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.
All this talk about the Fed “tapering” bond-buying—what’s it to you?
September 22, 2021 | Marketplace
“Markets were not functioning very well,” said Chicago Booth’s Randall Kroszner of the early days of the pandemic. “There was so much tumult that the Fed felt it needed to make sure the pandemic health crisis didn’t turn into a financial crisis.”
Break up big tech?
September 21, 2021 | City Journal
Chicago Booth’s Luigi Zingales weighs in on the tech industry, its effects on politics, and the possibility of reform.
How to keep your direct reports motivated
September 20, 2021 | Quartz
“This is the time when managers make a difference, when their management skills are being tested more than ever,” Chicago Booth’s Ayelet Fishbach says of waning employee motivation amid the pandemic.
Opinion: America’s policy toward China is misdirected, because it would actually strengthen China and weaken the United States
September 20, 2021 | MarketWatch
Chicago Booth’s Chang-Tai Hsieh says the real challenge to America does not come from China’s state-owned firms, but rather its private companies that produce goods U.S. consumers eagerly buy.
Why the U.S. risks running out of cash within weeks
September 19, 2021 | The Telegraph
Chicago Booth’s Randall Kroszner expects a deal “at the 11th hour,” and notes that the Treasury will “pull out all the stops” to make sure it pays the bills.
Economist Austan Goolsbee & Slice CEO Ilir Sela on vaccines and COVID’s impact on business
September 18, 2021 | Full Court Press with Greta Van Susteren
Austan Goolsbee predicted “the economy would come booming back again” if vaccine rates go up, but said that resistance to the vaccine makes him fear we’re going to be struggling for a long time. (Segment begins 1:02.)
Why is Pfizer advertising a vaccine that gets plenty of free promotion?
September 18, 2021 | Quartz
The large promotion apparatus associated with the vaccine creates rather choppy waters for a marketing team to navigate, says Chicago Booth’s Pradeep Chintagunta.
Can your company live long and prosper?
September 17, 2021 | Crain’s Chicago Business
Committing to innovation and entrepreneurship early on can keep you ahead of changes that kill businesses, suggests Chicago Booth’s Gregory Bunch.
Pandemic-induced office closures may become more permanent
September 17, 2021 | Scripps National
While reduced overhead, real estate savings, and less commuting are wins for some companies and their employees, permanent office closures will likely be painful for others, suggests Chicago Booth’s Steven Davis.
Surveillance: U.S. retail sales surprise (podcast)
September 16, 2021 | Bloomberg Surveillance
Chicago Booth professor and Nobel laureate Richard Thaler discusses the biases and blunders of COVID-19.
‘Father of modern finance’ explains the theory behind index funds in 5 words
September 16, 2021 | ThinkAdvisor
Chicago Booth’s Eugene Fama explains the efficient market hypothesis and argues that active management won’t bring the kinds of returns investors seek.
Austan Goolsbee on inflation and labor shortage
September 14, 2021 | Bloomberg Markets
Chicago Booth’s Austan Goolsbee discusses how the Delta variant affected inflation and the economy, and how rising cases may make the labor supply problem worse.
Pace of U.S. consumer price rises cools slightly in August
September 14, 2021 | Financial Times
Economists surveyed by Booth’s Initiative on Global Markets expect inflation to surpass the Federal Reserve’s longstanding 2 percent target for some time.
ESG loyalty will be tested as performance starts to lag
September 14, 2021 | Investment News
ESG investors should not expect high recent performance to continue, according to a new study coauthored by Chicago Booth’s Lubos Pastor.
The huge economic stakes behind Joe Biden’s vaccine mandate
September 13, 2021 | The New Yorker
Chicago Booth’s Austan Goolsbee found that the main force driving people’s economic behavior wasn’t the lockdown but the spread of the coronavirus.
Cryptos may revolutionize micro payments, but we are not there yet, says Raghuram Rajan
September 12, 2021 | The Economic Times
Raghuram Rajan, a professor at Chicago Booth and former RBI governor, said the notion that cryptocurrencies are more reliable than fiat currencies was a little overstretched.
The future of capitalism, with Luigi Zingales
September 10, 2021 | The Spinoff: When the Facts Change
Chicago Booth economist Luigi Zingales talks about what went wrong with corporate capitalism and how it could be fixed.
Science explains why you don’t care about your Future Self (and how to get stuff done anyway)
September 10, 2021 | Fast Company
When it comes to achieving your goals, enjoying the process itself is more important than wanting the long-term benefits, according to research by Chicago Booth’s Ayelet Fishbach.
Biden’s new vaccine push is a fight for the U.S. economy
September 9, 2021 | The New York Times
“When we get control of the spread of the virus, or even stabilize the spread of the virus, the economy wants to come back,” says Chicago Booth’s Austan Goolsbee.
Central banks don’t want to take punch bowl away too quickly, former Fed governor says
September 9, 2021 | CNBC
Randall Kroszner, deputy dean at Chicago Booth and former Federal Reserve governor, weighs in on central banks’ monetary policy dilemma.
Economists predict U.S. interest rate rise in 2022
September 9, 2021 | Financial Times
The Federal Reserve will have to wind down its pandemic-era stimulus program quickly and raise U.S. interest rates in 2022 in response to higher inflation, according to a poll of leading economists conducted by the Financial Times and Booth’s Initiative on Global Markets.
Richard Thaler on “Nudging” the pandemic, climate change and retirement saving
September 9, 2021 | Australian Broadcasting System: The Economists
Booth professor Richard Thaler’s work has inspired “nudge units” for developing better policy in governments and businesses around the world.
Decision Making 101: University of Chicago’s Booth School opens Mindworks as a downtown place to learn about how and why (Fall Arts Preview 2021)
September 8, 2021 | New City Design
“What we sell is satisfying curiosity. We’re out to give people an “Aha!” moment,” said Chicago Booth’s Nicholas Epley of Mindworks, the school’s new behavioral science center downtown. The center’s exhibits highlight different elements of decision-making, including choice architecture, which Booth’s Richard Thaler explores in depth in his book Nudge.
Biden blames unvaccinated for slowing economic recovery; U of C professor addresses impact of low job growth
September 3, 2021 | CBS 2 Chicago
Chicago Booth’s Austan Goolsbee discusses the expiring unemployment benefits and how much of a factor the Delta variant is in the job picture right now.
The work-from-home economy and the urban job outlook
September 3, 2021 | The New York Times
Chicago Booth’s Steven J. Davis estimates that from April to December 2020, half of the working hours in the American economy were supplied from home. After the pandemic ends, he thinks the share will fall to around 20 percent.
Rising prices: Long-term inflation on the horizon or pandemic economy recalibration? Chicago experts weigh in.
September 2, 2021 | Chicago Tribune
Chicago Booth’s Michael Weber cautions against comparing the overall price level right now to what the price level was a year ago during the first wave of the pandemic, when prices were substantially depressed.
Fed pullback could happen later half of 2021, says Randy Kroszner
September 2, 2021 | CNBC Power Lunch
Randall Kroszner, a former Fed governor and current Chicago Booth professor, discusses how important the August’s jobs report will be to the Federal Reserve’s plan for the economy.
How to distribute scarce medical supplies in a pandemic, and do it fairly
August 31, 2021| Phys.org
A new paper coauthored by Chicago Booth’s Rad Niazadeh outlines a way to solve the problem of distributing scarce goods under uncertain conditions.
Fed now risks too-slow taper after too fast in 2013, Rajan says
August 30, 2021 | Bloomberg
Chicago Booth’s Raghuram Rajan suggests the central bank could fall behind the curve as it gradually removes COVID-era monetary stimulus.
Some say low interest rates cause inequality. What if it’s the reverse?
August 28, 2021 | The New York Times
A new paper coauthored by Booth’s Amir Sufi suggests high inequality is the cause, not the result, of the low interest rates and high asset prices evident in recent years.
Powell performs virtual balancing act at Jackson Hole
August 28, 2021 | Financial Times
“It was as balanced a picture as one might expect from Powell,” said Booth’s Raghuram Rajan of the Federal Reserve chair’s speech at the Jackson Hole symposium. “He is trying to buy time and does not want to set anything in stone.”
Meet the MBA Class of 2023: Emma Lawler, University of Chicago (Booth)
August 28, 2021 | Poets & Quants
“I came to Booth to further pursue entrepreneurship, and I can already tell I’ll have a vast network of professionals to collaborate with along that journey,” said current student Emma Lawler in a new profile.
Keeping monetary policy loose can help labor reallocation - paper
August 27, 2021 | Reuters
Keeping interest rates low for as long as possible could help people move from industries that have been curtailed by the COVID-19 pandemic to those that have thrived, according to Booth’s Veronica Guerrieri.
The hybrid work revolution is already transforming economies
August 26, 2021 | Bloomberg
Working from home around one day a week will boost productivity by 4.8% as the post-COVID economy takes shape, according to a study coauthored by Chicago Booth’s Steven J. Davis. Another study coauthored by Booth’s Michael Gibbs finds that people worked longer hours at home to perform the same task.
Shares tap the brakes, bonds sense caution
August 26, 2021 | Reuters
“Ideally, the Fed would like to observe as long as possible, (and)...make sure that the economy is well on track towards growth,” said Chicago Booth’s Raghuram Rajan. “Of course, the problem is the Delta variant, plus whatever variants are lurking in the background.”
Central banks should not mandate ‘green’ investments: Raghuram Rajan
August 26, 2021 | Reuters
The onus of promoting sustainable investments should lie with governments and not central banks, said Raghuram Rajan, a professor at Chicago Booth and former Reserve Bank of India governor.
Balance of Power
August 25, 2021 | Bloomberg
Chicago Booth’s Randall Kroszner previews the upcoming economic policy symposium in Jackson Hole, Wyoming. (Segment begins 1:24.)
Fed decries a wealth gap it helps perpetuate
August 24, 2021 | The Washington Post
A recent study by researchers including Booth’s Amir Sufi suggests that the lopsided distribution of wealth is more than a social issue, it’s also dissuading productive investment.
Facebook’s stealth M&A puts focus on deals under antitrust radar
August 23, 2021 | Bloomberg
A paper coauthored by Chicago Booth’s Christopher Stewart finds that companies are actively managing the size of their deals to avoid antitrust reviews. Booth’s Thomas Wollmann, who also studies the issue, said, “Firms basically are running wild.”
What's more important than speed to online consumers?
August 23, 2021 | Progressive Grocer
New data suggests shoppers care more about ability to select a specific delivery day and precise delivery time. Chicago Booth’s Nicole DeHoratius gives retailers four recommendations.
