Chicago Booth in the News
Chicago Booth has driven innovation in business education, scholarship, and leadership since 1898. Our research makes headlines around the world, and our faculty are sought-after experts who provide insights and commentary for leading publications such as the New York Times, the Wall Street Journal, and the Financial Times. We invite you to explore our latest media coverage and Chicago Booth news.
Behind the Celsius sales pitch was a crypto firm built on risk
June 29, 2022 | The Wall Street Journal
“It’s just a risky structure,” Chicago Booth's Eric Budish said of Celsius. “It strikes me as diversified as the same way that portfolios of mortgages were diversified in 2006,” referring to a feature of the 2008 financial crisis.
How the rest of the world is returning to the office
June 29, 2022 | The Atlantic
“Most people do value the interaction they get, and the networking and the socializing and the learning that they get, in the office,” says Booth's Steven Davis. “They just don’t want to do it five days a week.”
As prices skyrocket, coupons are harder to find than ever
June 29, 2022 | The New York Times
“With inflation, this is what should go up tremendously as a tool to help customers,” said Chicago Booth's Sanjay K. Dhar of the shrinking coupon market.
Can regulators catch up to crypto?
June 28, 2022 | Slate
Anthony Lee Zhang of Chicago Booth discusses the future of crypto investment and the potential for regulation.
Corporate America was becoming more partisan even before Roe’s reversal—and that’s ‘likely not in the interest of shareholders,’ research says
June 27, 2022 | MarketWatch
“The increasingly partisan work environment has negative consequences for firm value, by leading to inefficient separations between executives and firms,” indicated Booth’s Elisabeth Kempf and coauthors.
Did corporate greed fuel inflation? It’s not biggest culprit
June 26, 2022 | Associated Press
Sixty five percent of economists said they won’t support a regulation that prohibits big companies from selling their goods at an “unconscionably excessive price” during a market shock, according to a poll by Booth’s Initiative on Global Market.
Job market could weaken a bit at some point, says fmr. Fed Governor Kroszner
June 24, 2022 | CNBC Squawk on the Street
Randall Kroszner of Chicago Booth discusses the Fed’s move in addressing inflation, job markets, and more.
Remote work could save firms $206 billion and ease pressure on the Fed
June 24, 2022 | Bloomberg
Remote work helps moderate business costs and ease the challenge facing monetary policy makers in their efforts to bring inflation down without stalling the economy, according to research by Booth’s Steven Davis and coauthors.
High gas prices are hurting small businesses that need big vehicles
June 22, 2022 | NPR: All Things Considered
Chicago Booth’s Michael Alter says small businesses that are route based or have to drive to their customers—such as contractors, plumbers, electricians, cleaning services, and exterminators—are all taking a hit from high gas prices.
How likely are stimulus checks to be used in the next recession? Economists weigh in
June 22, 2022 | CNBC.com
Whether stimulus checks are deployed by the government in another recession may depend on what caused the downturn, said Chicago Booth’s Joseph Vavra.
Don’t call it Asian carp. Call it . . .
June 20, 2022 | Crain’s Chicago Business
As Illinois plans to rename the Asian carp as a marketing move, Chicago Booth’s Pradeep Chintagunta remarks that rebranding has worked for other species. “Chilean sea bass, from what I understand, is actually not sea bass at all,” he said. “It’s actually a Patagonian toothfish. So I think that’s been pretty successful.”
Would Warren Buffett buy your family business?
June 20, 2022 | Crain’s Chicago Business
In navigating economic uncertainty, closely held businesses have an opportunity to enhance their distinct competitive advantages by reflecting on key lessons from the “Oracle of Omaha,” suggests Duane Jackson, an investor-in-residence at Booth’s Polsky Center.
Randy Kroszner: Fed will have to raise rates by the end of 2022
June 16, 2022 | CNBC: Power Lunch
Randall Kroszner of Chicago Booth discusses his reaction to the Fed’s decision to leave rates unchanged and how to think about the “dot plot.”
6 hiring best practices for startups scaling their businesses
June 13, 2022 | Forbes
In a Chicago Booth Review article, Booth’s Ram Shivakumar suggests performing an audit of competencies in your startup. Work to pin down the skills your startup needs to survive and thrive, and take note of which of these skills your team possesses and which it does not.
India’s high unemployment is ‘real danger’: Raghuram Rajan
June 13, 2022 | Fortune India
Raghuram Rajan of Chicago Booth discusses economic growth and the high unemployment rate in India.
China company registrations plummet during Covid lockdowns
June 12, 2022 | Bloomberg
China could face a “missing generation of firms, with large long-run effects” depending on how long the Covid lockdowns continue, indicates Chicago Booth's Chang-Tai Hsieh.
US set for recession next year, economists predict
June 12, 2022 | Financial Times
The US economy will tip into a recession next year, according to a poll of leading economists by Booth’s Initiative on Global Markets in partnership with the Financial Times.
It works for Sneakers. Now it’s for Baby PJs and Skateboards, too.
June 11, 2022 | The New York Times
Manufacturing excitement with limited edition product “drops” changes consumer behavior, according to Booth's Abigail Sussman. It turns a decision that you could postpone buying into something you have to buy right now.
‘More of a financial services firm than a state’: How Delaware is driving the economy dark
June 10, 2022 | Barron's
Hal Weitzman, adjunct professor of behavioral science at Chicago Booth, talks about Delaware and the far-reaching effects of its system.
Expect a base case scenario of a mild recession sometime next year, says professor
June 9, 2022 | CNBC: Squawk Box Asia
Raghuram Rajan of Chicago Booth discusses the possibility of a recession.
ECB must move aggressively on rate hike, former Fed Governor Kroszner says
June 9, 2022 | CNBC: Squawk Box Europe
Randall Kroszner of Chicago Booth discusses the outlook for the pace of rate hikes for the European Central Bank and the Federal Reserve.
How ‘trustless’ is Bitcoin, really?
June 6, 2022 | The New York Times
Eric Budish, a professor of economics and entrepreneurship at Chicago Booth, weighs in on Bitcoin’s pros and cons.
Divestment: are there better ways to clean up ‘dirty’ companies?
June 6, 2022 | Financial Times
“When you choose exit, you don’t have any voice in the future,” says Chicago Booth's Luigi Zingales of investors who sell shares in fossil fuel companies.
