Professor Jean-Pierre Benoît is a fellow of the British Academy and a fellow of the Econometric Society. He is also a winner of the Best Teacher Award in the EMBA programme. He is an expert in microeconomic theory, industrial organisation, game theory, and law and economics. His research has been published in leading economics, political science and law journals, and encompasses a range of subjects, including auctions, voting theory, dynamic competition, entry deterrence, affirmative action, overconfidence and apparent behavioural biases.
Professor Benoît is currently Chair of the Economics subject Area. Before joining the school, he was Professor of Economics and Professor of Law at New York University.
Professor Andrea Galeotti is an expert in microeconomics, industrial organisation and game theory. His research focuses on the economics of networks, with a particular interest in business strategies in network industries.
He was most recently Professor of Economics at the European University Institute in Florence. His papers have been published in journals including The Review of Economic Studies and The American Economic Review. He is the holder of the Leverhulme Prize 2011 for the best economist in the U.K. under the age of 35 and he is a recipient of a European Research Starting Grant in 2011 and a European Research Consolidator Grant in 2017.
Professor Galeotti is managing editor of The Economic Journal (until December 2018) and as of January 2019 will be the co-editor of The Review of Economic Studies.
He holds a PhD in Economics from Tinbergen Institute, Erasmus University and a BSc in Economics from Bocconi University.
Dr Joseba Martinez is a macro- and financial economist whose research interests include the effect of automation on productivity, economic growth, and income distribution. In addition, his work on the optimal design of banking system stress-tests has been published in the Review of Economic Studies.
He consults for a New York-based investment fund and has been a visiting scholar at the International Monetary Fund.
Before beginning his PhD he worked as a trader at ABN AMRO London and was senior manager at the European Bank for Reconstruction and Development.
He holds a BSc from University College London, an MSc from London School of Economics and Political Science and a PhD from New York University, all in economics.
David P Myatt is Professor of Economics at the London Business School. He engages in academic research in both economics and political science, he teaches across the School’s degree programmes, and he supervises and mentors doctoral and post-doctoral researchers at the School and elsewhere. He serves as the Chair of the Economics Subject Area; he has previously acted as Academic Director of the EMBA London, EMBA Dubai, and Sloan degree programmes; as Academic Director of Finance degree programmes; and as Deputy Dean for Degree Education.
David was educated at the London School of Economics, at the Massachusetts Institute of Technology, and at the University of Oxford. Prior to moving to the School he held various academic positions within the University of Oxford, including Fellowships of St Catherine’s College and Nuffield College.
David’s academic research uses the tools of game theory (the analysis of strategic decision-making) applied to both economics and political science. In economics his research includes the study of advertising, marketing, and product design strategies; in political science, his work includes theories of leadership, voting, and executive performance. His research articles have been published in the top journals in economics (including the American Economic Review and the Review of Economic Studies) and in political science (including the American Political Science Review and the American Journal of Political Science). His most recent research papers in political science have reported the game-theoretic analysis of protest voting, voter turnout, and strategic voting; and his recent research in economics has revealed the properties of optimal product-line prices and the determinants of product-line structure.
In an editorial capacity, David was until recently Co-Editor of the RAND Journal of Economics and Co-Editor of the Quarterly Journal of Political Science, and has previously served as Joint Managing Editor of the Economic Journal. He remains as an Associate Editor of the Journal of Economic Theory, and serves on multiple editorial boards and within scientific associations.
At London Business School, David’s award-winning teaching has ranged across the full portfolio of degree programmes. Within the core MBA Marketplaces course (newly designed for his year) he teaches tools for marketplace analysis and about the relationship between competition and economic performance; his core EMBA Managerial Economics course and tailored-core MBA Pricing course (also newly designed for this year) he also teach advanced pricing techniques for the exploitation of market power; and in the elective Thinking Strategically he uses the tools of game theory to analyse strategic decision-making. David also participates in the School’s Global Experiences programme in Tel Aviv, Jerusalem, Ramallah, Dubai, Abu Dhabi, and (in previous years) Miami. David also teachers microeconomics to PhD students, and participates in custom executive education programmes.