Go with the flows
August 23, 2021 | Financial Times
Xavier Gabaix and Booth’s Ralph Koijen published a paper about what moves stock prices, which was discussed in The Economist and Financial Times.
Fracking linked to surface water quality for first time in new study
August 19, 2021 | The Hill
A new study coauthored by Chicago Booth’s Christian Luez found hydraulic fracturing can alter the composition of surface water and not just groundwater.
Rajan on rising inequality, lost generation, competition problem and China clampdown
August 18, 2021 | Bloomberg Quint
The effectiveness of governments is even more important at a time like this, said Chicago Booth’s Raghuram Rajan of the widening inequality gap in developing countries like India due to the pandemic.
Please don’t feed the businesses
August 15, 2021 | City Journal
Ending crony capitalism requires understanding the difference between being pro-market and being pro-business, suggests Chicago Booth’s Luigi Zingales.
The Delta variant is already leaving its mark on business
August 15, 2021 | The Wall Street Journal
During COVID-19 outbreaks, fear appeared to be a major driver of consumer behavior, according to Chicago Booth’s Austan Goolsbee and Chad Syverson.
A new theory suggests that day-to-day trading has lasting effects on stock markets
August 14, 2021 | The Economist
Chicago Booth’s Ralph Koijen finds that markets respond to buying and selling in a manner contrary to that set out in the textbooks: they magnify, rather than dampen, the impact of flows.
Analysis: As Fed shifts gears, shaping consensus gets trickier for Powell
August 13, 2021 | Reuters
“If people see the economy coming back more strongly and more inflation pressures, they are going to want to taper sooner and more vigorously and raise (interest) rates early,” said Chicago Booth’s Randall Kroszner.
The voices we make when we pretend our dogs can talk
August 12, 2021 | The Washington Post
Chicago Booth’s Nicholas Epley says we ascribe feelings and personalities to animals to make sense of the world around us, and to build connections to our environment.
Why entrepreneurs find it hard to scale up
August 12, 2021 | Crain’s Chicago Business
“Entrepreneurs fall into the trap of believing that the things that got them this far will continue to bring success through the growth stage,” says Chicago Booth’s Michael Gibbs. “But the spirit that got them through the early years can become a liability.”
It’s too early to say if inflation has peaked, says former Fed governor
August 11, 2021 | CNBC: Squawk on the Street
Chicago Booth’s Randall Kroszner discusses inflation and the Fed’s handling of the pandemic.
Efforts for ‘health of economy’ key to China’s recovery
August 11, 2021 | China Daily
“Many policy tools used by major economies to battle against the pandemic are similar, that is, to inject liquidity into the market and keep businesses afloat. But the steps that China took supported businesses and made sure not to damage the health of the economy,” said Zhiguo He, a finance professor at Chicago Booth.
Will the pandemic productivity boom last?
August 10, 2021 | The New York Times
A working paper coauthored by Chicago Booth professor Steven Davis finds that widespread working from home could generate a 4.8 percent boost to productivity relative to the pre-pandemic economy.
How would a Bank of England digital currency work?
August 9, 2021 | Financial Times
A recent survey of academic economists run by Booth’s Initiative on Global Markets found that 63 percent agreed that the benefits of a central bank digital currency would exceed the risks while only 7 percent disagreed.
Workers, business owners benefit from Biden economic plan
August 9, 2021 | MSNBC: The Last Word
Chicago Booth’s Austan Goolsbee says the economy grows the fastest when the government helps ordinary, working people.
Yes, the pandemic is bad again
August 6, 2021 | The Atlantic
“It’s often when things are getting better that people get restless and impatient,” says Chicago Booth’s Ayelet Fishbach. “They can’t reach their goal soon enough.”
The political lessons of COVID-19
August 6, 2021 | Project Syndicate
“If we want to continue living in a global economy, we need to develop an effective system of global governance,” says Chicago Booth’s Luigi Zingales.
Biden taps U of C economist Brent Neiman for top spot at Treasury Department
August 6, 2021 | Chicago Sun-Times
President Joe Biden tapped Chicago Booth economist Brent Neiman for a top spot at the Treasury Department. Neiman’s recent research focuses on the impact of COVID-19 on the economy, with a focus on inequality as more people have been working from home.
Fed, Uber and COVID, doggie DNA (podcast)
August 5, 2021 | Bloomberg Best
Former Federal Reserve governor and Chicago Booth professor Randall Kroszner discusses how dovish the Fed seems to be on inflation. (Segment begins 21:35.)
Uber CEO watching Delta variant (podcast)
August 5, 2021 | Bloomberg Surveillance
Chicago Booth’s Randall Kroszner says inflation pressures may last about six months. (Segment begins 0:29.)
Bank of Japan and the Fed may be most vulnerable from prolonged quantitative easing: Professor
August 6, 2021 | CNBC: Squawk Box Asia
Chicago Booth’s Raghuram Rajan says prolonged quantitative easing will shorten government debt maturity and exposes the fiscal risks to interest rate hikes.
Inflation pressures to last about six months, Kroszner says
August 5, 2021 | Bloomberg Surveillance
Chicago Booth’s Randall Kroszner, a former Federal Reserve governor, discusses the outlook for Fed monetary policy and inflation pressures.
Opinion: How high-frequency traders are costing the rest of us billions of dollars each year
August 5, 2021 | MarketWatch
High-frequency trading costs global stock-market investors billions of dollars each year, according to a study coauthored by Chicago Booth’s Eric Budish.
Opinion: We should all be engaged in a mission to seek and destroy sludge
August 4, 2021 | The Washington Post
“Sludge removal can bring societal benefits—for example, helping encourage students from disadvantaged communities to apply to prestigious universities willing to offer a free education to those who qualify,” says Richard Thaler, a professor at Chicago Booth and author of Nudge: The Final Edition.
Why even the most elite investors do dumb things when investing
August 3, 2021 | NPR: Planet Money
While elite investors are exceptionally good at buying stocks, they’re really bad at selling them, according to research from Chicago Booth’s Alex Imas.
Favorite MBA professors of the Class of 2021
August 1, 2021 | Poets & Quants
Chicago Booth’s Scott Meadow and James Schrager were named among the Class of 2021’s favorite MBA professors. Students described both professors as powerful and engaging storytellers.
Study: Online prices see COVID-19 spike, reversing multiyear trend
July 29, 2021 | U.S. News & World Report
Chicago Booth’s Austan Goolsbee noted that what people bought online during the pandemic changed and these behavioral shifts could continue into the future.
Chicago innovators: Mindworks offers one-of-a-kind experience
July 28, 2021 | WBEZ Chicago
Chicago Booth’s Nicholas Epley discusses Mindworks, the school’s new research space in downtown Chicago and the world’s first interactive lab and museum dedicated to behavioral science.
Universal access to high-speed internet will make home-based work more productive, study
July 28, 2021 | Reuters
According to a study by Chicago Booth’s Steven Davis, more people will work from home in the future; if high-quality internet access is available to all, that could lead to a sustained boost in worker productivity and increase economic output by $160 billion a year.
Why we don’t dole out many compliments—but should
July 27, 2021 | BBC
“Compliments are the easiest way to make other people—and, as a result, ourselves—feel better,” says Nicholas Epley, a professor of behavioral science at Chicago Booth. “But when a kind thought comes to mind, people often don’t say it.”
The behavioral economics manifesto gets revised
July 27, 2021 | NPR
Chicago Booth’s Austan Goolsbee has proposed we allow the IRS to pre-populate people’s tax forms and make our tax experience easy. Currently, the IRS isn’t allowed to send people completed tax returns, says Booth’s Richard Thaler—an example of sludge he hopes the latest edition of his book Nudge can help get rid of.
One big reason 25% to 40% of jobless Americans make more on unemployment than on the job
July 26, 2021 | The Motley Fool
In a survey of economists by Chicago Booth’s Initiative on Global Markets, 28% said boosted benefits do disincentivize the jobless from seeking employment, while 16% said they don’t.
Biden’s antitrust team signals a big swing at corporate titans
July 24, 2021 | The New York Times
Research from Chicago Booth’s Chang-Tai Hsieh finds that some corporate concentration in recent years has produced economy-boosting innovation.
Best personal loan rates in 2021
July 21, 2021 | Wallet Hub
To keep personal loan rates low, Chicago Booth’s Kilian Huber says households should make sure their credit score is as high as possible.
A lopsided recovery from the pandemic bodes ill for emerging economies
July 21, 2021 | Financial Times
Chicago Booth’s Raghuram Rajan suggests that industrialized countries should help spur investment and growth to support the global recovery from the pandemic.
The C-suite job of the future: Chief purpose officer
July 21, 2021 | Axios
There’s enormous potential for companies to be a force for positive change, says Chicago Booth’s Luigi Zingales. The challenge is to figure out where corporations can actually effect change.
We hate small talk because we’re bad at it
July 20, 2021 | The Cut
While we might say we dislike small talk, Chicago Booth’s Nicholas Epley consistently finds that it does make us happier to partake in it (no matter how awkward it is).
The battles to come over the benefits of working from home
July 20, 2021 | The New York Times
Not having to commute was the equivalent of a big bonus for many employees, says Chicago Booth’s Austan Goolsbee. In the future, bosses may expect more hours in exchange for remote work.
Why health and wellness tech can make so many BS claims
July 20, 2021 | Mashable
“Most companies self-police because they are long-term players and they want to get repeat purchases,” said Chicago Booth’s Anita Rao. She adds that some companies just want to make as much money as they can as quickly as they can, then exit the market.
How the Federal Reserve can really help America
July 17, 2021 | Yahoo! Finance
Chicago Booth’s Michael Weber says loose monetary policy tends to increase income and wealth inequality.
Should you worry about inflation? Experts weigh in.
July 17, 2021 | The New York Times
“If the virus rages back, the talk of overheating could be moot,” says Chicago Booth’s Austan Goolsbee. “But if temporary inflation is a sign that we are headed back to a growing G.D.P. with rising wages and plentiful jobs, what’s the scare in that?”
Are you innovative enough for the post-pandemic era?
July 16, 2021 | Crain’s Chicago Business
Chicago Booth’s Lindsay Lyman suggests the economic downturn accelerated entrepreneurial innovation in 2020.
Boom times for Silicon Valley’s elite investors
July 15, 2021 | Financial Times
The average venture fund set up between 2009 and 2017 has been generating returns of 10 percentage points a year above the S&P 500, according to Chicago Booth’s Steven Kaplan.
