Markus' Academy

MarkusAcademy

Princeton University's Markus Brunnermeier hosts conversations with leading academics and policymakers on the global economy, global politics, and artificial intelligence.

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110 episodes
Updated Saturday

Episodes110

Newest first

Saturday · 1 hr 15 min
Lessons From the Banking Crisis | Markus' Academy | Ep. 110
Follow the link for the full summary: https://markusacademy.substack.com/p/lessons-from-the-banking-crisis Link to sign up for the webinar series: https://markusacademy.substack.com/ On March 30, 2023, Bill Dudley joined Markus’ Academy for a lecture on Lessons From the Banking Crisis. Dudley is a Senior Research Scholar at Princeton University’s Griswold Center for Economic Policy Studies and former President of the Federal Reserve Bank of New York. Timestamps:[3:56] What went wrong at SVB? [9:52] The FDIC and the Fed’s lending facilities[36:50] Implications for monetary policy[47:30] Implications for regulation and supervision[1:04:55] What to watch going forward
Saturday · 1 hr 10 min
Debt-Inflation Channel of the German Hyperinflation | Markus' Academy | Ep. 109
Follow the link for the full summary: https://markusacademy.substack.com/p/debt-inflation-channel-of-the-german Link to sign up for the webinar series: https://markusacademy.substack.com/ On March 23, 2023, Emil Verner joined Markus’ Academy to discuss his paper The Debt-Inflation Channel of the German Hyperinflation (Brunnermeier et al., 2025). Verner is the Class of 1957 Career Development Professor and an Assistant Professor of Finance at MIT Sloan. Timestamps:[0:00] Introduction[4:49] Motivation: how does inflation transmit to the real economy? [17:23] Historical background[32:36] Newly digitized firm-level data[46:35] The evidence of the debt-inflation channel [1:00:50] Key takeaways
Saturday · 1 hr 3 min
Lessons Learned from the SVB Bank Failure | Markus' Academy | Ep. 108
Follow the link for the full summary: https://markusacademy.substack.com/p/lessons-learned-from-the-svb-bank Link to sign up for the webinar series: https://markusacademy.substack.com/ On March 16, 2023, Lawrence H. Summers joined Markus’ Academy for a talk on Lessons from the SVB Bank Failure. Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. During the past three decades, he has served in a series of senior policy positions in Washington, D.C., including the 71st Secretary of the Treasury for President Clinton, Director of the National Economic Council for President Obama and Vice President of Development Economics and Chief Economist of the World Bank. Timestamps:[0:00] Introductory remarks[4:20] What went wrong with SVB?[18:42] Banks’ pricing power on deposits[28:47] Prompt interventions[40:53] Monetary policy implications and financial dominance[49:28] Lessons for financial architecture[54:16] Lessons for the rest of the world
Saturday · 1 hr 14 min
Debt and the Euro | Markus' Academy | Ep. 107
Follow the link for the full summary: https://markusacademy.substack.com/p/debt-and-the-euro Link to sign up for the webinar series: https://markusacademy.substack.com/ On December 15, 2022, Luis Garicano joined Markus’ Academy. Garicano has had an extensive academic career at the University of Chicago and at the London School of Economics, where he has been a Professor of Economics and Strategy. He is also a former member of the European Parliament. Download the slides here. Timestamps:[0:00] Introductory Remarks[9:35] ECB Policy and goals[15:50] Construction tested during the Euro crisis[21:02] 2015: QE without breaking Treaty constraints?[23:10] 2020: Pandemic[32:54] How do we exit?[43:27] Current proposals and steps forward[56:13] Conclusions
Saturday · 1 hr 15 min
Unexpected Compression: Competition at Work | Markus' Academy | Ep. 106
