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Letter From the Chair

Nachum Sicherman

Welcome to the Economics Division of Columbia Business School!

Economic theory provides entrepreneurs, managers, business leaders, and policy makers with the framework and tools to make and evaluate various business decisions and policies.

Our faculty teaches students how to think about economic decisions in a structured and critical way, giving them the tools to make and evaluate business decisions. In addition to a micro-economic perspective, we also give students the tools to understand the global macro-economy in which their business operates; how it is today and how it is likely to evolve in the future. 

The Economics Division faculty leads research in various fields, such as macro-and microeconomic theory, labor economics, international economics, development, public-economics, organizational and industrial economics, and political economics. Members of the division include a Nobel Prize winner, a former member of the Federal Reserve Board, a former Chair of the President's Council of Economic Advisors, former Chief Economists of the World Bank and Asian Development Bank, two Fellows of the Econometrics Society, and several editors of leading economics journalists.

Our faculty have received numerous teaching awards in recent years for both the core course on Managerial Economics and the core course on Global Economic Environment. For an overview of the electives offered by the Economics division, please click here.

Nachum Sicherman
Carson Family Professor of Business
Chair of the Economics Division

In the Media

Date
July 2, 2023
Faculty Member
David Schizer

Biden and the OECD’s Taxation Without Representation

Wall Street Journal
Date
March 23, 2023
Faculty Member
Shivaram Rajgopal

Biden Backs Woke ESG Investing

The Hill
Date
March 22, 2023
Faculty Member
Tomasz Piskorski

We Need to Reconsider the Capital Regulation of Banks: Columbia Professor Piskorski

CNBC
Date
March 22, 2023
Faculty Member
Charles Calomiris

With Credibility at Stake, Fed Fires New Volley at Inflation

The Christian Science Monitor

Research

The Macroeconomics of Stakeholder Equilibria*

Authors
John Donaldson and Hyung Seok E. Kim
Date
Forthcoming
Format
Working Paper

We propose one route to a more inclusive society. Our context is the prevailing one of high wealth inequality where stockholders alone supply the stochastic discount factor governing the allocation of capital. A large and pervasive pecuniary externality is thus imposed on non-stockholder workers, something we view as antithetical to the notion of an inclusive society.

Read More about The Macroeconomics of Stakeholder Equilibria*

Detecting Routines: Applications to Ridesharing CRM

Authors
Ryan Dew, Eva Ascarza, Oded Netzer, and Nachum Sicherman
Date
Forthcoming
Format
Journal Article
Journal
Journal of Marketing Research

Routines shape many aspects of day-to-day consumption. While prior work has established the importance of habits in consumer behavior, little work has been done to understand the implications of routines — which we define as repeated behaviors with recurring, temporal structures — for customer management. One reason for this dearth is the difficulty of measuring routines from transaction data, particularly when routines vary substantially across customers. We propose a new approach for doing so, which we apply in the context of ridesharing.

Read More about Detecting Routines: Applications to Ridesharing CRM

License to Layoff? Unemployment Insurance and the Moral Cost of Layoffs

Authors
Daniel Keum and Stephan Meier
Date
Forthcoming
Format
Journal Article
Journal
Organization Science

This study presents moral cost as a novel behavioral constraint on firm resource adjustment, specifically layoff decisions that can cause severe harm to employees. Revising the prevailing negative view of managers as purely self-interested, we propose that managers care about their employees and incur moral cost from layoffs. We leverage expansions in unemployment insurance as a quasi-natural experiment that reduces economic hardship for laid-off workers and, in turn, the moral cost of layoffs to managers. We find that these expansions license larger layoffs.

Read More about License to Layoff? Unemployment Insurance and the Moral Cost of Layoffs

Mitigating Disaster Risks in The Age Of Climate Change

Authors
Harrison Hong, Jinqiang Yang, and Neng Wang
Date
Forthcoming
Format
Journal Article

Emissions abatement alone cannot address the consequences of global warming for weather disasters. We model how society adapts to manage disaster risks to capital stock. Optimal adaptation — a mix of firm-level efforts and public spending — varies as society learns about the adverse consequences of global warming for disaster arrivals. Taxes on capital are needed alongside those on carbon to achieve the first best.

Read More about Mitigating Disaster Risks in The Age Of Climate Change

Dynamic Banking and the Value of Deposits

Authors
Patrick Bolton, Ye Li, Neng Wang, and Jinqiang Yang
Date
Forthcoming
Format
Journal Article

We propose a theory of banking in which banks cannot perfectly control deposit flows. Facing uninsurable loan and deposit shocks, banks dynamically manage lending, wholesale funding, deposits, and equity. Deposits create value by lowering funding costs. However, when the bank is undercapitalized and at risk of breaching leverage requirements, the marginal value of deposits can turn negative as deposit inflows, by raising leverage, increase the likelihood of costly equity issuance. Banks’ inability to fully control leverage distinguishes them from non-depository intermediaries.

Read More about Dynamic Banking and the Value of Deposits

Ideas

Economics & Policy
Innovation
Strategy
Value investing
Date
November 30, 2022
n/a
Economics & Policy
Innovation
Strategy
Value investing

Value Investing: How CBS is Staying Ahead of the Curve

Learn how Columbia Business School is updating its acclaimed value investing curriculum to align with a rapidly changing financial landscape.

  • Read more about Value Investing: How CBS is Staying Ahead of the Curve about Value Investing: How CBS is Staying Ahead of the Curve
Economics & Policy
Date
September 24, 2010
Economics & Policy

Encounters in the Global Experience Economy: Matsuhisa Athens

A first-hand account of experiencing the global economy.

  • Read more about Encounters in the Global Experience Economy: Matsuhisa Athens about Encounters in the Global Experience Economy: Matsuhisa Athens
Business and society
Business Economics and Public Policy
Economics & Policy
Energy
Strategy
World Business
Type
Digital Future Insights
Date
October 20, 2022
Business and society
Business Economics and Public Policy
Economics & Policy
Energy
Strategy
World Business

What Will Drive the Global Markets in 2023?

Columbia Business School Professor Abby Joseph Cohen recently joined former Dean Glenn Hubbard to discuss the forces that could shape the economy and markets in the year ahead.

  • Read more about What Will Drive the Global Markets in 2023? about What Will Drive the Global Markets in 2023?
Economics & Policy
Date
September 24, 2010
CBS Template Placeholder Image
Economics & Policy

Encounters in the Global Experience Economy: Matsuhisa Athens

A first-hand account of experiencing the global economy.

  • Read more about Encounters in the Global Experience Economy: Matsuhisa Athens about Encounters in the Global Experience Economy: Matsuhisa Athens
Economics & Policy
Future of work
Organizations
Real Estate
Type
Columbia Business
Date
October 10, 2022
Economics & Policy
Future of work
Organizations
Real Estate

How Will Working From Home Impact Office Real Estate?

Stijn Van Nieuwerburgh, the Earle W. Kazis and Benjamin Schore Professor of Real Estate at Columbia Business School, discusses his new research on the impact of remote work on the New York City commercial real estate sector.

  • Read more about How Will Working From Home Impact Office Real Estate? about How Will Working From Home Impact Office Real Estate?
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