What the May jobs report means for the Fed's policy path
June 3, 2022 | Bloomberg Surveillance
Randall Kroszner, a professor of economics at Chicago Booth, says the May employment report will spur the Fed to raise rates by 50 basis points at least through September.
Just say no to “friend-shoring”
June 3, 2022 | Project Syndicate
“The benefits of a global supply chain stem precisely from the fact that it involves countries with very different income levels, allowing each to bring its comparative advantage to the production process,” writes Booth's Raghuram Rajan in a recent op-ed.
Can buy now, pay later survive the cost of living crisis?
June 3, 2022 | Financial Times
“Reduced sales and lower spending is going to reduce margins, and then people having less money left over will push up defaults,” indicated Booth PhD candidate Benedict Guttman-Kenney.
Fed won’t change tightening course in short run, says economist Austan Goolsbee
June 2, 2022 | CNBC: Squawk Box
Austan Goolebee of Chicago Booth discusses the state of the US economy.
Why physicians may prescribe more drugs on colder days
June 1, 2022 | Becker's Hospital Review
“You're about 5 percent less likely to be prescribed statins or cholesterol medication if your blood was tested on a warm day than if it was tested on a cold day,” said Devin G. Pope of Chicago Booth.
Kroszner: US economy, consumer slowing down
May 31, 2022 | Bloomberg Markets: European Close
Randall Kroszner of Chicago Booth discusses a wide range of topics, from the Federal Reserve to the US consumer.
Zombie mall: The twisting tale of the Indio mall and what its future might hold
May 30, 2022 | Palm Springs Desert Sun
Joseph Pagliari of Chicago Booth said the closure of anchor tenants—coinciding with the rise in online shopping—kicked off a process of slow economic rot at many malls, as store closures led to fewer customers.
Where do we go from here: Inflation or recession?
May 29, 2022 | The Washington Post
“If it were me and I was in charge of monetary policy, would I cause a big recession to keep inflation low? No,” said Chicago Booth’s John Huizinga. “But I would try to get to a stable inflation rate.”
We're getting mixed messages on economy: Goolsbee
May 27, 2022 | Bloomberg: Balance of Power
Austan Goolsbee, a professor of economics at Chicago Booth, talks about the latest on economy.
How to get people to do what you want them to do
May 25, 2022 | The New York Times
“The ability to commit to what type of information will be generated is a powerful tool,” said Booth’s Emir Kamenica, referring to Bayesian persuasion as a technique that uses information to get people to change their behavior in desired ways.
'People are still upset’: why Joe Biden’s jobs boom failed to win over voters
May 25, 2022 | Financial Times
“When you have resurgences of variants of the virus, that sets it back, and when you have wars driving up the cost of commodities, that sets it back,” said Chicago Booth’s Austan Goolsbee of economic growth in the US.
Wish that cute house down the street were for sale? This startup can help.
May 23, 2022 | Crain's Chicago Business
Chicago Booth’s Alumni New Venture Challenge awarded first place to Unlisted, a Midwest startup that helps home buyers find their dream home, which was founded by Booth alumna Katie Hill, ’13.
Kroszner says inflation will remain elevated for some time
May 23, 2022 | Bloomberg: Balance of Power
Randall Kroszner, a professor of economics at Chicago Booth, discusses inflation and the path forward for the Fed.
How should I save up for a family home and school fees?
May 23, 2022 | Investors' Chronicle
Alex Imas of Chicago Booth indicates that professional fund managers might find it hard to know when to sell. Although their buys beat the market, their sells result in worse returns than selling stocks at random would.
Money 2.0: Why we bust our budgets
May 21, 2022 | NPR: Hidden Brain
Abigail Sussman, a professor of marketing at Chicago Booth, points out our blind spots around money, and how we can be smarter about spending and saving.
Inflation is high, pervasive and frequently felt. That’s a dangerous mix
May 20, 2022 | The Globe and Mail
“I think it’s actually very unlikely that we’ll see inflation decreasing to a target rate of around 2 percent without having a recession. I think it’s almost impossible,” says Chicago Booth’s Michael Weber.
Retailers bulked up their inventories during the worst of the pandemic. Now they’re stuck with them.
May 19, 2022 | Marketplace
Retailers are stuck with all this extra inventory because they made some lousy forecasts about consumer spending, said Nicole DeHoratius, adjunct professor of operations management at Booth.
McDonald's Russian exit could get messy
May 16, 2022 | Crain's Chicago Business
“One of the most perceptive questions you can ask about a company is, ‘When they’ve had their back against the wall, have they found a way to continue to grow?’” says Booth's James Schrager.
Selling your business? Don't leave money on the table.
May 16, 2022 | Crain's Chicago Business
Michael Frankel, who is a member of the Polsky Brain Trust, a collective of thought leaders affiliated with Chicago Booth’s Polsky Center, outlines six ways to maximize the value of your business by minimizing the buyer’s risk.
Majoritarianism will be extremely dangerous for the future of India: Raghuram Rajan
May 14, 2022 | Financial Express
Weighing in on economy and majoritarianism in India, Raghuram Rajan of Chicago Booth said India needs inclusive growth and the country cannot have inclusive growth by treating any segment of the population as second class citizens.
Inflation views tilt the Fed's way, a bit
May 13, 2022 | Reuters
“Inflation expectations have not become unanchored despite inflation going from a decade where they cannot get to the goal to going to four times it,” said Booth's Randall Kroszner. “That is a pretty amazing feat.”
What McDonald's could do next in Russia
May 13, 2022 | Crain's Chicago Business
Getting out of Russia completely and writing off stores there would have an adverse effect on McDonald's balance sheet, but leaving might be less messy than refranchising, indicates Chicago Booth's James E. Schrager.
Inflation expectations with Rajan
May 13, 2022 | Bloomberg Surveillance Podcast
Raghuram Rajan, a professor of finance at Chicago Booth, says the market believes the Fed is serious about inflation.
Jerome Powell’s grade for his first term leading the Fed? An incomplete.
May 13, 2022 | MarketWatch
Austan Goolsbee of Chicago Booth said Fed Chairman Jerome Powell's sternest test still lies ahead. The manner in which the Fed brings down inflation over the next 18 months will be the test of his tenure.