July 14, 2021 | Bloomberg
Chicago Booth’s Randall Kroszner warns that another big round of fiscal stimulus may put too much fuel in the economy. (Segment begins 1:15:14)
Balance of Power
July 14, 2021 | Bloomberg Markets
Chicago Booth’s Austan Goolsbee weighs in on technology, new forms of competition, and inflation. (Segment begins 5:46)
U.S. consumer prices surge in June by the most since 2008
July 13, 2021 | Chicago Tonight
Chicago Booth’s Luigi Zingales discusses inflation and its impact on the economy.
Taper tensions: Jay Powell under pressure as U.S. inflation surges
July 13, 2021 | Financial Times
“Suddenly people are experiencing inflation that they haven’t seen [in decades], but that has not spooked the market, and it doesn’t seem to have spooked individuals,” said Chicago Booth’s Randall Kroszner.
India needs forex reserves buffer to beat exchange rate volatility: Rajan
July 13, 2021 | Business Standard
“When you have no external support, you have to build your own support, which is why we started building the reserve buffer,” said Raghuram Rajan, a professor at Chicago Booth and former governor of the Reserve Bank of India.
China called finance apps the best thing since the compass. No longer.
July 13, 2021 | The New York Times
Chicago Booth’s Zhiguo He said fintech grew so much in China because of the lack of regulation.
How to craft an opportunity business plan
July 12, 2021 | Built In
“It’s your job to sell your and your team’s experience to the investor,” said Chicago Booth’s Waverly Deutsch, adding that entrepreneurs shouldn’t underestimate this portion of their business plan. Mentors at UChicago’s Polsky Center for Entrepreneurship and Innovation provide guidance on crafting these plans.
A temporary increase in inflation is not a long-run threat to U.S. economic growth and prosperity
July 9, 2021 | Washington Center for Equitable Growth
Chicago Booth’s Michael Weber suggests sustained inflationary pressure in the medium to long term isn’t likely, so the Federal Reserve doesn’t need to change its policy agenda.
AQR Insight Award’s winning paper sets method to analyze market fluctuations
July 8, 2021 | Pensions & Investments
Chicago Booth’s Ralph S.J. Koijen has won the 2021 AQR Insight Award for his paper “In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis,” coauthored with Harvard’s Xavier Gabaix. Booth’s Lubos Pastor tied for second place with his paper “Sustainable Investing in Equilibrium.”
Amazon CEO Andy Jassy is inheriting a behemoth that is under siege
July 7, 2021 | Yahoo! Finance
“The intensity of the spotlight on Amazon from an antitrust perspective is only going to increase,” said Christopher Krohn, adjunct associate professor of marketing at Chicago Booth.
The Bachelor PPP loan drama shows the program was flawed from the start
July 7, 2021 | Vox
Chicago Booth’s Michael Minnis said it isn’t surprising that the Bachelor stars would have taken out PPP loans, given that the program is open to sole proprietorships, single-member LLCs, and anyone who files a Schedule C tax form.
Many companies face a stockpiling dilemma in a pandemic-influenced inventory world
July 7, 2021 | Marketplace
Nicole DeHoratius, who teaches operations management at Chicago Booth, said the Biden administration is stepping in to switch at least part of the drug supply chain to domestic sources and create a government stockpile.
The ultra-rich are saving their money instead of spending it—now the middle class is ‘buried’ in debt
July 4, 2021 | GO Banking Rates
According to new findings from professor Amir Sufi published in Chicago Booth Review, the 1% has buried the middle class in debt with their saving habits.
Attack of the COVID zombies
July 2, 2021 | Project Syndicate
“As Western economies emerge from the pandemic, banks and governments are facing a new problem: how to deal with the corporate walking dead,” says professor Luigi Zingales. “But an innovative worker-centered scheme could offer a possible solution.”
July 2, 2021 | Bloomberg
Chicago Booth’s Randall Kroszner says focusing on sectors, labor force participation, and wages in the new payrolls report will give important insight into what’s going on in the labor market. (Segment begins 5:00.)
How to assess the costs and benefits of lockdowns
July 1, 2021 | The Economist
A paper by Chicago Booth’s Austan Goolsbee and Chad Syverson suggests people will go out only when cases are low; if infections start rising, then people will shut themselves away again.
Averting inflation crisis turns on something Fed doesn’t control
July 1, 2021 | Bloomberg
Federal Reserve chairman Jerome Powell says controlling inflation expectations is key to achieving the central bank’s goals, but Chicago Booth’s Randall Kroszner says that’s difficult to do.
A big PR problem
July 30, 2021 | The New York Times
Chicago Booth’s Sendhil Mullainathan suggests A.I. can help solve problems it created, including those related to bias.
Economists predict at least two U.S. interest rate rises by end of 2023
June 30, 2021 | Financial Times
Elevated inflation will compel the Federal Reserve to raise U.S. interest rates at least twice by the end of 2023, according to a new survey of economists by Chicago Booth’s Initiative on Global Markets and the Financial Times.
Extended unemployment benefits doesn’t explain labor shortage, says former White House economist
June 29, 2021 | CNBC: Squawk Box
In an effort to address concerns about a labor shortage, some state governors have moved to end federally-funded unemployment benefits. Chicago Booth’s Austan Goolsbee weighs in.
Coronavirus and 4th of July: 36% of Americans will spend more money this year
June 28, 2021 | WalletHub
“Many of the standard benefits of a demand spike will be stymied by the labor and supply-chain shortage,” Chicago Booth’s Jean-Pierre notes of increased spending during the Fourth of July.
Black workers stopped making progress on pay. Is it racism?
June 28, 2021 | The New York Times
According to research coauthored by Chicago Booth’s Erik Hurst, the evolution of the racial wage gap has been driven both by changes in the tasks performed by Black and white workers, and by the way the economy pays for these tasks.
Has COVID-19 permanently changed how we shop and live?
June 26, 2021 | Voice of America
“I am actually not seeing many pandemic practices that are here to stay for business,” said Chicago Booth’s James Schrager. “As we track in-person retail, it is booming. Flying is wildly busy. People want in-person instruction in classes.”
Stop assuming employees learn from failure
June 24, 2021 | Management Today
“People don’t learn from failure because it negatively impacts self-esteem, threatening the ego,” said Ayelet Fishbach, a professor of behavioral science and marketing at Chicago Booth.
Money market funds: the tale of two diverging paths
June 23, 2021 | Financial Times
Chicago Booth’s Wenxin Du explains how the role of key funding pillars for the financial system has transformed.
Kroszner: Take Fed dot plot with a grain of salt
June 23, 2021 | Bloomberg Daybreak
Chicago Booth’s Randall Kroszner discusses the Federal Reserve’s latest policy decision on interest rates.
Opinion: Vaccination incentives might be effective, but they send the wrong message
June 22, 2021 | Los Angeles Times
Chicago Booth’s Thomas Talhelm says vaccination “incentives sort of imply that you shouldn’t do it for other reasons. Setting up the system like that is sending people a message, whether it’s intentional or not.”
Balance of Power
June 22, 2021 | Bloomberg
As Federal chairman Jay Powell heads to Capitol Hill to face questions on inflation, Randall Kroszner weighs in on where things stand and what to expect. (Segment begins 0:35.)
Work Flexibility, Popular with Employees, is Hardly a Holy Grail
July 21, 2021 | The Wall Street Journal
Research coauthored by Chicago Booth’s Steven J. Davis shows how hybrid structures could affect diversity within a company. A paper from Booth’s Becker Friedman Institute found that productivity fell by about 20% at a large Asian IT services company during the work-from-home period of the pandemic.
Duflo, Rajan named to Indian state’s economic advisory panel
June 21, 2021 | Bloomberg
Tamil Nadu, India’s No. 2 province by gross state domestic product, will form an economic advisory panel that will tap the expertise of former central bank governor Raghuram Rajan, among others.
Analysis: Fed's “big tent” framework may fray under inflation surge
June 21, 2021 | Reuters
Chicago Booth’s Randall Kroszner weighs in on whether the Fed can tolerate three years of higher inflation.
We can sustainably end the pandemic with 7.2 billion vaccine courses a year: Chicago Booth’s Eric Budish
June 19, 2021 | The Economic Times
“Vaccinating everyone as fast as possible is enormously economically valuable,” says Chicago Booth’s Eric Budish.
For third-party sellers, Amazon Prime Day can be a double-edged sword
June 19, 2021 | Yahoo! Finance
“If you fail to optimize your Amazon business, then Prime Day is either not going to do very much for you, or could actually cause...lost margin,” said Chicago Booth’s Christopher Krohn.
Customers increasingly expect your company to make a difference
June 18, 2021 | Crain’s Chicago Business
Doing good for the community doesn’t haven’t to hurt your company’s bottom line, says Chicago Booth’s Christina Hachikian.
The Fed is trying to make sure that we avoid a taper tantrum: Prof. of Economics
June 17, 2021 | Yahoo! Finance Live
Chicago Booth’s Randall S. Kroszner joins the Yahoo Finance Live panel with the latest on the Fed.
Randy Kroszner: Fed will have to raise rates by the end of 2022
June 16, 2021 | CNBC: Power Lunch
Randall Kroszner, professor and dean at Chicago Booth and a former governor of the Federal Reserve, discusses the Fed’s decision to leave rates unchanged and how to think about the ‘dot plot.’
Mariana Mazzucato, Raghuram Rajan on building back post-pandemic
June 16, 2021 | Foreign Policy: Global Reboot
Chicago Booth’s Raghuram Rajan reflects on economic inequality and its impact on global pandemic recovery.
Shedding some light on the murky world of ESG metrics
June 16, 2021 | Bloomberg
Companies generally receive higher ESG scores based not on performance, but on the number of metrics they disclose, according to a report coauthored by Booth PhD candidate Shirley Lu and the Rustandy Center’s Salma Nassar.
Winners and Losers of the Work-from-Home Revolution
June 14, 2021 | The Atlantic
A paper coauthored by Chicago Booth’s Michael Gibbs found that working hours at an Asian tech company went up during the pandemic while productivity plummeted. Chicago Booth’s Steven Davis helped survey 30,000 Americans over the past few months and found that workers were overwhelmingly satisfied with their work-from-home experience.
Fmr. Obama econ. advisor on labor market: We need to ‘have a little patience’
June 14, 2021 | Yahoo! Finance Live
Chicago Booth’s Austan Goolsbee discusses key takeaways from the G-7 summit.
Fed to discuss slowing stimulus as recovery strengthens
June 14, 2021 | Financial Times
“They have gotten the markets to believe that these very high inflation numbers are transitory,” said Chicago Booth’s Randall Kroszner of the Fed’s upcoming tapering discussion.
