Princeton Bendheim Center for Finance@PrincetonBCF

Leading the way in new research, technologies, and teaching methods to shape the future of finance and monetary economics.

 Princeton University
bcf.princeton.edu/
Joined September 2014
1,817 Photos and videos
Watch: This week on #MarkusAcademy, Bill Dudley and Jonathan Payne joined @MarkusEconomist to discuss the US Treasury Yield Curve. The full conversation is outlined on Substack: bit.ly/4xVGvMc
Episode thumbnail for "The US Treasury Yield Curve. Part 1: the Government funding advantage is no free lunch. Part 2: Canaries in the treasury coal mine. Bill Dudley and Jonathan Payne. Markus Academy"

ALT Episode thumbnail for "The US Treasury Yield Curve. Part 1: the Government funding advantage is no free lunch. Part 2: Canaries in the treasury coal mine. Bill Dudley and Jonathan Payne. Markus Academy"
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Applications are now open for the Fall 2027 Master in Finance program at @Princeton! Learn more about our highly-ranked program: bit.ly/3vPJ8Cb Apply today through @PrincetonGrad and level up your career in finance: bit.ly/4mKGIfi
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The 16th annual Princeton Initiative brought together Ph.D. students from around the world to explore research at the intersection of macroeconomics and finance. Organized by @MarkusEconomist and Yuliy Sannikov, this program connected promising young macro-finance researchers.
Princeton Initiative attendees posing on a staircase.

ALT Princeton Initiative attendees posing on a staircase.

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A new paper by BCF Director @MarkusEconomist, prepared for the Jackson Hole Economic Policy Symposium, examines how AI could reshape financial markets and create new challenges for central bank policy and communication. Read the paper: bit.ly/4x9u1jE
BCF Working Paper Graphic, Markus Brunnermeier "Artificial Intelligence and the Brave New World in Finance." Paper prepared for the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City, August 27-29, 2026. Working outline v014a

ALT BCF Working Paper Graphic, Markus Brunnermeier "Artificial Intelligence and the Brave New World in Finance." Paper prepared for the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City, August 27-29, 2026. Working outline v014a
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At this year's Jackson Hole Economic Symposium, @MarkusEconomist presented his paper "Artificial Intelligence and the Brave New World in Finance." He discussed how agentic AI has led to asymmetrical understanding and a disruption of trust. Read the paper: bit.ly/4x9u1jE
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Now available on Spotify and Apple, listen to the full library of #MarkusAcademy webinars featuring @MarkusEconomist and his expert guests as they discuss the critical issues of our times. Spotify: bit.ly/3Smu39v Apple: apple.co/3SxQ9WE
Markus' Academy logo and BCF logo on a white, grey, and orange triangular background

ALT Markus' Academy logo and BCF logo on a white, grey, and orange triangular background
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Congratulations to Professor Caio Almeida on being elected a Fellow of the Society for Financial Econometrics (SoFiE) in recognition of his contributions to financial econometrics! Almeida also served as an academic chair at SoFiE’s annual conference. bit.ly/4c2cqCm
Award Graphic for Caio Almeida elected as a SoFiE fellow for 2026.

ALT Award Graphic for Caio Almeida elected as a SoFiE fellow for 2026.
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Forthcoming in the "Journal of Business and Economics Statistics," Caio Almeida's upcoming paper (co-authored with Maria Grith, Ratmir Miftachov, and Zijin Wang) shows that Bitcoin is much more volatile and has higher premia than the S&P 500 stock index. bit.ly/4xKowZr
published paper graphic. "Option-Implied Risk Premia and Cryptocurrency Market Regimes. forthcoming in the Journal of Business and Economic Statistics.

ALT published paper graphic. "Option-Implied Risk Premia and Cryptocurrency Market Regimes. forthcoming in the Journal of Business and Economic Statistics.
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Watch: Part 2 of @Brad_Setser's conversation with @MarkusEconomist on "The Second China Shock." View on Substack: bit.ly/3TpNPkA Read: @martinwolf_ wrote an opinion piece in @FT referencing part one of the episode. Find that article here: bit.ly/4hGJkfn
Webinar screenshot from conversation between Brad Setser and Markus Brunnermeier. slide on the screen shows graphs of expert similarity index.

ALT Webinar screenshot from conversation between Brad Setser and Markus Brunnermeier. slide on the screen shows graphs of expert similarity index.
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Congratulations to BCF's @ErnestLiuEcon on receiving the 2025 SCOR-PSE Junior Research Prize! Liu and David Yang of @Harvard were recognized for "International Power," which examines how the organization of global trade influences national power. bit.ly/4fH9gVt
Award graphic for Ernest Liu who won the 2025 Junior Research Prize, awarded by SCOR-PSE Foundation for Science.

ALT Award graphic for Ernest Liu who won the 2025 Junior Research Prize, awarded by SCOR-PSE Foundation for Science.
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The latest #MarkusAcademy webinar is out now, featuring a conversation with @Brad_Setser and @MarkusEconomist on "The Second China Shock." This is part one; stay tuned for part two! View on our website: bit.ly/4flZzM3 On Substack: bit.ly/4bDTFVB
Webinar slide for Brad Setser's episode on Markus' Academy. "The Second China Shock, Part 1: how this time is different." July 19, 2026.