People don’t like algorithms making moral decisions, U of C study finds
May 12, 2022 | Becker's Health IT
As algorithms make more choices in our daily lives, from the advertisements we see to the shows we watch to whom we date, people are uncomfortable when those decisions involve moral issues, according to research by Booth's Berkeley J. Dietvorst and Daniel Bartels.
Three experts react to April’s key inflation report
May 11, 2022 | CNBC: Squawk Box
Austan Goolsbee, a professor of economics at Chicago Booth, breaks down April’s key inflation reading.
US inflation rate slows but remains close to 40-year high
May 11, 2022 | The Guardian
Randall Kroszner of Chicago Booth said the sharp rise in core inflation would worry the Fed. “That is where you look for evidence that inflation is becoming entrenched,” he indicated.
CEOs of Chicago-area companies got generous raises in 2021
May 11, 2022 | Crain's Chicago Business
Steven Kaplan of Booth says companies may have worried about senior executives below the CEO rank leaving for other opportunities as they felt the pinch of 2020. But giving those executives big raises might have made it hard for boards not to do the same for the top bosses.
Fund that thrived with founder in Russian jail can’t Escape war
May 9, 2022 | Bloomberg
“Russia was dicey before this and now it’s completely dicey,” says Booth's Steve Kaplan commenting on Russia's troubled assets.
Goolsbee: The job market is great. Democrats need to sell it.
March 6, 2022 | MSNBC: The Last Word with Lawrence O'Donnell
Austan Goolsbee of Chicago Booth discusses the state of the economy and how Democrats should ease the concerns of voters ahead of the 2022 midterm elections.
We need to revitalise the world economy in inclusive ways
May 6, 2022 | Financial Times
“We need bold policy action, breaking free of growing political constraints that limit our ambition,” writes Chicago Booth's Raghuram Rajan in a recent op-ed. “It will not be easy, but it is necessary, perhaps to our very existence.”
10 things you'll spend less on in retirement
May 4, 2022 | Kiplinger
The average retired household spends 25 percent less on food and 35 percent less on dining. The logic for this is that retirees are more careful, price-conscious shoppers, accordingly to research coauthored by Booth's Erik Hurst.
Taking care of business: Reimagining the Office
May 3, 2022 | CRBE: The Weekly Take Podcast
Steven Davis, a professor of international business and economics at Chicago Booth, explores what dynamic work arrangements mean for office occupancy strategies.
Fed reaches for its ‘hatchet’ to attack galloping inflation
March 2, 2022 | Financial Times
The Fed is "playing catch-up," indicates Booth's Randall Kroszner. “If they don’t act boldly and speak about acting boldly now, the risk of inflation expectations becoming unanchored increases significantly.”
100 Best & Brightest MBAs: Class of 2022
May 1, 2022 | Poets & Quants
Chicago Booth's MBAs Brian Carlson, Ryan Hall, and Amira Khatib were recently named to the annual 100 Best & Brightest MBAs for the class of 2022.
To tackle student debt, fix ineffective colleges
April 29, 2022 | The New York Times
A 2020 survey of leading academic economists by Chicago Booth’s Initiative on Global Markets weighs the pros and cons of student loan forgiveness.
Focus on FOMC meeting
April 29, 2022 | Bloomberg: Wall Street Week
Chicago Booth’s Randall Kroszner discusses what to expect from the Fed at the upcoming Federal Open Market Committee meeting. He says that the Fed needs to act boldly to ensure that inflation expectations don’t become unanchored.
Is timing more important than speed for grocery delivery?
April 28, 2022 | Retail Wire
“I strongly encourage retailers to rethink their operations to optimize not only on speed but also the most appropriate combination of speed, precision, and flexibility,” says Chicago Booth’s Nicole DeHoratius.
We can all accomplish more—here’s how
April 27, 2022 | NPR: Think
Chicago Booth’s Ayelet Fishbach discusses her research into why we can’t always find the mental strength to take on a new task, how to clear the distractions that get in the way, and ways to stay on target to reach your goals.
Too early to pinpoint accounting issues on ESG for private companies, panel says
April 26, 2022 | Thomson Reuters Tax & Accounting
LPs are allocating capital to private funds specifically related to ESG types of topics, suggests Chicago Booth’s Michael Minnis.
Hiking interest rates to tame inflation not ‘anti-national’: Former RBI chief Raghuram Rajan
April 25, 2022 | The Economic Times
“Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing,” said Chicago Booth’s Raghuram Rajan.
Regulating the crypto wild west
April 22, 2022 | Project Syndicate
How should governments weigh the risks and rewards of digital assets? Chicago Booth’s Raghuram G. Rajan shares his views.
‘Anti-minority’ image will hurt Indian companies, warns Raghuram Rajan
April 22, 2022 | Press Trust of India
Foreign governments may perceive another country as a ‘reliable partner’ or not based on its treatment of its minorities, suggests Booth professor Raghuram Rajan.
This algorithm has opinions about your face
April 21, 2022 | Science Daily
In a collaborative research project, Chicago Booth’s Stefan Uddenberg and Alexander Todorov have taught an A.I. algorithm to model first impressions and accurately predict how people will be perceived based on a photograph of their face.
Chicago Booth opens new London campus
April 20, 2022 | Poets and Quants
Chicago Booth has opened the doors to its new campus in central London. The grand opening brought together faculty, alumni, and business leaders to celebrate the school’s commitment to global leadership and investing in the London community.
Booth and Kellogg host world’s premier Entrepreneurship Through Acquisition (ETA) Conference
April 19, 2022 | Elk Valley News
The 8th Annual Booth-Kellogg Entrepreneurship Through Acquisition Conference returns to downtown Chicago as an in-person event on April 25. The plenary session features Mark Agnew, adjunct associate professor of entrepreneurship at Booth, in conversation with alumnus Michael Curry, ’13, CEO of Apex Physics Partners.
Small businesses push back on plan to redirect COVID relief funds
April 19, 2022 | Marketplace
Eric Zwick of Chicago Booth said if a restaurant is having trouble keeping customers in because it used to serve office workers and those office workers aren’t coming back, that restaurant needs to change its business model.
Return to office: Millions of employees aren’t going back to working in person
April 19, 2022 | Yahoo Finance
Steven J. Davis, a professor of economics at Chicago Booth, discusses long social distancing practices, job searches for flexible benefits, inflation, generational labor sentiments, and social media labor trends.
