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 A rescinded offer – A new professor’s horror story This story is taken from a series of posts by The Professor Is In about rescinded job offers.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)
Macroeconomics and Monetary Economics (JEL E)
Econometrics, Statistics and Quantitative Methods (JEL C)
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.
Professor of Economics, Tenured - Tenure/Track (Open-Rank)
The Economics faculty at NYUAD is ranked among the top departments in Asia, and it offers a dynamic and diverse environment. The position comes with generous research support. NYUAD expects successful candidates to publish in high quality internationally refereed journals. The position features a standard teaching load of three courses per year. The terms of employment are very competitive and include generous start-up and on-going research funds, as well as housing subsidies and educational subsidies for children. Appointment will begin in September 1, 2026, subject to final budget approval. We will consider applicants with an active research agenda in all areas of economics. You may find further information about our group at: https://nyuad.nyu.edu/en/academics/academic-divisions/social-science/economics/faculty.html. About NYU Abu Dhabi https://nyuad.nyu.edu/en/ NYU Abu Dhabi is the first comprehensive liberal arts and research campus in the Middle East to be operated abroad by a major American research university. Times Higher Education ranks NYU among the top 30 universities in the world, making NYU Abu Dhabi the highest-ranked university in the UAE and MENA region. NYU Abu Dhabi has integrated a highly selective undergraduate curriculum across the disciplines with a world center for advanced research and scholarship. The university enables its students in the sciences, engineering, social sciences, humanities, and arts to succeed in an increasingly interdependent world and advance cooperation and progress on humanity’s shared challenges. NYU Abu Dhabi’s high-achieving students have come from over 120 countries and speak over 100 languages. Together, NYU's campuses in New York, Abu Dhabi, and Shanghai form the backbone of a unique global university, giving faculty and students opportunities to experience varied learning environments and immersion in other cultures at one or more of the numerous study-abroad sites NYU maintains on six continents. NYUAD is committed to upholding a culture of non-discrimination, anti-harassment, dignity, and mutual respect; providing equal access and opportunity; and fostering academic excellence in learning, research, and teaching. Students are drawn from among the world’s best. They are bright, intellectually passionate, and committed to building a campus environment anchored in mutual respect, understanding, and care. The NYUAD undergraduate student body has garnered an impressive record of scholarships, graduate-school admissions, and other global honors. Graduate education is an area of growth for the University; the current graduate student population of over 100 students is expected to expand in the next decade as doctoral programs are developed. Working for NYUAD At NYUAD, we recognize that Abu Dhabi is more than where you work; it’s your home. In order for faculty/academic staff to thrive, we offer a comprehensive benefits package. This starts with a generous relocation allowance; educational assistance for your dependents; access to health and wellness services; and more. NYUAD is committed to faculty/academic staff success throughout the academic trajectory, providing support for ambitious and world-class research projects and innovative, interactive teaching approaches. Support for dual-career families is a priority. Visit our website for more information on benefits for you and your dependents. Qualifications This position requires a Ph.D. in Economics. We seek individuals who have a strong record of scholarship, teaching, and mentoring, and have the ability to develop and lead high-quality research. Application Instructions To apply for this position, please submit the following items: Curriculum Vitae (CV) Cover Letter Teaching Statement Research Statement Recent teaching evaluations (optional) Up to 5 representative publications or other writing samples Names and email addresses of 3 references (each will be contacted to upload their reference via Interfolio). Senior candidates may delay having references sent until they know if they are finalists. We will review applications on a rolling basis and continue until the position is filled. We anticipate that successful candidates can start the appointment and relocate to Abu Dhabi in the academic year 2025-2026 or 2026-2027, subject to budget approval. NYUAD is committed to equality and is an equal-opportunity employer. We welcome applications from all qualified candidates and seek individuals who will contribute to the excellence and vibrancy of our academic community. For questions about this position, please email nyuad.academicrecruitment@nyu.edu. Join NYU Abu Dhabi, an exceptional place for exceptional people. NYUAD values inclusion, belonging, and respect; such principles are fundamental to the university’s commitment to excellence. NYUAD is an equal-opportunity employer. We welcome applications from all qualified candidates and seek individuals who will contribute to our vibrant, multidisciplinary research and teaching community. Multidisciplinary research and exceptional teaching in a globally diverse campus community are hallmarks of the University’s mission. @WorkAtNYUAD #nyuadfacultycareers
The Economics Program in the Division of Social Science Division at New York University Abu Dhabi (NYUAD) is inviting applications from economists with outstanding research records. Strong preference will be given to senior candidates.
Assistant professor - Department of Macro, International and Labour Economics (MILE)
As an Assistant Professor, you will contribute to both research and education in macroeconomics, international economics, or labour economics. Your research will focus on empirical questions that align with MILE’s broad interests, such as macroeconomic policy, international trade, labour markets, or education. You are expected to strengthen the department’s research profile, publish in high-quality journals, and engage in external collaborations. MILE is open to applicants with a creative and promising independent research agenda, also if it does not fall within the standard and mainstream domains of macroeconomic policy, international economics, and labour/education economics. You will actively contribute to our academic community through teaching, supervision, and participation in seminars, workshops, and research networks. MILE maintains strong links with other institutes and departments at Maastricht University and with leading international partners – offering you ample opportunity to collaborate and grow. What you bring We are interested in who you are and what you bring. Do you recognise yourself in this profile? Academic background – You hold a PhD in Economics or a related discipline, preferably complemented by postdoctoral experience. Empirical expertise – Your research focuses on empirical work within macroeconomics, international economics, or labour/education economics. Strong research record – You have a solid academic background, possibly evidenced by publications in highly ranked, peer-reviewed journals. Funding potential – You can demonstrate the ability to secure external research funding. Teaching experience – You have experience in teaching at the university level, for example as a course coordinator or teaching assistant. Collaborative mindset – You value teamwork and collegiality, and you enjoy contributing to a positive, inclusive academic environment. You have the ability to create meaningful synergies and positive externalities within both the department and the School of Business and Economics. What we offer At Maastricht University, you’ll work in an international, open, and engaged environment. We offer: A 18-month contract with the prospect of a permanent contract based on mutual satisfaction. A gross monthly salary between €4.728 and €6.433 (based on full-time employment of 38 hours per week). 8% holiday allowance and an 8.3% year-end bonus. 29 vacation days (based on full-time), four additional days off (Carnival Monday and Tuesday, Good Friday, and Liberation Day), and the possibility to accrue up to 12 extra days through compensation hours. Flexible working hours, a home office allowance, and the option to work from home. Freedom and space to shape your work independently and develop your ideas. A close-knit community of colleagues to collaborate and grow with. A solid pension plan via ABP, company fitness schemes, and access to various university sports facilities. An inspiring work environment in the heart of Europe. About the School of Business and Economics (SBE) SBE is an international faculty for economics, business, and policy. We combine academic depth with societal engagement. Our education is small-scale and interactive. Our research focuses on themes such as sustainability, inclusion, and digital transformation. Together, we work on impactful solutions for the world of tomorrow. Interested? Want to know more about this position or what it’s like to work at our university? Reach out to prof. dr. Bart Golsteyn, Head of the MILE department (b.golsteyn@maastrichtuniversity.nl). For more information on the MILE department see: https://www.maastrichtuniversity.nl/research/department-macro-international-and-labour-economics-mile Or apply directly before:January 4th 2026 https://www.academictransfer.com/nl/jobs/356359/assistant-professor-department-of-macro-international-and-labour-economics-mile/ The application should include: Curriculum Vitae (CV) Motivation letter (max 1 page) Short research statement outlining your research vision/plans (max. 2 pages) Teaching evaluations (if available) Names of two references We look forward to getting to know you! About Maastricht University At Maastricht University, we collaboratively seek solutions to help move the world forward. We do this with 23,300 students and 5,400 employees across 5 regional locations, 6 faculties, and more than 70 research institutes. We encourage you to push boundaries and discover new opportunities for yourself and the world around you. Together, we can find the answers for tomorrow. Maastricht University is committed to promoting and nurturing a diverse and inclusive community. We believe that diversity in our staff and student population contributes to the quality of research and education at UM, and strive to enable this through inclusive policies and innovative projects led by teams of staff and students. We encourage you to apply for this position.