ALT Webinar slide for Brad Setser's episode on Markus' Academy. "The Second China Shock, Part 1: how this time is different." July 19, 2026.
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Congratulations, @ErnestLiuEcon! Liu, Song Ma, and Laura Veldkamp recently received the 2025 Jensen Prize from the "Journal of Financial Economics," for “Data Sales and Data Dilution.” The paper explores indicators of market power in data markets. bit.ly/4w7ZItZ
Ernest Liu award graphic. "Ernest Liu awarded 2025 jensen prize by the journal of financial economics."

ALT Ernest Liu award graphic. "Ernest Liu awarded 2025 jensen prize by the journal of financial economics."
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The Princeton Macrofinance Conference, scheduled for October 2-3, 2026, is inviting submissions. All work at the intersection of macroeconomics and financial economics is welcome. bit.ly/4p9yPDd Organizers: @MarkusEconomist, Magnus Irie, Moritz Lenel, and Jonathan Payne
Call for Papers: Bendheim Center for Finance 2026 Princeton Macrofinance conference. Deadline: August 15, 2026. Conference: October 2-3, 2026.

ALT Call for Papers: Bendheim Center for Finance 2026 Princeton Macrofinance conference. Deadline: August 15, 2026. Conference: October 2-3, 2026.
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"Open-world evaluations for measuring frontier AI capabilities," a paper by Arvind Narayanan (@random_walker) and co-authors, introduces CRUX, a new project for systematically conducting open-world evaluations. Learn more: bit.ly/3RGCg7z
Grey background with orange triangle and dark grey triangle behind text and an image of Arvind Narayanan. Text states "CRUX: Evaluating Frontier AI Capabilities. Project and Working Paper, May 2026."

ALT Grey background with orange triangle and dark grey triangle behind text and an image of Arvind Narayanan. Text states "CRUX: Evaluating Frontier AI Capabilities. Project and Working Paper, May 2026."
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Recent faculty working papers: -"How Do Interest Rates Affect Consumption? Household Debt & the Role of Asset Prices" by @AtifRMian -"International Power" by @ErnestLiuEcon -"Optimal (Un)Conventional Monetary Policy" by @MarkusEconomist Read these & more: bit.ly/3SvY1rc
Working Paper graphic. "Atif Mian 'How Do Interest Rates Affect Consumption? Household Debt and the Role of Asset Prices' CEPR March 2026"

ALT Working Paper graphic. "Atif Mian 'How Do Interest Rates Affect Consumption? Household Debt and the Role of Asset Prices' CEPR March 2026"

Working paper graphic. "Ernest Liu 'International Power' quarterly journal of finance, march 2026."

ALT Working paper graphic. "Ernest Liu 'International Power' quarterly journal of finance, march 2026."

Working paper graphic "Markus Brunnermeier 'Optimal (Un)Conventional Monetary Policy' February 2026."

ALT Working paper graphic "Markus Brunnermeier 'Optimal (Un)Conventional Monetary Policy' February 2026."
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BCF Director @MarkusEconomist (and co-authors @simon_jaeger and @Schoefer_B) wrote a proposal to promote a more dynamic labor market in Germany. Read more about their recommendation: bit.ly/4uOAOhb

Gastkommentar: Mehr Gehalt statt Kündigungsschutz – so käme Deutschland nach vorne

Der deutsche Kündigungsschutz hält Beschäftigte dort, wo sie sind. Eine Flexibilitätsprämie könnte das ändern, meinen die Ökonomen Markus Brunnermeier, Simon Jäger und Benjamin Schoefer.

handelsblatt.com
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Watch: Episodes 6 & 7 of Paul Goldsmith-Pinkham's mini series with @MarkusEconomist on Claude Code for Applied Economists are out now! Together, the episodes cover Claude skills, permissions, and OpenClaw. View on BCF: bit.ly/4s5xuNq Substack: bit.ly/3QejBzJ
Webinar screenshot featuring Paul Goldsmith-Pinkham and Markus Brunnermeier discussing where and how Claude skills are stored.

ALT Webinar screenshot featuring Paul Goldsmith-Pinkham and Markus Brunnermeier discussing where and how Claude skills are stored.
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Celebrating our 94 UMF students on Class Day. Congratulations to Tejas Iyer, Annie Xu, and Professor Caio Almeida, this year's award winners. All the details: bit.ly/4eiVYz3
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Congratulations to our Class of 2026 Master in Finance graduates! Proud is an understatement. We look forward to seeing your dedication and hard work continue to pay off! @PrincetonGrad
Master in Finance grads tossing their hats.

ALT Master in Finance grads tossing their hats.

Class of 2026 Master in Finance graduates.

ALT Class of 2026 Master in Finance graduates.
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"Open-world evaluations for measuring frontier AI capabilities," a paper by Arvind Narayanan (@random_walker) and co-authors, introduces CRUX, a new project for systematically conducting open-world evaluations. Learn more: bit.ly/3RGCg7z
Grey background with orange triangle and dark grey triangle behind text and an image of Arvind Narayanan. Text states "CRUX: Evaluating Frontier AI Capabilities. Project and Working Paper, May 2026."

ALT Grey background with orange triangle and dark grey triangle behind text and an image of Arvind Narayanan. Text states "CRUX: Evaluating Frontier AI Capabilities. Project and Working Paper, May 2026."
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