The end of privacy? Central banks plan to launch digital coins
June 13, 2021 | Financial Times
“A digital currency revolution could go in two directions: either a triumph of decentralization and market forces or a triumph of centralization and government monitoring of every transaction,” said Chicago Booth’s Randall Kroszner.
Remote workers work longer, not more efficiently
June 12, 2021 | The Economist
Despite working longer hours, employees had less focus time than before the pandemic, according to a study by Chicago Booth’s Michael Gibbs. Instead, all their extra time was taken up by meetings.
Why AT&T is retreating from its ‘synergy’ gamble
June 12, 2021 | The New York Times
Where so many bosses go wrong, says Chicago Booth’s James Schrager, is straying from their expertise. “The best executives become unbelievable experts in their fields. You can’t be massively knowledgeable about 20 different industries.”
Hot U.S. inflation could stir once-sleepy household expectations
June 12, 2021 | Bloomberg
The Fed often focuses on core inflation, while households and firms tend to focus on volatile price series like food and energy, suggests Chicago Booth’s Michael Weber.
What does the bond market know about inflation?
June 11, 2021 | The Wall Street Journal
The Initiative on Global Markets at Chicago Booth released a survey of economic experts on the risk of overheating and inflation, with many expressing uncertainty.
Housing boom fuels bets Fed will taper mortgage bonds first
June 10, 2021 | Bloomberg
“I think the potential for the Fed to pull back faster from mortgage-backed securities than Treasury securities is on the table,” said Chicago Booth’s Randall Kroszner.
Pent-up demand will lead to a post-pandemic spending spree, experts say
June 10, 2021 | Newsday
Oleg Urminsky, a professor at Chicago Booth, said that one subtle trend during the pandemic was consumers moving away from “tasty” foods and toward healthier foods.
What is inflation? Hint: It’s not the 12% increase in rental-car prices last month
June 10, 2021 | MarketWatch
The fact that Chipotle is charging more for its food doesn’t inherently mean that there’s inflation, said Michael Weber, a Chicago Booth economist.
June 9, 2021 | Bloomberg
Luigi Zingales shares what he expects to come from President Biden’s meetings with U.S. allies in Europe. (Segment begins 5:35.)
Why a revolving door of team members is fuel for success
June 8, 2021 | BBC News
New team members can help boost creativity and produce better work, according to research by Chicago Booth’s Ronald Burt.
After 15 long months of living online, are we ready to break up with Zoom?
June 8, 2021 | Financial Post
Chicago Booth’s Steven Davis said organizations and employees have spent plenty of time and resources on improving their remote working capabilities and at-home setups, investments they’ll be reluctant to discard post-pandemic.
Europe’s central bank can’t match the Fed’s jobs-for-all push
June 7, 2021 | Bloomberg
“The ECB seems to have been focusing more on the intermediate- to longer-term issues around climate than on short-term issues related to employment,” says Chicago Booth’s Randall Kroszner. “It’s very important in this strategy review for them to look across all the horizons.”
Taper-tantrum woes fuel hunt for foolproof emerging markets
June 6, 2021 | Bloomberg
“A taper tantrum that leads to a spike in U.S. rates would start attracting investors out of most other asset classes, including emerging-market assets, into the U.S.,” said Chicago Booth’s Randall Kroszner.
What are the limits to government borrowing?
June 5, 2021 | The Economist
In a new working paper, Chicago Booth’s Amir Sufi and coauthors attempt to gauge governments’ room to run up debts.
What May’s jobs numbers could mean for corporate margins
June 4, 2021 | CNBC: Squawk Box
Chicago Booth’s Austan Goolsbee shares what the May jobs numbers could signal for the U.S. economic outlook.
Raghuram Rajan: Vaccine unpreparedness a devastating failure of govt, India needs vision to recover
June 4, 2021 | The Wire
Raghuram Rajan said India’s central government has to take the lead both in procuring vaccines and in pushing manufacturers to make more.
June 4, 2021 | Bloomberg
“Integrity of the markets is crucial, and we’ve seen a lot of newcomers and a lot of coordination of those newcomers in markets in ways that we hadn’t seen before,” said Chicago Booth’s Randall Kroszner. ( Segment starts 1:23:07.)
The bottom 90% of Americans are borrowing from the top 1%
June 4, 2021 | Bloomberg Businessweek
By forcing interest rates down, extreme wealth inequality pushes the U.S. economy toward a “debt trap” that’s hard to escape with conventional macroeconomic tools, Booth’s Amir Sufi and coauthors write.
Are unemployment benefits causing working shortages? Here’s what we know.
June 3, 2021 | CNN
About half of economists, including Chicago Booth’s Joseph Vavra, say they are uncertain whether enhanced unemployment benefits are a major disincentive for lower-wage workers, according to a survey published last week by the Initiative on Global Markets at Booth.
In U of C Booth School’s New Venture Challenge, young entrepreneurs launch ideas for businesses you may know soon
June 3, 2021 | CBS 2 Chicago
At Chicago Booth’s latest New Venture Challenge, cofounded by professor Steve Kaplan 25 years ago, budding entrepreneurs vied for financial investments to make their businesses a reality.
Professors defend dissertation of slain U of C grad student: ‘He deserved it’
June 3, 2021 | WBBM Newsradio Chicago
Chicago Booth’s Lars Peter Hansen and Zhiguo He came up with the idea to honor the late doctoral student Yiran Fan by taking his work and defending a dissertation on his behalf.
A global incentive to reduce emissions
May 31, 2021 | Project Syndicate
A simple framework that gives all countries similar incentives would overcome problems with proposals for coordinated climate action, suggests Chicago Booth’s Raghuram Rajan.
Former Council of Economic Advisers Chair explains summer hiring shortages, prospects for wage increases
May 31, 2021 | MSNBC: Stephanie Ruhle Reports
Chicago Booth’s Austan Goolsbee explains how the hiring shortage could impact wages and key industries this summer.
In a world let loose, video game makers are ‘doubling down’
May 30, 2021 | The New York Times
Chicago Booth’s John Paul Rollert says plowing ahead in the face of shifting behavior is a high-risk and high-reward approach.
How should companies decide on their ESG goals?
May 30, 2021 | Financial Times
Should companies be involved in environmental, social, and governance objectives, and if so, how should they decide the level of their involvement? Chicago Booth professor Luigi Zingales weighs in.
Fed’s taper talk is pre-emptive strike against inflation fears
May 29, 2021 | Bloomberg
Chicago Booth’s Michael Weber says households have an intrinsic inflation bias in that they pay more attention when prices are going up than when they are going down.
How remote coaching is driving growth for entrepreneurs in emerging markets
May 28, 2021 | Business Because
Research coauthored by Chicago Booth’s Pradeep Chintagunta found that when entrepreneurs worked with marketer coaches, sales increased by 51.7%. Caroline Grossman, the executive director of the Rustandy Center at Booth, explains that limited time and resources are two key barriers to entrepreneurial growth.
Stakes raised for U of C business plan competition
May 28, 2021 | Crain’s Chicago Business
The prize pool for Chicago Booth’s New Venture Challenge is expected to top $1 million this year, making it one of the richest among college business plan competitions. “Just five years ago the investment pool was $285,000,” said professor Steven Kaplan, who cofounded the competition.
Multiple charities supported by ComEd lobbied for bills favorable to the utility giant
May 26, 2021 | WBEZ Chicago (NPR)
Research coauthored by Chicago Booth professor Marianne Bertrand estimated that at least 7% of all corporate charitable giving nationally was associated with some discernible political purpose.
Bitcoin as a call option
May 26, 2021 | Financial Times
FT U.S. financial editor Richard Armstrong examines bitcoin in light of research by Chicago Booth’s Lubos Pastor and Pietro Veronesi that suggests there wasn’t necessarily a Nasdaq bubble in the late 1990s, because the value of a firm increases with uncertainty about future profitability.
BoE’s Kashyap wants ‘forensic investigation’ of Archegos collapse
May 26, 2021 | Reuters
Financial regulators should undertake a detailed cross-border probe into how the collapse of the U.S. investment fund Archegos cost mostly foreign banks more than $10 billion, according to Anil Kashyap, a Chicago Booth professor and Bank of England policymaker.
Inflation is back. Biden should be worried
May 25, 2021 | CNN Business
“The Fed is not the only player. Fiscal authorities in the U.S. are going big,” said Chicago Booth’s Randall Kroszner on the return of inflation.
Humans are hard-wired to expect the worst. No wonder we can’t let go of masks.
May 24, 2021 | The Washington Post
“Everyday consumers may be surprisingly slow to adapt to their improving surroundings over the coming months—assuming that things indeed keep improving—even though they had quickly reacted to last year’s decline,” said Chicago Booth’s Ed O’Brien.
Vaccines for developing countries: Views of leading economists on patent waivers and vaccinating the world
May 22, 2021 | VOX EU
The IGM Forum at Chicago Booth invited its US and European economic expert panels to express their views on COVID-19 patents and the broader challenges of vaccinating the world.
On the road back to normal, what do we learn from COVID-19?
May 21, 2021 | Newsweek
Nicholas Epley, a behavioral scientist at Chicago Booth, compares happiness to a leaky car tire—just as we have to pump air into a tire to keep it inflated, we need to regularly infuse our lives with the ingredients that will enrich it.
Chicago Booth Executive MBA application insider
May 19, 2021 | Business Because
Julie Morton, associate dean of the Executive MBA Program at Chicago Booth, shares what she looks for in applications, mistakes to avoid, and other tips for program applicants.
Inflation is still transitory unless signs show otherwise
May 17, 2021 | CNBC: Street Signs Asia
Austan Goolsbee of the University of Chicago Booth School of Business explains why there is still “another shoe to drop” before investors think inflation is permanent.
New tech lobby curries favor with rare embrace of higher taxes
May 17, 2021 | Bloomberg Tax
A group of tech giants is pushing for higher taxes. “If they just come out and say they’re behind a higher rate, they’re able to maybe negotiate or lobby behind the scenes, or push back on some of these changes they’re maybe less enthused or excited about,” said Chicago Booth’s John Gallemore.
Meritocracy, not democracy, is the golden ticket to growth
May 16, 2021 | Bloomberg
Research from Chicago Booth professor Luigi Zingales finds that countries with high meritocracy scores have enjoyed a much bigger bonus from new technology than countries with low scores.
COVID probably India’s greatest challenge since independence
May 15, 2021 | The Times of India
The COVID-19 pandemic is probably India’s greatest challenge since independence, Booth’s Raghuram Rajan said at a virtual event on Indian history, society, and politics at UChicago’s Center in Delhi.