Welcome to Maastricht University! The Department of Macro, International and Labour Economics (MILE) at the School of Business and Economics (SBE), Maastricht University, invites applications for an assistant professor position in the areas of macroeconomics, international economics, or labour economics. Our goal: Strengthen our research and education in empirical macroeconomics, international trade, and labour markets – shaping knowledge that helps us understand and improve how economies and societies function. Your colleagues: You will join the vibrant academic community within the MILE department and the School of Business and Economics. At MILE, we explore the economic issues that matter for policy today. Our research spans labour and education economics, international economics, and macroeconomics, covering the themes inequality dynamics, technology and economic growth, resilience and climate change, expectations, cognitive and non-cognitive skills, with a special focus on emerging markets and Europe
Department of Economics - Maastricht University
ENERPOL is a European research and training network exploring the role of households in the green energy transition. It addresses challenges such as volatile energy prices, inequality, and household risk exposure, while developing policy-relevant insights for fair and efficient energy systems. A consortium of leading universities and non-academic partners will train 14 doctoral candidates in cutting-edge methods, theory, and transferable skills. More information may be found on the ENERPOL home page: https://cordis.europa.eu/project/id/101226229 The position provides salary according to TV-L 13, which is currently a monthly gross salary of € 4,629, in accordance with EU guidelines for Marie Sklodowska Curie trainees, including mobility payments and, adjusted for family or special needs allowances. Your role Conducting research in the area of electricity price modelling and electricity derivatives Participating in the international doctoral training programme of ENERPOL including several international summer schools and conferences Participating in active research environments including a 4-month academic research stay at KU Leuven, Belgium, and a practical secondment at RWE Trading in London, UK Obtaining experience with teaching or other types of dissemination related to your PhD project Writing a PhD thesis on the grounds of your project Who are we looking for? The successful candidate must hold a university degree (master or equivalent) in finance, economics, applied mathematics or related. Excellent academic performance as well as excellent skills in econometrics and programming are required. Proficiency in English in speaking and writing is essential (knowledge of German is helpful but not necessary). Candidates must not have resided or carried out their main activity (work/study) in the country of the host institution, i.e. Germany, for more than 12 months within the 36 months immediately prior to recruitment and must not hold a doctoral degree. Equal opportunities and diversity are core values at Leibniz University Hannover. Our goal is to tap into individual potential and open up possibilities. We therefore welcome applications from anyone interested in the position, irrespective of gender, nationality, ethnic origin, religion or ideology, disability, age, sexual orientation and identity. We strive towards a balanced and diverse workforce and a reduction in under-representation in accordance with the Lower Saxony Equal Rights Act (Niedersächsisches Gleichberechtigungsgesetz – NGG). We therefore also welcome applications from women for the above-mentioned position. Preference will be given to equally-qualified candidates with disabilities. Why join us? With more than 5.000 employees, Leibniz University Hannover is one of the largest and most attractive employers in the Hannover region. We offer a vibrant interdisciplinary and international working environment, and promote personal and professional development ranging from subject-related skills to leadership and languages. We support employees with balancing work and family life, through services such as back-up childcare, childcare during school holidays, and parent-child offices, as well as providing individual advice regarding family responsibilities and caring for dependants. Remote work (mobile work, work from home) can therefore be arranged upon request. To promote health and well-being among employees, we offer an extensive sports programme with over 100 different sports, as well as a fitness centre with a sauna and climbing space. Health management measures, such as courses on stress management, good nutrition and relaxation, aim to ensure a healthy workplace. Additional information For further information, please contact Prof. Dr. Marcel Prokopczuk (email: mp@fcm.uni-hannover.de). Please submit your application and supporting documents (CV, detailed qualifications, transcripts, statement of intent, at least one letter of recommendation, detailed statement on country of residence over the last 36 months) as one pdf file by 31 January 2026 electronically to Email: sekretariat@fcm.uni-hannover.de or alternatively by post to: Gottfried Wilhelm Leibniz Universität Hannover Wirtschaftswissenschaftliche Fakultät Institut für Finanzwirtschaft und Rohstoffmärkte Königsworther Platz 1, 30167 Hannover http://www.uni-hannover.de/en/jobs Information on the collection of personal data according to article 13 GDPR can be found at: https://www.uni-hannover.de/en/datenschutzhinweis-bewerbungen/
Within the European Union’s Horizon Europe research and innovation programme under the Marie Skłodowska-Curie Action (MSCA), we offer a position for a doctoral student starting 1 October 2026 or as soon as possible hereafter. The position is funded for 36 months by the ENERPOL MSCA Doctoral Network.
