid November 2025. Application deadline for the program starting in October 2026 is January 15, 2026
Bonn Graduate School of Economics (BGSE)
Winners of 2025 Philip Leverhulme Prize Announced
The Leverhulme Trust has announced the winners of the 2025 Philip Leverhulme Prizes. Chosen from over 350 nominations, the Trust offered five prizes in each of the following subject areas: Archaeology, Chemistry, Economics, Engineering, Geography, and Languages and Literatures. There are six winners for each prize, with each winner receives an award of £100,000 which may be used for any purpose that advances the prize winner’s research. The winners in the economics category for 2025 were: Dr Clare Balboni, Department of Economics, London School of Economics and Political Science, for their work on environmental economics, trade, development economics and spatial economics. Professor Felipe González, Department of Economics, King’s College London, for their work on political economy, economic history, development economics and public economics. Professor Attila Lindner, Department of Economics, University College London, for their work on applied microeconomics, specialising in labour markets and public finance. Dr Ludvig Sinander, Department of Economics, University of Oxford, for their work on economic theory. Professor Constantine Yannelis, Faculty of Economics, University of Cambridge, for their work on financial economics, human capital investment, corporate finance, applied microeconomics and student loans. Announcing the awards, Professor Anna Vignoles, Director of the Leverhulme Trust, said: "We continue our centenary celebrations with the announcement of this year’s prize winners. The Trust is delighted to support them through the next stage of their careers." She also noted the high quality of nominations, saying: "Selecting the winners becomes increasingly challenging year-on-year due to the extraordinarily high calibre of those nominated. We are immensely grateful to the reviewers and panel members who help us in our decision-making." Now in its twenty-fourth year, this scheme commemorates the contribution to the work of the Trust made by Philip, Third Viscount Leverhulme and grandson of William Lever, the founder of the Trust. The prizes recognise and celebrate the achievements of outstanding researchers whose work has already attracted international recognition and whose future careers are exceptionally promising. Credits: lse.ac.uk / kings.ac.uk / Attila Lindner website / economics.oxford.ac.uk / econ.cam.ac.uk
The Leverhulme Trust has awarded £3 million to 30 outstanding researchers, six of which in Economics.