Your business depends on hiring the right sales team
April 18, 2022 | Crain's Chicago Business
“There is a lot more to successful salespeople than industry experience and a good track record,” says Chicago Booth's Michael Alter. “You need to hire the right sales skills for the stage and maturity of your business.”
High and low MBA salaries and bonuses at the top B-schools
April 17, 2022 | Poets and Quants
Among the 2021 graduates of top business schools, Chicago Booth reported the highest average sign-on bonus at $40,544.
Will rising prices sink Biden’s midterm hopes for Democrats?
April 17, 2022 | The Guardian
“There are two questions. One is, is this peak inflation? But even if it is peak inflation and the numbers are coming down, what are they going to come down to?” asks Chicago Booth's Austan Goolsbee.
Is a recession the only way to stop inflation?
April 13, 2022 | The New York Times
“In Europe, they didn’t do the big stimulus that we did, but the inflation is now almost as high as ours,” says Chicago Booth's Austan Goolsbee. “It’s a global phenomenon. It’s not primarily coming from U.S. stimulus.”
Wall Street is battling to determine the future of work from home
April 12, 2022 | CNN
We're in the middle of a restarting phenomenon, says Chicago Booth's Steven J. Davis. The nature of work will become stratified, as companies will decide where they stand on hybrid work and workers will sort themselves based on their preferences.
The Fed's fight against inflation continues
April 11, 2022 | Bloomberg
Austan Goolsbee of Chicago Booth previews the U.S. inflation data that is set to be released this week.
Advocate, Northwestern hospitals haven’t spent their ‘fair share’ on charity, new report says
April 11, 2022 | Chicago Tribune
“I do think that nonprofit hospitals have benefited from the Affordable Care Act in a way that I think makes it fair for us to ask whether they are providing enough additional community benefits in return for that,” says Chicago Booth's Matt Notowidigdo.
Greed or good business? A look at food company profits over the past year
April 9, 2022 | Minneapolis Star Tribune
“Firms have better pricing power because of higher household inflation expectations,” said Chicago Booth's Michael Weber. “When inflation expectations are high, businesses have an easier time passing through cost increases.”
Beijing wants to see more innovation in semiconductor tech and mRNA vaccines, says professor
April 8, 2022 | CNBC: Street Signs Asia
Zhiguo He of Chicago Booth says Beijing is less interested to progress in areas like gaming and soft technology and wants to see instead more innovation in semiconductor tech.
Calmatters: From scandal to scrutiny—how intense citizen oversight reshaped Oakland police
April 7, 22 | The San Francisco Gate
Canice Prendergast of Chicago Booth said complaints against officers resulted in suspensions, resignations, and terminations at levels far higher than before.
Fed tightening will slow growth and increase risk of recession, says fmr. Fed Governor Kroszner
April 6, 2022 | CNBC: The Exchange
Randall Kroszner, a professor of economics at Chicago Booth, discusses how the Fed can implement tightening to tame inflation.
Treasury yields at new highs as balance sheet rundown talk weighs
April 6, 2022 | Reuters
Chicago Booth's Randall Kroszner said Fed policymakers have the opportunity to maintain credibility, but “they need to act boldly” to rapidly raise interest rates and wind down the balance sheet.
Strong job gains in March keep a flame under the recovery
April 1, 2022 | The New York Times
“It’s all about the virus, the virus, the virus—and the virus’s grip on the American psyche seems to have loosened,” said Chicago Booth's Austan Goolsbee. “And we may be moving toward the idea that ‘the Covid era’ of the U.S. economy is done.”
Taiwan’s fatal attractions
April 1, 2022 | Project Syndicate
“The central goal of Taiwanese foreign policy should be to deter China from taking the island by force, and that calls for restraint, not reckless grandstanding,” writes Chicago Booth's Chang-Tai Hsieh in a recent op-ed.
Rajan sees no reason for BOJ to change policy stance
March 30, 2022 | Bloomberg: Daybreak Asia
Raghuram G. Rajan, a professor of finance at Chicago Booth, talks about Bank of Japan's policy.
Elon Musk: Tesla, SpaceX could have ‘died’ if billionaire’s tax existed in 2008
March 30, 2022 | New York Post
Chicago Booth's Steven Kaplan argues that cash-strapped Tesla and SpaceX could have collapsed in 2008 if Elon Musk had left PayPal with $60 million less because of a wealth tax.
Here’s the neat trick of Biden’s billionaire tax
March 28, 2022 | The New York Times
Eric Zwick, a professor of finance at Chicago Booth, said the billionaire tax is a little bit like a conventional capital gains tax, except with the tax paid over time based on the best estimate of the value of the assets each year.
Silicon Valley's latest "unicorn" is a Bored Ape
March 25, 2022 | CBS MoneyWatch
“NFTs themselves can be valuable, but there are a lot of applications where the underlying blockchain technology could be used,” says Chicago Booth's Jason M. Heltzer. “These companies are priced in such a way that their future potential is priced in.”
Another stimulus check could help fight inflation but a fourth is unlikely, experts say
March 24, 2022 | The Hill
Households with $500 or less in their bank spent almost half of their stimulus payment within 10 days of receiving it, according to a research by Chicago Booth’s Constantine Yannelis.
Companies are calling workers back to offices, again. But it might not be for five days a week anytime soon.
March 24, 2022 | Chicago Tribune
Chicago Booth's Steven J. Davis said that two years of practice, improved technology, and increasing demand from employees to work from home has made the concept of working remotely more palatable for employers.
A low birthrate was supposed to weaken Russia. What happened?
March 23, 2022 | The New York Times
Eric Zwick, a professor of finance at Chicago Booth, shares insights from his research on the decline in the US corporate-sector labor share.
China expected robust economic growth in 2022. It’s not looking good.
March 23, 2022 | The Washington Post
“The fundamental economy is at a very important crossroads,” Chicago Booth's Zhiguo He said of the recent market turmoil. “A bunch of economic bad news has accumulated over the past half year.”
Fewer hot showers, less meat: How retirees on fixed incomes are dealing with inflation
March 21, 2022 | The Washington Post
“There is an unfortunate stratification and contribution to inequality in that way: If you’re a lower-income senior who doesn’t ever shop online, as inflation goes up, you just have to eat it,” says Chicago Booth's Austan Goolsbee.