Institute of Finance and Commodity Markets - Leibniz University Hannover
Andy Haldane Elected New President of British Chamber of Commerce
Andy Haldane CBE has been elected the new President of the British Chambers of Commerce (BCC) during the BCC’s Annual General Meeting held on October 15, 2025. He is set to take office on February 1, 2026, succeeding Baroness Lane-Fox, whose three-year term concluded in accordance with the BCC Articles of Association. In his new position, Haldane will collaborate with BCC Director General Shevaun Haviland and Chair Sarah Howard to represent the interests of chamber business communities, particularly as the UK economy navigates critical challenges. Haldane's extensive background includes serving as the Chief Economist at the Bank of England and as the Chief Executive of the Royal Society for Arts. His experience also encompasses being a member of the Bank's Monetary Policy Committee and the Permanent Secretary for Levelling Up at the Cabinet Office under former UK Chancellor (finance minister) Jeremy Hunt. Sarah Howard MBE, BCC Chair, expressed her confidence in Haldane’s ability to steer the organization through contemporary geopolitical and economic uncertainties. She also acknowledged Baroness Lane-Fox for her vital contributions to the BCC over the past three years. In his acceptance remarks, Haldane stated, "I am thrilled and honoured to be joining the BCC as President... The Chambers have been celebrating and supporting the brilliance of British business for many decades." He emphasized the essential role BCC will play in fostering UK business growth both domestically and internationally. Outgoing President Baroness Lane-Fox reflected on her tenure, highlighting the significance of the BCC’s role during these challenging economic times and expressing confidence in Haldane’s leadership abilities. Credits: britishchambers.org.uk
Andy Haldane CBE, former Chief Economist at the Bank of England, has been elected as the new President of the British Chambers of Commerce, succeeding Baroness Lane-Fox. He will assume the role on February 1, 2026.
Public Economics & Economic Policy (JEL H)
Philippe Aghion - Following Nobel Prize to be awarded Hypatia Prize by the city of Barcelona
The City Council of Barcelona has announced that French economist and professor Philippe Aghion will be awarded the prestigious 6th Hypatia Prize. The award ceremony is set to take place at the Saló de Cent in Barcelona City Hall during the spring of 2026. This accolade, awarded in collaboration with the Barcelona Knowledge Hub of Academia Europaea, recognizes Aghion for his significant contributions to the fields of innovation, economic growth, and the theory of creative destruction. The announcement reflects a timely recognition, as it follows shortly after the Swedish Academy awarded him the Nobel Prize in Economy for his collaborative work with Joel Mokyr and Peter Howitt. The international jury for the Hypatia Prize commended Aghion during their September deliberations, citing his influential theoretical contributions that have shaped public policies worldwide. Barcelona's Mayor, Jaume Collboni, congratulated Aghion in a letter, emphasizing the city’s aim to honor notable scientific achievements and strengthen its role as a European capital of research and innovation. Philippe Aghion, born in Paris in 1956 and a Harvard Ph.D. holder, currently serves as a professor at the Collège de France, INSEAD, and the London School of Economics. His works, including "Endogenous Growth Theory" and "The Power of Creative Destruction", have earned him global recognition with over 136,000 citations, demonstrating his wide-reaching impact on the economic landscape. Established in 2018, the Hypatia Prize is aimed at consolidating Barcelona’s status as a center for science and knowledge and carries a monetary award of 30,000 euros for outstanding research contributions that positively impact humanity. Image Credits: barcelona.cat
The renowned French economist Philippe Aghion will be awarded the 6th Hypatia Prize in a ceremony at Barcelona City Hall in Spring 2026. Recognized for his innovative contributions to economics, Aghion’s work aligns with the city’s commitment to research and innovation.
Economic Development, Innovation and Growth (JEL O)
Joel Mokyr, Philippe Aghion and Peter Howitt win 2025 Nobel Prize in Economics for Insights into Innovation and Growth
The Royal Swedish Academy of Sciences announced on October 13, 2025 that the prestigious Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt. The laureates received the award for their groundbreaking insights into how innovation can drive sustained economic growth. Joel Mokyr, a professor at Northwestern University, received half the prize "for having identified the prerequisites for sustained growth through technological progress". As an economic historian, he emphasized the importance of historical context and the societal openness to new ideas. Philippe Aghion is a professor at Collège de France/LSE/INSEAD and Peter Howitt a professor at Brown University. The were jointly honored with the other half "for the theory of sustained growth through creative destruction". The concept of creative destruction illustrates how new innovations lead to the obsolescence of older products, thereby fueling economic growth but also creating conflicts that must be managed effectively to prevent stagnation. In an accompanying paper "Scientific Background" paper, the Prize Committee commented on Mokyr's contribution as showing... "...how growth became sustained as a result of a set of key prerequisites that were not jointly present prior to the Industrial Revolution, but have been since then. Of central importance is how science interacts with technology, i.e., economic production in practice and that society welcomes technological change. One of his main study objects, quite naturally, was the Industrial Revolution, since it defined the transition between the two [pre-industrial and industrial] regimes." The paper summarizes the contribution of Aghion and Howitt by noting how they... "...were inspired by the sustained economic growth of modern times and how disruptive this process is underneath the aggregate. They developed a theory of growth through “creative destruction”, describing the process of innovation and “business stealing” and how the long-run growth rate of an economy is determined as a result. The theory contains fundamental building blocks of how new technology surpasses old, where some firms win at the expense of other firms, in an economy characterized by constant churning." In their research, the laureates highlight that the past two centuries marked an unprecedented period of sustained economic growth, lifting millions out of poverty. They elucidate how rapid advances in technology have perpetuated a cycle where old practices are continuously replaced by new methods, ultimately improving living standards worldwide. John Hassler, Chair of the Prize Committee, explained the choice of winners: “The laureates’ work shows that economic growth cannot be taken for granted. We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation.” The total prize money awarded this year amounts to 11 million Swedish kronor (around 1 million Euro, or 1.15 million US Dollars), divided among the three laureates. The full details of their research and findings can be further explored via the official Nobel Prize website. A "Popular Science Background" paper can be downloaded here. The more extensive "Scientific Background" paper can be downloaded here. Read more about the 2025 Laureates: Joel Mokyr: Profile page at Northwestern University Philippe Aghion: Personal Website Peter Howitt: Profile page at Brown University Image Credits: Johann Jarnestad / The Royal Swedish Academy of Sciences / nobelprize.org / Tamara Sushko/Norrphoto via Canva Main Source: Press release. NobelPrize.org. Nobel Prize Outreach 2025. Mon. 13 Oct 2025.
The Sveriges Riksbank Prize in Economic Sciences for 2025 goes to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth. Mokyr receives half the prize for identifying conditions for sustained growth, while Aghion and Howitt jointly receive the other half for their theory of creative destruction.