Follow the link for the full summary: https://markusacademy.substack.com/p/unexpected-compression-competition Link to sign up for the webinar series: https://markusacademy.substack.com/ On December 8, 2022, David Autor joined Markus’ Academy to discuss his recent paper (Autor, Dube and McGrew, 2024). Autor is the Ford Professor in the MIT Department of Economics. Download the slides here. Timestamps:[0:00] Introductory Remarks[6:04] What does a competitive labor market look like?[13:14] Some unexpected facts[22:40] Distinguishing rising demand from increasing competition: conceptual model.[36:56] Distinguishing rising demand from increasing competition: evidence[1:03:05] How much does wage pressure contribute to inflation?[1:07:33] Conclusions
Saturday · 1 hr 13 min
What's the Matter with Britain? | Markus' Academy | Ep. 105
Follow the link for the full summary: https://markusacademy.substack.com/p/whats-the-matter-with-britain Link to sign up for the webinar series: https://markusacademy.substack.com/ On December 1, 2022, Martin Wolf joined Markus’ Academy. Wolf is the associate editor and chief economics commentator at the Financial Times. Download the slides here. Timestamps:[0:00] Introductory remarks[7:19] What’s the matter with Britain[13:11] Long-run performance[23:46] After the financial crisis[27:01] What Brexit has done[36:09] Current challenges
Saturday · 1 hr 3 min
A Diligent Return to Price Stability | Markus' Academy | Ep. 104
Follow the link for the full summary: https://markusacademy.substack.com/p/a-diligent-return-to-price-stability Link to sign up for the webinar series: https://markusacademy.substack.com/ On November 10, 2022, Loretta Mester joined Markus’ Academy. Mester is president and CEO of the Federal Reserve Bank of Cleveland. Timestamps:[0:00] Introductory Remarks[4:15] Recent updates to monetary policy[10:56] Labor markets[17:26] Fighting current inflation[22:18] Understanding inflation expectations[27:29] Need for accurate tightening policy[32:11] Flexible Average Inflation Targeting[41:03] The Taylor Principle[53:49] Modern Monetary Theory[1:00:03] International Impact of US Monetary Policy
Saturday · 1 hr 8 min
Rising Interest Rates & Financial Cracks | Markus' Academy | Ep. 103
Follow the link for the full summary: https://markusacademy.substack.com/p/rising-interest-rates-and-financial Link to sign up for the webinar series: https://markusacademy.substack.com/ On October 13, 2022, Anil Kashyap joined Markus’ Academy. Anil Kashyap is the Stevens Distinguished Service Professor of Economics and Finance at the University of Chicago Booth School of Business. He previously was an economist for the Board of Governors for the Federal Reserve System. Timestamps:[0:00] Markus’ introduction[4:47] Events driving the gilts market[13:39] Lender vs. Market Maker of Last Resort[19:56] LDIs[24:40] Run on non-bank institutions[37:48] Inflation, Default risk, Bond-stock correlation[39:45] Spillovers to the global markets?[44:23] Japanese economy[53:05] Quantitative tightening or hiking interest rates?[66:04] A positive ending note
Friday · 1 hr 11 min
Is the UK Suffering a Sovereign Debt Crisis? | Markus' Academy | Ep. 102
Follow the link for the full summary: https://markusacademy.substack.com/p/is-the-uk-suffering-a-sovereign-debt Link to sign up for the webinar series: https://markusacademy.substack.com/ On October 6, 2022, Sir Paul Tucker joined Markus’ Academy. Sir Tucker is a Fellow at the Harvard Kennedy School and a Former Deputy Governor of the Bank of England for Financial Stability. Timestamps: [0:00] Introductory remarks[10:21] Brief summary of the last decade of UK monetary policy[19:18] Conundrum: an added risk premium with no change in inflation?[35:11] Differing suggestions from different diagnostics[48:50] Exchange rates[50:15] Key takeaways
Friday · 1 hr 2 min
Reconstructing Ukraine | Markus' Academy | Ep. 101
Follow the link for the full summary: https://markusacademy.substack.com/p/reconstructing-ukraine Link to sign up for the webinar series: https://markusacademy.substack.com/ On September 29, 2022, Harold James joined Markus’ Academy. Harold James is the Claude and Lore Kelly Professor in European Studies at Princeton University, a Professor of History and International Affairs at the School of Public and International Affairs, and an associate at the Bendheim Center for Finance. Download the slides here. Timestamps: Timestamps:[0:00] Introductory Remarks[6:07] Key elements of the Marshall Plan[13:47] Implementation of aid[40:14] Key takeaways[46:50] Important differences and considerations
