Claudia Goldin Awarded Talcott Parsons Prize by American Academy of Arts and Sciences
Cambridge, MA—February 25, 2026—The American Academy of Arts and Sciences has announced that Claudia Goldin, a distinguished economic historian and labor economist, will be honored with the Talcott Parsons Prize. Goldin is currently the Samuel W. Morris University Professor and the Henry Lee Professor of Economics at Harvard University. Goldin has made significant contributions to understanding the role of women in both the U.S. economy and globally, with her research covering vital topics such as educational opportunities, gender-pay inequality, immigration, and technological change. Her acclaimed works include Understanding the Gender Gap: An Economic History of American Women (1990) and Career & Family: Women's Century-Long Journey Toward Equity (2021). In 2023, Goldin was awarded the Nobel Prize in Economics, recognizing her groundbreaking research. She has been a member of the American Academy of Arts and Sciences since 1992 and in 1990 was the first woman to achieve tenure in Harvard's economics department. “To truly understand the American economy, one must recognize Claudia Goldin’s essential work,” stated Laurie L. Patton, President of the Academy. Goldin’s analysis has profoundly influenced discussions on the implications of opportunities for women within the economy. Goldin will receive her award at a special event on April 16, 2026, alongside the American Philosophical Society and Phi Beta Kappa. The ceremony will celebrate the connections between America's founding and the pursuit of knowledge. Image Credits: inomics.com
Prominent economist Claudia Goldin is set to receive the prestigious Talcott Parsons Prize for her groundbreaking work in economic history, particularly related to women's roles in the economy.
Charles Manski Receives Frontiers of Knowledge Award in Economics, Finance and Management
The award committee described Manski as a foundational figure in developing methods that revolutionize how economists analyze data and assess public policies under conditions of uncertainty. His five-decade-long career has notably influenced diverse fields such as education, health policy, and labor markets, advocating for credible and transparent inference from economic data. About the Frontiers of Knowledge Award The BBVA Foundation Frontiers of Knowledge Awards, established in 2008, are funded with 400,000 euros in each of eight categories The awards recognize and reward contributions of singular impact in basic sciences. The categories are biomedicine, environmental sciences and climate change, social sciences, economics, the humanities and music. A total of 34 Frontiers of Knowledge laureates have gone on to win the Nobel Prize. In particular, fourteen Frontiers of Knowledge Award winners in the Economics, Finance and Management category were subsequently recognized by the Swedish Academy. They are: Lars Peter Hansen (2013), Jean Tirole (2014), Angus Deaton (2015), William Nordhaus (2018), Abhijit Banerjee and Esther Duflo (2019), Paul Milgrom and Robert Wilson (2020), David Card (2021), Ben Bernanke (2022), Claudia Goldin (2023), Daron Acemoglu (2024) and Philippe Aghion and Peter Howitt (2025). The BBVA Foundation is partnered in the awards by the Spanish National Research Council (CSIC), the country’s premier public research organization. Charles Manski: A leader in the field of Uncertainty in Economics Charles Manski is a seasoned economist, having gained his undergraduate degree and PhD at MIT. He has worked in the US and Israel as an economics professor, and has been at Northwestern since 1997. He was department chair there from 2007-2010. He has also advised the US government and has served terms on the editorial boards of Journal of Human Resources and the Annual Review of Economics. Manski’s research extends into various domains, including quantifying the expectations of economic agents. He emphasizes the importance of understanding uncertainty in decision-making, highlighting how predictions can be fragile if based on erroneous assumptions. His work encourages economists to present a range of possible outcomes rather than definitive answers to address the complexities of public policy situations. His methodologies have found practical applications in education and healthcare, notably advocating for more cautious extrapolation of clinical trial results to broader populations. He aims to incorporate uncertainty measurement into healthcare decisions through tools and applications designed for ease of use, even for those without advanced mathematical knowledge. Charles Manski has been lauded for his critical contributions towards developing a framework that emphasizes the reality of uncertainty in economic analysis, offering a more nuanced understanding of economic behavior and policy effectiveness. At the age of 77, Manski combines a busy teaching schedule with his continuing efforts to refine measurement of uncertainty, with the aim of optimizing decision-making based on the best possible evidence, even among non-econometricians. In his own words: “I’m currently working on a practical project to turn all these ideas into a web application that even someone without mathematical knowledge can use to optimize decision-making in healthcare or any other field.” The wide impact of Manski's work, combined with the precedent of so many Frontiers of Knowledge Award winners going on to become Nobel laureates in economics, positions Prof. Manski as a leading candidate for the Swedish Academy in the near future. You can read an article about the Charles Manski's research focus here, or the full press release, which includes a detailed discussion and comments on his research and impact, here. Image Credits: Copyright ©BBVA Foundation (granted for use on INOMICS, by kind permission of BBVA Foundation)
The BBVA Foundation has announced Charles Manski, a professor at Northwestern University, as winner of the 18th edition of the Frontiers of Knowledge Award in the Economics, Finance and Management category, for his groundbreaking work in measuring uncertainty in economic research, impacting public policy analysis.