Urban, Rural and Transportation Economics (JEL R)
Agricultural and Environmental Economics (JEL Q)
Dr. Nicolette Sullivan and Dr. Kiyohito Iigaya Receive 2025 Society of Neuroeconomics Early Career Award
Dr. Nicolette Sullivan, an Assistant Professor of Marketing at the London School of Economics and Political Science (LSE), together with Dr. Kiyohito Iigaya, Assistant Professor in the Department of Psychiatry at Columbia, have been awarded the prestigious 2025 Society of Neuroeconomics (SNE) Early Career Award. The ceremony took place at the SNE Annual Meeting, which was held in Boston, Massachusetts, October 3-5, 2025. This honor is bestowed upon researchers who have made exceptional contributions to the field of neuroeconomics within ten years of defending their PhD. In her response to receiving the award, published in a press release by LSE, Dr. Sullivan expressed her excitement, stating, "I'm thrilled to be the Early Career Award winner. It means a lot to me, as it recognizes the interdisciplinary work that I'm passionate about. This award energizes my commitment to advancing research that bridges neuroscience, economics, and consumer behavior, and opens exciting doors for future collaborations and impact." Neuroeconomics combines economics, psychology, and neuroscience to explore how human decision-making processes work. The SNE aims to foster collaboration among scholars from diverse fields to deepen understanding of economic behavior. Dr. Sullivan's groundbreaking research focuses on the neural mechanisms involved in decision-making and their implications for consumer behavior, public policy, and societal issues. By integrating computational neuroscience with marketing and economics, she sheds light on how various factors influence value-based decisions in different contexts. Dr. Ligaya's research focuses on identifying computational principles underlying learning and decision-making behavior. The recognition includes a monetary prize of $1,000 and an engraved plaque, underscoring Dr. Sullivan’s impactful contributions to the interdisciplinary study of neuroeconomics. Image Credits: lse.ac.uk
Dr. Nicolette Sullivan, Assistant Professor of Marketing at LSE, and Dr. Kiyohito Iigaya, of Columbia University, have been honored with the 2025 Society of Neuroeconomics Early Career Award, recognizing their significant contributions to neuroeconomics.
3rd Modern Finance Conference (MFC 2026)
SCOPE Topics include, but are not limited to: Asset pricing and valuation Banking and financial services Behavioral finance and decision making Capital structure Corporate finance Corporate governance Cryptocurrencies Derivatives Economic development Exchange rates and currency markets Finance and accounting standards Financial econometrics and quantitative methods Financial markets and instruments Financial, management, and tax accounting Financial regulation and supervisions Financial stability Fintech and financial innovation Green finance Investment and portfolio management Insurance Market microstructure Mergers and acquisitions Microfinance Monetary policy and central banking Risk management Sustainable finance and responsible investment KEYNOTE SPEAKERS: Marcin Kacperczyk is Professor of Finance at Imperial College London and Managing Editor of the Review of Finance and former President of the European Finance Association. His research spans climate finance, financial intermediation, and asset management, with publications in Econometrica, JF, QJE, and other top journals and frequent media coverage in FT, WSJ, and Bloomberg. Douglas Cumming is Professor of Finance and Steven Shulman ’62 Endowed Chair for Business Leadership. Research spans venture capital, private equity, crowdfunding, hedge funds, and law and finance. Author of 250+ papers and 20+ books, Editor-in-Chief of the Journal of Alternative Investments and Review of Corporate Finance. SUPPORTING JOURNALS Journal of International Financial Management & Accounting (CiteScore 12.5, IF 8.2) International Review of Financial Analysis (CiteScore 11.1, IF 9.8) Journal of International Financial Markets, Institutions and Money (CiteScore 9.7, IF 6.1) Journal of Multinational Financial Management (CiteScore 7.0, IF 4.0) Eurasian Business Review (CiteScore 6.9, IF 4.0) International Journal of Emerging Markets (CiteScore 7.2, IF 3.0) Innovation and Green Development (CiteScore: 19.6) Investment Analysts Journal (CiteScore 2.8, IF 2.2) Modern Finance EDITORS' FAST TRACK The Editors’ Fast Track connects authors of high-quality papers with editors from finance journals, including the International Review of Financial Analysis, Journal of International Financial Management & Accounting, Eurasian Business Review, and Innovation, Investment Analysts Journal, and Green Development. Selected authors present their work in concise sessions followed by direct editorial feedback and discussion. Outstanding papers may also be considered for a fast-tracked review process with partnering journals. BEST PAPER AWARDS Prizes will be awarded in the following areas: Best Paper Award: 1000 EUR and a fee waiver for the next MFC Runner-up Award: A fee waiver for the next MFC PAPER SUBMISSION Authors are invited to submit their papers (or extended abstracts) in English no later than July 20, 2026, through our submission system. No submission fee is required. Submissions will be reviewed by the Conference Committee, and accepted authors will be notified within four weeks. For more information, see https://mf-conference.com/. IMPORTANT DATES Paper/Extended Abstract Submission: July 31, 2026 Notification of acceptance: Within four weeks of submission Registration deadline: August 10, 2026 Conference: September 14-16, 2026 Submission for proceedings/ journals: December 31, 2026 CONFERENCE FEES Early bird: registration and payment by June 15, 2026. Main author (in-person presentation): 330 EUR Attending co-author / non-presenting attendee (in person): 280 EUR PhD student (in person): 230 EUR Additional paper fee: 200 EUR Online participant (main author or co-author): 200 EUR Regular: registration and payment by August 10, 2026. Main author (in-person presentation): 430 EUR Attending co-author / non-presenting attendee (in person): 380 EUR PhD student (in person): 330 EUR Additional paper fee: 250 EUR Online participant (main author or co-author): 250 EUR The Gala Dinner Fee: 40 EUR. Fee payment details will be provided after acceptance. CONTACT The conference will be organized jointly by the Modern Finance Institute and the Krakow University of Economics. Website: https://mf-conference.com/ Dr Adam Zaremba – zaremba@mf-institute.com Support Team – conference@mf-institute.com
We are pleased to invite finance researchers, academics, and practitioners to the 3rd Modern Finance Conference (MFC 2026), to be held at the Krakow University of Economics in Krakow, Poland, on September 14-16, 2026. The event aims to provide a platform for the dissemination of cutting-edge research, innovative ideas, and novel approaches in all areas of finance. The conference will be held in a hybrid format, combining in-person and online sessions.