Friday · 1 hr 18 min
Social Capital and Economic Mobility | Markus' Academy | Ep. 100
Follow the link for the full summary: https://markusacademy.substack.com/p/social-capital-and-economic-mobility Link to sign up for the webinar series: https://markusacademy.substack.com/ On September 7, 2022, Raj Chetty joined Markus’ Academy. Chetty is the William A. Ackman Professor of Economics at Harvard University and the Director of Opportunity Insights. Download the slides here. Timestamps: [0:00] Markus’ Introduction [13:02] Measurement of social capital [35:06] Association with Economic Mobility [52:55] Determinants of Economic Connectedness [1:10:06] Targeting interventions
Friday · 55 min
Global Food Security in Times of Conflict, Covid, and Climate Change | Markus' Academy | Ep. 99
Follow the link for the full summary: https://markusacademy.substack.com/p/global-food-security-in-times-of Link to sign up for the webinar series: https://markusacademy.substack.com/ On July 8, 2022, Johan Swinnen joined Markus’ Academy for a lecture on Global Food Security in Times of Conflict, Covid, and Climate change. Swinnen is the Director General of the International Food Policy Research Institute (IFPRI) and the Global Director of Systems Transformation at CGIAR. Download the slides here. Timestamps: [0:00] Markus’ Introduction [8:48] Recent trends in poverty and food insecurity. [26:42] Impact of Covid-19 on global food insecurity [41:59] Shocks and trade restrictions [53:01] Takeaways
Friday · 1 hr 19 min
After the Crypto Crash: The future role of CBDC | Markus' Academy | Ep. 98
Follow the link for the full summary: https://markusacademy.substack.com/p/after-the-crypto-crash-the-future Link to sign up for the webinar series: https://markusacademy.substack.com/ On June 30, 2022, Hyun Song Shin joined Markus’ Academy for a lecture on CBDCs. Hyun Song Shin is an Economic Adviser and the Head of Research of the Bank for International Settlements (BIS). Download the slides here. Timestamps: [0:00] Markus’ Introduction [14:39] Role of stablecoins in the crypto universe [35:32] Drawing lessons for the future of the monetary system. [52:16] Programmability and smart contracts [59:59] Similar examples [1:04:02] Cross-border dimension of CBDCs
Friday · 1 hr 20 min
Sanctions and Exchange Rate | Markus' Academy | Ep. 97
Follow the link for the full summary: https://markusacademy.substack.com/p/sanctions-and-exchange-rate Link to sign up for the webinar series: https://markusacademy.substack.com/ On June 23, 2022, Oleg Itskhoki joined Markus’ Academy to discuss his paper (Itskhoki and Mukhin, 2025). Itskhoki holds the Venu and Ana Kotamraju Endowed Chair in Economics at the University of California, Los Angeles. Download the slides here. Timestamps: [0:00] Markus’ Introduction [6:53] Motivation: explain the ruble’s sharp fall at the invasion and its rapid subsequent appreciation. [24:40] The general model [56:00] Modeling General Equivalence [1:05:29] Modeling a financial shock: accommodation, pass-through, or repression. [1:12:41] Bottom line: the ruble path reflects reserve freezes, a savings shock, import-heavy sanctions, and capital controls—not “sanctions didn’t work.”
Friday · 1 hr 6 min
America's Untold Story of Immigrant Success | Markus' Academy | Ep. 96
Follow the link for the full summary: https://markusacademy.substack.com/p/americas-untold-story-of-immigrant Link to sign up for the webinar series: https://markusacademy.substack.com/ On June 16, 2022, Leah Boustan joined Markus’ Academy to discuss her book with Ran Abramitzky: Streets of Gold: America’s Untold Story of Immigrant Success. Boustan is a Professor of Economics at Princeton University. Download the slides here. Timestamps: [0:00] Markus’ Introduction [6:17] The need to debunk immigration myths. [15:35] Myth 1: An unprecedented flood of immigration. [26:38] Myth 2: “Today’s immigrants are less successful than the Ellis Island generation.” [32:14] Myth 3: Immigrant families and their children stuck in permanent underclass. [46:19] Myth 4: Immigrant success comes at the expense of the U.S. born.
