Leadership

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.

Co-Directors

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.

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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 the Stevens Distinguished Service Professor of Economics and Finance at the University of Chicago’s Booth School of Business and an external member of the Bank of England’s Financial Policy Committee.

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His research focuses on financial intermediation and regulation, the Japanese economy, price setting, and monetary policy. He co-founded the U.S. Monetary Policy Forum, serves as a consultant for the Federal Reserve Bank of Chicago, a research associate for the National Bureau of Economic Research and is on the board of directors of the Bank of Italy’s Einuadi Institute of Economics and Finance.

Kashyap is also one of the academic members of the Bellagio Group (whose non-academic members include the Deputy Central Bank Governors and Vice Ministers of Finance of the G7 countries). This experience, along with his research and other consulting and advising to central banks and finance ministries around the world, has helped him create two unique elective courses: “Understanding Central Banks” and “The Analytics of Financial Crises.” He received his Bachelor’s degree from the University of California at Davis and his PhD in economics from the Massachusetts Institute of Technology.

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Executive Board

Ralph Koijen

Ralph S.J. Koijen is a Professor of Finance at the at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research and a Research Fellow of the Center for Economic Policy Research. He serves as an Editor of the Review of Financial Studies and an Associate Editor of the Journal of Political Economy.

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Professor Koijen’s research focuses on finance, insurance, and macroeconomics. His research has been published in the American Economic Review, Econometrica, the Journal of Political Economy, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. His research has been covered in popular media, such as the Financial Times, The Wall Street Journal, and The Economist.

Before joining Chicago Booth in 2018, Professor Koijen was a Professor of Finance at the London Business School and NYU Stern, and an Assistant and Associate Professor of Finance at Chicago Booth. He received his undergraduate degree in Econometrics from Tilburg University and his Ph.D. in Finance from Tilburg University.

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Brent Neiman

Brent Neiman is the Edward Eagle Brown Professor of Economics at Chicago Booth. He conducts research on international macroeconomics and trade.

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He serves as the Director of the Initiative on International Economics at the Becker Friedman Institute, an Executive Board member of the Initiative for Global Markets at Chicago Booth, a Research Associate in the International Finance and Macroeconomics and the International Trade and Investment groups at the National Bureau of Economic Research, and an Associate Editor of The American Economic Review, The Quarterly Journal of Economics, and The Journal of International Economics. He previously served as the staff economist for international finance on the White House Council of Economic Advisers and has worked at the Federal Reserve Bank of Chicago, at McKinsey and Company, and at the McKinsey Global Institute.

In 2014, Neiman was one of the eight economics professors in the United States and Canada to receive the Sloan Research Fellowship, an award given to early-career scientists. In 2009, Neiman was named as one of 22 "Emerging Leaders" by the Chicago Council of Global Affairs and was also selected as a Charles E. Merrill Scholar, an honor given to Chicago Booth faculty who conduct promising research in the area of policy studies. He was previously the recipient of the Chiles Dissertation Completion Fellowship from Harvard University, a Harvard University Graduate fellowship, and a Thouron Fellowship for his graduate studies at Oxford.

Neiman earned a Bachelor of Science in Economics and a Bachelor of Applied Science, both summa cum laude, from the University of Pennsylvania in 1999. In 2000, he earned a master's degree in mathematical modeling from Oxford University, and he earned a PhD in economics from Harvard University in 2008. Neiman joined the Chicago Booth faculty in 2008.

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