How can more COVID-19 vaccines be made available?
May 15, 2021 | The Economist
If enough money to produce vaccines for the entire world had been provided up front, Chicago Booth’s Eric Budish estimates it would have saved the global economy almost $5 trillion.
Deconstructing the myths about outside advisers
May 14, 2021 | Crain’s Chicago Business
When assembling a board of outside advisers, Chicago Booth professor James Schrager says those with different experiences and objectivity can be real assets.
EXPLAINER: Ohio offers $1M weekly prize as vaccine incentive
May 13, 2021 | Associated Press
The lottery is unlikely to change the minds of those who question the vaccine’s safety or are adamantly against getting the shot, Chicago Booth’s Jane Risen said of Ohio’s new vaccine incentive. But for those who are worried about side effects or don’t want to take time off work, a $1 million prize could be persuasive.
It’s true. Everyone IS multitasking on their video calls
May 13, 2021 | Wired
A study coauthored by Chicago Booth’s Michael Gibbs found that working from home during the pandemic has meant more meetings and coordination activity and less uninterrupted work time, coaching, networking, and one-on-one meetings with supervisors.
‘Hello, my farmer friends!’ Works great on rice growers in Hubei
May 13, 2021 | Bloomberg Businessweek
A new paper coauthored by Chicago Booth professor Pradeep Chintagunta explores how marketing tools can be used for good, such as fighting poverty, disease, and pollution.
Inflation is back. How high and how long will prices go up?
May 12, 2021 | Los Angeles Times
Michael Weber, an economist at the University of Chicago Booth School of Business, said inflation expectations may not be as well “anchored” as the Fed and others believe at the moment.
Inflation surge gives boost to Republicans slamming Biden plans
May 12, 2021 | Bloomberg
Chicago Booth’s Austan Goolsbee says that in the past 13 years, there’s been no sustained inflation from the Fed’s actions.
People aren’t ‘addicted’ to wearing masks, they’re traumatized
May 11, 2021 | Vice
Personality traits never perfectly predict people’s political leanings, says Chicago Booth’s Thomas Talhelm. “Things like trauma, conscientiousness, or fastidiousness would play a role too.”
The venture-capital trends to watch
May 9, 2021 | The Wall Street Journal
“Venture-fund returns in 2020 were spectacular compared with public-market returns,” says Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance at Chicago Booth.
Weak U.S. jobs report stirs tensions ahead of talks on new spending
May 8, 2021 | Financial Times
Chicago Booth’s Austan Goolsbee suggests that both Democrats and Republicans see the latest jobs data as confirmation of the position they already had, amplifying political tensions ahead of bipartisan talks on president Joe Biden’s economic plans.
May 7, 2021 | Bloomberg
Chicago Booth’s Randall Kroszner weighs in on the latest jobs data and whether a boom in the labor market could lead to wage pressures. (Segment begins 5:58.)
COVID has made Orlando less affordable than San Francisco
May 6, 2021 | Bloomberg
Since the 1960s, the East and West coasts have experienced what Chang-Tai Hsieh of Chicago Booth and Enrico Moretti of the University California at Berkeley term a “property rights revolution” of anti-development activism and regulation that’s made it even harder to build enough new housing to satisfy demand.
2021 Best & Brightest MBAs: Theodore Lim, University of Chicago (Booth)
May 4, 2021 | Poets & Quants
Poets & Quants named current Booth student Theodore Lim to its 2021 list of the Best & Brightest MBAs. Jessica Jaggers, dean of students and associate dean of student life, said, “His efforts to support his fellow students during a prolonged crisis are truly unprecedented and will leave a legacy for years to come.”
Action must replace talk on climate change
May 4, 2021 | Financial Times
Chicago Booth’s Raghuram Rajan has proposed what he calls a “global carbon reduction incentive” to help cut emissions.
Why EPIC is burning its own cash to cook Apple
May 3, 2021 | The Verge
“Epic is in a fortunate position because Fortnite is the most popular game in the world,” Chicago Booth’s Christopher Krohn says of Epic’s lawsuit against Apple.
India crisis reveals complacency and lack of foresight, Rajan says
May 3, 2021 | Bloomberg
India’s relative success against the first wave of infections likely led to it not swiftly preparing enough vaccines for its own population, said Chicago Booth’s Raghuram Rajan.
Breaking down Biden’s plans for the economy
May 2, 2021 | NPR: Weekend Edition Sunday
Chicago Booth’s Austan Goolsbee shares his insight into where President Biden may want to steer the economy.
2021 Best 40-Under-40 Professors: Matt Notowidigdo, University of Chicago (Booth)
May 2, 2021 | Poets & Quants
Matt Notowidigdo of the Chicago Booth School of Business has been named a 2021 Best 40 Under 40 Business School Professor by Poets & Quants.
What an infrastructure bonanza could mean for America’s economy
May 1, 2021 | The Economist
Economic research suggests that, in the right circumstances, basic infrastructure spending has significant, positive effects in the long run. According to Chicago Booth’s Richard Hornbeck, America’s GDP in 1890 would have been around a quarter smaller without the railways.
Vaccine passports are a reality, whatever they’re called
April 30, 2021 | Bloomberg
Richard Thaler, the Nobel-prize winning behavioral economist at Chicago Booth, says vaccine passports should feel like a “perk to those who have been inoculated”—one that would lure the more reluctant to get vaccinated as well.
Biden lays out expansive economic agenda
April 30, 2021 | Bloomberg: Balance of Power
Chicago Booth’s Austan Goolsbee weighs in on President Biden’s spending plans and whether the government can deploy $4 trillion effectively and efficiently. (Segment begins 24:31.)
Next week’s Fortnite trial could upend Apple’s app store model—even if Epic loses
April 30, 2021 | The Verge
“Apple has a lot more at stake here than Epic does, though Apple has the stronger hand,” says Chicago Booth’s Christopher Krohn of the Fortnite trial.
How the U.S. won the economic recovery
April 30, 2021 | Vox
In the summer of 2020, the $600 bonus checks meant that the typical out-of-work American saw 145 percent of their wages replaced, according to estimates by Chicago Booth’s Pascal Noel and Joseph Vavra and UChicago’s Peter Ganong.
Bitcoin: too good to miss or a bubble ready to burst?
April 29, 2021 | Financial Times
“Central banks have always thought that they were key for payments,” Chicago Booth’s Randall Kroszner says of rising crypto markets. “And now they’ve realized they’re not.”
Is Biden’s $1.8T tax and spend plan an attack on investment?
April 28, 2021 | Fox Business: Kudlow
Chicago Booth’s Austan Goolsbee debates economist Steven Moore on the pros and cons of President Biden’s $1.8 trillion spending plan.
BankProv enlists bloggers, influencers to build buzz for new products
April 27, 2021 | American Banker
Affiliate marketing is an economical channel for small banks, which lack the brand awareness and scale of large institutions, said Christopher Krohn, adjunct associate professor of marketing at Chicago Booth.
The big pharma CEO who’s helping to put an end to COVID-19
April 26, 2021 | Newsweek
Chicago Booth’s Eric Budish recently coauthored a paper quantifying the monetary value of COVID-19 vaccines: “The value of 3 billion courses of annual vaccine capacity—enough to vaccinate rich countries by the end of 2021 and the world by the end of 2022—is $17.4 trillion.”
After a year of pandemic eating, supermarkets enlist shoppers in nutrition programs
April 26, 2021 | Civil Eats
“The pandemic has catalyzed in a big way a trend that was happening anyway—the death of traditional retail,” said Chicago Booth’s Jean-Pierre Dubé.
Please stow your outrage about a capital gains tax hike
April 26, 2021 | Bloomberg Opinion
In Chicago Booth Review, a group of economists including Booth’s Eric Zwick argued that the prevailing wisdom among scorekeepers that the revenue-maximizing rate is about 30% may be misplaced.
Why the post-pandemic economy will include higher prices, worse service, longer delays
April 22, 2021 | NBC News
As companies struggle to find workers and meet surging consumer demand, Chicago Booth’s Austan Goolsbee says to expect “worse service in affected industries: wait times at restaurants, retail, housing renovations and the like.”
Small businesses: some boom, some bust, with “enormous variance,” finds report
April 22, 2021 | TechWire
Although venture capital firms initially reported delaying investment early in the pandemic, 91% now expect their investments to outperform the stock market, according to a study coauthored by Steven Kaplan.
People who aren’t comfortable taking financial risks are more likely to hold off on getting a COVID-19 vaccine
April 22, 2021 | MarketWatch
Research from Chicago Booth’s Abigail Sussman suggests that risk-averse individuals respond better to messaging that highlights the social benefits of getting vaccinated.
Work from home to lift productivity by 5% in post-pandemic U.S.
April 22, 2021 | Bloomberg
A study coauthored by Chicago Booth’s Steven J. Davis finds that remote work makes us more productive. The findings suggest the rapid adoption of new technology will offer lasting economic gains.
Alyssa Rapp of Surgical Solutions: “Start small”
April 20, 2021 | Thrive Global
Alyssa Rapp, CEO of Surgical Solutions and adjunct professor at Chicago Booth, talks about empowering more women to become founders through her course “Women as CEOs, Investors, Directors and Executives.”
Looking for investors? Why now is a great time to turn to angels or venture capital.
April 16, 2021 | Crain’s Chicago Business
Chicago Booth’s Ira Weiss suggests startup backers are on the lookout for opportunities and doling out more than ever.
Hospitals are proving more resilient than you’d think
April 14, 2021 | Nasdaq
“The CARES Act kept hospitals afloat at a time when they were struggling, and additional support from Biden’s latest relief plans should provide further help,” says Alyssa Rapp, CEO of Surgical Solutions and adjunct professor at Chicago Booth.
‘It’s time to go big’: Elizabeth Warren makes aggressive push for student-debt cancellation
April 14, 2021 | MarketWatch
Chicago Booth’s Constantine Yannelis argues that tweaking the income-driven repayment program would provide more relief to low-income borrowers than broad-based student debt cancellation.
Art Laffer, Austan Goolsbee debate GOP tax cut, Biden’s tax plan
April 12, 2021 | CNBC: Squawk Box
Austan Goolsbee, a professor at Chicago Booth and former chairman of the Council of Economic Advisors, discusses President Joe Biden’s proposed tax hike under his infrastructure plan.
The Other Reason the Labor Force Is Shrunken: Fear of Covid-19
April 11, 2021 | Wall Street Journal
Research from Austan Goolsbee and Chad Syverson shows that during this pandemic voluntary behavior changes during the spring of 2020 drove the collapse in mobility more so than government-mandated shutdown orders did.