1. Understand what type of PhD you want Perhaps surprisingly, there are different ways to acquire a PhD, and some of them are very likely to appeal to you more than others. There are American-style PhD programs and European-style PhD programs, each of which can suit different applicants better than others; further, there are research assistant positions that can lead into PhDs, Master’s programs that can lead to PhDs, and even Master’s programs that are considered part of a larger PhD program. For more detail about these different avenues, be sure to check out our article on the Master of Research (MRes) and our article on American vs. European-style PhD programs. Once you’ve got a good idea of which type of program interests you, next comes the difficult task of identifying the specific institutions you’re interested in. But the first step to doing this is often looking inward, first. 2. Think about your research interests and location preferences You are unique and have your own interests and skills, which unfortunately means that there’s no easy and quick way to discover which economics departments are the most interesting or best fit for you. While there are many places where you can begin your search, it really helps to have an understanding of what you want first. Your research interests are probably the single most important factor determining which economics departments will be a good fit for you. Even if you don’t have any strong research interests (yet!), you still very likely have general areas of economics that interest you more than others. If macroeconomics courses always excited you, you should naturally look for universities with a strong focus on macroeconomic research, and avoid programs with more of a microeconomics focus. If identifying your own interests seems daunting or overly prescriptive, here’s a great way to start narrowing it down: think about the research papers you’ve been exposed to before. If you’ve read any research papers that intrigued you, look up their authors and the institutions where those authors were (or are) employed. Chances are, those universities have a good economics department that conducts research in areas you find interesting, with several potential supervisors for your future work. Many programs will require you to write a research proposal, or at least a personal essay about research topic(s) that you would like to pursue. If you’re still unsure where exactly your interests lie, preparing these materials will help you solidify your feelings about what areas of research you would be most inclined towards. It’s worth noting that many PhD programs understand and accept that you may change your mind about your exact research topic once you start your PhD, and that’s okay. A notable exception to this are some European-style PhD programs that may require you to begin your research immediately; these are typically about 3 years long and you generally need to have a supervisor before being admitted to the program. In any case, in order to acquire a PhD, you will have to conduct research on a specific topic. Figuring out what interests you now is an excellent first step to help you succeed, so that you can ensure you’re studying in a department that can support you and your interests. 3. Find economics PhD programs and make a list of suitable ones After you’ve identified your research interests, you need to make a good list of economics PhD programs that you want to apply to. You ought to apply to four or five institutions minimum (but probably not more than ten). Start building your list with the programs you may have already found or heard about, but cast your net wider than this. Several resources can help you here. Organizations like RePEc and Times Higher Ed maintain ranked lists of economics departments, which can help you identify programs that you ought to look into. Don’t place too much emphasis on ranking alone, however. There are very many economics departments with excellent staff that will prepare you very well for your career as an economist. All else equal, aim for institutions that have consistently high rankings, but it’s more important to ensure that your interests align with those of the department, and that the institution is in a location you would enjoy (or at least not dislike) living in for several years. If you’d be willing to relocate, consider economics departments in other regions or even on other continents that would be suited to your interests. It may well be that a university far from you has the perfect program, and you’ll never know if you don’t look! INOMICS PhD Program Listings can help you get started here, as our program listings include universities around the world. This search process can be as thorough as you need. If you come into the process with a good idea of what institutions you are interested in, consider looking for similar institutions in other regions as a backup plan. If you have no idea where to start, you can avoid boiling the ocean by asking yourself which criteria are most important to you, and start by looking at institutions with those criteria — for example, economics departments that have at least one professor conducting research into microfinance, if that is one of your core interests. Or, perhaps you can filter by region, and begin your search in a specific country or region that you want to study in. 4. Narrowing your list At first, it might turn out to be easy to find dozens of programs at quality institutions that you might enjoy, but then it may be hard to narrow them down. If you’re struggling to differentiate the programs, you may need to do more research. We suggest trying to answer the following questions: What are the research interests of that economics department and its faculty? Are those topics exciting, and can you think of research you’d like to conduct that could build off of those areas? What papers in the last five years have the department’s faculty published? Do any of these interest you? Are there TA or RA opportunities that you could pursue at that university? What do the job placements of recent graduates from that program look like? Are new PhDs from that institution getting jobs that you’d want to have? Does the economics department have any specialized research groups? Does the economics department collaborate with other institutions? How competitive is your application compared to others for that institution? This may not be easy to answer, but sometimes economics departments post the average test scores and/or GPAs of their incoming class, which you can use to compare. Where is the institution located, and do you think you’d enjoy living there? A PhD is a lengthy process, and if you dislike big cities but are only applying to the Paris School of Economics, the London School of Economics, and Columbia University in New York City, perhaps you ought to de-emphasize these and look for campus-based universities, or options in smaller towns or cities. And, all else equal, take both the overall university and the economics department’s rank into consideration. 5. Dive into specific application requirements Once you have a list of places to apply, the most important thing you can do to succeed is stay organized. Keep a spreadsheet or an easy-to-navigate word document where you can keep your notes. These notes should include things like your impressions of an institution, what stage of the application process you’re in, and why you’re interested in that program. Of course, some institutions may have application requirements that are difficult or onerous for you to complete — for instance, most economics departments in the US require at least three academic letters of recommendation, which can be difficult to acquire. Some institutions — particularly some located in northern European countries like Denmark and Sweden — may require you to apply to specific job openings rather than a more general PhD program entry. Many programs require test scores (usually the GRE), while some are waiving those entirely. In cases where the application requirements are difficult or even impossible for you to complete, it pays to know in advance so that you can spend your search time looking at other institutions. Further, there are often minor variations in the type or format of application materials that various institutions want you to submit. Sometimes, universities require that you contact a potential supervisor before applying; you must know this and attempt to do so well in advance of the application deadline. And, whether or not you need to write a personal statement or answer more specific essay questions can vary by institution. These are all examples of things you should keep track of in your notes. Keep it Structured and Start Applying! All of these together will lead you into compiling a pretty comprehensive overview of the institutions you want to apply to. This overview will help you recall the details you found during your search, and also make it easier to extend your search if you need to. Once you’ve begun the application process, use your notes to keep track of the latest correspondence you’ve had with each institution, and any lingering to-dos you may have with them. This will help reduce the stress you feel throughout the process, and when you’re accepted to a program you’re excited about, you can celebrate. We wish you all the best of luck with your search and your applications! Image Credit: James Wheeler / Pexels Free Licence (via Canva Premium)
Economists often need PhDs to reach their career goals. According to INOMICS’ Salary Report data — and as Figure 3 in our PhD pay premium article shows — the vast majority of professional economists earn a PhD at some point in their careers. Academic economists are expected to acquire one in order to do research, while a PhD can often be a prerequisite for high-level industry economist jobs. But no matter how experienced, all PhD economists, at one point, were mere students searching for a good place to study. While important, how to search for the right place to study is seldom discussed…and there are thousands of universities with great economics departments out there. Feeling overwhelmed, and curious for some tips for your own search? Read on!
