wharton finance

How Fiscal Policy Moves Financial Markets

A person smiles toward the viewer in a professional headshot, before a light purple background Professor Courtney Wiegand’s paper, “The Effect of Fiscal Policy Shocks on Asset Prices,” examines how financial markets respond to unexpected changes in the federal government's deficit outlook, and was awarded with an Honorable Mention at the 2025 Marshall Blume Prize in Financial Research ceremony. By measuring fiscal policy shocks throughout…Read More

Itay Goldstein on the Promise and Perils of Financial Innovations

A person speaks at a podium during a conference "It is important to be open minded about new technologies even if they disrupt existing financial infrastructure." As digital payments, stablecoins, and tokenization gain traction, they raise important questions about the future of financial markets, institutions, and regulation. At the 2026 IMF-WIFPR Conference on the Evolving Global Financial Architecture, experts…Read More

Mispricing Climate Risk: How Insurance Fragility Shapes Mortgage Markets

A person's professional headshot on the left, with text on the right that reads, "Parinitha Sastry, Assistant Professor of Finance at Wharton. On “When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets” Professor Parinitha Sastry and her co-authors Ishita Sen and Ana-Maria Tenekedjieva won the 2025 Marshall Blume Prize in Financial Research for their working paper, "When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets." Their study examines how mispricing of climate risk in mortgages and property insurance creates large taxpayer…Read More

Reflections from Moderating Fireside Chats: Q&A with Muhammad Vakil

Two speakers seated, engaged in a fireside chat before an audience Photo of Muhammad Vakil interviewing Blair Effron by Aditi Anakala Muhammad Vakil (W’26) is a Joseph Wharton Scholar and graduating senior at Wharton studying Finance and Business Analytics from Dubai. On campus, he has served as President of the Wharton Undergraduate Private Equity & Venture Capital Club, President of the…Read More

David Wessel on the Federal Reserve’s Future

A panel of speakers smiles while in conversation in a sunlit room "The Federal Reserve faces a serious threat to its continued independence." – David Wessel As political pressure on the U.S. central bank mounts, questions around the independence of the Federal Reserve have taken on new urgency. At the 2026 Wharton Future of Finance Forum, a panel titled “The Path Ahead…Read More

Itay Goldstein on AI’s Opportunity and Risk in Finance

A speaker addresses an audience with one hand raised, before a blue pop up banner "Regulators need to move with the frontier, understand how markets evolve, and take actions as needed." – Itay Goldstein Artificial intelligence is rapidly reshaping the finance sector, and posing enormous questions for professionals, regulators, and researchers about how the field will navigate the massive potential and systemic risks that come…Read More

Social Security and Measuring Wealth Inequality

A headshot of a person smiling before a grey background. A caption reads "Discoveries: Sylvain Catherine" Professor Sylvain Catherine and his co-authors Max Miller and Natasha Sarin were named winners of the Dimensional Fund Advisors First Prize from the American Finance Association for their paper, “Social Security and Trends in Wealth Inequality,” published in the Journal of Finance. The award places Professor Catherine among a select…Read More

Max Harris on the Future of Money

A person in a suit smiles for a headshot As new technologies reshape the global financial landscape, Wharton voices lead the discussion. Max Harris, senior fellow at the Wharton Initiative on Financial Policy and Regulation (WIFPR), recently served as Project Director for the Group of Thirty’s (G30) new report, "The Past and Future of Money: New Technologies and Economic…Read More

Kevin Kaiser on Valuing College Football Programs

A person smiles toward the viewer with the caption, "Discoveries: Kevin Kaiser" In the changing world of college athletics, how can we know the true financial value of a football program? Kevin Kaiser, adjunct full professor of finance at the Wharton School and senior fellow with the Harris Family Alternative Investments Program, recently joined the Athletic to help us understand how these…Read More