Biden proposes 16% increase in federal spending
April 9, 2021 | Yahoo
Austan Goolsbee discusses President Biden’s $1.5 trillion budget outline and the infrastructure plan with Kristin Myers and Alexis Christoforous.
We’ve had a really tragic pandemic and yet markets are at an all time high: Chicago Booth Professor Raghuram Rajan
April 8, 2021 | Yahoo
Professor Rajan joined the Yahoo Finance Live panel for a discussion about the US economy following the pandemic.
Why accountability matters now more than ever in business
April 8, 2021 | Fortune
“The engine of the economy is humming fine, but the sound of the engine is disconcerting. It’s not that the system doesn’t work, it’s that the system isn’t fair,” said Chicago Booth’s John Paul Rollert. Booth’s Christina Hachikian said, “Gen Y doesn’t see government as particularly effective at solving social problems. They have a greater interest in using business and the market.”
White House sees GOP’s corporate tax-cut defense as a big loser
April 8, 2021 | Bloomberg
Republicans “promised it would pay for itself and that there would be this huge increase in the growth rate and none of that happened,” said Chicago Booth’s Austan Goolsbee of the GOP’s corporate tax cuts.
Don’t you dare speed through Switzerland in a Ferrari Testarossa
April 7, 2021 | Bloomberg
“Charging everyone the same fine is regressive,” writes Chicago Booth’s Jean-Pierre Dubé. “Personalized fines can be low enough for people to pay them but high enough to become deterrents even for more affluent citizens.”
University of Chicago launching nation’s first quantum startup accelerator. Will South Side be the Silicon Valley of next-gen technology?
April 7, 2021 | Chicago Tribune
Duality, the new quantum technology accelerator program at Chicago Booth, has the potential to turn the South Side of Chicago into the Silicon Valley of quantum technology.
It will take time to work out the details for a global minimum tax on companies, Raghuram Rajan says
April 7, 2021 | CNBC: Squawk Box Asia
The key question is figuring out on what basis companies should be taxed, says Raghuram Rajan, a professor of finance at the University of Chicago Booth School of Business.
People actually want mask mandates, Chicago Booth finds
April 7, 2021 | Crain’s Chicago Business
Businesses are underestimating the public’s desire for stricter public health measures, according to a new study from Chicago Booth’s Oleg Urminsky and Abigail Bergman.
Top 10 executive courses in strategy or strategic management
April 6, 2021 | Executive Courses
Chicago Booth’s Executive Education program “Strategic Thinking for Turbulent Times” was named among the best executive courses in strategy.
A riot of U.S. spending spells trouble for future generations
April 4, 2021 | Financial Times
Useful infrastructure investment makes better sense than poorly designed handouts, says Chicago Booth’s Raghuram Rajan.
Opinion: Federal government should take a lesson from states in oil and gas leasing policies
April 3, 2021 | The Denver Post
The pause on new oil and gas leasing is an opportunity to turn these resources into a larger source of federal funds, while better protecting the local environment, says Chicago Booth’s Thomas Covert.
One year after the first wave of pandemic jobs losses, U.S. adds nearly a million jobs in March
April 2, 2021 | Forbes
Compared to the Great Recession, the unemployment rate today has recovered quite rapidly, says Chicago Booth’s Matthew Notowidigdo.
Summer employment numbers could be big, says economist Austan Goolsbee
April 2, 2021 | CNBC: Squawk Box
“The job market is actually better than it was before COVID began, but if you look down at the lower income paying jobs where the job’s got to be done on location, they’re still really suffering,” Chicago Booth’s Austan Goolsbee says of the latest jobs numbers.
Dissecting Biden’s infrastructure plan tax hikes (podcast)
April 2, 2021 | Bloomberg Tax: Talking Tax
Chicago Booth’s Austan Goolsbee discusses the impact of President Biden’s proposed tax hikes on U.S. competitiveness and challenges the administration will face getting the plan through Congress.
Taxpayers don’t know how many jobs PPP loans saved during the pandemic. No one counted
April 1, 2021 | Los Angeles Times
Chicago Booth’s Eric Zwick said Congress could have modified the Paycheck Protection Program in the early months of the pandemic after seeing how much money was going to businesses that weren’t in regions or industries facing economic peril.
Former economic advisers debate Biden’s infrastructure bill
March 31, 2021 | CNBC: Closing Bell
Austan Goolsbee, Chicago Booth professor and former chairman of the Council of Economic Advisers under President Obama, talks about the impact of President Biden’s infrastructure bill on markets and the economy.
U.S. News & World report announces 2022 best graduate schools
March 30, 2021 | U.S. News & World Report
The University of Chicago Booth School of Business was named among the top three best business schools.
With pandemic-weary consumers ready to spend, ‘the roaring 20s and celebratory times ahead may be very real’
March 29, 2021 | Chicago Tribune
In a survey of people who received the first $1,200 stimulus last year, only about 15% of people said they spent most or all of the check, said Chicago Booth’s Michael Weber.
People are ready to spend money on experiences again
March 29, 2021 | Marketplace
“There’s a lot of people who are already at the point that they need an experience so bad, they don’t care about personal safety anymore,” said Chicago Booth’s Jean-Pierre Dubé.
Congress backed a trillion-dollar job-saving program. ‘No one really knows’ if it’s working.
March 26, 2021 | Politico
“The jobs numbers are consistent with the PPP having limited employment effects,” said Chicago Booth professor Eric Zwick, who estimates 3.5 million jobs were saved.
All eyes on digital payments
March 25, 2021 | Project Syndicate
Chicago Booth’s Raghuram Rajan says the switch to digital payments raises public policy concerns that cannot be ignored.
If the economy overheats, how will we know?
March 24, 2021 | The New York Times
If the overheating warnings are correct, inflation should start accelerating, said Chicago Booth’s Austan Goolsbee, who has been sharply critical of the overheating thesis.
Kroszner on the Fed and inflation expectations
March 24, 2021 | CNBC: Squawk on the Street
Randall Kroszner, a former Federal Reserve governor and Chicago Booth deputy dean, discusses inflation expectations and the economy.
Is bitcoin too big to fail?
March 24, 2021 | Newsweek
“It has some features of what economists call a bubble—something that is valuable only because everybody else thinks it’s valuable,” Chicago Booth’s Raghuram Rajan says of bitcoin. “Which means that it has the potential for volatility. As people become less enthusiastic about it, its value could fall considerably.”
A pandemic year, two cafes and an abundance of doubt about the other side
March 24, 2021 | Reuters
In a recent paper, Chicago Booth’s Steven Davis and coauthors estimate that even after the pandemic recedes, about one in five workdays overall will be supplied from home, compared with one in 20 before the pandemic.
‘Kuroda's Bazooka’: What Japan has achieved by keeping interest rates below zero over the past years
March 23, 2021 | BBC World News
Chicago Booth’s Randall Kroszner says that while Japan’s low rate policy hasn’t succeeded in bringing inflation toward its 2% target, it has helped avoid deflation.
Will $1,400 checks stimulate the economy? No, and here’s why not, say three prominent economists
March 22, 2021 | Fortune
Michael Weber estimated that only 40% of early stimulus checks went to consumption, while 30% paid down debt and another 30% went to savings. His Booth colleague Eugene Fama contends that stimulus checks are all about shifting money from savings to consumption, but that what is subtracted from the former erases any boost from the latter.
What is the secret of a successful MBA application?
March 21, 2021 | Financial Times
Donna Swinford, associate dean for student recruitment and admissions at Chicago Booth, says prospective applicants should study schools’ employment reports to understand more about their graduates’ career outcomes.
States reopened, but COVID-19 fears threaten to keep consumers away
March 19, 2021 | The Wall Street Journal
To measure the economic impact of government-imposed lockdowns versus the effect of voluntary distancing, Chicago Booth’s Chad Syverson and Austan Goolsbee used cellphone data to track customer visits to businesses.
Don Thompson grew up near Cabrini-Green and went on to lead McDonald’s. Now the former fast-food CEO wants to bring South and West side businesses to the table.
March 18, 2021 | Chicago Tribune
Waverly Deutsch, professor of entrepreneurship at Chicago Booth, said 70% of venture capital funding goes to white male startups, with Blacks, Hispanics and women underrepresented.
Op-ed: Chatting with strangers, and other things I’ve missed during the pandemic
March 18, 2021 | Chicago Tribune
“We all know how important connection with family and friends are, but we too easily overlook the value that comes from connections with strangers,” said Chicago Booth’s Nicholas Epley.
Bigger is better when it comes to vaccine production
March 17, 2021 | The Wall Street Journal
Chicago Booth’s Eric Budish says governments should invest aggressively in COVID-19 vaccines, even if it means paying a higher price, because the social benefits are enormous.
Have we become more patient during the pandemic?
March 17, 2021 | Marketplace
“When we think that something is almost over, we become extremely impatient,” says Chicago Booth’s Ayelet Fishbach. “The surprising effect is as things become nearer, it is harder to wait for them.”
Rapid Recovery with Hatzius (podcast)
March 17, 2021 | Bloomberg Surveillance
Chicago Booth’s Randall Kroszner says it is still uncertain whether inflation expectations could become unanchored.
Democrats celebrate “transformational” COVID relief bill
March 14, 2021 | CNN: Inside Politics Sunday
Chicago Booth’s Austan Goolsbee discusses why Democrats think the $1.9 trillion bill could mark a historic change in the nation’s social safety net.
Drastic changes in monetary policy framework can upset bond market: Rajan
March 14, 2021 | The Economic Times
India was in a tough economic situation before the pandemic, but COVID-19 has worsened the fiscal condition and the plight of small and medium firms and the poor, suggests Chicago Booth’s Raghuram Rajan.
Joe Biden and the new era of big government
March 12, 2021 | Financial Times
Will some of the provisions in President Joe Biden’s $1.9 trillion stimulus plan become permanent policy? Chicago Booth’s Austan Goolsbee discusses.
A former Obama economic advisor says inflation warnings about the new stimulus bill are ‘absurd’—here’s why
March 12, 2021 | Business Insider
Chicago Booth’s Austan Goolsbee says that hyperinflation is highly unlikely and the stimulus package should be seen as disaster relief money.
The world went on a debt binge last year. There could be a nasty hangover
March 11, 2021 | CNN Business
If U.S. debt payments suddenly go “from being quite low to being quite significant,” that could weigh on the recovery and slow economic activity, said Chicago Booth’s Randall S. Kroszner.