University of Warwick Professor Dennis Novy Appointed Chief Economist at UK Foreign Office
Professor Dennis Novy from the University of Warwick is the new Chief Economist and Director of Analysis at the Foreign, Commonwealth & Development Office (FCDO). The appointment, originally announcement earlier in the year, has been communicated by both the University of Warwick and by the British Goverment as it came into effect on 1 October 2025. The position is a significant role within one of Britain’s most prestigious government departments. The FCDO is responsible for managing the UK’s diplomatic efforts, development aid, and consular services globally. Novy's appointment marks a pivotal moment for the FCDO, as Novy will serve as the lead economic adviser to the Foreign Secretary, currently Yvette Cooper, offering insight and analysis on foreign and international development policy. In his new position, Novy will not only guide policy based on thorough analysis and evidence but also lead the agency's analysts in creating data-driven recommendations. Novy, who joined the University of Warwick in 2006 after earning his PhD from the University of Cambridge, is widely recognized for his research in international trade and macroeconomics. He has a robust history of government engagement, having served as Specialist Adviser to the House of Lords and as a member of various economic advisory councils in the UK. His recent contributions include recommendations on enhancing the UK’s economic security presented to Parliament. Warwick Vice-Chancellor Professor Stuart Croft expressed his enthusiasm for Novy's appointment in a press release, saying: “It is a wonderful appointment for Dennis, who has an impressive track record in parliamentary and government engagement, and also fantastic news for Warwick. Croft also highlighted the impact of Warwick’s research on real-world problems and the university’s commitment to societal contribution. Novy himself expressed excitement about joining the FCDO at a critical time for the UK, emphasizing the importance of "rigorous economic analysis and principled economic thinking" during globally transformative times, while praising the Economics Department at Warwick for being "at the forefront of that intellectual endeavour". He also noted the many Warwick graduates among his new co-workers. Novy will remain on secondment from Warwick for the duration of his tenure at the Foreign Office. Image Credits: warwick.ac.uk / gov.uk
Professor Dennis Novy from the University of Warwick's Department of Economics has taken up his role as Chief Economist and Director of Analysis at the UK Foreign, Commonwealth & Development Office (FCDO).
The University of Mannheim is committed to increasing the share of women in research and teaching and thus encourages women with adequate qualifications to apply. Applications of equally qualified disabled candidates are given preferential consideration. CONTACT: Christoph Rothe, Department of Economics, University of Mannheim, D-68131 Mannheim, Department website: https://www.vwl.uni-mannheim.de Applications are requested online via EconJobMarket.org only until 23 November 2025. E-mail address for inquiries is jobmkt@uni-mannheim.de. If in individual cases an electronic application should be impossible, please send your documents to Prof. Christoph Rothe, Department of Economics at the University of Mannheim, D-68131 Mannheim. Please find detailed information on your rights regarding the collection of personal data according to article 13 of the General Data Protection Regulation (DSGVO) on the University of Mannheim website (https://www.uni-mannheim.de/en/about/working-at-the-university-of-mannheim/employment-opportunities/data-protection-during-the-job-application-process/). If you apply by e-mail, please note that protection of confidential data cannot be guaranteed as unauthorized third parties could gain access to unencrypted e-mails during transmission.
The Department of Economics at the School of Law and Economics at the University of Mannheim invites applications to fill a postdoctoral position in econometrics. The position is a full-time position for a period of three years starting September 1, 2026. The ideal candidate will have a strong background in econometric theory and statistics and research interests in microeconometrics. Applicants are expected to show outstanding commitment to research and must have obtained a Ph.D. when taking up the position or be near its completion.
Department of Economics, University of Mannheim
IMF Economist Shekhar Aiyar Appointed New Head of Indian Think Tank ICRIER
Shekhar Aiyar has officially taken over the position of Director and Chief Executive of the Indian Council for Research on International Economic Relations (ICRIER). This announcement was made in a press release published on their official website. Dr. Aiyar is currently assistant director of research at the IMF, and has extensive experience in various facets of economic research, international relations, and policy analysis from John Hopkins, NCAER and the Bank of England. He succeeds the Dr. Deepak Mishra, who left ICRIER in June 2025 to take on a senior advisory position at the World Bank. Having studied at Delhi University and Oxford University, he received his PhD from Brown University in the U.S. Under Aiyar’s leadership, the organization hopes to enhance its research capabilities and influence policy discussions that will aid in forming a progressive economic agenda for the country. Commenting on his appointment, Aiyar stated: "It’s an exciting time to be in India, where the ongoing changes to the global order present both enormous challenges and opportunities. I look forward to working with my fantastic colleagues at ICRIER on credible, independent, policy-oriented research to illuminate the path ahead.” Aiyar’s new role at ICRIER comes at a critical time as India’s economy faces numerous challenges amid global shifts in trade, technology, and finance. ICRIER, known for its rigorous economic analysis and research, aims to foster a better understanding of economic issues in India and its impact on global communities. Image Credits: icrier.org
Shekhar Aiyar has been appointed as the new Director and Chief Executive of the Indian Council for Research on International Economic Relations (ICRIER).
University of Chicago to sell research institute CRSP to Morningstar for $375 Million
The University of Chicago and Morningstar, Inc. have announced an agreement for Morningstar to acquire the CRSP, a UChicago-affiliated institution known for its historical market and returns data. The University of Chicago has produced some of the finest minds in the fields of finance and economics, and is considered a leading institution in the field, with the neoclassical "Chicago School" pioneered by UChicago economists. Valued at $375 million, the acquisition marks a significant step for CRSP, established over 65 years ago to support research in the field of finance. This transaction will enable CRSP's survival in the face of pressure on academic budgets in the US, instead setting it on a more commercially-aligned path as it increasingly engages in the investment sector, allowing it to further develop its stock indexes. Morningstar intends to capitalise on CRSP’s extensive data validation and indexing methodologies, bolstering its commitment to providing high-quality investment tools to clients. The deal is projected to close in the fourth quarter of 2025, and funds generated will support ongoing education and research initiatives at UChicago. "The acquisition will enable CRSP to explore additional commercial opportunities beyond its academic roots," said Madhav Rajan, dean of Chicago Booth and chair of CRSP’s Board of Directors. Kunal Kapoor, Morningstar's CEO, echoed this sentiment, emphasizing the potential for innovative investment strategies derived from CRSP’s resources. In a press release, Morningstar describe CRSP as the "premier provider of historical stock market data and indexes". Emphasising the CRSP market indexes as the benchmarks for "more than $3 trillion in US equities", Morningstar predicts that the move will catapult "it to one of the largest index providers for public US equity index funds". The news comes after a recent announcement by Paul Alivisatos, UChicago President, about cost-cutting measures at the University. In this, he communicated that the university is scaling back new building projects, reducing the number of doctoral positions, pausing some master's programs, assessing "certain long-term research outlays" and closing "some of the more than 140 centers and institutes that have grown and grown over time without sufficient periodic review". In this context, the sale of CRSP to Morningstar, as an alternative to closure, may well come as a relief to the staff and faculty employed at the center. Image Credits: uchicago.edu
Morningstar, Inc. has agreed to purchase the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million.