Older Americans, flush with housing and stock portfolio wealth, poised to revive spending this year
March 20, 2022 | The Wall Street Journal
“We have this big [older] demographic, their wealth went up tremendously these past two years,” said Chicago Booth's Constantine Yannelis, adding that with “much more available cash on hand, it’s quite likely they’re going to boost consumer spending.”
How startups can turn their products and customers into their best promoters
March 18, 2022 | Crain's Chicago Business
“Entrepreneurs still have to execute the usual tactics—social media, content marketing, public relations, etc. But with budgets tight, your product itself has to help carry the load,” says Melissa Harris, an entrepreneur-in-residence at the Polsky Center.
Economic weapons of mass destruction
March 17, 2022 | Project Syndicate
“While economic weapons have helped the world bypass a paralysed global governance system in response to Russia’s war of aggression, they also highlight the need for new safeguards in the future,” says Raghuram Rajan, a professor of finance at Chicago Booth.
Why it’s harder for food and drug companies to stop Russian sales
March 17, 2022 | Crain’s Chicago Business
Keeping some form of business functioning in Russia could double as a branding move, winning companies moral brownie points while allowing them to maintain a toehold in the country, says Chicago Booth’s Amanda J. Sharkey.
Kmart in Bridgehampton is one of the last four in the country
March 17, 2022 | Newsday
“Kmart decided they were never going to update their strategy from 1962. And they slowly became irrelevant as newer, better discounters appeared,” said James E. Schrager, a clinical professor of entrepreneurship and strategy at Chicago Booth.
Big law’s deal boom is tough to repeat with Ukraine uncertainty
March 16, 2022 | Bloomberg Law
“Russia’s invasion has put downward pressure on stock markets and has markedly increased uncertainty,” says Chicago Booth’s Steven Kaplan. “One should expect fewer deals everywhere, but particularly Europe.”
Federal Reserve raises rates .25%, forecast shows seven hikes for 2022
March 15, 2022 | CNBC: Power Lunch
Chicago Booth’s Randall Kroszner discusses the Federal Reserve’s decision to raise the federal funds rate and what a reduction in the federal balance sheet would do.
8 habits that are good for the brain—and how to make them stick
March 15, 2022 | AARP
You’re more likely to achieve your goals if they’re less chore-like and, instead, built around something you enjoy, says Ayelet Fishbach, a professor of behavioral science and marketing at Chicago Booth.
When you think about investing, don’t think about the news
March 13, 2022 | The New York Times
Richard H. Thaler, professor of behavioral economics at Chicago Booth, talks about how to invest for the long run even in an uncertain world.
If COVID-19 taught us anything, it’s to expect the unexpected
March 11, 2022 | MarketWatch
Chicago Booth’s Lubos Pastor argues that the U.S. stock market over the last 220 years got lucky, and there is no assurance that in the future, risk will decline as holding period lengthens.
Democrats grapple with mixed Covid-19 stimulus legacy on anniversary
March 11, 2022 | The Wall Street Journal
“Once it comes to a year in and you’ve already done two things, I think that’s what endangers the third thing,” Chicago Booth’s Austan Goolsbee says, commenting on the American Rescue Plan and the difficulty of passing Build Back Better.
War in Ukraine could mean precious metal shortages, and thus, more catalytic converter thefts
March 11, 2022 | CBS Chicago
Economists including Chicago Booth’s Chad Syversion warn that the war in Ukraine could make the problem of catalytic converter thefts even worse.
February CPI: Experts say inflation numbers will be high
March 9, 2022 | NewsNation: On Balance with Leland Vittert
Chicago Booth’s Austan Goolsbee said certain public prices have an outsized impact on consumers’ perception of inflation, and gas prices are one of them.
India needs to recalibrate response to price pressure amid Russia-Ukraine war, says Raghuram Rajan
March 9, 2022 | The Times of India
Like every other central bank, the RBI has to recalibrate as it faces new challenges and ask whether the old playbook still holds, says Chicago Booth’s Raghuram Rajan.
Americans say high prices are hitting the things they need to get by
March 9, 2022 | The New York Times
"It matters what households actually purchase frequently, rather than what has a bigger expenditure share,” Chicago Booth's Michael Weber says of how people form their views of inflation.
Marianne Bertrand: inequity detective
March 7, 2022 | International Monetary Fund
"As countries get richer, they have more time and resources to devote to considerations of equity. We can afford an inclusive world,” says Chicago Booth’s Marianne Bertrand.
Bond traders track oil as rising inflation bets muddy Fed’s job
March 4, 2022 | Bloomberg
Increases in commodity prices should be “continuing for quite some time and probably quite significantly,” said Chicago Booth’s Randall Kroszner.
Russia’s war prompts a pitch for ‘socially responsible’ military stocks
March 4, 2022 | The New York Times
“Although self-appointed arbiters of responsibility may believe otherwise, leaders of our elected government, both Democratic and Republican, have always believed that having a strong military was socially responsible,” says Lubos Pastor, a professor of finance at Chicago Booth.
U.S. adds 678,000 jobs in February, with labor market nearing full recovery from pandemic
March 4, 2022 | The Washington Post
“Covid is loosening its grip. The virus ruled through fear, and that fear is fading,” says Chicago Booth’s Austan Goolsbee. “You see that around the country, as people are willing to go back out to jobs they weren’t willing to take in the midst of the pandemic.”
More remote workers are moving to small towns like Quincy that better match their lifestyles as pandemic reshapes the workplace
March 4, 2022 | Chicago Tribune
The sense of community people find in small towns can sometimes replace some of the social connections that are lost in remote working environments, according to Nicholas Epley, a professor of behavior science at Chicago Booth.
Talking war and market volatility with a giant of economics
March 4, 2022 | The New York Times
Chicago Booth’s Eugene F. Fama says the stock market can’t easily process “irrational” behavior. What will happen? “Who knows?” he says. “Basically, we’re in a period where we have had an injection of uncertainty into the world, so speculative prices are going to go up and down in response.”
Fewer crimes if locals know police officers
March 3, 2022 | The Times
Giving people information about their local police officers may reduce crime rates, research by Chicago Booth’s Anuj Shah suggests.
