The Julis- Rabinowitz Center for Public Policy & Finance jrc.princeton.edu 2018–2019 ANNUAL REPORT TABLE OF CONTENTS 1 LEADERSHIP: EXTERNAL ADVISORY COUNCIL 3 FACULTY: 2018–2019 CENTER AFFILIATES 5 FACULTY: RESEARCH, PUBLICATIONS AND NEWS 10 RESEARCHERS: VISITORS, FELLOWS AND POSTDOCTORAL ASSOCIATES 12 RESEARCH INITIATIVES: MACROFINANCE LAB 14 RESEARCH INITIATIVES: WORKSHOPS 15 TEACHING & LEARNING: STUDENT ASSOCIATES 19 TEACHING & LEARNING: PUBLIC POLICY AND FINANCE TRACK 20 TEACHING & LEARNING: FINANCIAL MARKETS FOR PUBLIC POLICY PROFESSIONALS 22 TEACHING & LEARNING: SELECTED COURSES 24 CENTER EVENTS: HIGHLIGHTS 26 CENTER EVENTS: CALENDAR LEADERSHIP: EXTERNAL ADVISORY COUNCIL The Advisory Council is comprised of distinguished leaders in the financial industry, scholars and policymakers. PHILIP BENNETT, of Economics and a Ph.D. from the worked at USAID. A member of the European Bank for University of Chicago. Council on Foreign Relations and the Reconstruction and Inter-American Dialogue, she also Development (EBRD). Philip Bennett WOODY BROCK, serves on the Boards of Trickle Up, retired in March 2018 from his position Strategic Economic Decisions, Girls, Inc. and the Eurasia Group. A as a member of the EBRD’s Executive Inc. President and Founder graduate of Columbia, she holds an Committee. In that role he oversaw the of Strategic Economic Decisions, Inc., M.P.A. from Princeton. Client Services Group, which comprises Horace “Woody” Brock specializes in the Banking and Policy & Partnerships applications of the modern “economics PIERRE M. GENTIN, department, and chaired the Operations of uncertainty” (developed by McKinsey & Company, Inc. Committee, which reviews all Stanford’s Kenneth J. Arrow) to Before joining McKinsey as investment proposals. He has more forecasting and risk assessment in the General Counsel, Pierre Gentin was a than 30 years of experience in global international economy and its asset partner in the law firm of Cahill financial markets, primarily with markets. He has spoken publicly Gordon & Reindel and spent nearly two Citigroup and its predecessor around the globe, including at the decades at Credit Suisse. Earlier, he companies, Salomon Brothers and World Economic Forum in Davos and served as an Assistant U.S. Attorney Salomon Smith Barney. A graduate of his articles have appeared in numerous for the Southern District of New York. the University of North Carolina, he professional journals, The New York He is a trustee of the Practising Law holds an M.P.A. from Princeton’s Times, and the International Herald Institute and the Touro Synagogue Woodrow Wilson School and an Tribune. He holds a B.A., M.B.A., and Foundation and is co-editor of a book M.B.A. from the University of Chicago. M.Sc. from Harvard University, and on the mediation of complex financial earned his M.A. in mathematical services disputes. In 2008, he was MICHAEL BORDO, economics and Ph.D. in political named a Young Global Leader of the Rutgers University. philosophy from Princeton. World Economic Forum and has served Distinguished Professor of on the Forum’s Global Agenda Council. Economics and Director of the Center JOYCE CHANG, JP He teaches an M.B.A.-level ethics for Monetary and Financial History at Morgan Chase & Co. course at the Wharton School of Rutgers, Michael Bordo’s research Currently Global Head of Business. He graduated from Princeton spans economic and financial history, Research at JP Morgan, Joyce Chang University and Columbia Law School. monetary economics, exchange rate was previously Global Head of Fixed regimes, financial crises, and Income, Emerging Markets and Index ROBERT A. JOHNSON, globalization. He has been a Visiting Research and earlier led Emerging Institute for New Economic Scholar at the IMF, the Federal Reserve Markets and Global Credit Research as Thinking (INET). Robert Banks of St. Louis and Cleveland, the well as Global Currency and Johnson is Executive Director of INET Federal Reserve Board of Governors of Commodities Research. Prior to this, and currently serves on the UN the Bank of Canada, the Bank of she was a Managing Director at BofA Commission of Experts on International England, and the Bank for Merrill Lynch, Research Division, and Monetary Reform under the International Settlements. A graduate Salomon Brothers, specializing in chairmanship of Joseph Stiglitz. He is of McGill University, he earned a emerging markets fixed income also the director of economic policy for M.Sc.