Professor Emre Ozdenoren is an expert in microeconomics, decision making under uncertainty, behavioural economics, game theory and auction theory. More recently, he has focused his research on financial markets and, in particular, feedback effects between financial markets and the real economy.
Before joining the School as a Term Chaired Professor of Economics, he was an Associate Professor of Economics at University of Michigan. He is also a Research Fellow at the CEPR.
His research has been published in leading economics journals across the world including the Review of Economic Studies, Journal of Finance, RAND Journal of Economics and the Journal of Economic Theory.
Elias is a Professor of Economics at the London Business School, where he co-directs the Wheeler Institute for Business and Development. Elias, a CEPR Research Fellow, is a Managing Co-Editor of the Review of Economic Studies.
He holds an LL.B. from the law school of the National Kapodistrian University of Athens, a Master's in Public Administration (MPA) from Columbia University, and a Ph.D. in economics from the London Business School. After completing his doctorate in 2005, he worked for two years at the Financial Research Division of the European Central Bank. From 2007 to 2012, he worked as Assistant Professor at Dartmouth College. During 2010-2012 he served as a Visiting Assistant Professor at the Economics Department of Harvard University, and in 2019-2020 he was the Hal Varian Visiting Professor at MIT's Department of Economics.
His research covers international finance, political economy, economic history, growth, and development. He has published in leading peer-refereed journals, among others, in Econometrica, the Review of Economic Studies, the Quarterly Journal of Economics, the Journal of Political Economy, the American Economic Review, and the Journal of Finance.
Elias was the inaugural 2013 European Investment Bank Young Economist laureate. His research has been recognized with the 2005 Young Economist Award by the European Economic Association and the 2008 Austin Robinson memorial prize by the Royal Economic Association for the best paper published in the Economic Journal. In 2018, Elias received a European Research Council (ERC) consolidator grant for research on African economic history.
Richard Portes, Professor of Economics at London Business School, is Founder and Honorary President of the Centre for Economic Policy Research (CEPR) and Co-Founder of Economic Policy. He is an elected Fellow of the Econometric Society and of the British Academy. He has been Chair of the European Systemic Risk Board Advisory Scientific Committee, of which he remains a member, and he is Co-Chair of the ESRB Joint Expert Group on Non-bank Financial Intermediation as well as of the new ESRB Crypto Assets Task Force. He is a founder member of the Bellagio Group on the International Economy and the Euro50 Group. He is an Academic Director of the AQR Asset Management Institute at LBS.
Professor Portes was a Rhodes Scholar, then an Official Fellow of Balliol College, Oxford (of which he is now an Honorary Fellow). He has also taught at Princeton and Birkbeck College (University of London). He was the inaugural holder of the Tommaso Padoa-Schioppa Chair at the European University Institute (2014-2017), and he has been Distinguished Global Visiting Professor at the Haas Business School, UC Berkeley, and Joel Stern Visiting Professor of International Finance at Columbia Business School. He holds three honorary doctorates. He has written extensively on sovereign borrowing and debt, European monetary issues, European financial markets, macroprudential regulation, and international capital flows. Professor Portes was decorated CBE in the 2003 New Year’s Honours.
Lucrezia Reichlin is Professor of Economics at London Business School, a trustee of the Centre of European Policy Research (CEPR) and of the International Financial Reporting Standards (IFRS). As an IFRS trustee, she led the work for the establishment of the International Sustainability Standards Board (ISSB). Professor Reichlin is an applied macroeconomist and econometrician. She has pioneered methods for forecasting with large datasets and for now-casting; she wrote extensively on monetary and fiscal policy and the business cycle. For her academic accomplishments, she was elected Fellow of the British Academy, the Econometric Society and Honorary International Fellow of the American Economic Association. Professor Reichlin also has policy experience. She was Director General of Research at the European Central Bank (ECB) from 2005 to 2008 and co-founded Now-Casting Economics in 2011. She consults central banks and governments on topics related to the economic governance of the European Union, monetary policy and financial markets. In 2021, she was a member of the G20 High Level Independent Panel on financing the Global Commons for Pandemic Preparedness and Response and a panel member of the G7 Impact Taskforce. She has been a member of the French National Productivity Council since 2022. Professor Reichlin is also a member of a few commercial boards and research institutes.