Opinion: America’s indulgence of corporate secrecy (like Delaware LLCs) makes it harder to squeeze Putin
March 2, 2022 | MarketWatch
Washington’s historical indulgence toward corporate secrecy makes it harder to place economic pressure on Putin’s regime, argues Chicago Booth’s Hal Weitzman. “To a large extent, these efforts depend on transparency: the more we know about who is doing what in the global financial system, the easier it is to respond quickly when we want to do so.”
Ukraine war likely to delay interest rate rises, says Man Group chief
March 1, 2022 | Financial Times
A majority of economists polled by Booth’s Initiative on Global Markets and the Financial Times expect the federal funds rate to increase to a minimum of 1.5 percent by the end of the year.
Fed’s expected policy will be ‘too little too late’ on inflation, economists fear
February 26, 2022 | Financial Times
The Federal Reserve will fail to control inflation if it delivers only six quarter-point rate rises this year, according to a survey of economists by Booth’s Initiative on Global Markets and the Financial Times.
56 percent of Americans think Biden’s first year was a failure
February 25, 2022 | PBS News Hour
Booth’s Austan Goolsbee says President Biden’s approval numbers matter even more as he tries to push big policies.
How will Russia’s invasion of Ukraine hit the global economy?
February 24, 2022 | Financial Times
Chicago Booth’s Randall Kroszner said that yields on sovereign debt of countries geographically close to the crisis in Ukraine offer a good indicator of whether markets fear a wider conflict.
U.S. Fed could start normalizing monetary policy, says India’s former central bank chief
February 23, 2022 | CNBC: Squawk Box Asia
Raghuram Rajan, a finance professor at Chicago Booth, discusses the Russia-Ukraine crisis and says the U.S. Federal Reserve is likely to “dial down” talk of more aggressive moves.
Go slow to go fast: A disciplined approach to growth
February 18, 2022 | Crain’s Chicago Business
“I think many businesses would benefit from going slower,” says Jamie Shah, an entrepreneur-in-residence at the Polsky Center. “Consider expanding into one less market, releasing one less product feature and borrowing a little less. This will give you the time and energy to be able to execute with excellence.”
Fed officials firm up plans for a swift pullback of economic help.
February 22, 2022 | The New York Times
At Booth’s recent U.S. Monetary Policy Forum, economists and policy makers discussed whether a series of rate increases are warranted.
Corporate pricing is boosting inflation—but we’re still buying
February 20, 2022 | VOX
According to survey of economists by Booth’s Initiative on Global Markets, 67 percent disagreed that dominant corporations raising prices is a significant factor behind higher U.S. inflation.
Pandemic’s economic impact is easing, but aftershocks may linger
February 19, 2022 | The New York Times
Chicago Booth’s Austan Goolsbee argued early in the pandemic that the best way to revive the economy was to get the pandemic itself under control.
The making of a new government-funded moonshot model
February 17, 2022 | Bloomberg Businessweek
“If venture capital didn’t take risks, it would never get a hundred-fold return,” says Chicago Booth’s Randall Kroszner.
Bury the U.S.-China trade agreement
February 16, 2022 | Project Syndicate
“The main losers from higher U.S. tariffs on imports from China are American consumers and firms that rely on Chinese inputs,” suggests Chicago Booth’s Chang-Tai Hsieh.
5 better ways to get stuff done, according to the science of motivation
February 16, 2022 | Fast Company
Chicago Booth’s Ayelet Fishbach shares five key insights from her new book, Get It Done: Surprising Lessons from the Science of Motivation.
In a remote world, HR departments are rushing to make onboarding feel more human
February 15, 2022 | Fortune
“If you look at onboarding, not as logistics, but as welcoming another person into a new space . . . it changes the way that you roll that experience out, and therefore changes the way that someone feels welcomed when they get to the organization,” says Chicago Booth’s Felicia Joy.
The pandemic-era small business boom
February 15, 2022 | Axios
“People are looking for working arrangements that are more suitable to how they want to live their lives,” Chicago Booth’s Steven Davis says of people who are quitting their jobs as part of “the Great Resignation.”
If your wife makes more than you do, read this
February 14, 2022 | The Washington Post
An analysis by Chicago Booth’s Marianne Bertrand and Emir Kamenica found that there are fewer marriages in places where women are more likely to outearn men.
Confused about how worried to be about the pandemic? You’re not alone
February 14, 2022 | NPR: All Things Considered
Chicago Booth’s Ayelet Fishbach weighs in on the confusion many people continue to experience during the pandemic. (Interview starts 1:15.)
Fintech executives call for better industry data on diversity
February 14, 2022 | Financial Times
A paper coauthored by Booth PhD candidate Benedict Guttman-Kenney estimates that between 40 and 50 percent of UK BNPL is on credit cards, which would cancel out the payment program’s interest-free appeal.
‘Survival mode’: Inflation falls hardest on low-income Americans
February 13, 2022 | The Washington Post
By the second half of 2021, households earning less than $30,000 a year consistently faced higher inflation than those earning more than $100,000 a year, according to a working paper by Chicago Booth’s Michael Weber.
The economics behind NFTs—why celebrities such as Justin Bieber, Gwyneth Paltrow and Eminem pour millions into Bored Apes
February 13, 2022 | South China Morning Post
Chicago Booth’s Canice Prendergast suggests that blockchain and NFTs are very useful when you cannot rely on the provider of a good to act in an appropriate way.
Inflation may have already peaked. The Fed needs to step gingerly.
February 11, 2022 | The New York Times
“Forecasting the future of inflation right now is hazardous,” says Chicago Booth’s Michael Weber. “It’s just too complex.”
Americans are still stocking up on groceries
February 7, 2022 | The Daily Wire
“Psychologically, the cost of underconsumption appears higher than overconsumption,” says Ayelet Fishbach, professor of behavioral science and marketing at Chicago Booth.
Two former White House economists discuss disconnect between Americans and the Biden economy
February 7, 2022 | CNBC: Squawk Box
Chicago Booth’s Austan Goolsbee breaks down why so many adults disapprove of the Biden economy despite substantial growth and a significant drop in the unemployment rate.
The U.S. is considering a radical rethinking of the dollar for today’s digital world
February 6, 2022 | NPR
“There will be legitimate questions about how much the government knows about each individual, and also, how much it can act to restrain activities by individuals,” Chicago Booth’s Raghuram Rajan says of a potential central bank digital currency.