Public Economics & Economic Policy (JEL H)
OECD Appoints Stefano Scarpetta as Chief Economist
The Organisation for Economic Co-operation and Development (OECD) has announced the appointment of Stefano Scarpetta as its new Chief Economist, effective April 1, 2026. Scarpetta is recognized for his exceptional contributions to economic analysis and policymaking throughout his extensive career. Since 2013, Scarpetta has been at the helm of the OECD Directorate for Employment, Labour and Social Affairs, where he has spearheaded notable initiatives such as the OECD Jobs Strategy. Scarpetta's previous roles also include serving as sous-sherpa for the G7 and G20 summits focusing on employment and social policies. His experience and expertise will be crucial in guiding the OECD Economics Department, which is responsible for delivering rigorous analysis and tailored policy advice to 38 member countries, as well as over 100 non-member countries. OECD Secretary-General Mathias Cormann praised Scarpetta, stating, “Over three decades at the OECD, Stefano has consistently demonstrated exceptional leadership, deep expertise in economic analysis and policy with a commitment to advancing the OECD’s mission.” Scarpetta holds a PhD in Economics from the École des Hautes Études en Sciences Sociales (EHESS) and has worked extensively in both the OECD and the World Bank, focusing on labor markets and economic policies. Scarpetta replaces Clare Lombardelli, who held the position from 2023 to 2026. About the OECD: Working with over 100 countries, the OECD is a global policy forum that promotes policies to preserve individual liberty and improve the economic and social well-being of people around the world. Image Credits: oecd.org (permission for use kindly granted by the OECD)
Stefano Scarpetta is set to assume the role of Chief Economist at the OECD, bringing over 30 years of experience in economics and public policy. He previously led the OECD Directorate for Employment, Labour and Social Affairs.
Brian Bell appointed as Chief Economic Advisor to the UK Treasury
This appointment is effective from March 9, 2026, and will position Professor Bell as a principal advisor to the Chancellor Rachel Reeves and Prime Minister Keir Starmer regarding macroeconomic strategies and fiscal policy. Currently serving as the Chair of the Migration Advisory Committee to the government, and a Professor of Economics at King’s Business School, Professor Bell is a prominent labour economist who has a rich background that includes roles at the Bank of England and the International Monetary Fund. His expertise also extends to the private sector, where he has worked in various economic capacities for hedge funds and investment banks in London. Chancellor of the Exchequer Rachel Reeves expressed confidence in Bell’s leadership, emphasizing the groundwork laid by the government through multiple interest rate cuts which have contributed to falling inflation and economic growth exceeding prior forecasts. She remarked, "The appointment of Professor Brian Bell will strengthen our economic leadership as we deliver for working people." James Bowler, the Permanent Secretary to the Treasury, welcomed Bell, recognizing his extensive experience as crucial for advancing the government's economic agenda. Commenting on his new role, Professor Bell stated, "This is a pivotal moment for the UK economy, and I look forward to providing rigorous economic advice to ensure policy decisions yield real benefits for communities across the UK. " Image Credits: gov.uk (content available under Open Government Licence v3.0)
Professor Brian Bell has been appointed as the Chief Economic Advisor to the Treasury, succeeding Sam Beckett. The appointment was announced by the UK government on Friday.
