Moritz Schularick
Moritz Schularick is Professor of Economics at Sciences Po and the University of Bonn, an elected member of the Academy of Sciences of Berlin-Brandenburg, and a Research Fellow of the Centre for Economic Policy Research. Previously, he taught at the Free University of Berlin and was a Visiting Professor at New York University and Cambridge University. His research interests include macroeconomics, international finance, and economic history. Working at the intersection of economic history and macroeconomics, his research has been published in the American Economic Review, the Quarterly Journal of Economics, the Journal of Political Economy, the Review of Economic Studies, and several other journals.
Populism
The Historical Cost of Populism
Most work on populism has investigated the reasons why voters choose populist leaders and governments. In new research, Moritz Schularick, Christoph Trebesch,...
Income Inequality
Wealth Inequality in America: A Race Between the Stock and the Housing Market
Booming stock markets and the collapse of house prices in the aftermath of the 2008 financial crisis have increased wealth inequality in the US...
Rent seeking
The Rate of Return on Everything
A new paper purports to have finally unlocked the mystery of the rate of return on capital. Here the authors report on their research on...
Latest news
Antitrust and Competition
The Kroger-Albertsons Merger Threatens Smaller Upstream Suppliers
Much of the conversation of the proposed Kroger-Albertsons merger has focused on the risks to consumers. However, the merger also poses serious implications for the grocers’ upstream suppliers, particularly smaller regional firms.
Regulation
Why Have Uninsured Depositors Become De Facto Insured?
Due to a change in how the FDIC resolves failed banks, uninsured deposits have become de facto insured. Not only is this dangerous for risk in the banking system, it is not what Congress intends the FDIC to do, writes Michael Ohlrogge.
Antitrust and Competition
Merger Law Reaches Acquirer Incentives and Private Equity Strategies
Steven C. Salop argues that Section 7 of the Clayton Act prohibits mergers in which the acquiring firm’s unilateral incentives and business strategy are likely to lessen market competition.
Antitrust and Competition
Tim Wu Responds to Letter by Former Agency Chief Economists
Former special assistant to the president for technology and competition policy Tim Wu responds to the November 27 letter signed by former chief economists at the Federal Trade Commission and Justice Department Antitrust Division calling for a separation of the legal and economic analysis in the draft Merger Guidelines.
Book Reviews
Can the Public Moderate Social Media?
ProMarket student editor Surya Gowda reviews the arguments made by Paul Gowder in his new book, The Networked Leviathan: For Democratic Platforms.
Income Inequality
Uninhibited Campaign Donations Risks Creating Oligarchy
In new research, Valentino Larcinese and Alberto Parmigiani find that the 1986 Reagan tax cuts led to greater campaign spending from wealthy individuals, who benefited the most from this policy. The authors argue that a very permissive system of political finance, combined with the erosion of tax progressivity, created the conditions for the mutual reinforcement of economic and political disparities. The result was an inequality spiral hardly compatible with democratic ideals.
ESG, Corporate Governance & Future of the Firm
Did the Meme Stock Revolution Actually Change Anything?
Many financial commentators thought that the surge of retail investors participating in the stock market, the most notable of whom boosted “meme stocks” like GameStop, would democratize corporate governance and improve prosocial firm behavior, including the promotion of environmental, social, and governance (ESG) goals. In new research, Dhruv Aggarwal, Albert H. Choi, and Yoon-Ho Alex Lee find evidence that the exact opposite took place.