The NFL coach, the Nobel Prize winner and one crazy idea to fix overtime
March 11, 2021 | The Wall Street Journal
“It is very thoughtful and a clear improvement over the current rules,” said Chicago Booth’s Richard Thaler of a new proposal from the Baltimore Ravens to overhaul the structure of overtime games. “It’s good that the league is thinking about it.”
Mick Mulvaney and Austan Goolsbee debate the potential impact of Biden’s COVID bill
March 11, 2021 | CNBC Squawk Box
Chicago Booth’s Austan Goolsbee discusses President Joe Biden’s $1.9 trillion relief bill, expected to be signed into law by the president as early as Friday.
Companies are holding off on firing workers right now
March 11, 2021 | The Wall Street Journal
Chicago Booth’s David Pogrund said employers should give employees plenty of opportunities to explain and remedy issues amid the pandemic.
Why the pandemic left long-term scars on global job market
March 10, 2021 | Associated Press
A study coauthored by Chicago Booth’s Steven Davis concluded that 32% to 42% of COVID-induced layoffs will be permanent.
Economists fear long term effects of ‘she-cession'
March 10, 2021 | NBC Chicago
The latest numbers from the U.S. Bureau of Labor Statistics show there are 2.4 million fewer women in the labor force compared to a year ago. “I think the lack of high quality, affordable childcare, the fact that the government is not subsidizing childcare, providing childcare, is a major factor,” Chicago Booth’s Matt Notowidigdo said.
U.S. gains 379K jobs in February, jobless rate at 6.2%
March 5, 2021 | Yahoo! Finance Live
Chicago Booth’s Austan Goolsbee breaks down the February jobs report and what it means for the U.S. economy.
Biden’s economic recovery imperiled by shrinking labor force
March 5, 2021 | Politico
“That so many people have dropped out of the labor force is an awful sign for where we are,” said Chicago Booth’s Austan Goolsbee. “If a large fraction of those people never come back, that’s going to be a mess.”
Ask the experts: 2021’s credit cards
March 4, 2021 | WalletHub
“Generally, it is a good idea for people to have credit cards, in case they have emergencies and need additional cash,” says Chicago Booth’s Constantine Yannelis. “On the other hand, whether this is a good idea depends on individual self-control and whether they can generally make monthly payments.”
Booth’s Center for Decision Research to partner with Delhi-based Centre for Social and Behavior Change
March 3, 2021 | Poets & Quants
The new partnership between Chicago Booth’s Center for Decision Research and Ashoka University’s Delhi-based Centre for Social and Behaviour Change will enable both institutions to conduct innovative cross-cultural research, test behavioral interventions in the field, and more.
Nobel Winner Eugene Fame on bubbles, why indexing is still king, and GameStop
March 3, 2021 | MarketWatch
“The people who are piling into GameStop didn’t think they were irrational,” said Chicago Booth’s Eugene Fama. “Turns out, at least half of them probably lost everything. In that kind of game, when it goes up and comes back down, there are as many losers as there are winners.”
Do marketers matter for entrepreneurs?
March 2, 2021 | American Marketing Association
A team of researchers that includes Chicago Booth’s Pradeep Chintagunta proposes that marketers can help entrepreneurs in emerging markets grow their businesses.
People literally don’t know when to shut up—or keep talking, science confirms
March 1, 2021 | Scientific American
“How many new insights, novel perspectives or interesting facts of life have we missed because we avoided a longer or deeper conversation that we might have had with another person?” asks Chicago Booth’s Nicholas Epley.
Ask the experts: 2021 Travelers Auto Insurance review
February 26, 2021 | WalletHub
In this Q&A, Booth’s Jean-Pierre Dube shares his insights on why insurance companies spend so much money on commercials and how important traveler’s insurance reviews are to potential customers.
WFH is onstage and here to stay
February 24, 2021 Macroblog: Federal Reserve Bank of Atlanta
Booth's Steven J. Davis and his co-researchers outline their findings of working from home in the post-pandemic economy.
Market design to accelerate COVID-19 vaccine supply
February 24, 2021 | Science
Research from Booth’s Canice Prendergast and Eric Budish, as well as their coauthors, sheds light on why—at this critical point in the global pandemic—governments should contract with vaccine producers to further expand capacity.
At private equity-owned nursing homes, an “enormous” increase in death rates, study finds
February 24, 2021 | CBS
Research from Constantine Yannelis and his co-authors sheds light on the consequences of private equity firms in industries where customers don't directly pay for services, and where there is a high rate of government subsides.
Balance of power: Sen. Sherrod Brown, Fed policy (podcast)
February 23, 2021 | Bloomberg: Balance of Power
Chicago Booth’s Randall Kroszner discusses Federal Reserve chair Jay Powell’s testimony before the Senate banking committee. (Segment runs from 20:25 to 34:30.)
Future government borrowing plans can raise inflation expectations
February 22, 2021 | The Wall Street Journal
Changes in fiscal policy have a complicated effect on how households assess the outlook for inflation, according to a new paper coauthored by Chicago Booth’s Michael Weber.
Private equity ownership is killing people at nursing homes
February 22, 2021 | Vox
Research coauthored by Chicago Booth’s Constantine Yannelis found that going to a private equity-owned nursing home increased mortality for patients by 10 percent against the overall average.
Massive experiment shows why ticket sellers hit you with last-second fees
February 22, 2021 | Phys.org
A field experiment coauthored by Chicago Booth’s Sarah Moshary found that “drip pricing”— additional fees are only disclosed when customers are ready to confirm their purchases—resulted in people spending about 21% more.
‘Hybrid work’ is going to cleave America in yet another way
February 20, 2021 | Business Insider
A study coauthored by Chicago Booth’s Steven Davis suggests remote work will outlast the pandemic, but it will largely be limited to the most privileged in the workforce.
Pritzker’s tax plan: Closing corporate tax loopholes, or ‘the best way to shoot yourself in the foot?’
February 19, 2021 | Chicago Tribune
One of governor J.B. Pritzker’s proposed tax changes would hurt businesses with large losses, but those tend to be bigger companies with more resources that may see the change as a short-term impact worth waiting out, said Chicago Booth’s John Gallemore.
Lower fines could lead to higher revenues
February 19, 2021 | Crain’s Chicago Business
Chicago Booth’s Jean-Pierre Dube says personalized fines would be a win for municipalities like Chicago—and their residents, too.
February 19, 2021 | Crain’s Chicago Business
ESG ratings vary widely, says Caroline Grossman, executive director at Chicago Booth’s Rustandy Center for Social Sector Innovation. “If scores are all over the map, that doesn’t help me as an investor.”
Social responsibility gains curriculum credibility
February 18, 2021 | Crain’s Chicago Business
Caroline Grossman, executive director at Chicago Booth’s Rustandy Center for Social Sector Innovation, discusses stakeholder capitalism and the environmental, social, and corporate governance ecosystem in Chicago.
Job shifts ahead argue for large stimulus
February 17, 2021 | Bloomberg Opinion
A working paper coauthored by Chicago Booth’s Steven Davis concludes that COVID-19 will be “a persistent reallocation shock.”
Former Federal Reserve governor Randall Kroszner talks new federal stimulus
February 16, 2021 | Yahoo! Finance
As the United States faces record unemployment levels brought on by the coronavirus pandemic, the Federal Reserve says it plans to keep interest rates near zero while continuing to expand its balance sheet. Chicago Booth’s Randall Kroszner weighs in.
Should the federal government cancel student loan debt?
February 16, 2021 | WTTW: Chicago Tonight
Constantine Yannelis, an assistant professor of finance at the University of Chicago Booth School of Business, said debt forgiveness benefits higher-income earners, rather than low-income individuals.
Austan Goolsbee on reflation and COVID relief
February 16, 2021 | Bloomberg Markets
Former National Economic Council director and Chicago Booth professor Austan Goolsbee speaks about reflation and the need for stimulus.
Joe Biden’s huge bet: The economic consequences of ‘acting big’
February 15, 2021 | Financial Times
Randall Kroszner, deputy dean of Chicago Booth, says the heavy fiscal stimulus in response to the pandemic is appropriate, but the debt created does have a cost.
Biden and the Fed leave 1970s inflation fears behind
February 15, 2021 | The New York Times
“The onus should be on anybody who says the economy is about to overheat,” said Chicago Booth’s Austan Goolsbee. “There have been many prominent voices saying that—that there was about to be inflation—for more than 10 years.”
What’s the best way to launch your product?
February 12, 2021 | Crain’s Chicago Business
Chicago Booth professor Ram Shivakumar explains the differences between direct sales and channel partnerships.
Lessons from the Great Recession that inform the current economic crisis
February 11, 2021 | CNBC: Squawk Box
Austan Goolsbee, professor at the University of Chicago Booth School of Business and former chairman of the Council of Economic Advisors, discusses the details of President Joe Biden’s coronavirus relief bill.
Dems attempt to push through school funding, wage increase
February 10, 2021 | WTTW: Chicago Tonight
President Joe Biden’s $1.9 trillion COVID-19 relief plan is advancing through Congress. “Chicago Tonight” discusses the plan with Chicago Booth economics professor Austan Goolsbee.
The post-pandemic playbook: building back broader
February 8, 2021 | Project Syndicate
Chicago Booth’s Raghuram G. Rajan cautions against centralized policies, stressing the importance of nurturing local leadership in reviving economically disadvantaged communities.
Global MBA ranking 2021
February 7, 2021 | Financial Times
The University of Chicago Booth School of Business was rated number three in the Financial Times’ annual ranking of the best MBA programs around the world.
Making a good job of remote work
February 7, 2021 | Financial Times
“Remote work gained ground because of the pandemic and has the potential to produce great long-term benefits for employers and workers alike: fewer commutes, cheaper property and a larger pool of talent and jobs,” write Chicago Booth’s Jonathan Dingel and Brent Neiman.
Robinhood’s collateral-crunch explanation puzzles Wall Street
February 6, 2021 | Bloomberg
“Someone’s got to pay,” said Eric Budish, a professor of economics at Chicago Booth. If you’re a brokerage, “you have capital to deal with that existential risk. I was surprised Robinhood didn’t have more capital for that scenario.”
Four experts on why they find the January jobs report disappointing
February 5, 2021 | CNBC: Squawk Box
The United States added 49,000 jobs in January. Nonfarm payrolls were expected to increase by 50,000 in January while the unemployment rate held at 6.7%. Austan Goolsbee, a professor at Chicago Booth and former Chairman of the Council of Economic Advisors, discusses the report.
A third stimulus check may be coming. Here’s how some Chicagoans spent the first two.
February 5, 2021 | Chicago Tribune
Millions of Americans received up to $1,200 each in April as part of a massive $2.2 trillion pandemic relief package, but only 15% of recipients spent most of the money, according to a study co-authored by Chicago Booth’s Michael Weber.