Bruce Preston appointed to Reserve Bank of Australia's Monetary Policy Board
The appointment was announced in press releases by the Australian Treasury, and by the RBA. The story also broke on ABC, the Australian national broadcaster. Professor Preston, a distinguished macroeconomist, will bring valuable expertise to the board. Preston studied at Princeton University in the US, gaining his MSc and PhD, after which he cut his teeth as an academic, working as an assistant professor and then associate professor of economics at Columbia University in New York. He then moved back to Australia in 2012, where he took on a full-professor position at Monash University. Preston is currently serving as a Professor of Economics at the University of New South Wales. His impressive background also includes recent roles as an advisor at the RBA and at the Treasury. Fellow Australian economist, Justin Wolfers, shared the news across his Twitter/X, BlueSky and Threads accounts, generating significant coverage and praise from economists on social media. Wolfers praised the appointment, writing: "Hard to think of a better appointment to the RBA board than my old mate, Bruce Preston. By any measure he's Australia's leading monetary economist. Good news for the Bank, for Australia, and for economics. (Many moons ago we were baby economists together at the RBA.)" Preston's term at the RBA is set to commence on March 1, 2026, lasting for five years. The Government has taken steps to reinforce the strength and leadership of key economic and financial institutions, especially during these uncertain times. This selection process was comprehensive and included consultations with the Opposition. A panel made up of the Treasury Secretary, the Reserve Bank Governor, and Martin Parkinson, a former Secretary to the Treasury and Department of the Prime Minister and Cabinet, was responsible for the appointment. They used a skills matrix to ensure a diverse range of expertise within the board. The Government also expressed gratitude to the outgoing member, Mrs. Alison Watkins AM, for her contributions to the board and for her commitment during her tenure. Learn more about Bruce Preston on his personal website. Credits: rba.gov.au (RBA Boardroom Interior)
Professor Bruce Preston has been appointed as a part-time member of the Reserve Bank of Australia (RBA) Monetary Policy Board by the Australian Government, effective March 1, 2026.
Macroeconomics and Monetary Economics (JEL E)
Professor Kevin O’Rourke Receives Alice Murray Award for Economic History
Professor O’Rourke will receive the award on February 19, 2026. Following the presentation, he will hold a lecture titled 'From most-favoured-nation to reciprocal tariffs: what is unsurprising about Trump’s tariffs, what is surprising, and why it matters'. The lecture will take place at 17:00 in the Neill Lecture Theatre at Trinity Long Room Hub, Trinity College Dublin. In anticipation of his lecture, Professor O’Rourke emphasized the importance of historical context in understanding current U.S. tariff policies, noting the shift from non-discriminatory trade practices that the United States has traditionally endorsed. The Alice Murray Distinguished Scholar award is named after Dr. Alice Effie Murray (1877-1951). She was the first woman to earn a degree from the London School of Economics (LSE), and dedicated her career to studying the commercial and financial relations between England and Ireland. The award commemorates her legacy within the field of economic history. On receiving the award, Prof. O'Rourke said of Alice Murray: "I am particularly pleased to be giving a talk in her honour since she was among other things a historian of trade and trade policy, and so throughout my career I have been following in her footsteps." With a distinguished career at the intersection of economic history and international economics, Professor O’Rourke’s work has shaped modern understandings of globalization and trade policy. His previous academic affiliations include positions at All Souls College, Oxford, and Harvard University, among others. CEPH co-directors praised O’Rourke's influential work, highlighting his rigorous research and engagement with contemporary economic issues. This award not only acknowledges his achievements but also embodies the spirit of inquiry that Dr. Murray fostered in her own academic pursuits. For more information and registration details for the lecture, visit this link. Image Credits: tcd.ie
Professor Kevin O’Rourke, from Sciences Po Paris and CNRS, has been announced as the recipient of the prestigious Alice Murray Distinguished Scholar Award. This award, presented by the Centre for Economics, Policy and History (CEPH) at Trinity College Dublin, recognizes an economic historian whose work significantly contributes to the discipline.