These concepts are often encountered when discussing macroeconomic models, or in econometrics contexts – like when conducting regression analysis. Put simply, "exogenous" is an adjective that refers to a variable, quantity, or phenomena that is derived outside of the current economic model or context. The Merriam-Webster dictionary defines it as follows: "caused by factors…from outside the organism or system". In economics courses, this typically means that you aren’t expected to know how the exogenous variable came to be. Its origins, and how it is determined, are not part of the analysis. "Endogenous" is the opposite; it’s something that is defined within the current context. Merriam-Webster defines it as: "[something] caused by factors inside the organism or system". This means that, given the current economic model, you are expected to be able to describe the origins and determination of the endogenous variable, unlike the exogenous case. These concepts are fairly intuitive once grasped, and often form the basis of more advanced assumptions in econometrics and economic model contexts. To illustrate this further, let’s use a simple market equilibrium example. Market equilibrium example Suppose that we’ve been given information about a market, and we want to find out what the market equilibrium will be. Suppose that the supply curve is defined by QS = 2p, and the demand curve is defined by QD = 12 - p. Then, equilibrium is where QS = QD, or where 2p = 12 - p. Solving, we arrive at an equilibrium price of p = 4, and therefore an equilibrium quantity of q = 8. In this example, we had two equations to describe the market’s equilibrium — the supply side and the demand side. With these two equations, we were easily able to solve for the resulting equilibrium. The equilibrium price was partly determined by the equilibrium quantity, and vice versa. Which parts of this problem — which variables, and which key concepts — were endogenous, and which were exogenous? The equilibrium price and the equilibrium quantity were both determined by the equations we had, and we calculated them as part of our main analysis. Therefore, these variables were endogenous. Conversely, the constant in the demand equation (12, in this case) was a number that was simply given to us. We don’t know how that number came to be there, nor were we concerned with it. It was exogenous. But there’s more. In order to find the price and quantity, we needed to use two equations that were defined for us: the supply curve and the demand curve. How did we know what those were? How did they come to be in such simple linear forms? We have no idea! In this case, both the supply curve and the demand curve were also exogenously given. It wasn’t part of our analysis to determine them, and we took them as given. This simple example points to a useful rule of thumb when trying to decide if something is exogenous or endogenous. Chances are, if a variable, equation, or fact is simply given and isn’t “supposed” to be questioned, it’s probably an exogenous variable. It’s needed to conduct our economic analysis, but how it came to be is not relevant. Another way to think about this is to consider which variables are held constant; these are probably exogenous. In our example, the number “12” was just a constant and was exogenous, while both q and p were not. Conversely, the variables that are given equations or relationships to other variables in the system are probably endogenous. If we changed the price (not the equilibrium price) in the previous example, the quantity would have needed to change, too, and vice versa; but the constant in the demand equation (12) wouldn’t be affected by just p or q changing. That, too, hints that “12” is exogenous and both p and q are endogenous. This is likely a good enough explanation for most introductory economics courses, but we can dive deeper. Let’s take the ubiquitous Cobb-Douglas production function as an example. Exogeneity and endogeneity in Cobb-Douglas The basic form of the Cobb-Douglas production function is as follows: Y = AL𝛼K𝛽 where Y is economic output, A represents technological progress, L stands for labor, K stands for capital, and 𝛼 and 𝛽 are constants. In this case, A, 𝛼, and 𝛽 are often considered exogenous; they are constants whose values are usually given to students, and they aren’t affected by other variables changing. But, this equation defines Y as a function of other economic variables, including the factor inputs of labor, capital, and technological progress. Thus, we can’t define Y without first knowing the values of all other variables. Clearly, in this case Y is endogenous. Any change in another variable will change Y, and further, the point of the Cobb-Douglas function is to see how economic output Y changes when other factors change. Sometimes, it may be unclear whether a variable is endogenous or exogenous. That’s because sometimes, economists can choose! Consider both L and K in the Cobb-Douglas equation above. If values for these variables are given to you on an economics test, then they’d most likely be exogenous for the purposes of the question. However, macroeconomists may use the Cobb-Douglas framework to examine how economic growth changes over time as a response to growth in L and K. To do this, they’d collect a time series of the values of Y, L, and K for many years, and use a computer to fit an equation to them and determine their relationship. In this case, L and K can be considered endogenous! In a time series, previous values of L and K will affect future values. That’s because the population grows at a rate defined by the size of the population itself, and because the economy doesn’t destroy all of its factor inputs and restart from scratch every year. So, L and K must be determined from their own starting values and their growth rates…but the starting values and growth rates can be thought of as exogenous, since we may not know exactly how they came to be. Exogeneity and endogeneity in regression analysis These terms appear very often in econometrics contexts, particularly with regression analysis. In regression analysis, there is typically one dependent variable (usually called the y-variable) that the analysis attempts to explain with a set of independent variables (usually called the x-variables). This language already hints at which variables are endogenous and exogenous in this setting. The dependent or y-variable is usually endogenous, and very often the purpose of the regression is to study how that endogenous variable is affected by, or dependent on, economic forces in the real world. Those economic forces are often measured by collecting data, which then form the independent or x-variables. These are often considered exogenous; the regression model is not concerned with how those variables came to be, but rather with how they affect the y-variable that the model is attempting to explain. For example, consider a regression model that attempts to explain house prices (the dependent or y-variable) using the size of the house in square meters, the distance to the nearest grocery store, and the quality of the school district as independent variables. In this model, the house price is endogenously determined, while the house’s size, proximity to groceries, and location in a good school district are exogenous factors that the price itself probably does not influence (said differently, those factors likely influence the house’s price rather than vice versa). This is a general rule of thumb, but there are a wide variety of regression models and a wide variety of economic variables, and not all of them follow this pattern. Be careful about assuming exogeneity or endogeneity! For example, suppose you’ve constructed a simple regression model to see how various economic factors affect annual GDP. You collect data on inflation, unemployment, and whether or not there was a recession to use in this model. The dependent variable is GDP, which you might consider endogenous, since you’re constructing a model to see how other factors affect it. In this case, you might consider inflation, unemployment, and recession to be exogenous; they’ve been collected to explain how GDP changes from year to year. But there’s a problem with simply applying these labels, because GDP itself can affect all of these other variables! If an economy has a higher GDP in a certain year, it’s much less likely to be in a recession, it’s more likely to experience some inflationary pressure, and it’s more likely to see a reduction in unemployment over the period. This is a thorny case where it’s very difficult to say if any of the variables in the model are truly exogenous. Since all of them can affect each other, they may all be endogenous after all. Advanced regression techniques — such as finding suitable proxy variables — can be employed to test these theories and help the model work. Fortunately for this article, the moral of the story is already clear: it can be very helpful to be aware of the difference between “exogenous” and “endogenous”, to begin understanding other economic relationships. This will be particularly important for higher-level economics courses. After all, your test scores will be endogenously determined by your own understanding (and diligence in studying)!
