NYU Stern Department of Economics

Welcome to the homepage of the Department of Economics at NYU Stern. Please use the links above to access information about the professionals affiliated with the department, recent research, news, and our involvement with Stern's educational programs. The best way to stay in close touch is to follow us on Twitter @NYUSternEcon.


NYU logo

NYU launches new Master of Science in Quantitative Economics

NYU's MS in Quantitative Economics is a cutting-edge program for students with research-oriented ambitions in economics, such as a demanding doctoral program, or employment in technology, finance and research in both the private or public sectors. Drawing on the combined resources of the Economics Departments of the Faculty of Arts and Science and NYU’s Stern School, the program is streamlined and sequenced to get you where you need to go with maximal stimulation, speed and efficiency.

learn more
Photo of Mike Dickstein

Congratulations to Michael Dickstein, one of 2021's Best 40-Under-40 Professors

'It’s the impactful research and the work Dickstein does with students that put him securely on this year’s list of the world’s 40 best business school professors under 40.'

read more
Photo of Abigail Hornstein

PhD Alumna Abigail Hornstein appointed the Woodhouse/Sysco Professor of Economics at Wesleyan University

Horstein's research constitutes the studies of corporate finance, multinationals, business strategy and governance, and legal institutions, with a particular expertise in the Chinese financial markets. Her publications include articles in journals such as the Journal of Empirical Finance, Journal of Comparative Economics, Journal of Economics and Management Strategy, Journal of Corporate Finance, and China Economic Review.

read more
Photo of Roxana Mihet

Congratulations to Roxana Mihet, the winner of the ECB's Young economists' competition 2020

“I show that the explosion of financial technologies for retail investors does not guarantee broad increases in household wealth. Instead, the sophisticated investors who already have relatively high levels of wealth are most likely to benefit from many of the new technologies.”

read more


NBER logo

Michael Dickstein, Kate Ho, and Nathaniel Mark's new NBER working paper, "Market Segmentation and Competition in Health Insurance"

In the United States, households obtain health insurance through distinct market segments. We explore the economics of this segmentation by comparing coverage provided through small employers versus the individual marketplace. Using data from Oregon, we find households with group coverage spend 26% less on covered health care than households with individual coverage yet face higher markups. We develop a model of plan choice and health spending to estimate preferences in both markets and...

read more
Economic Inquiry logo

Luis Cabral and Lei Xu's "Seller reputation and price gouging: Evidence from the COVID-19 pandemic," published in the Economic Inquiry

From mid-January to March 2020, 3M masks sold on Amazon by third party sellers were priced 2.4 times higher than Amazon's 2019 price. However, this price increase was not uniform across sellers. We estimate that when Amazon is stocked out (one of our measures of scarcity) new (entrant) sellers increase price by 178%, whereas the continuing sellers' increase is limited to 56.7%. This is consistent with the idea that seller reputation limits the extent of profitable price gouging. Similar...

read more
CEPR logo

Niklas Engbom's "Contagious Unemployment," published by the Centre for Economic Policy Research

Recent micro evidence of how workers search for jobs is shown to have critical implications for the macroeconomic propagation of labor market shocks. Unemployed workers send over 10 times as many job applications in a month as their employed peers, but are less than half as likely per application to make a move. I interpret these patterns as the unemployed applying for more jobs that they are less likely to be a good fit for. During periods of high unemployment, it consequently becomes harder...

read more
CEPR logo

Paul Scott, Jonathan Elliott, Georges V. Houngbonon, and Marc Ivaldi's "Market Structure, Investment and Technical Efficiencies in Mobile Telecommunications," published by the Centre for Economic Policy Research

Paul Scott and coauthors develop a model of competition in prices and infrastructural investment among mobile network providers. Market shares and service quality (download speed) are simultaneously determined, for demand affects the network load just as delivered quality affects consumer demand. While consolidation typically has adverse impacts on consumer surplus, economies of scale push in the other direction. Consumer surplus is maximized at a moderate number of firms, and that the...

read more
Milken Institute Review logo

Larry White's "Rethinking Antitrust," published in the Milken Institute Review

Antitrust policy in the U.S. has recently gained an unusual amount of media attention. There are critics who have argued that a major overhaul of antitrust policy is needed. This paper argues that instead there are some important but more modest changes that could go a long way toward significantly strengthening the role that antitrust can play in keeping the U.S. economy competitive, vibrant, and innovative.

read more
Federal Reserve Bank of New York logo

Paul Wachtel, Moritz Kuhn, Alina Bartscher, and Moritz Schularick's "Monetary Policy and Racial Inequality," published by the Federal Reserve Bank of New York

This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than white households, the overall effects are small. At the same time...

read more
Theoretical Economics logo

Adam Brandenburger, Alexander Danieli, and Amanda Friedenberg's "The Implications of Finite-Order Reasoning," forthcoming in Theoretical Economics

The epistemic conditions of rationality and mth-order strong belief of rationality (RmSBR, Battigalli and Siniscalchi, 2002) formalize the idea that players engage in contextualized forward-induction reasoning. This paper characterizes the behavior consistent with RmSBR across all type structures. In particular, in a class of generic games, R(m −1)SBR is characterized by a new solution concept we call an m-best response sequence (m-BRS). Such sequences are an iterative version of...

read more
Stern logo

Adam Brandenburger, Amanda Friedenberg, and Terri Kneeland's "Two Approaches to Iterated Reasoning in Games"

Level-k analysis and epistemic game theory are two different ways of investigating iterative reasoning in games. This paper explores the relationship between these two approaches. An important difference between them is that level-k analysis begins with an exogenous anchor on the players’ beliefs, while epistemic analysis begins with arbitrary epistemic types (hierarchies of beliefs). To close the gap, we develop the concept of a level-k epistemic type structure, that incorporates the...

read more
The Antitrust Bulletin

Larry White and John Kwoka's "The “Antitrust Revolution” and The Antitrust Revolution: A Perspective from the Inside" published in The Antitrust Bulletin

There clearly has been a revolution in the way that modern microeconomics has come to occupy a central role in the development of antitrust policy and in the structuring of antitrust cases over the past forty years or so. And during the past thirty plus years, there have been seven editions of The Antitrust Revolution that we have edited. In this essay, we offer our perspective on the “antitrust revolution,” as well as provide an insiders’ view of those seven editions and how they came to be.

read more
Management Science logo

Luis Cabral, Ajay Bhaskarabhatla, Deepak Hegde, & Thomas Peeters' "Are Inventors or Firms the Engines of Innovation?" published in Management Science

In this study, we empirically assess the contributions of inventors and firms for innovation using a 37-year panel of U.S. patenting activity. We estimate that inventors’ human capital is 5–10 times more important than firm capabilities for explaining the variance in inventor output. We then examine matching between inventors and firms and find highly talented inventors are attracted to firms that (i) have weak firm-specific invention capabilities and (ii) employ other talented inventors...

read more

Academic Programs