Economic Development, Innovation and Growth (JEL O)
Professor Thomas M. Cooney Wins 2026 European Entrepreneurship Education Award
The Sten K. Johnson Centre for Entrepreneurship at Lund University has announced that Professor Thomas M. Cooney of Technological University Dublin, Ireland, has been awarded the prestigious European Entrepreneurship Education Award (EEEA) for 2026. Established to honor individuals and organizations that have made significant strides in entrepreneurship education across Europe, the EEEA provides recipients with a diploma and a monetary prize of 100,000 SEK (around 10,000 EUR / 11,000 USD). This recognition underscores the vital contributions made to the field. Achievements of Professor Cooney Recognized as a leading figure in entrepreneurship education, Cooney's impactful work focuses on empowering marginalized communities as the Director of the Centre for Entrepreneurial Behaviour, Inclusion and Innovation (CEBII). His initiatives have facilitated inclusive economic growth, providing vital business and life skills to underrepresented entrepreneurs. Through collaborative efforts with organizations such as the OECD, the European Commission, and the United Nations, Cooney has implemented effective strategies to foster entrepreneurial engagement in diverse communities. His contributions span various formats, including in-person, online, and e-learning programs, significantly broadening the outreach of entrepreneurial education. Notably, his undergraduate students have successfully raised about €1 million for charities through their projects, reflecting the practical impact of his teaching methods. A Celebration of Entrepreneurship Education The award ceremony for the EEEA 2026 will take place alongside the 3E conference in Bodø, Norway, from May 20–22, 2026. This gathering will bring together around 150-200 educators and researchers focused on entrepreneurship education, creating an ideal platform to celebrate Cooney’s achievements. For more details about the 3E conference, visit 3e2026.org. Image Credits: lusem.lu.se / Thomas M. Cooney
Lund University announces Professor Thomas M. Cooney from Technological University Dublin as recipient of the 2026 European Entrepreneurship Education Award for his contributions to inclusive entrepreneurship education.
Economist Hanna Hottenrott (ZEW) Appointed to EU Advisory Body
Professor Hanna Hottenrott, head of the ZEW Research Department "Economics of Innovation and Industrial Dynamics", has been appointed to the 2026 Fellowship Programme of the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW). The appointment was announced by the ZEW in a press release. As a Fellow, Hottenrott will collaborate with other experts to advise the Commission on crucial issues such as technological transformation, geopolitical changes, and the development of the European internal market. "I am delighted about this opportunity to contribute our research findings directly to European policymaking processes through the DG GROW fellowship," expressed Hottenrott. She emphasized her eagerness to gain insights into the workings of the European Commission and contribute to enhancing Europe’s innovative capacity. ZEW President Professor Achim Wambach congratulated Hottenrott on her appointment, stating, "The fact that the Commission is drawing on her expertise shows how important scientific evidence has become for a future-oriented industrial and internal market policy." Wambach noted that Hottenrott's contribution would be invaluable in ensuring that the internal market remains competitive. The DG GROW Fellowship Programme is designed to integrate scientific expertise into core EU policy areas, enabling fellows to work closely with the Chief Economist Unit of the Directorate-General. This initiative strengthens the exchange of knowledge between research and policy-making, facilitating timely responses to contemporary economic challenges. Image Credits: Anna Logue / zew.de (free for editorial use)
Professor Hanna Hottenrott from ZEW Mannheim has been selected for the prestigious DG GROW Fellowship Programme, aimed at enhancing EU policy-making with expert insights on innovation and industrial dynamics.
Banque de France Awards 2025 Young Researchers Prize in Green Finance
On December 18, 2025, the Banque de France recognized outstanding contributions to green finance by awarding the 2025 "Jeunes chercheurs en finance verte" prize to Dr. Adrien Fabre and Prof. Dr. Thomas Giroux. The award ceremony took place during the "Green Finance Research Advances" conference, co-organized by the Banque de France alongside the Institut Louis Bachelier, with support from the Institute for Climate Economics (I4CE) and Paris Europlace’s Institut de la Finance Durable. Alexandre Gautier, Deputy General Director of Financial Stability and Operations at the Banque de France, presented the awards. Dr. Adrien Fabre, who holds a Ph.D. from the Paris School of Economics (which also announced the award this week), is recognized for his work in climate economics and international taxation. His recent publication, Un Plan mondial pour le climat et contre l’extrême pauvreté (2024), discusses emissions trading systems based on equal rights per capita. His research focuses on political preferences, international taxation, and climate policies, complemented by numerous international surveys to gauge support for climate measures. Prof. Dr. Thomas Giroux, from ETH Zurich, holds a doctorate in applied mathematics and sustainable finance. His research addresses the impact of climate and environmental risks on financial returns while exploring mechanisms to mobilize private capital for environmental transitions. He contributes extensively to sustainable finance, impact investing, and risk modeling across various markets. They succeed the 2024 winners Dr. Alain Naef and Dr. Isis Durrmeyer. The selection committee comprises renowned professors with significant experience in these fields from institutions in France and abroad. For more information about the awarding ceremony and the recipients’ work, visit the Banque de France website (in French). Credits: banque-france.fr / parisschoolofeconomics.eu / ethz.ch
The Banque de France has awarded the 2025 prize for young researchers in green finance to Dr. Adrien Fabre and Prof. Dr. Thomas Giroux during the Green Finance Research Advances conference.