How China’s communist officials became venture capitalists
February 6, 2022 | Bloomberg Markets
Chang-Tai Hsieh and his co-authors estimate that partnerships between entrepreneurs and local governments account for the bulk of growth in China’s economy over the last decade.
Strong U.S. jobs numbers vindicate Biden’s economic record, supporters say
February 5, 2022 | Financial Times
“If Omicron did not lead to the kind of job loss that previous waves created, then maybe it is conceivable that by the summer we could be back to something like normal,” suggests Chicago Booth’s Austan Goolsbee.
Chicago Booth to boost nonprofits in BIPOC communities
February 4, 2022 | Poets & Quants
The new Golub Capital Social Impact Lab at Chicago Booth is aimed at helping nonprofit leaders better serve communities of color, says George Wu, professor of behavioral science and faculty director for the new lab.
Economy experts react to ‘flat-out great’ jobs report
February 4, 2022 | Fox Business
“Overall it’s very positive, especially labor-force participation kicking up,” says Chicago Booth’s Austan Goolsbee of the January jobs report. “By the end of the summer, we could be, in the job market, fully back to where we were before the pandemic began.”
‘Blockbuster’ jobs report suggests Fed can raise rates without tanking the economy, Austan Goolsbee says
February 4, 2022 | CNN Business
January’s shockingly strong jobs report suggests the U.S. economy is healthy enough to withstand the Federal Reserve’s plans to raise interest rates in the coming months, suggests Chicago Booth’s Austan Goolsbee.
We’re starting to see a little bit of an ECB pivot on inflation, says former Fed Governor Kroszner
February 3, 2022 | CNBC: Squawk on the Street
Randall Kroszner, former Federal Reserve governor and deputy dean of Chicago Booth, discusses upcoming nominations for the Federal Reserve, recent international central bank news, and more.
Analysis: Ukraine may prove wild card for inflation-obsessed markets
February 3, 2022 | Reuters
Chicago Booth’s Randall Kroszner says Ukraine could prove a geopolitical test case for markets. “That’s one of the wildcards that we certainly haven’t had in recent years—moving from a cold war to a hot war that could involve Russia and NATO,” he said.
Not feeling it on Valentine’s Day, Tampa Bay? A company lets you ditch the ads
February 2, 2022 | Tampa Bay Times
Chicago Booth’s Ayelet Fishbach says allowing customers to opt-out of certain types of ads is a great practice. “If I feel that a company knows me and can support my goals, I like them more.”
Meet Chicago Booth’s MBA class of 2023
February 2, 2022 | Poets & Quants
At Chicago Booth, second-year students go out of their way to make life easier for first-years. This pay-it-forward culture is a tradition that’s handed down between classes as an act of gratitude.
Low expectations for jobs report
February 1, 2022 | Bloomberg: Balance of Power
Chicago Booth’s Austan Goolsbee discusses what to expect in January’s jobs numbers.
The state of venture capital investments in female founders: change is in the wind
January 31, 2022 | Forbes
VCs who increased their proportion of female partner hires by 10% averaged a nearly 10% increase in profitable exits, writes Chicago Booth’s Waverly Deutsch.
Consumer’s confidence drags while economy takes a roller coaster ride
January 31, 2022 | Marketplace Morning Report
“We are on a roller coaster right now—it’s the omicron roller coaster or the inflation roller coaster. We don’t really know what will happen tomorrow,” says Chicago Booth’s Ayelet Fishbach.
For the greater good, neither the private nor public sectors can do it alone
January 27, 2022 | Crain’s Chicago Business
Professor Robert Gertner and James Carmichael, MBA ’10, AM ’10, have been working on a new Booth course, “Perspectives in Capitalism,” to guide current MBA candidates to critically examine the relationship between markets, the state, the individual, and values.
U.S. Fed’s ‘tap dance’ around balance sheet cut probably due to lack of consensus: Ex-Fed governor
January 27, 2022 | CNBC: Squawk Box Asia
Randall Kroszner, deputy dean at Chicago Booth and former U.S. Federal Reserve governor, says there are probably many different views on “how quickly and in what form” the balance sheet should be reduced.
Federal Reserve is a ‘prisoner’ of its new framework, Rajan says
January 26, 2022 | Bloomberg: Daybreak Asia
Raghuram Rajan, professor of finance at Chicago Booth and former governor of the Reserve Bank of India, discusses the Federal Reserve’s policy.
Is the Great Resignation overblown?
January 26, 2022 | The New York Times
In periods of financial stress, troubled banks are like the ancient mariner, argues a new working paper from Chicago Booth’s Raghuram Rajan.
ECB needs to prepare for a policy shift, ex-Fed official says
January 26, 2022 | Bloomberg
The European Central Bank should be preparing for a shift in monetary policy now to prevent the need for more aggressive action later that leads to financial-market turmoil, suggests Chicago Booth’s Randall Kroszner.
As food costs rise in Chicago, viral burrito incident highlights who really bears the brunt of inflation
January 25, 2022 | Chicago Tribune
Michael Weber, a professor of finance at Chicago Booth, found in a recent study of U.S. households that the impact of food inflation is substantially higher for low-income people who don’t generally have the option to seek out less expensive alternatives.
India’s economy has some bright spots, a number of dark stains: Raghuram Rajan
January 23, 2022 | Hindustan Times
“We need to do more to prevent a K-shaped recovery, as well as a possible lowering of our medium term growth potential,” Chicago Booth’s Raghuram Rajan said of the Indian economy.
The U.S. refuses to fall in love with electric cars
January 21, 2022 | WIRED
Chicago Booth’s Pradeep Chintagunta says electrical vehicles face several significant technical, economic, and social barriers to adoption in the United States.
Inflation hits 7.5% in Midwest; surging consumer prices ‘disastrous’
January 19, 2022 | Chicago Tribune
Increased prices may prompt consumers to hit the brakes on discretionary spending, dealing another blow to industries already hurt by the pandemic, suggests Chicago Booth’s Michael Weber.
Work from home is becoming a permanent part of how jobs are done
January 18, 2022 | Bloomberg Businessweek
Work from home has held steady at just over 40% since May 2021, according to research by Chicago Booth’s Steven Davis.
State Farm hiring 3,400 employees, including some fully remote workers
January 18, 2022 | CBS 2 Chicago
“Employers are gradually becoming more accustomed or comfortable with the notion that many of their employees are going to work from home part of the week,” said Chicago Booth’s Steven Davis.
