The following members of the Chicago Booth faculty serve on the executive board of the Initiative on Global Markets (IGM).

The composition of the executive board reflects that a comprehensive approach to these issues must combine research done by accountants, micro, macro, and financial economists.

Executive Director

Brian Barry

Brian Barry is a clinical professor of economics. The IGM looks broadly at global movements of capital, products and talent in the modern economy, by examining how these markets work, their effects, and the way they interact with policies and institutions.


Barry was a journalist for The Economist from 1994 to 2007, acting as a US correspondent, Tokyo bureau chief, Southeast Asia correspondent, management correspondent in London, and finance-and-economics correspondent in Washington. As a US correspondent, he traveled broadly across the American interior, writing about politics, business, and economic and social trends.

Barry attended Swarthmore College, where he earned a bachelor's degree in economics with a minor in political science and graduated with honors in 1989. He earned a master of science degree from the University of Rochester's Simon School of Business in 1994, where he also received a National Doctoral Fellowship.

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Christian Leuz

Christian Leuz is Joseph Sondheimer Professor of International Economics, Finance, and Accounting at the University of Chicago Booth School of Business.


He is also a co-director of the Initiative on Global Markets, a research associate at the National Bureau of Economic Research and at the European Corporate Governance Institute and a fellow at Wharton's Financial Institution Center, Goethe Universität Frankfurt's Center for Financial Studies, and the CESifo Research Network.

His research examines the role of corporate disclosures, accounting transparency, and disclosure regulation in capital markets, corporate governance, and corporate financing. His work has been published among others in the Journal of Accounting Research, Journal of Accounting & Economics, Journal of Financial Economics, and the Review of Financial Studies.

He has received several awards and honors, including an Humboldt Research Award, the 2011 Wildman Medal Award, the 2010 Notable Contribution to the Accounting Literature Award as well as a JFE All Star Paper Award. Leuz is an editor for the Journal of Accounting Research and has served on many editorial boards, including the Journal of Accounting & Economics, The Accounting Review, the Journal of Business, Finance and Accounting, and the Review of Accounting Studies.

Born in Germany, Leuz earned his doctoral degree and "Habilitation" at the Goethe University Frankfurt in Germany. Prior to this position, he was the Harold Stott Term Assistant Professor in Accounting at the Wharton School of the University of Pennsylvania and a visiting doctoral fellow at the Simon School of Business, University of Rochester.

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Amir Sufi

Amir Sufi is Bruce Lindsay Professor of Economics and Public Policy at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research.


He serves as an associate editor for the American Economic Review and the Quarterly Journal of Economics. Sufi's research focuses on finance and macroeconomics. He has articles published in the American Economic Review, the Journal of Finance, and the Quarterly Journal of Economics.

His recent research on household debt and the economy has been profiled in the Economist, the Financial Times, the New York Times, and the Wall Street Journal. It has also been presented to policy-makers at the Federal Reserve, the Senate Committee on Banking, Housing, & Urban Affairs, and the White House Council of Economic Advisors. This research forms the basis of his book coauthored with Atif Mian: House of Debt: How They (and You) Caused the Great Recession and How We Can Prevent It from Happening Again, which was published by the University of Chicago Press in 2014.

Sufi graduated Phi Beta Kappa with honors from the Walsh School of Foreign Service at Georgetown University with a bachelor's degree in economics. He earned a PhD in economics from the Massachusetts Institute of Technology, where he was awarded the Solow Endowment Prize for Graduate Student Excellence in Teaching and Research. He joined the Chicago Booth faculty in 2005.

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Executive Board

Eric Budish

Eric Budish is a professor of economics at the University of Chicago, Booth School of Business. Budish's research has spanned a wide variety of market design contexts, including the design of financial exchanges, markets for scheduling students to courses and workers to shifts, patent design and R&D incentives, and internet auctions.