(Econ) from the London School research. Before Wall Street, she the Franklin and Eleanor Roosevelt 1 LEADERSHIP: EXTERNAL ADVISORY COUNCIL Institute in New York. Previously, he JOE LONSDALE, Addepar, JEFFREY SHAFER, managed a global currency, bond, and Formation 8. Joe Lonsdale is JRShafer Insight. Jeffrey equity portfolio specializing in CEO of Addepar, an Shafer is the founder of emerging markets. He served as chief emerging leader in private wealth JRShafer Insight, a strategic advice economist of the Senate Banking management technology, and is general and consulting firm. He was formerly Committee and senior economist of the partner at Formation 8, which vice chair of Citi’s Global Banking and Senate Budget Committee. Johnson specializes in growth technology Senior Asia Pacific Office, under earned bachelor’s degrees in both investing. He is board chair for secretary of the U.S. Treasury for electrical engineering and economics ONEHope Wine, co-founder and chair International Affairs, and he held a from MIT. He holds a Ph.D. in of Backplane, and co-chair of Zanbato, series of high-level positions at the economics from Princeton. a leader in global infrastructure fintech. Organization for Economic Cooperation In 2004, Lonsdale co-founded Palantir and Development. He has also worked MITCHELL R. JULIS, Technologies, a developer of analysis at the Federal Reserve Bank of New Canyon Partners, LLC. systems used by government and York, the Federal Reserve Board, and Mitch Julis is Co-Chairman financial organizations around the the Council of Economic Advisors. and Co-CEO of Canyon Partners, a world. He earned his B.S. in computer Shafer holds a B.A. from Princeton and leading global alternative asset science from Stanford University. an M.A. and Ph.D. from Yale. management firm that specializes in credit-oriented (as well as real estate DEAN MENEGAS, BING SHEN, Director, Far and emerging market debt securities) Spinnaker Capital Group. Eastern International Bank. investments. Prior to forming Canyon, General counsel for Bing Shen serves on the he served as a portfolio director and a Spinnaker since its inception in 1999, boards of four public companies and bankruptcy and creditors’ rights Dean Menegas oversees all legal and one private company. Among these, he attorney. His writing on bankruptcy regulatory affairs for the group’s chairs the audit committee and the and distressed credit investing has been business across three continents. He is compensation committee of two published in law journals and other also board vice-chair of the Emerging separate public companies. Previously, periodicals. He received his B.A. from Markets Trade Association and he was President of CDIB & Partners Princeton’s Woodrow Wilson School president of the Princeton Association Investment Holding Corporation, and earned his J.D. and M.B.A. from of the United Kingdom. He previously which manages over $300 million Harvard’s Law and Business Schools, served as legal counsel to the Credit invested in listed securities and private respectively. Agricole Indosuez Emerging Markets equity. He worked for the Morgan Division and was a corporate associate Stanley Group in 1987–1999 and was at Skadden Arps Slate Meagher & Morgan Stanley’s first Chief Flom. Menegas holds a B.A. from Representative in Beijing, China. Prior Princeton, an M.A. in political science to this, he worked as an investment from the University of Michigan, and a officer in the International Finance J.D. from the University of Michigan. Corporation of the World Bank. A graduate of Princeton, he subsequently earned his M.B.A. from Harvard Business School. 2 FACULTY: 2018–2019 CENTER AFFILIATES Faculty Affiliates come from a variety of disciplines, and their research interests include macroeconomics, finance and public policy. Faculty Affiliates attend Center-sponsored events, give invited talks and participate in Center-sponsored teaching, leading to fruitful interactions both among themselves and with the Center’s visitors and student associates. ATIF MIAN, Center WILL S. DOBBIE, Assistant BURTON G. MALKIEL, Director, John H. Laporte, Jr. Professor of Economics and Chemical Bank Chairman’s Class of 1967 Professor of Public Affairs Professor of Economics, Economics, Public Policy and Finance* Emeritus OLEG ITSKHOKI, MARK AGUIAR, Walker Professor of Economics and ALEXANDRE MAS, Professor of Economics and International Affairs William S. Tod Professor of International Finance Economics and Public Affairs HAROLD JAMES, Claude YACINE AIT-SAHALIA, and Lore Kelly Professor in ADRIEN MATRAY, Otto A. Hack 1903 Professor European Studies, Professor Assistant Professor of of Finance and Economics of History and International Affairs, Economics and Director, Program in Contemporary NATALIE MARIE European Politics and Society* NOLAN MCCARTY, BACHAS, Assistant Susan Dod Brown Professor Professor of Economics JAKUB KASTL, Professor of Politics and Public Affairs* of Economics ROLAND J.M. ASHOKA MODY, Charles BÉNABOU, Theodore A. and Marie Robertson Visiting Wells ‘29 Professor of NOBUHIRO KIYOTAKI,