Hélène Rey is the Lord Bagri Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs in the Economics Department and the Woodrow Wilson School. She was elected President of the European Economic Association in 2022.
Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory and empirics of financial crises and the organization of the international monetary system. She demonstrated in particular that countries's gross external asset positions help predict current account adjustments and the exchange rate. She introduced the concept of Global Financial Cycles and qualified the idea of the Mundellian Trilemma. She was awarded an Alfred P. Sloan Research Fellowship, the 2006 Bernácer Prize and the 2012 inaugural Birgit Grodal Award of the European Economic Association.
In 2013 she received the Yrjö Jahnsson Award shared with Thomas Piketty, in 2014, the Inaugural Carl Menger Preis, the 2015 Prix Edouard Bonnefous, the 2017 Maurice Allais Prize and the 2020 Prix Turgot. Professor Rey is an elected Fellow of the British Academy, of the Econometric Society, of the European Economic Association, of the American Academy of Arts and Sciences, a Foreign Honorary Member of the American Economic Association, a correspondant of the Académie des Sciences Morales et Politiques. She was made O.B.E for services to economics. She was on the board of the Review of Economic Studies (2008-2015), an associate editor of the AEJ: Macroeconomics Journal. She is a co-editor of the Annual Review of Economics, a Research Fellow and Vice President of CEPR and an NBER Research Associate.
She is a member of the Group of Thirty, of the Bellagio Group on the international economy and a member of the external advisory group to the managing director of the IMF. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority). She was a member of the Conseil d’Analyse Economique until 2012 and on the Board of the Autorité de Contrôle Prudentiel et de Résolution (2010-2014). She writes a regular column for the French newspaper Les Echos.
Hélène Rey received her undergraduate degree from ENSAE, a Master in Engineering Economic Systems from Stanford University and her PhDs from the London School of Economics and the Ecole des Hautes Etudes en Sciences Sociales.
Andrew J Scott is Professor of Economics. a Research Fellow at the Centre for Economic Policy Research and a consulting scholar at Stanford University’s Center on Longevity.
His research focuses on longevity and an ageing society and has been widely publish in leading journals in economics and health. His book, The 100-Year Life, has been published in 15 languages, is an Amazon bestseller and was runner up in both the FT/McKinsey and Japanese Business Book of the Year Awards.
He was Managing Editor for the Royal Economic Society’s Economic Journal and Non-Executive Director for the UK’s Financial Services Authority 2009-2013. He has been an advisor on policy to a range of governments. He is currently on the advisory board of the UK’s Office for Budget Responsibility, the Cabinet Office Honours Committee (Science and Technology), co-founder of The Longevity Forum, a member of the National Academy of Medicine’s International Commission on Health Longevity and the WEF council on Healthy Ageing and Longevity.
Andrew previously held positions at Oxford University, London School of Economics and Harvard University. His MA is from Oxford, his M.Sc. from the London School of Economics and his D.Phil from Oxford University.
Vania Stavrakeva has held the role of an Assistant Professor of Economics at London Business School since 2013. Her research interests include international finance, macroeconomics, macro-finance and financial sector regulation. She holds a PhD in economics from Harvard University.
She has extensively studied exchange rate determination and how monetary policy, macroeconomics news and beliefs impact exchange rate movements. Within these topics, she has examined questions such as: How does monetary policy impact exchange rates and what changed over the Global Recession and why? What is the source of heterogeneity of beliefs and positions in forex derivative markets? What makes a currency a safe heaven currency – i.e. it appreciates during bad times?
Regarding her financial intermediation research, Vania has extensively studied how the regulation of bank capital and derivative regulation should differ across countries, given that countries vary in their fiscal capacity – i.e. they have different ability to bail out their financial sector. She also studies how the banking sector interacts with the rest of the financial sector (such as asset management) and what this implies for the design of the regulatory framework of the financial sector. Finally, she has focused some of her ongoing research on the topic of “ring fencing”.