"Exogenous" and "endogenous" are two words that get thrown around a lot in higher-level economics courses. Since these are real words and not specifically "economics terms", classes seldom define them for you (just like the word "autarky"!). But it can really help to know what they mean before starting some upper-level courses!
New Zealand Appoints Swedish Economist Anna Breman as New Reserve Bank Governor
In a move signalling a new chapter for New Zealand's monetary policy, the government has officially announced the appointment of Swedish economist Anna Breman as the new Governor of the Reserve Bank of New Zealand. Notices of the appointment were shared both by the government, and by the Reserve Bank. Breman, who has previously held notable positions within the Sveriges Riksbank and the European Central Bank, will take over from Christian Hawkesby, who has filled the role on a temporary basis since April 2025 after the previous incumbent, Adrian Orr, stepped down amid criticisms regarding the bank's management and policy directions. Breman's selection has been widely viewed as a positive shift towards reforming the Reserve Bank, which has faced challenges surrounding inflation and interest rates in recent years. The deputy chairman of the RBNZ Board, Rodger Finley, praised the appointment: “Anna’s experience spans central banking, academia and financial markets. She has strong technical knowledge within monetary policy, financial stability and payments systems after several years at the Executive Board at the Riksbank and an extensive international experience.” Since the bank is crucial in controlling inflation and ensuring economic stability, Brennan's appointment is seen as a vital step in restoring confidence among investors and the public. As she transitions into her new role, Breman is expected to focus on balancing inflation control with sustaining economic growth, a task that has proved challenging for many central banks worldwide. The Reserve Bank has already hinted at reviewing its policy framework under her lead, indicating potential updates to ensure more effective economic management. With Breman at the helm, New Zealand hopes to establish a robust monetary policy that not only addresses immediate economic concerns but also prepares for future challenges. Brennan's inauguration as the 14th Governor will formally take place on 1 December 2025, with many stakeholders watching closely to see how her leadership shapes the future of New Zealand's economy. Image Credits: rbnz.govt.nz
Anna Breman has been appointed as the new Governor of the Reserve Bank of New Zealand, marking a significant step in the bank's reform approach following the departure of Adrian Orr earlier this year.
German Government Appoints Martin Blessing as Investment Tsar
The German Federal Government has announced the appointment of former Commerzbank CEO Martin Blessing to the new position of "Personal Representative for Investment". The role could be understood as equivalent to a "Chief Investment Officer", or "Investment Tsar" advisory role to the government. Apart from his tenure at Commerzbank, Blessing has also held senior positions at UBS and most recently led Danske Bank from 2022-2025. He comes from a banking family: his grandfather was President of the German Bundesbank in the 1960s, and his father a board member of Deutsche Bank in the 1980s. He is married to Dorothee Blessing, who led J.P. Morgan's DACH (Germany, Austria and Switzerland) operations from 2016-2024, and who is now co-head of investment banking internationally. Announcing the appointment at a press conference, German Chancellor Friedrich Merz emphasised the importance of the new role in making Germany attractive for foreign investors. Blessing will act as a personal contact for foreign companies and individuals, and represent Germany as an investment destination internationally. By gaining an overview of the priorities and needs of investors, Blessing will act as an advisor for the government on how to optimise investment frameworks, reduce bureaucracy and accelerate decision processes. Additionally to this advisory and representative role, he simultaneously takes over a formal role as head of Germany Trade and Invest (GTAI), an advisory body for foreign companies investing in Germany. A focus of the new role will be to mobilise private capital for investments in innovation and infrastructure projects. In this sense, Blessing was quoted as saying "Germany needs growth, and growth needs investment". During the press conference, Merz emphasised the challenge ahead for Germany to win back the trust of investors. He also pointed out the success of the government during its first six months, having attracted over 60 major investments worth a total of over 630 Billion Euros over the next three years through the initiative "Made for Germany". Apart from the appointment of Blessing, Merz also signalled the government's intent to initiate major Public-Private Partnerships (PPPs), especially in infrastructure projects. Through this, he presented a strategy to drive economic development, positioning Germany as a destination not only for large industrial companies, but also for middle sized companies. The appointment of Blessing and the announcement of the further initiatives and intentions comes in the context in a stagnation of the Germany economy in recent years. According to the GTAI's own figures, the number of investments continued to decline in 2024, a trend the new government is clearly hoping to reverse. Image Credits: bundesregierung.de
German Chancellor Friedrich Merz has appointed Martin Blessing to the new position of "Personal Representative for Investment", tasked with positioning Germany as an attractive destination for foreign investment.
Claudia Steinwender Awarded 2025 Hermann Heinrich Gossen Prize
The award, which carries a prize of €10,000, was presented by Klaus M. Schmidt, chairman of the Verein für Socialpolitik (VfS), on September 16, 2025, at the University of Cologne. Steinwender’s research focuses on the impact of trade liberalization, information frictions, and research spillovers on productivity and economic development. Her work is recognized for its scientific excellence, innovative methodologies, and international visibility, contributing crucial insights into global economic processes. The Gossen Prize is awarded annually to a German-speaking economist in Central Europe under the age of 45, whose work has achieved international acclaim. Its purpose is to bolster the internationalization of economic research originating from Germany, Austria, and Switzerland, with a key emphasis on publications in global academic journals. Named after the Prussian lawyer Hermann Heinrich Gossen, the award commemorates the contributions of economists to the field. Gossen’s influential work laid the groundwork for modern marginalist theory, despite its initial lack of recognition. Claudia Steinwender’s receipt of the Gossen Prize underscores her remarkable contributions to the understanding of economics in a rapidly globalizing world and her role in shaping contemporary economic discourse. Image Credits: socialpolitik.de
Cologne, Germany – Claudia Steinwender, a prominent economist from LMU Munich, has been announced as the winner of the prestigious Hermann Heinrich Gossen Prize for her significant contributions to empirical trade and innovation economics.