What new Amazon CEO Andy Jassy needs to do to become a leader in sustainability like Apple
February 4, 2021 | MarketWatch
“A lot of the most promising steps toward ESG seem reactionary, as they have been taken only recently, at a moment in which regulatory and public pressure reached sky-high levels that became impossible to ignore,” says Emanuele Colonnelli, an assistant professor of finance at Chicago Booth.
Think GameStop is wild? Meet Dogecoin, the meme-inspired digital currency that began as a joke and is now worth billions.
February 4, 2021 | Chicago Tribune
Eric Budish, a professor at Chicago Booth who studies cryptocurrencies, warned Dogecoins are particularly vulnerable to bubbles because they are not tied to economic fundamentals in the way a stock price (ideally) reflects a company’s earnings.
The need to spend without delay in battling the coronavirus
February 3, 2021 | The New York Times
Going in big with more relief now can prevent suffering and permanent structural damage, suggests Chicago Booth economist Austan Goolsbee.
Sendhil Mullainathan: The chaos inside us
February 2, 2021 | The Knowledge Project Podcast
Chicago Booth’s Sendhil Mullainathan discusses direct versus associative memory, rules versus decisions, positioning over predicting, and more.
Some economists say the Paycheck Protection Program has not saved many jobs
February 2, 2021 | The New York Times
“It’s just a really inefficient use of funds,” said Eric Zwick, an economist at the University of Chicago Booth School of Business who has studied the Paycheck Protection Program.
Why we don’t believe the big city obituary
February 2, 2021 | Bloomberg CityLab
Chicago Booth’s Austan Goolsbee said he foresees a comeback for central cities because we are “much more productive when we are in person together.”
The burger flipper who became a world expert on the minimum wage
February 3, 2021 | Bloomberg Businessweek
By 2015, only 26% of top economists surveyed by Chicago Booth’s Initiative on Global Markets concurred that raising the floor to $15 by 2020 would “substantially” lower employment.
How poverty makes workers less productive
February 2, 2021 | NPR
Sendhil Mullainathan, speaking to NPR's Planet Money, says, "Put simply, being poor is like having just pulled an all-nighter."
$500 billion in aid to small businesses: How much did it help?
February 1, 2021 | New York Times
Booth's Eric Zwick weighs in on the Paycheck Protection Program and whether it has proved as useful as other aid.
Maximum employment? What it means post-pandemic may have changed already
February 1, 2021 | Reuters
Are we in for a prolonged full workforce recovery? Booth's Austan D. Goolsbee shares his perspective.
Top STEM MBA programs in the United States—and how much they cost
January 29, 2021 | Business Because
Chicago Booth announced its Full-Time MBA program had received STEM designation in April 2020. Booth prides itself on offering students a flexible course, with 13 different concentrations for students to choose from.
GameStop head-spinning volatility may be only the beginning of a new wave
January 28, 2021 | CNBC
As trading in GameStop reaches fever-pitched levels, Chicago Booth’s Alex Imas says we may be seeing a major change in the power of social media networks when it comes to influencing tradeable assets.
Put money in the hands of people who need it the most
January 26, 2021 | NDTV
Raghuram Rajan, a professor of finance at Chicago Booth and former RBI governor, says India hopefully has escaped the second wave of the COVID-19 pandemic and that it should spend money on the poor, infrastructure development, and opening schools.
Raghuram G. Rajan says more…
January 26, 2021 | Project Syndicate
Chicago Booth’s Raghuram Rajan discusses the Biden administration’s agenda as it relates to debt sustainability, future inflation, COVID-19 support, and more.
42% of Americans did not make a large purchase last year due to COVID-19
January 25, 2021 | WalletHub
Different people have different preferences on how to pay for large purchases. Chicago Booth’s Roman Weil discusses how much of an impact these preferences actually have on consumers and whether some payment methods are objectively better.
Fed set to look beyond possible post-pandemic inflation shock
January 25, 2021 | Reuters
“People are thirsting for clarity,” said Chicago Booth’s Randall Kroszner of the ongoing debate about how the Fed’s new framework for raising interest rates will be applied. “If the markets respond in the right way it could evolve to what they mean in practice.”
Shutdowns by Democratic governors did not cause the pandemic jobs crisis
January 25, 2021 | The Washington Post
A study by Chicago Booth economists Chad Syverson and Austan Goolsbee found that economic activity returned about 5 percent faster in places that lifted their shutdowns compared with those areas not shut down.
The MBA class of COVID-19
January 23, 2021 | The Economist
Many top American business schools are reporting double-digit growth amid the pandemic. “We enrolled the largest full-time MBA class ever,” noted Madhav Rajan, dean of the University of Chicago Booth School of Business.
India’s poor are eating into their savings, thanks to high inflation and COVID-19
January 22, 2021 | Bloomberg Quint
A study by the Rustandy Center for Social Sector Innovation at Chicago Booth found signs of continued duress for many households in India months after the lockdown was put into place.
Biden’s student loan freeze shows path to erase billions of debt
January 22, 2021 | Bloomberg
Chicago Booth’s Constantine Yannelis said he recently found that debt owed by lower-income borrowers had a lower present value to the federal government than debt owed by high-income borrowers.
Professor Austan Goolsbee on the economics crisis facing President Biden
January 20, 2021 | WGN News
Chicago Booth professor Austan D. Goolsbee discusses the challenges the Biden administration faces on the road to economic stability.
Mr. Biden goes to Washington
January 20, 2021 | BBC: Wake Up to Money
As Joe Biden is sworn in as the 46th president of the United States, Chicago Booth’s Randall Kroszner discusses prioritizing fighting the virus to save lives and speed up economic recovery. (Interview begins 6:35)
Why Biden’s COVID relief plan may need to be more targeted
January 19, 2021 | CNBC: Squawk Box
President-elect Joe Biden’s $1.9 trillion rescue plan is following on campaign promises of higher minimum wage and more aid for those struggling during the pandemic. Chicago Booth’s Austan Goolsbee weighs in.
Meet the economist charged with keeping Biden’s promises to women and people of color
January 19, 2021 | The Washington Post
Cecilia Rouse’s focus on how recessions affect women, or on how the changing labor market has hindered gig workers, are even more relevant as the economy weathers the coronavirus downturn, says Chicago Booth’s Austan Goolsbee.
The Trump years: Tax cuts and trade wars overshadowed in the end by a virus
January 19, 2021 | Reuters
Chicago Booth’s Austan Goolsbee, Raghuram Rajan, and Randall Kroszner comment on the labor market, trade wars, and the stock market during the Trump presidency, both before and after the pandemic.
Professor Austan Goolsbee on President-elect Biden’s proposed plan
January 15, 2021 | The Hugh Hewitt Show
Chicago Booth professor Austan Goolsbee assesses President-elect Joe Biden’s national plan to address the coronavirus pandemic and provide economic relief to the American people.
Social psychology can help set the stage for business success
January 15, 2021 | Crain’s Chicago Business
“While many employees might thrive under certain circumstances, you can’t make others fit into the same box,” said Linda Ginzel, a clinical professor of managerial psychology at Chicago Booth. “You can, however, use the environment you create to help them, and your company, succeed.”
Fed is haunted by example of Japan, Kroszner says
January 14, 2021 | Bloomberg Markets: Asia
Chiacgo Booth’s Randall Kroszner talks about the trade negotiations between the world’s two largest economies, the outlook for U.S. growth, and monetary policy.
Dr. Irwin Redlener, Austan Goolsbee on what Americans need in Biden’s relief plan
January 14, 2021 | MSNBC Live with Katy Tur
Amid spikes in both COVID-19 cases and unemployment in the U.S., Chicago Booth’s Austan Goolsbee shares what he hopes to see in President-elect Joe Biden’s new relief plan.
Biden, Democrats, plot ‘aggressive’ pandemic response—without the GOP
January 12, 2021 | Politico
The labor market shed 140,000 jobs in December for the first month of declines since coronavirus shutdowns began last spring. “It’s clearly a warning siren there might very well be a double-dip recession knocking at the door,” said Chicago Booth’s Austan Goolsbee.
Professor offers ways to battle ‘Zoom fatigue,’ reconnect with friends, family amid pandemic
January 8, 2021 | WBBM Newsradio
While video conferencing technology has scaled up our work-from-home experience, Chicago Booth’s Nicholas Epley suggests it’s had a negative impact on our relationships with others.
If a gut punch can be considered a wake-up call this jobs number was every bit of all of that: Professor
January 8, 2021 | Yahoo! Finance Live
Austan Goolsbee, Chicago Booth professor and former Council of Economic Advisers chair under President Obama, discusses the latest jobs report, chaos on the Capitol, and President Trump finally conceding to President-elect Biden.
Most important economic development this week was Dems taking Senate: Furman
January 7, 2021 | CNBC: The Exchange
Economist Austan Goolsbee, the University of Chicago Booth School of Business, and Jason Furman, Harvard’s Kennedy School, discuss this week’s historic events and what Democrats taking over the Senate could mean for the U.S. economy.
Georgia results could pave way for quick additional U.S. pandemic support
January 6, 2021 | Reuters
At an American Economic Association panel this week, Chicago Booth professor Austan Goolsbee said the U.S. economy needs fiscal support at a pace of about $1 trillion every six months until the virus is controlled.
Antitrust actions: Views of leading economists on the cases against Facebook
January 6, 2021 | VOX EU
The IGM Forum at Chicago Booth invited its panels of U.S. and European economists to weigh in on whether requiring Facebook to unwind its acquisitions is likely to make society better off. Booth’s Christian Leuz said there are many good reasons to take action, but it’s not clear that breakup is the best solution.
World economy faces debt doom loop, more inequity post pandemic
January 5, 2021 | Bloomberg
“We have met every crisis in the recent past with yet more aggressive central bank accommodation and yet more leverage, both public as well as private,” said Raghuram Rajan, a professor at Chicago Booth and former Reserve Bank of India governor. “The real question is: Is this a doom loop? Does it keep going until it is forced to stop?”
Stock market rally in 2020 easily outpaced luxury goods, hedge funds
January 4, 2021 | The Wall Street Journal
A lot of venture firms held up last year for the same reason as tech stocks: The pandemic accelerated the uptake of technology, said Steven Kaplan, a professor of entrepreneurship and finance at the University of Chicago Booth Business School.
The secret virtues of small talk
January 2, 2021 | The Economist
A study by Chicago Booth psychologist Nicholas Epley finds that striking up conversations with strangers tends to boost people’s moods.
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