Responsible business education awards: full shortlists
January 18, 2022 | Financial Times
Chicago Booth professor Sendhil Mullainathan and alumnus George Boghos, ’18, are both recipients of The Financial Times Responsible Business Education Awards. Mullainathan won for his paper “Dissecting racial bias in an algorithm used to manage the health of populations.” Boghos won for his startup, Autism in Motion Clinics.
Alumni change maker award: passion meets purpose
January 18, 2022 | Financial Times
Booth alumnus George Boghos, ’18, won the Financial Times’ alumni change maker award, which celebrates MBA alumni who are tackling society’s challenges head on. Boghos’s company, Autism in Motion Clinics, provides behavioral therapy for children with autism and focuses on underserved rural populations.
Academic research award: smart ideas with real-world impact
January 18, 2022 | Financial Times
Booth’s Sendhil Mullainathan won the Financial Times’ academic research award for discovering large-scale racial bias in the algorithms used by insurers to predict millions of U.S. patients’ healthcare needs, and for his and his coauthors’ efforts to combat this bias.
‘The virus is the boss’: Talking COVID economic realities on the latest A.D. Q&A podcast
January 18, 2022 | Crain’s Chicago Business: A.D. Q&A
Chicago Booth’s Austan Goolsbee discusses inflation worries, next steps from the Federal Reserve, and the future of cities.
There will be a slowdown in this quarter’s activity: Raghuram Rajan
January 17, 2022 | The Economic Times
Raghuram Rajan discusses economic recovery in India, inflation in the U.S., and global growth in 2022.
How business schools can nurture tomorrow’s impact investors
January 17, 2022 | Financial Times
Some leading business schools, including Chicago Booth, Wharton, and Harvard, are working with investors to research the characteristics and drivers of success in impact investing.
Feeding two birds with one scone
January 15, 2022 | The Boston Globe
The idea that healthy foods are less likely to taste good is actually a cognitive bias, suggests Chicago Booth’s Ayelet Fishbach. “If you undo the bias … you’ll have a better relationship with this food and, ultimately, you’ll eat more healthily.”
A pandemic is no time to make little plans
January 14, 2022 | | Crain's Chicago Business
“In a crisis, it’s easy to focus on day-to-day operations, but the entrepreneurs who will win big during this pandemic are ones who recognize the long-term value of each customer and make grand plans to retain them,” says Chicago Booth’s Dan Sachs.
Price controls set off heated debate as history gets a second look
January 13, 2022 | The New York Times
In a recent survey by Booth’s Initiative on Global Markets, 61 percent of economists said that price controls similar to those imposed in the 1970s would fail to “successfully reduce U.S. inflation over the next 12 months.”
Balance of Power
January 13, 2022 | Bloomberg
Chicago Booth’s Randall Kroszner lends insight on the Fed and inflation. (Segment begins 3:30.)
CPS lunchroom workers struggle with food shortages, COVID-19 fears: ‘You don’t know how stressful it is to come to work’
January 13, 2022 | Block Club Chicago
The pandemic has disrupted the global supply chain, leading to shortages and price increases, said Chicago Booth professor Anna Costello. “We should expect [a recovery is] at least two years out, perhaps more,” she said.
How much should you fret about rising federal debt?
January 12, 2022 | The New York Times
Amir Sufi of Chicago Booth said the government can get in trouble even if the interest rate remains below the economy’s growth rate.
Elizabeth Holmes is guilty. What about her investors and board members?
January 12, 2022 | Crain’s Chicago Business
Chicago Booth’s James Schrager suggests that the CEOs, private investors, venture capitalists, and board members working with Theranos made clearly avoidable poor decisions.
Fed rate hikes starting in March a ‘high probability’: Fmr. Federal Reserve governor
January 11, 2022 | Fox Business Live
Chicago Booth’s Randall Kroszner weighs in on Federal Reserve chair Jerome Powell’s intentions to raise interest rates.
The importance of eating together
January 11, 2022 | Psychology Today
“Meals are inherently a social activity,” says Chicago Booth’s Ayelet Fishbach. “Most of us would rather eat with others than alone, and with good reason: Sharing similar foods forms a social connection.”
The ‘Great Resignation’ continues, plus its impact on journalists of color at NPR
January 7, 2022 | WBEZ: Reset with Sasha-Ann Simons
Chicago Booth’s Matt Notowidigdo discusses why people continue to switch jobs at such a high rate and what it says about the labor market going forward.
Why young adults are delaying parenthood
January 7, 2022 | The Wall Street Journal
Chicago Booth’s Abigail Sussman says that for people looking to make huge transitions, the expectation of normalcy in the wider world can be reassuring—and without that assurance, it’s easy to revert to inaction.
How the Theranos verdict reverberates in Chicago
January 5, 2022 | Crain’s Chicago Business
“With more money available than ever, there is a lot of pressure on VCs to make decisions quickly, before they can do thorough due diligence,” says Chicago Booth’s Steve Kaplan.
Ethereum has a gas problem
January 5, 2022 | Morning Brew
The concept of gas fees highlights a major difference between cryptocurrency transactions and those in “classic markets,” suggests Chicago Booth’s Anthony Lee Zhang.
New research method reveals how businesses can run better experiments
January 5, 2022 | Phys.org
Chicago Booth’s Panos Toulis and coauthors designed a new method that illuminates how interference affects the results of randomized control trials. This will allow social and behavioral researchers to better account for interference across a broad range of applications.
7 trends that will shape the grocery industry in 2022
January 4, 2022 | Grocery Dive
Investing in operational efficiencies could allow retailers to offer higher salaries and better benefits to their workforce, boosting longevity and satisfaction, said Nicole DeHoratius, a professor of operations management at Chicago Booth.
‘Get It Done’ review: A mindset for motivation
January 3, 2021 | The Wall Street Journal
“Get It Done,” a new book from Chicago Booth’s Ayelet Fishbach, has two main objectives: to help readers set the right goals, and to offer research-based insights into how to better achieve them.
How the science of motivation helps with New Year’s resolutions
January 1, 2022 | Financial Times
Ayelet Fishbach, a professor of behavioral science at Chicago Booth, discusses the best way to set goals and stick to them.
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