Urban, Rural and Transportation Economics (JEL R)
Econometrics, Statistics and Quantitative Methods (JEL C)
Agricultural and Environmental Economics (JEL Q)
During the recent 2026 ASSA Meeting, the American Economic Association (AEA) recognized outstanding contributors to the economics profession with various awards. Key Award Winners Distinguished Service Award: Elizabeth Asiedu from Howard University was awarded for her significant contributions to economics and mentorship of underrepresented groups, particularly through her work with the Association for the Advancement of African Women Economists. Distinguished Economic Education Award: KimMarie McGoldrick from the University of Richmond, recognized for her impactful scholarship and dedication to teaching and mentoring over three decades. Diversity and Inclusion Initiatives Syracuse University’s Department of Economics for the Departmental Seed Grant aimed at promoting diversity through the RAISE program. Professional Development Grant for URM Faculty to Muhammad Usman Taj from Midlands Technical College for his research on labor market dynamics. Additional Honors Risav Ganguly from Howard University received the Andrew Brimmer Undergraduate Essay Prize. The CSQIEP Award for Outstanding Research Paper in LGBTQ+ Economics was given to Christopher S. Carpenter (Vanderbilt University), Donn Feir (University of Victoria), Krishna Pendakur (Simon Fraser University), and Casey Warman (Dalhousie University) for their paper entitled “Nonbinary and Transgender Identities and Earnings: Evidence from a National Census,” forthcoming in the American Economic Review: Insights. Donna Ginther (University of Kansas) received the Carolyn Shaw Bell Award for her research on gender and race in economics. Mira Frick (Princeton University) received the 2025 Elaine Bennett Research Prize for her work developing theoretical models that capture real-world data and speak to ongoing empirical debates. Janet Yellen was honored with the inaugural Janet L. Yellen Award for Excellence in Public Service extending beyond scholarly research. For more information about the awards, visit the Awards section of the AEA website. Image Credits: Image generated via Canva AI (prompts: award; medal; academic)
The American Economic Association has announced the winners of its awards during the 2026 ASSA Meeting. Key recognitions include the Distinguished Service Award for Elizabeth Asiedu, the Distinguished Economic Education Award for KimMarie McGoldrick, and multiple awards focusing on diversity, gender, and inclusion in economics.
Graeme Blackett Appointed New Chair of Scottish Think-Tank "Prosper"
Blackett, a leading economist from Scotland, in a statement coinciding with his appointment, has stressed the need for unity among politicians, business leaders, and civic society to support the tens of thousands of vulnerable individuals experiencing financial distress in the country. Blackett, founder of the Edinburgh-based consultancy BiGGAR Economics, noted that "There has been low productivity and limited growth in the UK and Scottish economies for two decades". He pointed out that many individuals are struggling to meet their basic needs. However, he expressed optimism regarding potential opportunities in energy transition and emerging technologies like AI, urging collective action to navigate these challenges and capitalize on them. "Complexity requires collaboration. We need everyone to work together to identify what needs to be done, and then to do it," he said. Blackett's comments were made in the context of latest figures showing that a staggering 80% of businesses anticipating weak or very weak growth in the Scottish economy over the next year, according to the latest Scottish Business Monitor by Strathclyde University’s Fraser of Allander Institute. Blackett's appointment at Prosper takes on a particular relevance in 2026, which will see the Scottish Parliament elections taking place in May. On this topic, Blackett added that: "Politicians often talk about economic policy in terms of pulling levers. However, the economy has no control room and it is not a machine. Nevertheless, everything that politicians do matters to the economy — all policy has consequences, sometimes intended and sometimes unintended." Founded in 1931 during a time of great economic uncertainty, Prosper is a membership organisation that aims to bring together diverse sectors to devise strategies for economic growth in Scotland. Image Credit: prosper.scot (permission to use kindly granted)
Prominent economist Graeme Blackett has been appointed the new chair of Prosper, the Scottish membership organisation and think-tank. The appointment was announced in a press-release on the Prosper website. He takes over from Joanna Boag-Thomson.
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.
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.
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.
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.
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.
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.
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.