July 21 · 1 hr 18 min
Platforms, Tokens, DeFi, and Smart CBDC | Markus' Academy | Ep. 95
Follow the link for the full summary: https://markusacademy.substack.com/p/platforms-tokens-defi-and-smart-cbdc Link to sign up for the webinar series: https://markusacademy.substack.com/ On June 9, 2022, Jonathan Payne joined Markus’ Academy to discuss his paper his paper on Platforms, Tokens, and Interoperability. Payne is an Assistant Professor in the Bendheim Center for Finance and Department of Economics at Princeton University. Download the slides here. Timestamps[0:00] Introductory Remarks[9:47] Different digital currencies and ledgers[22:03] Decentralized Finance[35:28] Centralized, Programmable Ledgers[48:42] Open banking[55:07] Central Bank Digital Currency
July 21 · 1 hr 12 min
Strategic Energy Purchases with Sylvain Chassang | Markus' Academy | Ep. 94
Follow the link for the full summary: https://markusacademy.substack.com/p/strategic-energy-purchases Link to sign up for the webinar series: https://markusacademy.substack.com/ On June 2, 2022, Sylvain Chassang joined Markus’ Academy for a talk on his paper on strategic energy purchases. Chassang is a Professor of Economics at Princeton University. Download the slides here. Timestamps[0:00] Introductory Remarks[5:54] Main question[13:20] Cartel discipline framework[30:32] Main proposal: strategic energy procurement[35:55] Using demand[54:10] Other policies
July 21 · 1 hr 23 min
China's Vision for the Private Sector | Markus' Academy | Ep. 93
Follow the link for the full summary: https://markusacademy.substack.com/p/chinas-vision-for-the-private-sector Link to sign up for the webinar series: https://markusacademy.substack.com/ On May 26, 2022, Chang-Tai Hsieh joined Markus’ Academy for a lecture on Two Strong Hands: China’s Vision for the Private Sector. Chang-Tai Hsieh is a Professor of Economics at the University of Chicago. Download the slides here. Timestamps[0:00] Introductory Remarks[8:48] Overarching question[22:45] Contradiction in Chinese Policy Direction?[25:05] Recent Chinese growth[38:48] First Strong Hand[54:16] Second Strong Hand[58:30] Implications going forward
July 21 · 1 hr 12 min
Externalities of Colonial Schools in Africa | Markus' Academy | Ep. 92
Follow the link for the full summary: https://markusacademy.substack.com/p/externalities-of-colonial-schools Link to sign up for the webinar series: https://markusacademy.substack.com/ On May 5, 2022, Leonard Wantchekon joined Markus’ Academy for a lecture on Externalities of Colonial Schools in Africa. Wantchekon is the James Madison Professor of Political Economy and Professor of Politics and International Affairs at Princeton University. Download the slides here. Timestamps[0:00] Introductory Remarks[9:20] Research Goals[23:42] Research Methods[38:03] Findings for the second generation[47:29] Findings for the third generation|[57:05] Implications for these countries going forward
July 21 · 1 hr 20 min
U.S. Economy and Monetary Policy with the St. Louis Fed President | Markus' Academy | Ep. 91
Follow the link for the full summary: https://markusacademy.substack.com/p/us-economy-and-monetary-policy-with Link to sign up for the webinar series: https://markusacademy.substack.com/ On April 21, 2022, James Bullard joined Markus’ Academy for a talk. Bullard is the president and CEO of the Federal Reserve Bank of St. Louis. Timestamps:[0:00] Introductory Remarks[15:35] U.S. inflation is high, comparable to that in 1974 and 1983[26:37] Standard Taylor-Type monetary policy suggests the Fed is way behind the curve.[40:27] Credible forward guidance suggests that the Fed is not as far behind the curve[58:23] Risks to Inflation Expectations.[1:09:13] Key takeaways