Budish's best known work, on the design of financial exchanges, shows that the high-frequency trading arms race is actually just a symptom of an underlying market design flaw, and proposes a new market design called frequent batch auctions that directly solves the problem. This work was recognized with the 2014 AQR Insight Award and the 2015 Utah WFC best paper award, and has been presented to major exchanges, high-frequency trading firms, broker-dealers, investors, and regulators.

SEC Chair Mary Jo White and New York AG Eric Schneiderman discussed Budish's design proposal in major policy speeches. Budish's dissertation research concerned the matching problem of assigning students to schedules of courses, or workers to schedules of shifts. Budish's proposed design, which applies price-theoretic competitive equilibrium ideas to a matching market, was recently adopted for use in practice by the Wharton School for MBA course allocation. Budish's research on patent design, together with a health economist and patent scholar, shows that the patent system inadvertently under-incentivizes long horizon R&D for cancer drugs, and won the 2013 Kauffman/iHEA Award for Health Care Entrepreneurship and Innovation Research.

Budish received his PhD in Business Economics from Harvard University before joining Chicago Booth in 2009. He received a BA in Economics and Philosophy from Amherst College and an M.Phil. in Economics from Oxford (Nuffield College), where he was a Marshall Scholar. 

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Anil Kashyap

Anil Kashyap is Edward Eagle Brown Professor of Economics. He writes regularly on banking and financial regulation, the Japanese economy, and monetary policy.


Kashyap currently works as a consultant for the Federal Reserve Bank of Chicago, and serves as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and as a Research Associate for the National Bureau of Economic Research (NBER).

He is one of the international advisors to the Swedish Riksbank, is on the Congressional Budget Office's Panel of Economic Advisers, and serves on the Board of Directors of the Bank of Italy's Einuadi Institute of Economics and Finance. He is a member of the Squam Lake Group, the Bellagio Group of academics and economic officials, and of the International Monetary Fund's Advisory Group on the development of a macro-prudential policy framework.

Kashyap cofounded the US Monetary Policy Forum and currently teaches advanced MBA elective classes on "Analyzing Financial Crises" and "Understanding Central Banks."

Kashyap earned an undergraduate degree in economics and statistics from the University of California at Davis and a PhD in economics from the Massachusetts Institute of Technology.

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Tobias Moskowitz

Tobias Moskowitz is Fama Family Professor of Finance. He was recognized by the American Finance Association with its 2007 Fischer Black Prize, which is awarded biennially to the top finance scholar in the world under the age of 40 in years when one is deemed deserving.


The award cited his "ingenious and careful use of newly available data to address fundamental questions in finance."

His work has been cited in the Wall Street Journal, the New York Times, Financial Times, US News and World Report, Money Magazine, and a 2005 speech by former Federal Reserve Chairman Alan Greenspan. He has also appeared on CNBC's Closing Bell and Squawk Box, CNN, FOX, as well as Bloomberg.

Moskowitz serves as a research associate for the National Bureau of Economic Research and a current associate editor of the Journal of Finance. His research studies financial markets and investments, including the behavior of prices and investors. He has explored topics as diverse as momentum in stock returns, biases in investment portfolios, the social effects of bank mergers, the return to private business ownership, mutual and hedge fund performance, the political economy of financial regulation, and the economics of sports. 

In 2011, he wrote the best-selling book Scorecasting, (Crown Archetype, Random House) coauthored with L. Jon Wertheim of Sports Illustrated, which uses economic principles to explain the hidden side of sports.

Moskowitz earned a bachelor's degree in industrial management and industrial engineering (with distinction) in 1993 from Purdue University, a master's degree in management from Purdue in 1994, and a PhD in finance from UCLA in 1998. 

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News & Announcements

Instability in a Monetary Economy

Lord Adair Turner presented at the Scholes Forum on May 9th.

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Sufi Awarded Laing Prize

Amir Sufi has been awarded this year's Gordon J. Laing Prize, for his book House of Debt (on the causes of the Great Recession), which he coauthored with Atif Mian.

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