Paolo Surico is Professor of Economics at London Business School, fellow of the Centre for Economic Policy Research, research associate at the London School of Economics Centre for Macroeconomics and research consultant to several international policy institutions and central banks, such as the Bank of England and the Financial Conduct Authority, and previously at the IMF and the European Central Bank. Before joining London Business School in 2009, he was Advisor of the External Member of the Monetary Policy Committee of the Bank of England.
Paolo Surico’s expertise lays at the intersection of macroeconomics and finance with particular emphasis on monetary and fiscal policy, housing and mortgage markets. His recent work focuses on assessing the aggregate effects and distributional impact of conventional and unconventional monetary policies as well as tax reforms and government spending, giving particular emphasis to the role played by household and corporate debt in the transmission mechanism of macroeconomic policies and shocks.
Paolo’s work has been featured in many leading international journals as well as international press (e.g. The Economist and Financial Times) and Italian media (e.g. Sole 24 ore, RAI and Corriere della Sera). Paolo has won numerous awards in recognition of his research achievements and several teaching prizes in recognition of his presentation skills and engaging delivery style. Outside London Business School, Paolo has participated as Keynote Speaker at high profile events hosted by financial and non-financial companies for their client or senior executives, including INEOS, UBS, PwC, Citywire, Rugby Football Union, Dartmouth Partners, Prudential, etc.
His latest lectures and research have focused on the Economics of a Pandemic: the case of Covid-19, World Trends, the economic impact of Brexit, Globalization and Income Inequality, climate change, secular stagnation, the rise of populism, the macroeconomic impact of demographic changes, automation and artificial intelligence, monetary policy, house prices and the credit market, public debt sustainability, household and corporate debt, global imbalances and emerging markets.
Economics faculty teach on the following core courses and electives (as part of our Masters and PhD programmes) and the Executive Education courses listed below.
Examine the market mechanics of microeconomic business scenarios such as supply and demand, power and pricing strategies, and segmentation and capacity.
Explore key issues in macroeconomics and international finance, including: What are business cycles, what drives them and how do they affect the decision-making process of firms and policy makers? What is monetary policy? What role does it play for providing economic growth and stability? Have firms and financial markets become “addicted” to low interest rates? What is the role of fiscal policy in the economy? When should a country worry about its level of debt and when is it ok to spend more? Why are sovereign debt crises costly both for firms and for the economy and how can we avoid them? What theories can explain the behaviour of one of the most important macroeconomic variables for business, finance and trade? What are the current and capital accounts of a country and how do we think about the debt sustainability of a whole country? Can countries have stable exchange rates, free flow of capital and monetary policy independence all at the same time? If not, what are the trade-offs?
Learn about applied macroeconomics, with a management focus. At the end of this course, understand how markets operate and how market mechanisms affect the choices of firms.
Long term corporate success requires navigating the changes that reshape the world economy and the business agenda. Gain knowledge on possible future changes, how they shape the corporate agenda and the strategic issues that will arise in response.
Never get caught out on the broad macro issues that drive markets and finance and understand how these impact your organisation. Study the drivers of global macroeconomic development; national wealth, banking, structure, monetary markets, regulation and financial crises. Learn to converse knowledgeably about today’s global macroeconomic issues and gain an understanding of institutional and theoretical frameworks.
This course analyses the relationships between the financial system, central banks and the economy. We will explore the following questions: What purpose does the financial system serve? How are money and credit created in the modern economy? How do banks, central banks and financial markets interact? How have central bank tools and objectives evolved? How should the financial system be regulated? We will make frequent references to current debates among policy-makers and financial market participants.
The objective of this course is to expose business students to applications of machine learning tools in business and finance. The course covers some of the most commonly used machine learning algorithms ranging from ridge and lasso and deep neural network for regression and classification problem to clustering and principal component dimensionality reduction. The course will end with a look at more advanced techniques commonly employed for specific tasks in economics and finance. The approach of the course is profoundly practical. For each algorithm we provide the essential theoretical intuition, most of the focus is on the practical implementation of these learning techniques. We will be using Python. No knowledge of Python is required. Students will work on the Python implementation of the various machine learning techniques to real-world data and applications in the second part of each class.
The aim of the course is to give a balanced evaluation of the opportunities and pitfalls for businesses in the main emerging markets of Russia, Central and Eastern Europe, Latin America, South and East Asia, Middle East, and Africa. A detailed framework will be provided within which to evaluate the risks and gains from doing business in a wide variety of emerging markets, particularly the BRIC (Brazil, Russia, India and China) economies.
From 1990 onwards, the European Union was progressing towards an integrated financial area, culminating in monetary union (EMU) and the Financial Services Action Plan. The Eurozone debt crisis partly reversed this process. But a Banking Union has been launched and there are plans for a Capital Markets Union. All of this has major consequences for the business environment. How does the European Central Bank differ from the Fed? Will the euro compete with the dollar as an international currency? Can European capital markets challenge the US for international portfolio managers and non-European issuers? Will the European banking sector experience a deep wave of cross-border restructurings? Will European securities exchanges merge - or disappear? The new regulatory environment is still under construction. Will the Eurozone and its banks survive? We will explore these and other key issues.
This course deals with the international financial environment in a globalised economy. It will provide tools for assessing the impact of economic policy shocks and financial disturbances on financial markets, exchange rates, and capital flows. The course is suitable for anyone seeking further understanding of the international macroeconomy, whose importance the recent crisis has revealed. It will be especially relevant for careers in investment analysis, asset management, hedge funds, capital markets, corporate finance, and the finance/treasury function of corporates. GCMC gives the global macroeconomic context for international financing decisions.
Every country around the world is ageing. Currently 1 in 11 people in the world are over 65, by 2050 it will be 1 in 6. In China, Europe and North America it will be 1 in 4. Further around the world life expectancy is increasing making longer lives a reality raising major issues for how to maintain health, finances and employment. These trends define one of the fastest growing markets of the future. However, it is trend little understood right now by firms and very little studied in business schools.
Digital networks shape our society and businesses by determining:o the information we access, o the people we interact with, o the products and services we access. But: o How do networks form, and what are their properties? o What is the impact of network homophily on how information diffuses and opinion forms? o How can we ``manipulate" digital connections to make our product or idea go viral? o How should we measure financial contagion, or more generally, systemic risk in an interconnected system? o How can we measure segregation in society and what is the effect of segregation on social mobility and inequality? This elective will equip you with the tools to better navigate in the real world where digital networks are more and more pervasive. Content and delivery: Made-to-measure teaching notes, scenario-based simulations & Class experiments.
This is a course in game theory and its application to business strategy. It offers an introduction to a selection of the methods and results of modern game theory. Special emphasis is placed on the practical applications of these tools. Many (if not all) business decisions depend upon the actions taken by others in the marketplace, either at the same time or in the future. Such decisions include optimal pricing rules, supply decisions, innovating, and capacity choices. When making a choice in these settings, a business faces a classic interactive decision-making problem: its best move depends on the likely moves of others. To anticipate these moves it must empathetically "walk in the shoes of others" so that it can assess what they might do.
This course will focus on introducing you to some of the key issues in macroeconomics and international finance. We study and provide an answer to key questions, among many others: What is GDP and what does it really measure? What is the economic meaning of value added? What makes a nation succesful and what are main drivers of growth in the long run? What is money and how does it relate to inflation? The course enables students to be able to recognise and construct logical economic arguments, read macroeconomic reports, and understand when and why the government makes important policy decisions such as a change in the target interest rate or changes in the tax rate. The aim is to provide a set of general skills portable across a range of industries, professions, and countries, which will make it possible to understand the forces that will dominate the domestic and global business environment in the immediate future, as well as over the coming years.
The aim of this course is to provide you with the knowledge of what the major issues affecting the global economy and financial markets are likely to be in the next five years and beyond. Therefore, as well as providing a deeper insight into policy and market issues, the course aims to give you greater experience in applying analytical tools developed during Understanding the International Macroeconomy (or a similar basic macroeconomics course) as well as extending your existing theoretical toolkit. We analyse developments of countries and regions of the world as examples on the basis of which we build the understanding of broad economic issues.
"Thinking strategically, developing leadership skills and managing globally are the keys to achieving and maintaining competitive advantage in a rapidly evolving marketplace".
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